8-K
Public Service Enterprise Group Inc (PEG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 3, 2025
Public Service Enterprise Group Incorporated
(Exact name of registrant as specified in its charter)
| New Jersey | 001-09120 | 22-2625848 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification Number) |
80 Park Plaza
Newark, New Jersey 07102
(Address of principal executive offices) (Zip Code)
973 430-7000
(Registrant’s telephone number, including area code)
Public Service Electric and Gas Company
(Exact name of registrant as specified in its charter)
| New Jersey | 001-00973 | 22-1212800 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification Number) |
80 Park Plaza
Newark, New Jersey 07102
(Address of principal executive offices) (Zip Code)
973 430-7000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule <br>14a-12<br> under the Exchange Act (17 CFR <br>240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule <br>14d-2(b)<br> under the Exchange Act (17 CFR <br>240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule <br>13e-4(c)<br> under the Exchange Act (17 CFR <br>240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading<br><br>Symbol(s) | Name of Each Exchange<br><br>On Which Registered |
|---|---|---|
| Public Service Enterprise Group Incorporated | ||
| Common Stock without par value | PEG | New York Stock Exchange |
| Public Service Electric and Gas Company | ||
| 8.00% First and Refunding Mortgage Bonds, due 2037 | PEG37D | New York Stock Exchange |
| 5.00% First and Refunding Mortgage Bonds, due 2037 | PEG37J | New York Stock Exchange |
Indicate by check mark whether any of the registrants is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if such 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. ☐
The information contained in Item 2.02. Results of Operations and Financial Condition in this Form 8-K is furnished solely for Public Service Enterprise Group Incorporated (PSEG). The information contained in Item 7.01 Regulation FD Disclosure in this combined Form 8-K is separately furnished, as noted, by PSEG and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is provided by such company on its own behalf and in connection with its respective Form 8-K. PSE&G makes representations only as to itself and makes no other representations whatsoever as to any other company. The materials furnished as Exhibits 99 and 99.1 are available on the corporate.pseg.com website under the investor tab, or at https://investor.pseg.com.
| Item 2.02 | Results of Operations and Financial Condition |
|---|
PSEG
On November 3, 2025, PSEG announced financial results for the three and nine months ended September 30, 2025. A copy of the earnings release dated November 3, 2025 is furnished as Exhibit 99 to this Form 8-K.
| Item 7.01 | Regulation FD Disclosure |
|---|
PSEG and PSE&G
On November 3, 2025, PSEG conducted an earnings call regarding its results for the three and nine months ended September 30, 2025. A copy of the slideshow presentation used during the earnings call is furnished as Exhibit 99.1 to this Form 8-K.
| Item 9.01 | Financial Statements and Exhibits |
|---|---|
| Exhibit 99 | Press Release dated November 3, 2025 |
| --- | --- |
| Exhibit 99.1 | Slideshow Presentation |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |
|---|---|
| (Registrant) | |
| By: | /s/ Rose M. Chernick |
| ROSE M. CHERNICK | |
| Vice President and Controller | |
| (Principal Accounting Officer) |
Date: November 3, 2025
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.
| PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |
|---|---|
| (Registrant) | |
| By: | /s/ Rose M. Chernick |
| ROSE M. CHERNICK | |
| Vice President and Controller | |
| (Principal Accounting Officer) |
Date: November 3, 2025
3
EX-99
Exhibit 99
| Public Service Enterprise Group<br><br><br>80 Park Plaza<br> <br>Newark, NJ<br>07102 |
|---|
PSEG ANNOUNCES THIRD QUARTER 2025 RESULTS
$1.24 PER SHARE NET INCOME
$1.13 PER SHARE NON-GAAP OPERATING EARNINGS
(NEWARK, N.J. – November 3, 2025) Public Service Enterprise Group (NYSE: PEG) reported the following results for the third quarter and nine months ended September 30, 2025:
PSEG Consolidated (unaudited)
Third Quarter Comparative Results
| Income | Earnings Per Share | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net Income | $ | 622 | $ | 520 | $ | 1.24 | $ | 1.04 | ||||
| Reconciling Items | (57 | ) | (72 | ) | (0.11 | ) | (0.14 | ) | ||||
| Non-GAAP Operating Earnings | $ | 565 | $ | 448 | $ | 1.13 | $ | 0.90 | ||||
| Average Shares Outstanding (Diluted) | 501 | 500 |
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG Consolidated (unaudited)
Nine Months Ended September 30, Comparative Results
