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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-08359

NEW JERSEY RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey

22-2376465

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

1415 Wyckoff Road

(732)

938‑1480

Wall

New Jersey

07719

(Registrant's telephone number,
including area code)

(Address of principal executive offices)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes: ☒ No: ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes: ☒ No: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes: ☐ No: ☒

The number of shares outstanding of $2.50 par value Common Stock as of February 2, 2026 was 100,845,185.

New Jersey Resources Corporation

TABLE OF CONTENTS


			Page
Glossary of Key Terms			1
Information Concerning Forward-Looking Statements			3
PART I. FINANCIAL INFORMATION
	ITEM 1.	Unaudited Condensed Consolidated Financial Statements	4
		Notes to Unaudited Condensed Consolidated Financial Statements	9
		Note 1. Nature of the Business	9
		Note 2. Summary of Significant Accounting Policies	9
		Note 3. Revenue	9
		Note 4. Regulation	13
		Note 5. Derivative Instruments	14
		Note 6. Fair Value	18
		Note 7. Investments in Equity Investees	20
		Note 8. Earnings Per Share	20
		Note 9. Debt	21
		Note 10. Employee Benefit Plans	21
		Note 11. Income Taxes	22
		Note 12. Leases	23
		Note 13. Commitments and Contingent Liabilities	25

		Note 14. Reportable Segment and Other Operations Data	26
		Note 15. Related Party Transactions	28
		Note 16. Dispositions	29
	ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	30
		Natural Gas Distribution Segment	33
		Clean Energy Ventures Segment	40
		Energy Services Segment	42
		Storage and Transportation Segment	46
		Home Services and Other Business Operations	47
		Liquidity and Capital Resources	47
	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	53
	ITEM 4.	Controls and Procedures	55
PART II. OTHER INFORMATION
	ITEM 1.	Legal Proceedings	56
	ITEM 1A.	Risk Factors	56
	ITEM 2.	Unregistered Sale of Equity Securities and Use of Proceeds	56
	ITEM 5.	Other Information	56
	ITEM 6.	Exhibits	57
		Signatures	58

New Jersey Resources Corporation

GLOSSARY OF KEY TERMS


Adelphia			Adelphia Gateway, LLC
ADI			Administratively Determined Incentive
AMA			Asset Management Agreement
Adjusted EBITDA			A non-GAAP financial measure, which represents net income, including equity in earnings of affiliates, before interest, income taxes, depreciation and amortization, and other income, net, which includes non-cash earnings of Allowance for Funds Used During Construction
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
B			Billion
Bcf			Billion Cubic Feet
BGSS			Basic Gas Supply Service
BPU			New Jersey Board of Public Utilities
CIP			Conservation Incentive Program
Clean Energy Ventures or CEV			NJR Clean Energy Ventures Corporation or our Clean Energy Ventures segment
CME			Chicago Mercantile Exchange
CODM			Chief Operating Decision Maker
CSI			Competitive Solar Incentive
DRP			NJR Direct Stock Purchase and Dividend Reinvestment Plan
Dths			Dekatherms
Energy Services or ES			NJR Energy Services Company, LLC or our Energy Services segment
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FCM			Futures Commission Merchant
FERC			Federal Energy Regulatory Commission
Financial Margin			A non-GAAP financial measure, which represents revenues earned from the sale of natural gas less costs of natural gas sold including any transportation and storage costs, and excludes certain operations and maintenance expense and depreciation and amortization, as well as any accounting impact from the change in the fair value of certain derivative instruments
Fitch			Fitch Ratings Company
FMB			First Mortgage Bond
GAAP			Generally Accepted Accounting Principles in the United States
Home Services and Other or HSO			Home Services and Other Operations
ICE			Intercontinental Exchange
IIP			Infrastructure Investment Program
Inflation Reduction Act			Inflation Reduction Act of 2022
IRS			Internal Revenue Service
ISDA			The International Swaps and Derivatives Association
ITC			Federal Investment Tax Credit
Leaf River			Leaf River Energy Center LLC
M			Million
MGP			Manufactured Gas Plant
MMBtu			Million British Thermal Units
Moody's			Moody's Investors Service, Inc.
Mortgage Indenture			The Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement between NJNG and U.S. Bank National Association dated as of September 1, 2014, as amended
MW			Megawatts

New Jersey Resources Corporation


GLOSSARY OF KEY TERMS (cont.)

MWh			Megawatt Hour
NAESB			The North American Energy Standards Board
NFE			Net Financial Earnings
NJCEP			New Jersey's Clean Energy Program
NJDEP			New Jersey Department of Environmental Protection
NJNG			New Jersey Natural Gas Company or our Natural Gas Distribution segment
NJNG Credit Facility			The $250M unsecured committed credit facility expiring in August 2029
NJR Credit Facility			The $575M unsecured committed credit facility expiring in August 2029
NJR or The Company			New Jersey Resources Corporation
NJRHS			NJR Home Services Company
Non-GAAP			Not in accordance with Generally Accepted Accounting Principles of the United States
NPNS			Normal Purchase/Normal Sale
NYMEX			New York Mercantile Exchange
O&M			Operation and Maintenance expenses
OBBBA			The One Big Beautiful Bill Act
OPEB			Other Postemployment Benefit Plans
PPA			Power Purchase Agreement
RAC			Remediation Adjustment Clause
REC			Renewable Energy Certificate
SBC			Societal Benefits Charge
SEC			Securities and Exchange Commission
SG&A			Selling, General and Administrative expenses
SREC			Solar Renewable Energy Certificate
Steckman Ridge			Collectively, Steckman Ridge GP, LLC and Steckman Ridge, LP
Storage and Transportation or S&T			Storage and Transportation segment
TETCO			Texas Eastern Transmission
TREC			Transition Renewable Energy Certificate
Trustee			U.S. Bank National Association
U.S.			The United States of America
USF			Universal Service Fund
Utility Gross Margin			A non-GAAP financial measure, which represents operating revenues less natural gas purchases, sales tax, and regulatory rider expense, and excludes certain operations and maintenance expense and depreciation and amortization

New Jersey Resources Corporation

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also be identified by the use of forward-looking terminology such as “anticipate,” “estimate,” “may,” “could,” “might,” “intend,” “expect,” “believe,” “will” “plan,” “should” or comparable terminology and are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management.

We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2026 and thereafter are subject to many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets. The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as well as the following, which are neither presented in order of importance nor weighted:

•our ability to obtain governmental and regulatory approvals, permits, certificates, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and S&T infrastructure projects, in a timely manner;

•our ability to address concerns over climate change and its impacts on business operations;

•risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for RECs and electricity prices, our ability to complete construction of the projects and operational risks related to projects in service;

•risks associated with acquisitions and the related integration of acquired assets with our current operations;

•our ability to comply with current and future regulatory requirements;

•risks associated with our pipeline of projects and timely completion of such projects;

•commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market;

•volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, ES operations and our risk management efforts;

•the performance of our subsidiaries;

•access to adequate supplies of natural gas and dependence on third-party S&T facilities for natural gas supply;

•the level and rate at which NJNG’s costs are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings;

•impacts of inflation, including the current inflationary environment, impacts of tariffs and increased natural gas costs;

•the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes;

•operating risks incidental to handling, storing, transporting and providing customers with natural gas;

•demographic changes in our service territory and their effect on our customer growth;

•changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company;

•the impact of events causing volatility in the equity and credit markets on our access to capital or on our suppliers or customers, including monetary, fiscal and regulatory policies of the U.S. government, including with respect to tariffs and trade restrictions, natural disasters, pandemic illness and other extreme events and risks, political and economic disruption and uncertainty related to international conflicts, and the international community’s responses to such events;

•risks of prolonged constriction of credit availability in the markets and our ability to secure short-term financing;

•our ability to comply with debt covenants;

•the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters;

•risks related to cyberattacks, including ransomware, terrorism and other malicious acts against, or failure of, information technology systems;

•risks associated with keeping pace with technological change, including, but not limited to, cloud computing and artificial intelligence;

•the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets, including, but not limited to, inflationary pressures, recessionary pressures, or rising interest rates, and/or reductions in bond yields;

•accounting effects and other risks associated with hedging activities and use of derivatives contracts;

•our ability to optimize our physical assets;

•weather and economic conditions, including those changes in weather and weather patterns that could be attributable to climate change;

•the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey Energy Master Plan or the 2024 New Jersey Energy Master Plan, as well as future executive orders and the outcomes of regulatory proceedings concerning natural gas;

•uncertainties related to litigation, regulatory, administrative or environmental proceedings;

•changes to tax laws and regulations, including those changes brought about by the passage of the Inflation Reduction Act and OBBBA;

•risks associated with acquisitions and the related integration of acquired assets with our current operations;

•any potential need to record a valuation allowance for our deferred tax assets;

•the delay or prevention of a favorable transaction due to changes in control provisions or laws;

•risks related to our employee workforce and succession planning; and

•risks associated with the management of our joint ventures and partnerships.

