Regulated Utilities

credit / rates affecting interest expense

“MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Net income increased approximately $20.9M during the six months ended March 31, 2026, compared with the six months ended March 31, 2025, due primarily to the following factors: • $35.3M increase in Utility Gross Margin, as previously discussed; partially offset by • $6.7M increase in depreciation expense as a result of additional utility plant being placed into service; • $3.8M increase in interest expense due to higher outstanding long-term debt; and • $3.4M increase in income tax expense related to higher operating income.”

NJR 10-Q

capital investment / capacity affecting capex

“Consolidated assets increased approximately $364.5M as of March 31, 2026, compared with September 30, 2025, due primarily to the following factors: • $350.0M increase in cash and customer receivables at NJNG, due to seasonality; • $146.4M increase in utility plant expenditures, net at NJNG; and • $112.1M increase in nonutility plant and equipment, net at CEV due primarily to additional capital expenditures for commercial solar projects; partially offset by • $155.3M decrease in gas in storage mainly at NJNG, due to seasonality; and • $40.6M decrease in prepaid taxes mainly at NJNG, due to timing of payments.”

NJR 10-Q

capital investment / capacity affecting expense

“The business is subject to various risks, which may include but are not limited to impacts to customer growth and customer usage, customer collections, the timing and costs of capital expenditures and construction of infrastructure projects, operating and financing costs, fluctuations in commodity prices, customer conservation efforts and changes in how customers consume energy.”

NJR 10-Q