| Income | Earnings Per Share | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ($ millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net Income | $ | 1,796 | $ | 1,486 | $ | 3.59 | $ | 2.97 | ||||
| Reconciling Items | (129 | ) | (68 | ) | (0.26 | ) | (0.13 | ) | ||||
| Non-GAAP Operating Earnings | $ | 1,667 | $ | 1,418 | $ | 3.33 | $ | 2.84 | ||||
| Average Shares Outstanding (Diluted) | 501 | 500 |
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
Third Quarter 2025 Highlights
| • | PSEG’s solid third quarter and<br>year-to-date operating and financial results reflect the expected incremental impact of new rates from the October 2024 base rate case settlement for the full quarter<br>and higher power pricing for the year-to-date period. |
|---|---|
| • | Our results through the first nine months enable us to narrow our 2025<br>non-GAAP Operating Earnings guidance to the upper half of the range at $4.00 to $4.06 per share, from $3.94 to $4.06 per share prior. |
| --- | --- |
| • | Regulated investment was approximately $1 billion in the quarter and $2.7 billion over the first nine<br>months of 2025 as part of our planned $3.8 billion capital spending program focused on |
| --- | --- |
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| <br>replacing and modernizing New Jersey’s energy infrastructure, meeting load growth, and expanding energy efficiency programs that lower energy demand and customer bills.<br> | |
|---|---|
| • | PSEG Nuclear supplied the grid with 7.9 TWh of reliable, carbon-free baseload energy in the third quarter, while<br>providing PSEG with the financial flexibility to fund our regulated investments. |
| --- | --- |
| • | Our 100%-owned Hope Creek unit completed a<br>breaker-to-breaker run, operating for 499 continuous days since its last refueling outage, and recently completed work to extend its fuel cycle from 18 to 24 months,<br>positioning the unit to produce more megawatt hours going forward. |
| --- | --- |
| • | The Long Island Power Authority Board of Trustees approved a five-year contract extension of PSEG Long Island as<br>operations service provider for electric service on Long Island and in the Rockaways through 2030. |
| --- | --- |
“We continue executing PSEG’s growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers. This summer, however, a growing generation supply-demand imbalance, along with the impact of PJM’s capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%. To address the growing resource adequacy imbalance in the mid-Atlantic region, we are actively collaborating with the State and other stakeholders to develop real solutions in New Jersey and ensure we can affordably meet our customers’ energy needs.
We are reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential incremental investments to address the near-term need for additional supply due to growing customer demand. Notably, our solid balance sheet enables the funding of PSEG’s five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth,” said Ralph LaRossa, PSEG’s chair, president and CEO.
PSEGResults by Segment (unaudited)
Third Quarter and Nine Months Ended September 30, Comparative Results
| ($ millions) | 3Q 2025 | 3Q 2024 | YTD 2025 | YTD 2024 | ||||
|---|---|---|---|---|---|---|---|---|
| PSE&G Net Income/Non-GAAP Operating Earnings | $ | 515 | $ | 379 | $ | 1,393 | $ | 1,169 |
| PSEG Power & Other Net Income | 107 | 141 | 403 | 317 | ||||
| Total PSEG Net Income | $ | 622 | $ | 520 | $ | 1,796 | $ | 1,486 |
| PSEG Power & Other Non-GAAP Operating<br>Earnings | $ | 50 | $ | 69 | $ | 274 | $ | 249 |
| Total PSEG Non-GAAP Operating Earnings | $ | 565 | $ | 448 | $ | 1,667 | $ | 1,418 |
PSE&G’s results for the third quarter reflect the new electric and gas rates placed into effect last October 15, 2024, following settlement of its first distribution base rate case since 2018 as well as margin from Transmission and Energy Efficiency investments. Partly offsetting this in the quarter’s results was higher expected operation and maintenance costs, as well as higher depreciation and interest expenses driven by Distribution investments.
2
Results for PSEG Power & Other reflect higher nuclear related operation and maintenance costs from the Hope Creek refueling outage and fuel cycle extension work along with lower generation volume, partly offset by higher power pricing.
###
PSEG will host a conference callto review its third quarter 2025 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events
| Media Relations: | Investor Relations: |
|---|---|
| (973) 430-7734<br><br><br>DL-ENT-pseg.communications@pseg.com | (973) 430-6565<br><br><br>PSEG-IR-GeneralInquiry@pseg.com |
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey’s largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG’s businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.
Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.