Forward-looking statements made in this report apply only as of the date of this report. While we periodically reassess material trends and uncertainties affecting our results of operations and financial condition in connection with the preparation of management's discussion and analysis of results of operations and financial condition contained in our Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, we do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events, new information or otherwise, except as required by applicable laws.

New Jersey Resources Corporation

Part I

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


	Three Months Ended
	December 31,
(Thousands, except per share data)		2025		2024
OPERATING REVENUES
Utility		$	409,901	$	333,427
Nonutility		194,953		154,934
Total operating revenues		604,854		488,361
OPERATING EXPENSES
Natural gas purchases:
Utility		169,104		127,680
Nonutility		85,854		67,808
Related parties		1,277		1,718
Operation and maintenance		86,681		88,632
Regulatory rider expenses		33,154		22,476
Depreciation and amortization		49,576		45,329
Gain on sale of assets		—		(54,859)
Total operating expenses		425,646		298,784
OPERATING INCOME		179,208		189,577
Other income, net		11,360		11,617
Interest expense, net of capitalized interest		35,676		33,891
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES		154,892		167,303
Income tax provision		34,225		37,384
Equity in earnings of affiliates		1,823		1,400
NET INCOME		$	122,490	$	131,319

INCOME PER COMMON SHARE
Basic		$1.22		$1.32
Diluted		$1.21		$1.31
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic		100,701		99,855
Diluted		101,229		100,478

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended
	December 31,
(Thousands)		2025		2024
Net income		$	122,490	$	131,319
Other comprehensive income
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively		264		263

Adjustment to postemployment benefit obligation, net of tax of $1 and $58, respectively		(6)		(195)
Other comprehensive income		$	258	$	68
Comprehensive income		$	122,748	$	131,387

See Notes to Unaudited Condensed Consolidated Financial Statements

New Jersey Resources Corporation

Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Three Months Ended
	December 31,
(Thousands)	2025		2024
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income	$	122,490	$	131,319
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss on derivative instruments	2,996		6,368
Gain on sale of assets	—		(54,859)


Depreciation and amortization	49,576		45,329

Allowance for equity used during construction	(2,757)		(1,086)
Allowance for doubtful accounts	(659)		194
Non cash lease expense	1,102		1,071
Deferred income taxes	28,614		20,522
Equivalent value of ITCs recognized on equipment financing	(5,357)		(4,352)
Manufactured gas plant remediation costs	(972)		(1,126)
Equity in earnings, net of distributions received from equity investees	(360)		—
Cost of removal - asset retirement obligations	(511)		(432)
Contributions to postemployment benefit plans	(265)		(227)

Changes in:
Components of working capital	(208,844)		(186,074)
Other noncurrent assets and liabilities	41,675		34,398
Cash flows from (used in) operating activities	26,728		(8,955)
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(96,129)		(99,143)
Solar equipment	(59,701)		(33,476)
Storage and Transportation and other	(12,917)		(8,476)
Cost of removal	(10,789)		(10,775)

Distribution from equity investees in excess of equity in earnings	—		99


Proceeds from sale of assets	—		132,500


Cash flows used in investing activities	(179,536)		(19,271)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	—		100,000
Payments of long-term debt	(6,081)		(107,676)


Proceeds from short-term debt, net	173,400		45,200
Proceeds from sale leaseback transactions - solar	23,240		12,567
Proceeds from sale leaseback transactions - natural gas meters	15,016		11,714
Payments of common stock dividends	(47,719)		(44,752)


Proceeds from waiver discount issuance of common stock	—		19,910
Proceeds from issuance of common stock - DRP	3,778		3,793

Tax withholding payments related to net settled stock compensation	(6,882)		(11,579)
Cash flows from financing activities	154,752		29,177
Change in cash, cash equivalents and restricted cash	1,944		951
Cash, cash equivalents and restricted cash at beginning of period	1,649		1,612
Cash, cash equivalents and restricted cash at end of period	$	3,593	$	2,563
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$	(279,242)	$	(203,094)
Inventories	22,921		5,247
Recovery of natural gas costs	33,468		(375)
Natural gas purchases payable	32,495		30,998
Natural gas purchases payable - related parties	(1)		6
Deferred revenue, current	(1,232)		650
Accounts payable and other	(48,932)		(45,967)
Prepaid expenses	(9,155)		(7,421)
Prepaid and accrued taxes	35,406		37,009
Restricted broker margin accounts	(2,350)		(2,849)
Customers' credit balances and deposits	8,948		3,992
Other current assets and liabilities	(1,170)		(4,270)
Total	$	(208,844)	$	(186,074)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$	35,799	$	34,843
Income taxes	$	147	$	863
Accrued capital expenditures	$	42,096	$	19,309

See Notes to Unaudited Condensed Consolidated Financial Statements

New Jersey Resources Corporation

Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS


	(Unaudited)
(Thousands)	December 31, 2025		September 30, 2025
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$	4,527,193	$	4,434,220
Construction work in progress	398,396		395,943
Nonutility plant and equipment, at cost	1,998,521		1,972,811
Construction work in progress	217,407		151,404
Total property, plant and equipment	7,141,517		6,954,378
Accumulated depreciation and amortization, utility plant	(873,978)		(850,757)
Accumulated depreciation and amortization, nonutility plant and equipment	(305,983)		(293,522)
Property, plant and equipment, net	5,961,556		5,810,099
CURRENT ASSETS
Cash and cash equivalents	2,434		591
Customer accounts receivable
Billed	260,129		109,366
Unbilled revenues	151,953		24,194
Allowance for doubtful accounts	(9,992)		(11,371)
Regulatory assets	29,185		48,898
Natural gas in storage, at average cost	191,119		215,836
Materials and supplies, at average cost	45,216		43,420
Prepaid expenses	20,003		10,848
Prepaid taxes	33,191		67,143
Derivatives, at fair value	13,073		12,514
Restricted broker margin accounts	5,382		8,920

Other current assets	39,589		39,517
Total current assets	781,282		569,876
NONCURRENT ASSETS
Investments in equity method investees	101,567		101,243
Regulatory assets	664,743		672,518
Operating lease assets	188,889		185,596
Derivatives, at fair value	1,278		2,319

Software costs	11,159		11,151
Deferred income taxes	20,369		20,821
Postemployment employee benefit assets	41,925		40,813
Notes receivable	42,500		42,500
Other noncurrent assets	90,943		121,839
Total noncurrent assets	1,163,373		1,198,800
Total assets	$	7,906,211	$	7,578,775

See Notes to Unaudited Condensed Consolidated Financial Statements

New Jersey Resources Corporation

Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)

CAPITALIZATION AND LIABILITIES


	(Unaudited)
(Thousands, except share data)	December 31, 2025		September 30, 2025
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2025 — 100,750,110; September 30, 2025 — 100,478,590	$	251,388	$	250,705
Premium on common stock	688,575		676,635
Accumulated other comprehensive loss, net of tax	(11,205)		(11,463)
Treasury stock at cost and other; shares December 31, 2025 — 18,922; September 30, 2025 — 17,273	17,575		24,422
Retained earnings	1,526,002		1,451,367
Common stock equity	2,472,335		2,391,666
Long-term debt	3,274,055		3,250,387
Total capitalization	5,746,390		5,642,053
CURRENT LIABILITIES
Current maturities of long-term debt	161,645		158,192
Short-term debt	369,000		195,600
Natural gas purchases payable	95,088		62,593
Natural gas purchases payable to related parties	640		641
Deferred revenue	21,373		22,605
Accounts payable and other	136,540		204,478
Dividends payable	47,855		47,719
Accrued taxes	12,140		11,722
Regulatory liabilities	23,091		12,884
New Jersey Clean Energy Program	14,572		17,171
Derivatives, at fair value	8,711		7,620
Operating lease liabilities	4,694		4,388