3
Forward-Looking Statements
Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
| • | any inability to successfully develop, obtain regulatory approval for, or construct transmission and<br>distribution, and our nuclear generation projects; |
|---|---|
| • | the physical, financial and transition risks related to climate change, including risks relating to potentially<br>increased legislative and regulatory burdens, changing customer preferences and lawsuits; |
| --- | --- |
| • | any equipment failures, accidents, critical operating technology or business system failures, natural disasters,<br>severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;<br> |
| --- | --- |
| • | any inability to recover the carrying amount of our long-lived assets; |
| --- | --- |
| • | disruptions or cost increases in our supply chain, including labor shortages; |
| --- | --- |
| • | any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;<br> |
| --- | --- |
| • | the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational<br>or other systems; |
| --- | --- |
| • | an increasing demand for power and load growth, potentially compounded by a shift away from natural gas toward<br>increased electrification; |
| --- | --- |
| • | failure to attract and retain a qualified workforce; |
| --- | --- |
| • | increases in the costs of equipment, materials, fuel, services and labor; |
| --- | --- |
| • | the impact of our covenants in our debt instruments and credit agreements on our business; |
| --- | --- |
| • | adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases<br>in funding requirements; |
| --- | --- |
| • | any inability to enter into or extend certain significant contracts; |
| --- | --- |
| • | development, adoption and use of Artificial Intelligence by us and our third-party vendors;<br> |
| --- | --- |
| • | fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential<br>impacts on the economic viability of our generation units; |
| --- | --- |
| • | the ability to obtain adequate nuclear fuel supply; |
| --- | --- |
| • | changes in technology related to energy generation, distribution and consumption and changes in customer usage<br>patterns; |
| --- | --- |
| • | third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;<br> |
| --- | --- |
| • | any inability to meet our commitments under forward sale obligations and Regional Transmission Organization<br>rules; |
| --- | --- |
| • | the impact of changes in state and federal legislation and regulations on our business, including<br>PSE&G’s ability to recover costs and earn returns on authorized investments; |
| --- | --- |
| • | PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its<br>capital investment may be lower than planned; |
| --- | --- |
| • | our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets,<br>production tax credit and/or zero emission certificates program; |
| --- | --- |
| • | adverse changes in and non-compliance with energy industry laws,<br>policies, regulations and standards, including market structures and transmission planning and transmission returns; |
| --- | --- |
| • | risks associated with our ownership and operation of nuclear facilities and third-party operation of co-owned nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the |
| --- | --- |
4
| <br>Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks; | |
|---|---|
| • | changes in federal, state and local environmental laws and regulations and enforcement; |
| --- | --- |
| • | delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and<br> |
| --- | --- |
| • | changes in tax laws and regulations. |
| --- | --- |
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit.
5
Attachment 1
Public Service Enterprise Group Incorporated
Consolidating Statements of Operations
(Unaudited, $ millions, except per share data)
| Three Months Ended September 30, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PSEG | Eliminations | PSE&G | PSEG Power& Other^(a)^ | |||||||||
| OPERATING REVENUES | $ | 3,226 | $ | (58 | ) | $ | 2,535 | $ | 749 | |||
| OPERATING EXPENSES | ||||||||||||
| Energy Costs | 1,133 | (58 | ) | 1,013 | 178 | |||||||
| Operation and Maintenance | 927 | — | 543 | 384 | ||||||||
| Depreciation and Amortization | 311 | — | 277 | 34 | ||||||||
| Total Operating Expenses | 2,371 | (58 | ) | 1,833 | 596 | |||||||
| OPERATING INCOME | 855 | — | 702 | 153 | ||||||||
| Net Gains (Losses) on Trust Investments | 62 | — | — | 62 | ||||||||
| Net Other Income (Deductions) | 39 | (1 | ) | 16 | 24 | |||||||
| Net Non-Operating Pension and OPEB Credits (Costs) | 17 | — | 17 | — | ||||||||
| Interest Expense | (253 | ) | 1 | (162 | ) | (92 | ) | |||||
| INCOME BEFORE INCOME TAXES | 720 | — | 573 | 147 | ||||||||
| Income Tax Expense | (98 | ) | — | (58 | ) | (40 | ) | |||||
| NET INCOME | $ | 622 | **** | $ | — | **** | $ | 515 | **** | $ | 107 | **** |
| Reconciling Items Excluded from Net<br>Income^(b)^ | (57 | ) | — | — | (57 | ) | ||||||
| OPERATING EARNINGS (non-GAAP) | $ | 565 | **** | $ | — | **** | $ | 515 | **** | $ | 50 | **** |
| Earnings Per Share | ||||||||||||
| NET INCOME | $ | 1.24 | **** | |||||||||
| Reconciling Items Excluded from Net<br>Income^(b)^ | (0.11 | ) | ||||||||||
| OPERATING EARNINGS (non-GAAP) | $ | 1.13 | **** | |||||||||
| Three Months Ended September 30, 2024 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PSEG | Eliminations | PSE&G | PSEG Power& Other^(a)^ | |||||||||
| OPERATING REVENUES | $ | 2,642 | $ | (80 | ) | $ | 2,139 | $ | 583 | |||
| OPERATING EXPENSES | ||||||||||||
| Energy Costs | 899 | (80 | ) | 839 | 140 | |||||||
| Operation and Maintenance | 808 | — | 464 | 344 | ||||||||
| Depreciation and Amortization | 294 | — | 254 | 40 | ||||||||
| Total Operating Expenses | 2,001 | (80 | ) | 1,557 | 524 | |||||||
| OPERATING INCOME | 641 | — | 582 | 59 | ||||||||
| Income from Equity Method Investments | 1 | — | — | 1 | ||||||||
| Net Gains (Losses) on Trust Investments | 89 | — | — | 89 | ||||||||
| Net Other Income (Deductions) | 37 | (1 | ) | 18 | 20 | |||||||
| Net Non-Operating Pension and OPEB Credits (Costs) | 18 | — | 20 | (2 | ) | |||||||
| Interest Expense | (227 | ) | 1 | (151 | ) | (77 | ) | |||||
| INCOME BEFORE INCOME TAXES | 559 | — | 469 | 90 | ||||||||
| Income Tax (Expense) Benefit | (39 | ) | — | (90 | ) | 51 | ||||||
| NET INCOME | $ | 520 | **** | $ | — | **** | $ | 379 | **** | $ | 141 | **** |
| Reconciling Items Excluded from Net<br>Income^(b)^ | (72 | ) | — | — | (72 | ) | ||||||
| OPERATING EARNINGS (non-GAAP) | $ | 448 | **** | $ | — | **** | $ | 379 | **** | $ | 69 | **** |
| Earnings Per Share | ||||||||||||
| NET INCOME | $ | 1.04 | **** | |||||||||
| Reconciling Items Excluded from Net<br>Income^(b)^ | (0.14 | ) | ||||||||||
| OPERATING EARNINGS (non-GAAP) | $ | 0.90 | **** | |||||||||
| (a) | Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.<br> | |||||||||||
| --- | --- | |||||||||||
| (b) | See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).<br> | |||||||||||
| --- | --- |
Attachment 2
Public Service Enterprise Group Incorporated
Consolidating Statements of Operations
(Unaudited, $ millions, except per share data)
| Nine Months Ended September 30, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PSEG | Eliminations | PSE&G | PSEG Power& Other^(a)^ | |||||||||
| OPERATING REVENUES | $ | 9,253 | $ | (738 | ) | $ | 7,230 | $ | 2,761 | |||
| OPERATING EXPENSES | ||||||||||||
| Energy Costs | 3,145 | (738 | ) | 2,867 | 1,016 | |||||||
| Operation and Maintenance | 2,700 | — | 1,623 | 1,077 | ||||||||
| Depreciation and Amortization | 939 | — | 832 | 107 | ||||||||
| Total Operating Expenses | 6,784 | (738 | ) | 5,322 | 2,200 | |||||||
| OPERATING INCOME | 2,469 | — | 1,908 | 561 | ||||||||
| Net Gains (Losses) on Trust Investments | 165 | — | — | 165 | ||||||||
| Net Other Income (Deductions) | 122 | (3 | ) | 48 | 77 | |||||||
| Net Non-Operating Pension and OPEB Credits (Costs) | 49 | — | 52 | (3 | ) | |||||||
| Interest Expense | (742 | ) | 3 | (480 | ) | (265 | ) | |||||
| INCOME BEFORE INCOME TAXES | 2,063 | — | 1,528 | 535 | ||||||||
| Income Tax Expense | (267 | ) | — | (135 | ) | (132 | ) | |||||
| NET INCOME | $ | 1,796 | **** | $ | — | **** | $ | 1,393 | **** | $ | 403 | **** |
| Reconciling Items Excluded from Net<br>Income^(b)^ | (129 | ) | — | — | (129 | ) | ||||||
| OPERATING EARNINGS (non-GAAP) | $ | 1,667 | **** | $ | — | **** | $ | 1,393 | **** | $ | 274 | **** |
| Earnings Per Share | ||||||||||||
| NET INCOME | $ | 3.59 | **** | |||||||||
| Reconciling Items Excluded from Net<br>Income^(b)^ | (0.26 | ) | ||||||||||
| OPERATING EARNINGS (non-GAAP) | $ | 3.33 | **** | |||||||||
| Nine Months Ended September 30, 2024 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PSEG | Eliminations | PSE&G | PSEG Power& Other^(a)^ | |||||||||
| OPERATING REVENUES | $ | 7,825 | $ | (650 | ) | $ | 6,335 | $ | 2,140 | |||
| OPERATING EXPENSES | ||||||||||||
| Energy Costs | 2,628 | (650 | ) | 2,450 | 828 | |||||||
| Operation and Maintenance | 2,415 | — | 1,395 | 1,020 | ||||||||
| Depreciation and Amortization | 874 | — | 758 | 116 | ||||||||
| Total Operating Expenses | 5,917 | (650 | ) | 4,603 | 1,964 | |||||||
| OPERATING INCOME | 1,908 | — | 1,732 | 176 | ||||||||
| Income from Equity Method Investments | 2 | — | — | 2 | ||||||||
| Net Gains (Losses) on Trust Investments | 191 | — | — | 191 | ||||||||
| Net Other Income (Deductions) | 119 | (4 | ) | 50 | 73 | |||||||
| Net Non-Operating Pension and OPEB Credits (Costs) | 55 | — | 58 | (3 | ) | |||||||
| Interest Expense | (650 | ) | 4 | (430 | ) | (224 | ) | |||||
| INCOME BEFORE INCOME TAXES | 1,625 | — | 1,410 | 215 | ||||||||
| Income Tax (Expense) Benefit | (139 | ) | — | (241 | ) | 102 | ||||||
| NET INCOME | $ | 1,486 | **** | $ | — | **** | $ | 1,169 | **** | $ | 317 | **** |
| Reconciling Items Excluded from Net<br>Income^(b)^ | (68 | ) | — | — | (68 | ) | ||||||
| OPERATING EARNINGS (non-GAAP) | $ | 1,418 | **** | $ | — | **** | $ | 1,169 | **** | $ | 249 | **** |
| Earnings Per Share | ||||||||||||
| NET INCOME | $ | 2.97 | **** | |||||||||
| Reconciling Items Excluded from Net<br>Income^(b)^ | (0.13 | ) | ||||||||||
| OPERATING EARNINGS (non-GAAP) | $ | 2.84 | **** | |||||||||
| (a) | Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.<br> | |||||||||||
| --- | --- | |||||||||||
| (b) | See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).<br> | |||||||||||
| --- | --- |
Attachment 3
Public Service Enterprise Group Incorporated