Restricted broker margin accounts	2,355		3,949
Customers' credit balances and deposits	40,245		31,297
Total current liabilities	937,949		780,859
NONCURRENT LIABILITIES
Deferred income taxes	468,666		438,411
Deferred investment tax credits	1,808		1,878
Deferred revenue	46,937		17,580
Derivatives, at fair value	6,157		4,283
Manufactured gas plant remediation	167,462		166,990
Postemployment employee benefit liability	109,459		108,830
Regulatory liabilities	170,512		171,177
Operating lease liabilities	162,984		159,131
Asset retirement obligations	77,055		76,507
Other noncurrent liabilities	10,832		11,076
Total noncurrent liabilities	1,221,872		1,155,863
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	$	7,906,211	$	7,578,775

See Notes to Unaudited Condensed Consolidated Financial Statements

New Jersey Resources Corporation

Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)


(Thousands)	Number of Shares	Common Stock		Premium on Common Stock		Accumulated Other Comprehensive (Loss) Income			Treasury Stock and Other		Retained Earnings		Total
Balance as of September 30, 2025	100,479	$	250,705	$	676,635		$	(11,463)	$	24,422	$	1,451,367	$	2,391,666
Net income	—	—		—			—		—		122,490		122,490
Other comprehensive income	—	—		—			258		—		—		258
Common stock issued:

Incentive compensation plan	194	485		8,405			—		—		—		8,890
Dividend reinvestment plan	79	198		3,535			—		—		—		3,733

Cash dividend declared ($.48 per share)	—	—		—			—		—		(47,855)		(47,855)
Treasury stock and other	(2)	—		—			—		(6,847)		—		(6,847)




















Balance as of December 31, 2025	100,750	$	251,388	$	688,575		$	(11,205)	$	17,575	$	1,526,002	$	2,472,335


(Thousands)	Number of Shares	Common Stock		Premium on Common Stock		Accumulated Other Comprehensive (Loss) Income			Treasury Stock and Other		Retained Earnings		Total
Balance as of September 30, 2024	99,461	$	248,159	$	633,811		$	(6,521)	$	26,220	$	1,298,774	$	2,200,443
Net income	—	—		—			—		—		131,319		131,319
Other comprehensive income	—	—		—			68		—		—		68
Common stock issued:

Incentive compensation plan	232	581		7,661			—		—		—		8,242
Dividend reinvestment plan	80	199		3,545			—		—		—		3,744
Waiver discount	418	1,045		18,865			—		—		—		19,910
Cash dividend declared ($.45 per share)	—	—		—			—		—		(45,010)		(45,010)
Treasury stock and other	—	—		—			—		(6,032)		—		(6,032)
Balance as of December 31, 2024	100,191	$	249,984	$	663,882		$	(6,453)	$	20,188	$	1,385,083	$	2,312,684

See Notes to Unaudited Condensed Consolidated Financial Statements

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF THE BUSINESS

The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following:

NJNG provides natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment.

Clean Energy Ventures, the Company's clean energy subsidiary, comprises the CEV segment, which owns and operates clean energy projects, including commercial solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan, Indiana and Pennsylvania.

Energy Services comprises the ES segment. ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S.

NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries. The Company operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River and Adelphia and is subject to rate regulation by FERC. The Company holds a 50% combined ownership interest in Steckman Ridge, a FERC-jurisdictional natural gas storage facility located in Pennsylvania, which is accounted for under the equity method of accounting.

NJR Retail Holdings Corporation has one principal subsidiary, NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2025 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2025 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2026. Intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.

Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The SREC program officially closed to new qualified solar projects.

TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined.

The ADI Program provides administratively set incentives for net metered projects of 5 MW or less. The CSI program is open to qualifying grid supply solar facilities, non-residential net metered solar installations with a capacity greater than 5 MW, and eligible grid supply solar facilities installed in combination with energy storage. RECs generated through the production of electricity under these programs are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts for forward sales as a component of operating revenues.

ES has a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts. The AMAs include a series of temporary and permanent releases, and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed-upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized approximately $4.9M of operating revenue related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations during both three months ended December 31, 2025 and 2024. Amounts received in excess of revenue recognized totaling approximately $66.2M and $36.8M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and September 30, 2025, respectively.

S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:


(Thousands)	December 31, 2025		September 30, 2025		December 31, 2024
Balance Sheet
Cash and cash equivalents	$	2,434	$	591	$	1,908
Restricted cash in other noncurrent assets	$	1,159	$	1,058	$	655
Statements of Cash Flow
Cash, cash equivalents and restricted cash	$	3,593	$	1,649	$	2,563

Allowance for Doubtful Accounts

The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.

Loans and Notes Receivable

NJNG currently provides loans, with terms ranging from five to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets. The Company has approximately $22.7M and $21.5M recorded in other current assets and approximately $74.3M and $69.4M in other noncurrent assets as of December 31, 2025 and September 30, 2025, respectively, on the Unaudited Condensed Consolidated Balance Sheets, related to the loans.

In August 2025, CEV entered into a seller-based financing arrangement with a third party for the sale of certain solar energy modules totaling $42.5M. Amounts related to the financing are due to CEV no later than December 31, 2027, and are recorded as notes receivable within the Company’s Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and September 30, 2025.

The Company evaluates loans and notes receivable for collectability each reporting period in accordance with the current expected credit loss model. If necessary, an allowance is recorded to reflect potential losses. As of December 31, 2025 and September 30, 2025, the Company has not recorded a reserve for credit losses associated with outstanding loans and notes receivable.

Natural Gas in Storage

The following table summarizes natural gas in storage, at average cost by segment as of:


	December 31, 2025				September 30, 2025
($ in thousands)	Natural Gas in Storage			Bcf	Natural Gas in Storage			Bcf
NJNG		$	159,364	24.6		$	184,099	30.8
ES		30,167		9.5		30,686		13.2
S&T		1,588		0.5		1,051		0.3
Total		$	191,119	34.6		$	215,836	44.3

Software Costs

The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.

The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:


(Thousands)	December 31, 2025		September 30, 2025
Balance Sheets
Utility plant, at cost	$	134,784	$	132,868
Construction work in progress	$	91,819	$	87,274
Nonutility plant and equipment, at cost	$	344	$	344

Accumulated depreciation and amortization, utility plant	$	(28,296)	$	(24,906)
Accumulated depreciation and amortization, nonutility plant and equipment	$	(77)	$	(70)
Software costs	$	11,159	$	11,151


	Three Months Ended
	December 31,
Statements of Operations		2025		2024
Operation and maintenance		$	193	$	2,736
Depreciation and amortization		$	3,397	$	2,415

Sale Leasebacks

NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets.

In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets.

The Company continues to operate its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease. See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.

Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the three months ended December 31, 2025 and 2024:


(Thousands)	Cash Flow Hedges		Postemployment Benefit Obligation			Total
Balance as of September 30, 2025	$	(5,163)	$	(6,300)		$	(11,463)
Other comprehensive income

Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $1 and $(78), respectively	264		(6)		(1)	258

Balance as of December 31, 2025	$	(4,899)	$	(6,306)		$	(11,205)

Balance as of September 30, 2024	$	(6,215)	$	(306)		$	(6,521)
Other comprehensive income (loss), net of tax

Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $58 and $(21), respectively	263		(195)		(1)	68


Balance as of December 31, 2024	$	(5,952)	$	(501)		$	(6,453)

(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation.

Recently Adopted Updates to the Accounting Standards Codification

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, an amendment to ASC 740, Income Taxes, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance became effective for the Company on October 1, 2025, for the first annual period, and can be applied either prospectively or retrospectively. As the amendments in this update only impact disclosures, there will be no impact on the Company’s financial position, results of operations, and cash flows upon adoption.

Other Recent Updates to the Accounting Standards Codification

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, an amendment to ASC 220, Income Statement Reporting, which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.

Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06, an amendment to ASC 350, Intangibles—Goodwill and Other, which simplifies the capitalization guidance as it relates to Internal-Use Software by removing all references to project stages and clarifying the threshold to apply to begin capitalizing costs. The guidance becomes effective for the Company on October 1, 2028. The Company can elect to apply it prospectively, retrospectively or through a modified transition approach, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations and cash flows upon adoption.

Government Grants

In December 2025, the FASB issued ASU No. 2025-10, an amendment to ASC 832, Government Grants, which adds guidance on the recognition, measurement, and presentation of government grants. The guidance becomes effective for the Company on October 1, 2029. The Company can elect to apply it retrospectively, or through a modified prospective or retrospective transition approach, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations and cash flows upon adoption.

3. REVENUE

Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reportable segment and other business operations:


Revenue Recognized Over Time:
Segment/ Operations	Performance Obligation	Description
NJNG	Natural gas utility sales	NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
CEV	Commercial solar electricity	CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services.

CEV	Renewable energy certificates	Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator. Revenue is recognized upon generation.
ES	Natural gas services	The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T	Natural gas services	The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement.
HSO	Service contracts	Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.

Revenue Recognized at a Point in Time:
Segment/ Operations	Performance Obligation	Description
ES	Natural gas services	For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty. Revenue is recognized upon the transfer of the underlying contractual rights.
S&T	Natural gas services	The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Usage fees and hub services revenues are recognized as services are performed.
HSO	Installations	Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the three months ended December 31, 2025 and 2024, are as follows:


(Thousands)	NJNG		CEV		ES	S&T	HSO	Total
2025
Natural gas utility sales (1)	$	374,858	—		—	—	—	$	374,858
Natural gas services	—		—		12,840	28,080	—	40,920
Service contracts	—		—		—	—	9,455	9,455
Installations and maintenance	—		—		—	—	6,551	6,551
Renewable energy certificates	—		3,737		—	—	—	3,737
Electricity sales	—		5,615		—	—	—	5,615
Eliminations (2)	(237)		—		—	—	—	(237)
Revenues from contracts with customers	374,621		9,352		12,840	28,080	16,006	440,899
Alternative revenue programs (3)	(26,256)		—		—	—	—	(26,256)
Derivative instruments	61,536		22,408	(4)	106,267	—	—	190,211

Revenues out of scope	35,280		22,408		106,267	—	—	163,955
Total operating revenues	$	409,901	31,760		119,107	28,080	16,006	$	604,854
2024
Natural gas utility sales (1)	$	296,402	—		—	—	—	$	296,402
Natural gas services	—		—		11,947	26,628	—	38,575
Service contracts	—		—		—	—	9,232	9,232
Installations and maintenance	—		—		—	—	6,562	6,562
Renewable energy certificates	—		2,896		—	—	—	2,896
Electricity sales	—		5,826		—	—	—	5,826
Eliminations (2)	(337)		—		—	(42)	(161)	(540)
Revenues from contracts with customers	296,065		8,722		11,947	26,586	15,633	358,953
Alternative revenue programs (3)	(5,391)		—		—	—	—	(5,391)
Derivative instruments	42,754		17,684	(4)	74,361	—	—	134,799

Revenues out of scope	37,363		17,684		74,361	—	—	129,408
Total operating revenues	$	333,428	26,406		86,308	26,586	15,633	$	488,361

(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.

(2)Consists of transactions between subsidiaries that are eliminated in consolidation.

(3)Includes CIP revenue.

(4)Includes SREC revenue.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the three months ended December 31, 2025 and 2024, are as follows:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
2025
Residential	$	284,101	—	—	—	15,981	$	300,082
Commercial and industrial	53,441		9,352	12,840	28,080	25	103,738
Firm transportation	34,677		—	—	—	—	34,677
Interruptible, off-tariff and other	2,402		—	—	—	—	2,402
Revenues out of scope	35,280		22,408	106,267	—	—	163,955
Total operating revenues	$	409,901	31,760	119,107	28,080	16,006	$	604,854
2024
Residential	$	223,819	2,110	—	—	15,544	$	241,473
Commercial and industrial	41,805		6,612	11,947	26,586	89	87,039
Firm transportation	27,325		—	—	—	—	27,325
Interruptible, off-tariff and other	3,116		—	—	—	—	3,116
Revenues out of scope	37,363		17,684	74,361	—	—	129,408
Total operating revenues	$	333,428	26,406	86,308	26,586	15,633	$	488,361

Customer Accounts Receivable/Credit Balances and Deposits

The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the three months ended December 31, 2025 and 2024, are as follows:


	Customer Accounts Receivable				Customers' Credit
(Thousands)	Billed		Unbilled		Balances and Deposits
Balance as of September 30, 2025	$	109,366	$	24,194	$	31,297
Increase	150,763		127,759		8,948
Balance as of December 31, 2025	$	260,129	$	151,953	$	40,245
Balance as of September 30, 2024	$	105,531	$	20,094	$	38,595
Increase	105,505		97,186		3,992
Balance as of December 31, 2024	$	211,036	$	117,280	$	42,587

The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and September 30, 2025:


(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
December 31, 2025
Customer accounts receivable
Billed	$	170,462	5,108	74,400	8,896	1,263	$	260,129
Unbilled	143,752		8,201	—	—	—	151,953
Customers' credit balances and deposits	(40,200)		—	—	(45)	—	(40,245)
Total	$	274,014	13,309	74,400	8,851	1,263	$	371,837
September 30, 2025
Customer accounts receivable
Billed	$	75,789	6,818	17,483	8,172	1,104	$	109,366
Unbilled	14,817		9,377	—	—	—	24,194
Customers' credit balances and deposits	(31,257)		—	—	(40)	—	(31,297)
Total	$	59,349	16,195	17,483	8,132	1,104	$	102,263

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

4. REGULATION

NJNG is subject to cost-based regulation, therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility capital investments based on the BPU's approval. The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations.

NJNG's recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make filings to the BPU for review of its BGSS, CIP and other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. The current base rates include a weighted average cost of capital of 7.08% and a return on common equity of 9.6%. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU.

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:


(Thousands)	December 31, 2025		September 30, 2025
Regulatory assets-current
New Jersey Clean Energy Program	$	14,572	$	17,171
Conservation Incentive Program	—		22,697

Derivatives at fair value, net	13,171		7,544
Other current regulatory assets	1,442		1,486
Total current regulatory assets	$	29,185	$	48,898
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries	$	69,910	$	74,961
Liability for future expenditures	167,462		166,990
Deferred income taxes	46,781		46,013

SAVEGREEN	145,264		141,562
Postemployment and other benefit costs	41,703		41,275

Cost of removal	131,790		132,895

Other noncurrent regulatory assets	56,633		63,612
Total noncurrent regulatory assets	$	659,543	$	667,308
Regulatory liability-current
Overrecovered natural gas costs	$	17,855	$	10,643
Conservation Incentive Program	3,559		—


Total current regulatory liabilities	$	21,414	$	10,643
Regulatory liabilities-noncurrent
Tax Act impact	$	169,054	$	170,309



Other noncurrent regulatory liabilities	1,458		868
Total noncurrent regulatory liabilities	$	170,512	$	171,177

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:


(Thousands)	December 31, 2025		September 30, 2025

Total noncurrent regulatory assets	$	5,201	$	5,210
Total current regulatory liabilities	$	1,677	$	2,241

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The assets are comprised primarily of the tax benefit associated with the equity component of Allowance for Funds Used During Construction and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval.

Regulatory filings and/or actions that occurred during the current fiscal year include the following:

•On October 31, 2025, NJNG notified the BPU that it intended to self-implement an increase to its BGSS rate, effective December 1, 2025 through September 30, 2026, which will result in an increase of approximately $38.1M in revenues related to BGSS.

•On December 17, 2025, the BPU approved, on a provisional basis, NJNG's annual BGSS/CIP filing, which included an increase of approximately $6.1M related to its balancing charge and a decrease of approximately $26.2M to CIP rates, effective January 1, 2026.

•On December 17, 2025, the BPU approved NJNG's annual SAVEGREEN filing for the recovery of costs, which will increase annual recoveries by approximately $13.3M, effective January 1, 2026.

•On December 17, 2025, the BPU approved NJNG's final IIP filing, which requested a rate increase for capital expenditures of approximately $33.1M through October 31, 2025, resulting in a revenue increase of approximately $3.3M, effective January 1, 2026. In conjunction with this filing, NJNG notified the BPU that it was withdrawing its July 2025 request to extend the program. Any recovery of future infrastructure investments will be requested through a NJNG base rate case.

5. DERIVATIVE INSTRUMENTS

The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, financial and certain of the Company's physical contracts are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value.

Energy Services

ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of operating expenses or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either operating expenses or operating revenues.

As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Expected production of SRECs are hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Natural Gas Distribution

Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the BGSS factor times the therm sales. NJNG no longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Clean Energy Ventures

The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal.

Fair Value of Derivatives

The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:


			Derivatives at Fair Value
			December 31, 2025						September 30, 2025
(Thousands)	Balance Sheet Location	Assets			Liabilities			Assets			Liabilities
Derivatives not designated as hedging instruments:
NJNG:
Physical commodity contracts	Derivatives - current		$	39		$	104		$	30		$	2

Financial commodity contracts	Derivatives - current		—			12			349			4
	Derivatives - noncurrent		—			—			1			—


ES:
Physical commodity contracts	Derivatives - current		3,827			5,154			3,709			5,878
	Derivatives - noncurrent		534			5,767			1,312			3,931
Financial commodity contracts	Derivatives - current		9,207			3,441			8,426			1,736
	Derivatives - noncurrent		744			390			1,006			352






Total fair value of derivatives			$	14,351		$	14,868		$	14,833		$	11,903

Offsetting of Derivatives

The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.