Capitalization Schedule
(Unaudited, $ millions)
| September 30,2025 | December 31,2024 | |||||
|---|---|---|---|---|---|---|
| DEBT | ||||||
| Commercial Paper and Loans | $ | 829 | $ | 1,593 | ||
| Long-Term Debt* | 22,541 | 21,114 | ||||
| Total Debt | 23,370 | 22,707 | ||||
| STOCKHOLDERS’ EQUITY | ||||||
| Common Stock | 5,045 | 5,057 | ||||
| Treasury Stock | (1,370 | ) | (1,403 | ) | ||
| Retained Earnings | 13,446 | 12,593 | ||||
| Accumulated Other Comprehensive Loss | (112 | ) | (133 | ) | ||
| Total Stockholders’ Equity | 17,009 | 16,114 | ||||
| Total Capitalization | $ | 40,379 | $ | 38,821 | ||
| * | Includes current portion of Long-Term Debt | |||||
| --- | --- |
Attachment 4
Public Service Enterprise Group Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited, $ millions)
| Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Cash Flows From Operating Activities | ||||||
| Net Income | $ | 1,796 | $ | 1,486 | ||
| Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities | 781 | 280 | ||||
| Net Cash Provided By (Used In) Operating Activities | 2,577 | 1,766 | ||||
| Net Cash Provided By (Used In) Investing Activities | (2,060 | ) | (2,363 | ) | ||
| Net Cash Provided By (Used In) Financing Activities | (311 | ) | 726 | |||
| Net Change in Cash, Cash Equivalents and Restricted Cash | 206 | 129 | ||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 154 | 99 | ||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 360 | $ | 228 |
Attachment 5
Public Service Electric & Gas Company
Retail Sales
(Unaudited)
September 30, 2025
Electric Sales
| Sales (millions kWh) | Three MonthsEnded | Change vs.2024 | Nine MonthsEnded | Change vs.2024 | ||
|---|---|---|---|---|---|---|
| Residential | 4,539 | (2%) | 10,971 | (1%) | ||
| Commercial & Industrial | 7,181 | (1%) | 20,011 | (1%) | ||
| Other | 84 | 18% | 246 | 2% | ||
| Total | **** | 11,804 | (1%) | **** | 31,228 | (1%) |
Gas Sold and Transported
| Sales (millions therms) | Three MonthsEnded | Change vs.2024 | Nine MonthsEnded | Change vs.2024 | ||||
|---|---|---|---|---|---|---|---|---|
| Firm Sales | ||||||||
| Residential Sales | 89 | 0% | 1,031 | 9% | ||||
| Commercial & Industrial | 106 | 8% | 762 | 8% | ||||
| Total Firm Sales | **** | 195 | **** | 4% | **** | 1,793 | **** | 9% |
| Non-Firm Sales* | ||||||||
| Commercial & Industrial | 209 | (16%) | 685 | 12% | ||||
| Total Non-Firm Sales | **** | 209 | **** | 685 | ||||
| Total Sales | **** | 404 | **** | (7%) | **** | 2,478 | **** | 10% |
| * | Contract Service Gas rate included in non-firm sales | |||||||
| --- | --- |
Weather Data*
| Three MonthsEnded | Change vs.2024 | Nine MonthsEnded | Change vs.2024 | |||||
|---|---|---|---|---|---|---|---|---|
| THI Hours - Actual | 12,460 | (7%) | 17,581 | (9%) | ||||
| THI Hours - Normal | 12,909 | 17,101 | ||||||
| Degree Days - Actual | — | (100%) | 2,749 | 9% | ||||
| Degree Days - Normal | 21 | 2,976 | ||||||
| * | Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each<br>day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to<br>normal are based on twenty years of historic data. | |||||||
| --- | --- |
Attachment 6
Nuclear Generation Measures
(Unaudited)
| GWh Breakdown | GWh Breakdown | |||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Nuclear - NJ | 5,189 | 5,456 | 15,323 | 14,971 | ||||
| Nuclear - PA | 2,714 | 2,631 | 8,446 | 8,323 | ||||
| **** | 7,903 | **** | 8,087 | **** | 23,769 | **** | 23,294 |
Attachment 7
Public Service Enterprise Group Incorporated
Statistical Measures
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||
| Weighted Average Common Shares Outstanding (millions) | ||||||||||
| Basic | 499 | 498 | 499 | 498 | ||||||
| Diluted | 501 | 500 | 501 | 500 | ||||||
| Stock Price at End of Period | $ | 83.46 | $ | 89.21 | ||||||
| Dividends Paid per Share of Common Stock | $ | 0.63 | $ | 0.60 | $ | 1.89 | $ | 1.80 | ||
| Dividend Yield | 3.0 | % | 2.7 | % | ||||||
| Book Value per Common Share | $ | 34.10 | $ | 32.33 | ||||||
| Market Price as a Percent of Book Value | 245 | % | 276 | % |
Attachment 8
Public Service Enterprise Group Incorporated
Consolidated Operating Earnings (non-GAAP) Reconciliation
| Reconciling Items | Three Months Ended<br>September 30, | Nine Months Ended<br><br><br>September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||||
| ( millions, Unaudited) | |||||||||||
| Net Income | **** | $ | 520 | **** | $ | 1,796 | **** | $ | 1,486 | **** | |
| (Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||||||||
| Fund Related Activity, pre-tax | ) | (91 | ) | (190 | ) | (199 | ) | ||||
| (Gain) Loss on Mark-to-Market (MTM),<br>pre-tax^(a)^ | ) | (23 | ) | (22 | ) | 76 | |||||
| Lease Related Activity, pre-tax | — | — | (4 | ) | |||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)^ | 42 | 83 | 59 | ||||||||
| Operating Earnings (non-GAAP) | **** | $ | 448 | **** | $ | 1,667 | **** | $ | 1,418 | **** | |
| PSEG Fully Diluted Average Shares Outstanding (in millions) | **** | **** | 500 | **** | **** | 501 | **** | **** | 500 | **** | |
| ( Per Share Impact—Diluted, Unaudited) | |||||||||||
| Net Income | **** | $ | 1.04 | **** | $ | 3.59 | **** | $ | 2.97 | **** | |
| (Gain) Loss on NDT Fund Related Activity, pre-tax | ) | (0.17 | ) | (0.38 | ) | (0.39 | ) | ||||