	Asset Derivatives						Liability Derivatives
(Thousands)	Fair Value (1)		Amounts Offset (2)	Collateral Received/Pledged (3)	Net Value (4)		Fair Value (1)		Amounts Offset (2)	Collateral Received/Pledged (3)	Net Value (4)
As of December 31, 2025
ES Contracts
Physical commodity	$	4,361	(1,653)	—	$	2,708	$	10,921	(1,653)	(2,183)	$	7,085
Financial commodity	9,951		(3,831)	(2,357)	3,763		3,831		(3,831)	—	—

Total ES	$	14,312	(5,484)	(2,357)	$	6,471	$	14,752	(5,484)	(2,183)	$	7,085
NJNG Contracts
Physical commodity	$	39	(5)	—	$	34	$	104	(5)	—	$	99
Financial commodity	—		—	—	—		12		—	(12)	—

Total NJNG	$	39	(5)	—	$	34	$	116	(5)	(12)	$	99
As of September 30, 2025
ES Contracts
Physical commodity	$	5,021	(2,061)	—	$	2,960	$	9,809	(2,061)	(2,022)	$	5,726
Financial commodity	9,432		(2,088)	(3,951)	3,393		2,088		(2,088)	—	—

Total ES	$	14,453	(4,149)	(3,951)	$	6,353	$	11,897	(4,149)	(2,022)	$	5,726
NJNG Contracts
Physical commodity	$	30	(1)	—	$	29	$	2	(1)	—	$	1
Financial commodity	350		(4)	—	346		4		(4)	—	—

Total NJNG	$	380	(5)	—	$	375	$	6	(5)	—	$	1

(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.

(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.

(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.

(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.

ES utilizes financial derivatives to economically hedge the gross margin associated with the purchase of physical natural gas to be used for storage injection and its subsequent sale at a later date. The gains or (losses) on the financial transactions that are economic hedges of the cost of the purchased natural gas are recognized prior to the gains or (losses) on the physical transaction, which are recognized in earnings when the natural gas is delivered. Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged along with fair value changes in derivative instruments, create volatility in the results of ES, although the Company's intended economic results relating to the entire transaction are unaffected.

The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:


(Thousands)	Location of gain (loss) recognized in income on derivatives		Amount of gain (loss) recognized in income on derivatives
		Three Months Ended
		December 31,
Derivatives not designated as hedging instruments:			2025		2024
ES:
Physical commodity contracts	Operating revenues		$	(761)	$	(2,632)
Physical commodity contracts	Natural gas purchases		(456)		(1,752)
Financial commodity contracts	Natural gas purchases		97		1,538

Physical commodity contracts	Operation and maintenance		(4)		1,053
Total unrealized and realized loss			$	(1,124)	$	(1,793)

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NJNG’s derivative contracts are part of the Company's risk management activities that relate to its natural gas purchases and BGSS incentive programs. At settlement, the resulting gains and/or losses are payable to or recoverable from utility customers and are deferred in regulatory assets or liabilities resulting in no impact to earnings.

The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below:


	Three Months Ended
	December 31,
(Thousands)		2025		2024
NJNG:
Physical commodity contracts		$	286	$	(13,386)
Financial commodity contracts		(4,478)		5,939

Total unrealized and realized loss		$	(4,192)	$	(7,447)

NJNG and ES had the following outstanding long (short) derivatives as of:


	Natural Gas Distribution		Energy Services
Volumes (Bcf)	Futures	Physical Commodity	Futures	Physical Commodity
December 31, 2025	29.0	0.3	(0.3)	(0.6)
September 30, 2025	36.1	6.0	(4.7)	5.5

Not included in the above table are 0.9M SRECs that were open as of both December 31, 2025 and September 30, 2025.

Broker Margin

Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily marked-to-market relative to maintenance margin requirements. The Company maintains separate broker margin accounts for NJNG and ES.

The balances by reportable segment are as follows:


(Thousands)	Balance Sheet Location	December 31, 2025		September 30, 2025
NJNG	Restricted broker margin accounts-current assets	$	2,300	$	5,480

ES	Restricted broker margin accounts-current assets	$	3,082	$	3,440
	Restricted broker margin accounts-current liabilities	$	2,355	$	3,949

Wholesale Credit Risk

NJNG, ES, CEV and S&T are exposed to credit risk as a result of their sales/wholesale marketing activities. As a result of the inherent volatility in the prices of natural gas commodities, derivatives and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties. If a counterparty fails to perform the obligations under its contract, then the Company could sustain a loss.

The Company monitors and manages the credit risk of its wholesale operations through credit policies and procedures that management believes reduce overall credit risk. These policies include a review and evaluation of current and prospective counterparties' financial statements and/or credit ratings, daily monitoring of counterparties' credit limits and exposure, daily communication with traders regarding credit status and the use of credit mitigation measures, such as collateral requirements and netting agreements. Examples of collateral include letters of credit and cash received for either prepayment or margin deposit. Collateral may be requested due to the Company's election not to extend credit or because exposure exceeds defined thresholds. Most of the Company's wholesale marketing contracts contain standard netting provisions. These contracts include those governed by ISDA and the NAESB. The netting provisions refer to payment netting, whereby receivables and payables with the same counterparty are offset and the resulting net amount is paid to the party to which it is due.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Internally-rated exposure applies to counterparties that are not rated by Fitch or Moody's. In these cases, the counterparty's or guarantor's financial statements are reviewed, and similar methodologies and ratios used by credit rating agencies are applied to arrive at a substitute rating. Gross credit exposure is defined as the unrealized fair value of physical and financial derivative commodity contracts, plus any outstanding wholesale receivable for the value of natural gas delivered and/or financial derivative commodity contract that has settled for which payment has not yet been received.

The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of December 31, 2025. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.


(Thousands)	Gross Credit Exposure
Investment grade		$	117,608
Noninvestment grade		37,430
Internally rated investment grade		17,668
Internally rated noninvestment grade		36,195
Total		$	208,901

Conversely, certain of NJNG's and ES's derivative instruments are linked to agreements containing provisions that would require cash collateral payments from the Company if certain events occur. These provisions vary based upon the terms in individual counterparty agreements and can result in cash payments if NJNG's credit rating were to fall below its current level. Specifically, most, but not all, of these additional payments will be triggered if NJNG's debt is downgraded by the major credit agencies, regardless of investment grade status. In addition, some of these agreements include threshold amounts that would result in additional collateral payments if the values of derivative liabilities were to exceed the maximum values provided for in relevant counterparty agreements. Other provisions include payment features that are not specifically linked to ratings but are based on certain financial metrics.

Collateral amounts associated with any of these conditions are determined based on a sliding scale and are contingent upon the degree to which the Company's credit rating and/or financial metrics deteriorate, and the extent to which liability amounts exceed applicable threshold limits. Derivative instruments with credit-risk-related contingent features that were in a liability position for which collateral is required were immaterial as of December 31, 2025 and September 30, 2025. These amounts differ from the respective net derivative liabilities reflected on the Unaudited Condensed Consolidated Balance Sheets because the agreements also include clauses, commonly known as “Rights of Offset,” that would permit the Company to offset its derivative assets against its derivative liabilities for determining additional collateral to be posted, as previously discussed.

6. FAIR VALUE

Fair Value of Assets and Liabilities

The fair value of cash and cash equivalents, accounts receivable, current loans receivable, accounts payable, commercial paper and borrowings under revolving credit facilities are estimated to equal their carrying amounts due to the short maturity of those instruments. Notes receivable and noncurrent loans receivable are recorded based on what the Company expects to receive, which approximates fair value. Noncurrent loans receivable are in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value.

The estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows:


(Thousands)	December 31, 2025		September 30, 2025
Carrying value (1) (2)	$	2,917,845	$	2,917,845
Fair market value	$	2,613,368	$	2,631,512

(1)Excludes NJNG's debt issuance costs of approximately $11.1M and $11.3M as of December 31, 2025 and September 30, 2025, respectively.