| (Gain) Loss on MTM, pre-tax^(a)^ | ) | (0.05 | ) | (0.04 | ) | 0.15 | |||||
| Lease Related Activity, pre-tax | — | — | (0.01 | ) | |||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)^ | 0.08 | 0.16 | 0.12 | ||||||||
| Operating Earnings (non-GAAP) | **** | $ | 0.90 | **** | $ | 3.33 | **** | $ | 2.84 | **** |
All values are in US Dollars.
| (a) | Includes the financial impact from positions with forward delivery months. |
|---|---|
| (b) | Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an<br>additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. |
| --- | --- |
Attachment 9
PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation
| Reconciling Items | Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||||
| ( millions, Unaudited) | |||||||||||
| Net Income | **** | $ | 141 | **** | $ | 403 | **** | $ | 317 | **** | |
| (Gain) Loss on NDT Fund Related Activity, pre-tax | ) | (91 | ) | (190 | ) | (199 | ) | ||||
| (Gain) Loss on MTM, pre-tax^(a)^ | ) | (23 | ) | (22 | ) | 76 | |||||
| Lease Related Activity, pre-tax | — | — | (4 | ) | |||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)^ | 42 | 83 | 59 | ||||||||
| Operating Earnings (non-GAAP) | **** | $ | 69 | **** | $ | 274 | **** | $ | 249 | **** | |
| PSEG Fully Diluted Average Shares Outstanding (in millions) | **** | **** | 500 | **** | **** | 501 | **** | **** | 500 | **** |
All values are in US Dollars.
| (a) | Includes the financial impact from positions with forward delivery months. |
|---|---|
| (b) | Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an<br>additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. |
| --- | --- |
EX-99.1
Exhibit 99.1 Public Service Enterprise Group THIRD QUARTER 2025 NYSE: PEG Financial Results Presentation November 3, 2025
PSEG Third Quarter 2025 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; including, without limitation, future revenues, earnings, strategies, prospects, consequences, and • the ability to obtain adequate nuclear fuel supply; all other statements that are not purely historical constitute “forward-looking statements” within • changes in technology related to energy generation, distribution and consumption and the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking changes in customer usage patterns; statements are subject to risks and uncertainties, which could cause actual results to differ • third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; materially from those anticipated. Such statements are based on management’s beliefs as well as • any inability to meet our commitments under forward sale obligations and Regional assumptions made by and information currently available to management. When used herein, the Transmission Organization rules; words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” • the impact of changes in state and federal legislation and regulations on our business, “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to including PSE&G’s ability to recover costs and earn returns on authorized investments; • PSE&G’s proposed investment projects or programs may not be fully approved by identify forward-looking statements. Factors that may cause actual results to differ are often regulators and its capital investment may be lower than planned; presented with the forward-looking statements themselves. Other factors that could cause actual • our ability to receive sufficient financial support for our New Jersey nuclear plants from results to differ materially from those contemplated in any forward-looking statements made by us the markets, production tax credit and/or zero emission certificates program; herein are discussed in filings we make with the United States Securities and Exchange • adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form returns; 10-Q and Form 8-K. These factors include, but are not limited to: • risks associated with our ownership and operation of nuclear facilities and third-party • any inability to successfully develop, obtain regulatory approval for, or construct operation of co-owned nuclear facilities, including increased nuclear fuel storage costs, transmission and distribution, and our nuclear generation projects; regulatory risks, such as compliance with the Atomic Energy Act and trade control, • the physical, financial and transition risks related to climate change, including risks relating environmental and other regulations, as well as operational, financial, environmental and to potentially increased legislative and regulatory burdens, changing customer preferences health and safety risks; and lawsuits; • changes in federal, state and local environmental laws and regulations and enforcement; • any equipment failures, accidents, critical operating technology or business system • delays in receipt of, or an inability to receive, necessary licenses and permits and siting failures, natural disasters, severe weather events, acts of war, terrorism or other acts of approvals; and violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents • changes in tax laws and regulations. that may impact our ability to provide safe and reliable service to our customers; • any inability to recover the carrying amount of our long-lived assets; All of the forward-looking