(2)Excludes NJR's debt issuance costs of approximately $2.7M and $2.9M as of December 31, 2025 and September 30, 2025, respectively.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company enters into sale leaseback transactions for certain commercial solar assets and natural gas meters. These transactions are recorded within long-term debt on the Unaudited Condensed Consolidated Balance Sheets. The carrying value of solar sale leasebacks was approximately $485.9M and $471.5M and the estimated fair value was approximately $496.5M and $481.4M as of December 31, 2025 and September 30, 2025, respectively. The carrying value of the natural gas meter sale leasebacks was approximately $45.9M and $33.5M and the estimated fair value of certain natural gas meter sale leasebacks amounted to approximately $45.1M and $32.5M as of December 31, 2025 and September 30, 2025, respectively.

The Company utilizes a discounted cash flow method to determine the fair value of its debt. Inputs include observable municipal and corporate yields, as appropriate for the maturity of the specific debt instrument and the Company's credit rating. As of December 31, 2025 and September 30, 2025, the Company discloses its debt within Level 2 of the fair value hierarchy.

Fair Value Hierarchy

The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:


Fair Value Hierarchy	Description of Fair Value Level	Fair Value Technique
Level 1	Unadjusted quoted prices for identical assets or liabilities in active markets	The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2	Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services	The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: •widely accepted and public; •non-proprietary and sourced from an independent third party; and •observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values.
Level 3	Inputs derived from a significant amount of unobservable market data	These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:


	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Thousands)	(Level 1)			(Level 2)			(Level 3)			Total
As of December 31, 2025
Assets:
Physical commodity contracts		$	—		$	4,400		$	—	$	4,400
Financial commodity contracts		9,951			—			—		9,951


Money market funds		5			—			—		5
Other		2,858			—			—		2,858
Total assets at fair value		$	12,814		$	4,400		$	—	$	17,214
Liabilities:
Physical commodity contracts		$	—		$	11,025		$	—	$	11,025
Financial commodity contracts		3,843			—			—		3,843


Total liabilities at fair value		$	3,843		$	11,025		$	—	$	14,868
As of September 30, 2025
Assets:
Physical commodity contracts		$	—		$	5,051		$	—	$	5,051
Financial commodity contracts		9,782			—			—		9,782


Money market funds		5			—			—		5
Other		2,589			—			—		2,589
Total assets at fair value		$	12,376		$	5,051		$	—	$	17,427
Liabilities:
Physical commodity contracts		$	—		$	9,811		$	—	$	9,811
Financial commodity contracts		2,092			—			—		2,092

Total liabilities at fair value		$	2,092		$	9,811		$	—	$	11,903

7. INVESTMENTS IN EQUITY INVESTEES

The Company holds a 50% equity method investment in Steckman Ridge, a jointly owned and controlled natural gas storage facility located in Bedford County, Pennsylvania. The Company's investment in Steckman Ridge was approximately $101.6M and $101.2M as of December 31, 2025 and September 30, 2025, respectively, which includes loans with a total outstanding principal balance of approximately $70.4M for both periods. These loans accrue interest at a variable rate that resets quarterly and are due October 1, 2027.

NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 15. Related Party Transactions for more information on these intercompany transactions.

8. EARNINGS PER SHARE

The following table presents the calculation of the Company's basic and diluted earnings per share for:


	Three Months Ended
	December 31,
(Thousands, except per share amounts)		2025		2024
Net income, as reported		$	122,490	$	131,319
Basic earnings per share
Weighted average shares of common stock outstanding-basic		100,701		99,855
Basic earnings per common share		$1.22		$1.32
Diluted earnings per common share
Weighted average shares of common stock outstanding-basic		100,701		99,855
Incremental shares (1)		528		623
Weighted average shares of common stock outstanding-diluted		101,229		100,478
Diluted earnings per common share		$1.21		$1.31

(1)Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

9. DEBT

NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program and committed unsecured credit facilities.

Credit Facilities and Short-term Debt

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility is as follows:


				At end of period
(Thousands)	As of date	Total borrowing capacity		Loans outstanding		Weighted average interest rate			Remaining borrowing capacity				Expiration dates
NJR bank revolving credit facility (1)
December 31, 2025		$	575,000	$	228,700		4.99	%		$	324,776	(2)	August 2029
September 30, 2025		$	575,000	$	152,600		5.38	%		$	401,018	(2)	August 2029
NJNG bank revolving credit facility (3)
December 31, 2025		$	250,000	$	140,300		3.93	%		$	108,969	(4)	August 2029
September 30, 2025		$	250,000	$	43,000		4.30	%		$	206,269	(4)	August 2029

(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.

(2)Letters of credit outstanding total approximately $21.5M and $21.4M as of December 31, 2025 and September 30, 2025, respectively, which reduces the amount available by the same amount.

(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.

(4)Letters of credit outstanding total approximately $0.7M as of both December 31, 2025 and September 30, 2025, which reduces the amount available by the same amount.

Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility.

Long-term Debt

NJNG

NJNG received approximately $15.0M and $11.7M during the three months ended December 31, 2025 and 2024, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes that is paid over the term of the arrangement and has the option to purchase the meters back at fair value upon expiration of the lease.

Clean Energy Ventures

CEV received proceeds of approximately $23.2M and $12.6M during the three months ended December 31, 2025 and 2024, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term.

10. EMPLOYEE BENEFIT PLANS

Pension and Other Postemployment Benefit Plans

In January 2024, the Company announced changes to its postretirement medical benefits plan that replaced the existing retiree medical coverage for certain eligible employees and their dependents with an employer funded Health Reimbursement Arrangement beginning on January 1, 2025. The liability associated with postretirement medical benefits was remeasured as of January 1, 2024. The change in post-retirement medical benefits is being amortized into earnings over approximately eight years, the average remaining service to retirement for all plan participants.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:


		Pension					OPEB
	Three Months Ended					Three Months Ended
	December 31,					December 31,
(Thousands)		2025		2024			2025		2024
Service cost		$	1,245	$	1,381		$	272	$	273
Interest cost		3,964		3,858			2,698		2,097
Expected return on plan assets		(6,137)		(5,925)			(2,259)		(2,346)
Recognized actuarial loss		38		301			2,796		1,793
Prior service cost (credit) amortization		—		—			(3,270)		(3,270)

Net periodic benefit (credit) cost		$	(890)	$	(385)		$	237	$	(1,453)

The Company does not expect to make additional contributions to fund the pension plans during fiscal 2026 based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. There were no discretionary contributions made during the three months ended December 31, 2025 and 2024.

11. INCOME TAXES

ASC Topic 740, Income Taxes requires the use of an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating its estimated annual effective tax rate, the Company considers forecasted annual pre-tax income and estimated permanent book versus tax differences. Adjustments to the effective tax rate and management's estimates will occur as information and assumptions change.

Changes in tax laws or tax rates are recognized in the financial reporting period that includes the enactment date, the date on which the act is signed into law. Similarly, the tax effect of unusual or infrequent events and transactions are recognized in the financial reporting period in which they occur. These items are excluded from the calculation of the estimated annual effective tax rate and are reported discretely in each interim reporting period.

NJR evaluates its tax positions to determine the appropriate accounting and recognition of potential future obligations associated with uncertain tax positions. A tax benefit claimed, or expected to be claimed, on a tax return may be recognized only if it is more likely than not that the tax position will be upheld upon examination by the applicable taxing authority and is measured based on the largest tax benefit that is more than 50% likely to be realized. Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense, and accrued interest and penalties are recognized within other noncurrent liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Effective Tax Rate

The estimated annual effective tax rates were 22.5% and 23.2%, for the three months ended December 31, 2025 and 2024, respectively.

To the extent there are discrete tax items that are not included in the estimated annual effective tax rate, the actual reported effective tax rate may differ from the estimated annual effective tax rate. Discrete tax items primarily relate to the vesting of share-based awards during the three months ended December 31, 2025, and income tax effects associated with the sale of the Company’s residential solar energy projects and host customer contracts during the three months ended December 31, 2024. NJR’s effective tax rate was 21.8% and 22.2% during the three months ended December 31, 2025 and 2024, respectively.

Other Tax Items

As of December 31, 2025 and September 30, 2025, the Company has tax credit carryforwards of approximately $128.6M and $149.7M, respectively, which each have a life of 20 years. The Company expects to utilize this entire carryforward prior to expiration, which would begin in fiscal 2036.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As of December 31, 2025 and September 30, 2025, the Company has state income tax net operating losses of approximately $353.1M and $476.1M, respectively. These state net operating losses have varying carry-forward periods dictated by the state in which they were incurred; these state carry-forward periods range from seven to 20 years, with the majority expiring after 2037. The Company expects to utilize this entire carryforward prior to expiration, except for state income tax attributes for which the Company has a valuation allowance of approximately $0.4M as of both December 31, 2025 and September 30, 2025, for which the Company could not conclude were realizable on a more-likely-than-not basis.

In July 2025, the President of the U.S. signed OBBBA into law, which includes a broad range of tax reform provisions, including extending and modifying certain key provisions of the federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017, and expanding certain incentives under the federal Inflation Reduction Act. OBBBA also modified tax legislation affecting clean energy tax credits and accelerated the phase-out of ITCs. The Company evaluated the provisions of OBBBA and concluded it did not have a material impact on its Unaudited Condensed Consolidated Financial Statements.

12. LEASES

Lessee Accounting

The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company uses the implicit rate for agreements in which it is a lessor. The Company has not entered into any material agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.

Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of ten years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy, which applies to all asset classes, that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company has lease agreements with lease and non-lease components and has elected the practical expedient not to separate lease components from the associated non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.

The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:


		Three Months Ended
		December 31,
(Thousands)	Income Statement Location		2025		2024
Operating lease cost (1)	Operation and maintenance		$	2,854	$	2,709
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization		382		540
Interest on lease liabilities	Interest expense, net of capitalized interest		127		188
Total finance lease cost			509		728

Variable lease cost	Operation and maintenance		312		230
Total lease cost			$	3,675	$	3,667

(1)Net of capitalized costs.

The following table presents supplemental cash flow information related to leases:


	Three Months Ended
	December 31,
(Thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2,394	$	2,364
Operating cash flows for finance leases	$	127	$	188
Financing cash flows for finance leases	$	1,962	$	3,596

Operating lease assets obtained in exchange for new or modified operating lease liabilities totaled approximately $4.6M during the three months ended December 31, 2025. There were no operating lease assets obtained in exchange for new or modified operating lease liabilities during the three months ended December 31, 2024. There were no finance lease assets obtained in exchange for new or modified finance lease liabilities during the three months ended December 31, 2025 and 2024.

The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:


(Thousands)	Balance Sheet Location	December 31, 2025		September 30, 2025

Noncurrent Assets
Operating lease assets	Operating lease assets	$	188,889	$	185,596
Finance lease assets	Utility plant	24,020		24,402
Total lease assets		$	212,909	$	209,998

Current Liabilities
Operating lease liabilities	Operating lease liabilities	$	4,694	$	4,388
Finance lease liabilities	Current maturities of long-term debt	4,861		5,568
Noncurrent Liabilities
Operating lease liabilities	Operating lease liabilities	162,984		159,131
Finance lease liabilities	Long-term debt	9,110		10,366
Total lease liabilities		$	181,649	$	179,453

For operating lease assets and liabilities, the weighted average remaining lease term was 28.3 years and 28.4 years and the weighted average discount rate used in the valuation over the remaining lease term was 4.1% and 4.0% as of December 31, 2025 and September 30, 2025, respectively. For finance lease assets and liabilities, the weighted average remaining lease term was 2.3 years and 2.4 years as of December 31, 2025 and September 30, 2025, respectively, and the weighted average discount rate used in the valuation over the remaining lease term was 3.4% as of both December 31, 2025 and September 30, 2025.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

13. COMMITMENTS AND CONTINGENT LIABILITIES

Cash Commitments

NJNG has entered into long-term contracts, expiring at various dates through July 2039, for the supply, transportation and storage of natural gas. These contracts include annual fixed charges of approximately $190.7M at current contract rates and volumes for the remainder of the fiscal year, which are recoverable through BGSS.

For the purpose of securing storage and pipeline capacity, ES enters into storage and pipeline capacity contracts, which require the payment of certain demand charges by ES to maintain the ability to access such natural gas storage or pipeline capacity, during a fixed time period, which generally ranges from one to 10 years. Demand charges are established by interstate storage and pipeline operators and are regulated by FERC. These demand charges represent commitments to pay storage providers or pipeline companies for the right to store and/or transport natural gas utilizing their respective assets.

Commitments as of December 31, 2025, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows:


(Thousands)	2026		2027		2028		2029		2030		Thereafter
ES:
Natural gas purchases	$	72,429	$	4,097	$	—	$	—	$	—	$	—
Storage demand fees	10,351		9,152		6,382		4,375		4,375		5,788
Pipeline demand fees	21,676		50,638		27,640		11,942		10,481		38,192
Sub-total ES	$	104,456	$	63,887	$	34,022	$	16,317	$	14,856	$	43,980
NJNG:
Natural gas purchases	$	16,591	$	—	$	—	$	—	$	—	$	—
Storage demand fees	32,589		35,494		16,288		5,982		2,457		—
Pipeline demand fees	158,134		204,182		130,791		115,558		112,524		746,474
Sub-total NJNG	$	207,314	$	239,676	$	147,079	$	121,540	$	114,981	$	746,474
Total	$	311,770	$	303,563	$	181,101	$	137,857	$	129,837	$	790,454

Certain pipeline demand fees totaling approximately $4.0M per year, for which ES is the responsible party, are being paid for by the counterparty to a capacity release transaction, which began in November 2021, for a period of 10 years.

Guarantees

As of December 31, 2025, there were NJR guarantees covering approximately $140.8M of ES’s natural gas purchases and demand fee commitments not yet reflected in accounts payable on the Unaudited Condensed Consolidated Balance Sheets.

Legal Proceedings

Manufactured Gas Plant Remediation

NJNG is responsible for the remedial cleanup of certain former MGP sites, dating back to gas operations in the late 1800s and early 1900s, which contain contaminated residues from former gas manufacturing operations. NJNG is currently involved in administrative proceedings with the NJDEP and is participating in various studies and investigations by outside consultants, to determine the nature and extent of any such contaminated residues and to develop appropriate programs of remedial action, where warranted, under NJDEP regulations.

NJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action. NJNG estimated at the time of the most recent review that total future expenditures at the former MGP sites for which it is responsible, including potential liabilities for natural resource damages that might be brought by the NJDEP for alleged injury to groundwater or other natural resources concerning these sites, will range from approximately $144.3M to $200.2M. NJNG’s estimate of these liabilities is based upon known facts, existing technology and enacted laws and regulations in place when the review was completed. Where it is probable that costs will be incurred, and

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range. If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range. Accordingly, as of December 31, 2025, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $167.5M on the Unaudited Condensed Consolidated Balance Sheets based on the most likely amount. The actual costs to be incurred by NJNG are dependent upon several factors, including final determination of remedial action, changing technologies and governmental regulations, the ultimate ability of other responsible parties to pay and insurance recoveries, if any.

NJNG recovers its remediation expenditures, including carrying costs, over rolling seven-year periods pursuant to a RAC approved by the BPU. As of December 31, 2025, approximately $69.9M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Unaudited Condensed Consolidated Balance Sheets. NJNG will continue to seek recovery of MGP-related costs through the RAC. If any future regulatory position indicates that the recovery of such costs is not probable, the related non-recoverable costs would be charged to income in the period of such determination.

General

The Company is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory and arbitration proceedings relating to matters that arise in the ordinary course of business. In view of the inherent difficulty of predicting the outcome of litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, the Company cannot state with confidence what the eventual outcome of the pending litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, the Company establishes accruals for litigation for those matters that present loss contingencies as to which it is both probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The Company also discloses contingent matters for which there is a reasonable possibility of a loss. Based upon currently available information, the Company believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows. The actual results of resolving the pending litigation matters may be substantially different than the amounts accrued.

The foregoing statements about the Company’s litigation are based upon the Company’s judgments, assumptions and estimates and are necessarily subjective and uncertain. The Company has a number of threatened and pending litigation matters at various stages.

14. REPORTABLE SEGMENT DATA

The Company has four reportable segments which are determined based upon a combination of factors, including the nature of business activities, product and service offerings and the regulatory environment in which the businesses operate. NJNG consists of regulated utility operations that provide energy and off-system, capacity and storage management operations primarily to residential and commercial customers; CEV consists of capital investments in clean energy projects, primarily in commercial solar installations; ES consists of unregulated wholesale and retail energy operations and asset management services; S&T consists of the Company’s investments in natural gas transportation and storage facilities.

The accounting policies of the Company, as described in Note 2. Summary of Significant Accounting Policies, are the same as those of the reportable segments. Intercompany transactions are eliminated in consolidation.