statements made in this report are qualified by these cautionary • disruptions or cost increases in our supply chain, including labor shortages; statements and we cannot assure you that the results or developments anticipated by • any inability to maintain sufficient liquidity or access sufficient capital on commercially management will be realized or even if realized, will have the expected consequences to, or reasonable terms; • the impact of cybersecurity attacks or intrusions or other disruptions to our information effects on, us or our business, prospects, financial condition, results of operations or cash flows. technology, operational or other systems; Readers are cautioned not to place undue reliance on these forward-looking statements in • an increasing demand for power and load growth, potentially compounded by a shift away making any investment decision. Forward-looking statements made in this report apply only as from natural gas toward increased electrification; of the date of this report. While we may elect to update forward-looking statements from time to • failure to attract and retain a qualified workforce; • increases in the costs of equipment, materials, fuel, services and labor; time, we specifically disclaim any obligation to do so, even in light of new information or future • the impact of our covenants in our debt instruments and credit agreements on our events, unless otherwise required by applicable securities laws. business; • adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning The forward-looking statements contained in this report are intended to qualify for the safe Trust Fund and increases in funding requirements; harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of • any inability to enter into or extend certain significant contracts; the Securities Exchange Act of 1934, as amended. • development, adoption and use of Artificial Intelligence by us and our third-party vendors; 2 2
PSEG Third Quarter 2025 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income Net Income, which is an indicator of financial performance reported in accordance with accounting principles generally determined in accordance with GAAP. In addition, non-GAAP accepted in the United States (GAAP). Operating Earnings is a Operating Earnings as presented in this report may not be non-GAAP financial measure that differs from Net Income. Non- comparable to similarly titled measures used by other GAAP Operating Earnings exclude the impact of gains (losses) companies. associated with the Nuclear Decommissioning Trust (NDT), Due to the forward-looking nature of non-GAAP Operating Mark-to-Market (MTM) accounting and other material infrequent Earnings guidance, PSEG is unable to reconcile this non-GAAP items. The last two slides in this presentation (Slides A and B) financial measure to the most directly comparable GAAP include a list of items excluded from Net Income to reconcile to financial measure because comparable GAAP measures are not non-GAAP Operating Earnings with a reference to those slides reasonably accessible or reliable due to the inherent difficulty in included on each of the slides where the non-GAAP information forecasting and quantifying measures that would be required for appears. such reconciliation. Namely, we are not able to reliably project Management uses non-GAAP Operating Earnings in its internal without unreasonable effort MTM and NDT gains (losses), for analysis, and in communications with investors and analysts, as future periods due to market volatility. These items are a consistent measure for comparing PSEG’s financial uncertain, depend on various factors, and may have a material performance to previous financial results. The presentation of impact on our future GAAP results. non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this communication or the Form 8-K to which it is an exhibit. 3 3
PSEG Third Quarter 2025 PSEG Q3 and Year-to-Date 2025 Highlights Third Quarter and YTD Results • Net Income of $1.24 per share in Q3 2025 and $3.59 per share YTD • Non-GAAP Operating Earnings of $1.13 per share in Q3 2025 and $3.33 per share YTD – up ~26% and ~17%, respectively Operational Excellence • PSE&G effectively maintained high system reliability and efficient customer response times, restoring all impacted electric customers within 24 hours and over 200 gas services within a four-day period, following a July NJ state of emergency caused by a severe storm and flooding • Hope Creek completed a breaker-to-breaker run, operating for 499 continuous days since its last refueling outage, and recently completed work to extend its fuel cycle from 18 to 24 months Disciplined Investment • PSE&G invested ~$1 billion in Q3 and $2.7 billion year-to-date as part of full year 2025 regulated capital spending plan of ~$3.8 billion • Regulated capital investment program for 2025 - 2029 of $21 billion
- $24 billion, driven by infrastructure modernization, energy efficiency, and growing customer demand See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and PSEG Power & Other. 4 4 Note: PSEG Power & Other includes nuclear generating fleet, gas supply operations, PSEG Long Island, competitively bid regulated transmission investments, Parent and Other.