The CODM, the Chief Executive Officer of the Company, uses net income and NFE, as well as various other financial and operational metrics as measures of profitability. Net income is the measure of segment profit or loss that most closely aligns with GAAP. Performance is evaluated based upon profitability and budget and/or forecast-to-actual variances when making decisions about the allocation of resources and capital to segment operations.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Information related to the Company's various reportable segments during the three months ended December 31, 2025 and 2024, is detailed below:


(Thousands)	NJNG		CEV		ES		S&T		Total
2025
Operating revenues attributable to reportable segments	$	409,901	$	31,760	$	119,107	$	28,080	$	588,848
Intercompany revenue	237		—		—		—		237
Reconciliation to consolidated revenue
Corporate and other (1)									15,769
Total operating revenues									$	604,854

Natural gas purchases	170,724		—		85,774		374		256,872
Operation and maintenance	48,988		9,340		3,185		10,466		71,979
Regulatory rider expenses	33,154		—		—		—		33,154
Depreciation and amortization	36,960		7,032		41		5,265		49,298

Interest income (2)	725		31		39		2,109		2,904
Other segment income (expense) (3)	5,323		5,275		170		(122)		10,646
Interest expense, net of capitalized interest	19,299		8,366		3,418		5,566		36,649
Income tax provision	23,232		2,738		6,301		2,273		34,544
Equity in earnings of affiliates	—		—		—		1,240		1,240
Net income attributable to reportable segments	$	83,829	$	9,590	$	20,597	$	7,363	$	121,379
Reconciliation to consolidated net income
Corporate and other (1)									1,111
Total net income									$	122,490


2024
Operating revenues attributable to reportable segments	$	333,428	$	26,406	$	86,308	$	26,586	$	472,728
Intercompany revenue	337		—		—		42		379
Reconciliation to consolidated revenue
Corporate and other (1)									15,254
Total operating revenues									$	488,361

Natural gas purchases	130,005		—		67,868		280		198,153
Operation and maintenance	52,094		10,566		1,865		10,083		74,608
Regulatory rider expenses	22,476		—		—		—		22,476
Depreciation and amortization	32,084		6,425		47		6,496		45,052
Gain on sale of assets	—		(54,859)		—		—		(54,859)
Interest income (2)	637		—		34		2,456		3,127
Other segment income (expense) (3)	4,880		4,371		350		(64)		9,537
Interest expense, net of capitalized interest	17,454		6,374		3,885		5,969		33,682
Income tax provision	18,261		14,141		2,769		1,489		36,660
Equity in earnings of affiliates	—		—		—		961		961
Net income attributable to reportable segments	$	66,908	48,130		10,258		5,664		$	130,960
Reconciliation to consolidated net income
Corporate and other (1)									359
Total net income									$	131,319

(1)Corporate and other includes HSO and intercompany eliminations.

(2)Interest income is included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.

(3)Includes other income, net less interest income on the Unaudited Condensed Consolidated Statements of Operations.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company's capital expenditures for the various reportable segments are detailed below:


(Thousands)	NJNG		CEV	ES	S&T	Total
Capital expenditures during the three months ended:
December 31, 2025	$	106,918	59,701	—	12,445	$	179,064
December 31, 2024	$	109,904	33,476	—	8,201	$	151,581

The Company's assets for the various reportable segments are detailed below:


(Thousands)	NJNG		CEV	ES	S&T	Total
Segment assets as of December 31, 2025	$	5,428,674	1,324,384	152,555	1,044,817	$	7,950,430
Corporate and other (1)						$	(44,219)
Total assets						$	7,906,211
Segment assets as of September 30, 2025	$	5,198,116	1,308,969	98,429	1,033,439	$	7,638,953
Corporate and other (1)						$	(60,178)
Total assets						$	7,578,775

(1)Corporate and other includes HSO and intercompany eliminations.

15. RELATED PARTY TRANSACTIONS

In April 2020, NJNG entered into a five-year agreement for 3 Bcf of firm storage capacity with Steckman Ridge, which expired in March 2025. In March 2025, NJNG entered into a two-year agreement for 3 Bcf of firm storage capacity with Steckman Ridge, which expires on March 31, 2027. Under the terms of the new agreement, NJNG incurs demand fees, at market rates, of approximately $6.5M annually, a portion of which is eliminated in consolidation. These fees are recoverable through NJNG’s BGSS mechanism and are included as a component of regulatory assets.

ES may periodically enter into storage or park and loan agreements with Steckman Ridge. As of December 31, 2025, ES entered into transactions with Steckman Ridge for varying terms, all of which expire by March 31, 2027.

Demand fees, net of eliminations, associated with Steckman Ridge were as follows:


	Three Months Ended
	December 31,
(Thousands)		2025		2024
NJNG		$	1,083	$	1,524
ES		194		194
Total		$	1,277	$	1,718

The following table summarizes demand fees payable to Steckman Ridge as of:


(Thousands)	December 31, 2025		September 30, 2025
NJNG	$	540	$	540
ES	100		101
Total	$	640	$	641

NJNG entered into two transportation agreements with Adelphia, each for committed capacity of 130,000 Dths per day. The first is for five years in Zone South with an expiration date of August 8, 2027, and the second is for 15 years in Zone North with an expiration date of October 31, 2038.

NJNG and CEV entered into a 15-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s headquarters in Wall, New Jersey, with an expiration date of March 1, 2036, the effects of which are immaterial to the Unaudited Condensed Consolidated Financial Statements.

New Jersey Resources Corporation

Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, each with an expiration date of July 1, 2037, the effects of which are eliminated in consolidation.

NJNG and CEV entered into a 20-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s liquefied natural gas plant in Howell, New Jersey, with an expiration date of June 1, 2042, the effects of which are immaterial to the Unaudited Condensed Consolidated Financial Statements.

The intercompany profits for certain transactions between NJNG and ES and NJNG and Adelphia are not eliminated in accordance with ASC 980, Regulated Operations.

16. DISPOSITIONS

In November 2024, CEV completed the sale of its residential solar portfolio to a third party, which primarily included residential solar energy projects and host customer contracts, for a purchase price of $132.5M. The transaction also included a post-closing working capital adjustment and was subject to a transition services agreement.

CEV had certain residential solar energy projects under contract and in various stages of development that were transferred to the buyer once the assets became operational. The transfer of these projects commenced in January 2025 and continued throughout fiscal 2025. As of September 30, 2025, CEV received approximately $4.7M related to the transfer of these assets. There were no projects transferred during the three months ended December 31, 2025.

During the three months ended December 31, 2024, the Company recognized a pre-tax gain on sale of assets of approximately $54.9M on the Unaudited Condensed Consolidated Statements of Operations. There was no activity during the three months ended December 31, 2025.

Also, in connection with the sale, CEV entered into an agreement with the buyer to leaseback certain residential solar energy projects that have not yet passed the fifth anniversary of their placed-in-service dates. The assets are subject to leaseback until the fifth anniversary of the applicable placed-in-service date of the project. The impact of these transactions is considered immaterial to the Company’s Unaudited Condensed Consolidated Financial Statements.

New Jersey Resources Corporation

Part I

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

Critical Accounting Estimates

A summary of our critical accounting policies is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the period ended September 30, 2025. Our critical accounting policies have not changed from those reported in the 2025 Annual Report on Form 10-K.

Recently Issued Accounting Standards

Refer to Note 2. Summary of Significant Accounting Policies for discussion of recently issued accounting standards.

Management's Overview

Consolidated

NJR is a diversified energy services holding company providing retail natural gas service in New Jersey and wholesale natural gas and related energy services to customers in the U.S. In addition, we invest in clean energy projects, storage and transportation assets and provide various repair, sales and installation services. A more detailed description of our organizational structure can be found in Item 1. Business of our 2025 Annual Report on Form 10-K.

Reportable Segments

We have four primary reportable segments as presented in the chart below:

In addition to our four reportable segments above, we have nonutility operations that either provide corporate support services or do not meet the criteria to be treated as a separate reportable segment. These operations, which comprise HSO, include: appliance repair services, sales and installations at NJRHS and commercial real estate holdings at Commercial Realty & Resources Corp.

New Jersey Resources Corporation

Part I

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS (Continued)

Operating Results

Net income by reportable segment and other business operations, which are discussed in more detail within the operating results sections of each reportable segment and other business operations, are as follows:


	Three Months Ended
	December 31,
(Thousands)		2025			2024
Net income
NJNG			$	83,829	68	%	$	66,908	51	%
CEV			9,590		8		48,130		37
ES			20,597		17		10,258		8
S&T			7,363		6		5,664		4
HSO			479		—		615		—
Eliminations (1)			632

NEW JERSEY RESOURCES CORP 10-Q