PSEG Third Quarter 2025 PSEG Updates Full-Year 2025 Outlook to Upper Half of Guidance • PSEG narrows 2025 non-GAAP Operating Earnings guidance to $4.00 - $4.06 per share (from $3.94 - $4.06 per share prior) $4.00 - $4.06 • Regulated capital spending plan of ~$3.8 billion for 2025 focused on continued investments in infrastructure modernization, energy efficiency and load growth • PSEG’s long-term non-GAAP earnings growth outlook of 5%-7% through 2029 is unchanged $3.68 • Total PSEG capital program of $22.5B - $26B for 2025-2029 • $21B - $24B regulated capital investment program for 2025-2029, supports PSE&G’s Rate Base CAGR of 6%-7.5% over the same period • Solid balance sheet supports execution of robust 5-year capital plan without the need to issue equity or sell assets • Growth beyond forecasted 2025-2029 CAGR range could be achieved through opportunities to contract existing nuclear output under multi-year agreements and potential incremental capital investments 2024 Non-GAAP 2025E Non-GAAP Operating Earnings Operating Earnings Guidance 5 5
PSEG Third Quarter 2025 Q3 2025 Review 6
PSEG Third Quarter 2025 PSEG Q3 Results PSEG Summary – Three Months ended September 30, Net Income ($ in millions) 2025 2024 Change PSE&G $515 $379 $136 PSEG Power & Other $107 $141 $(34) Total PSEG $622 $520 $102 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $515 $379 $136 PSEG Power & Other $50 $69 $(19) Total PSEG $565 $448 $117 7 7 See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and PSEG Power & Other.
PSEG Third Quarter 2025 PSEG EPS Reconciliation – Q3 Results $1.40 $1.24 $(0.04) $0.27 $1.20 $1.13 $1.04 Gross Margin 0.01 O&M (0.05) $1.00 $0.90 Interest (0.02) Distribution: Depreciation 0.01 $0.80 Margin 0.30 Taxes & Other 0.01 O&M (0.02) Depreciation & Interest $0.60 (0.03) Taxes & Other 0.02 $0.40 $0.20 $0.00 Q3 2024 Q3 2024 PSE&G PSEG Q3 2025 Q3 2025 Net Income Operating Earnings Power & Other Operating Earnings Net Income (non-GAAP) (non-GAAP) See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and PSEG Power & Other. 8 8 Results may not add due to rounding. $ / share
PSEG Third Quarter 2025 PSEG YTD Results PSEG Summary – Nine Months ended September 30, Net Income ($ in millions) 2025 2024 Change PSE&G $1,393 $1,169 $224 PSEG Power & Other $403 $317 $86 Total PSEG $1,796 $1,486 $310 Non-GAAP Operating Earnings ($ in millions) 2025 2024 Change PSE&G $1,393 $1,169 $224 PSEG Power & Other $274 $249 $25 Total PSEG $1,667 $1,418 $249 9 9 See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and PSEG Power & Other.
PSEG Third Quarter 2025 PSEG EPS Reconciliation – YTD Results $3.59 $3.60 $3.33 $0.05 $0.44 $3.20 Gross Margin 0.07 $2.97 $2.84 O&M (0.05) $2.80 Distribution: Depreciation 0.01 Margin 0.61 Interest (0.06) $2.40 O&M (0.06) Taxes & Other 0.08 Depreciation & Interest (0.10) $2.00 Taxes & Other (0.01) $1.60 $1.20 $0.80 $0.40 $0.00 YTD 2024 YTD 2024 PSE&G PSEG Power & Other YTD 2025 YTD 2025 Net Income Operating Earnings Operating Earnings Net Income (non-GAAP) (non-GAAP) See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP) for PSEG and PSEG Power & Other. 10 10 Results may not add due to rounding. $ / share
PSEG Third Quarter 2025 PSE&G Q3 and Year-to-Date 2025 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count, a driver of margin growth • Implemented 2025 Summer Relief Initiative providing support to customers under the Conservation Incentive Program (CIP), each grew by ~1% • PSE&G filed annual transmission formula rate update with FERC in October, for the trailing 12 months ended September 30, 2025 resulting in ~$82 million in increased annual transmission revenue effective January 1, 2026, subject to true-up • Weather-normalized sales for the trailing 12 months ended September 30: o Electric sales were flat • PSE&G filed with BPU a change in the basic gas supply commodity charge to o Gas sales decreased by 1% ~$0.36 per therm (from ~$0.33 per therm) as of December 1, 2025 • PSE&G replaced year-to-date ~170 miles of gas main and ~22,000 • PSE&G large load inquires for new service connections rose to ~11,500 associated gas services to homes and businesses as scheduled under megawatts as of September 30, 2025 gas main replacement program Financial o Reduced reported methane emissions by over 30% system wide since 2018 through GSMP • PSE&G invested ~$1 billion in Q3 and ~$2.7 billion YTD; regulated capital investment program of ~$3.8 billion for 2025 • In August, PSE&G issued $450 million of 4.90% Secured Medium-Term Notes due August 2035 11
PSEG Third Quarter 2025 PSEG Power & Other Other Financial Considerations Nuclear Generation Measures • For 2025, total nuclear generation is forecasted to be 30-32 TWh Three Months Ended Nine Months Ended September 30, September 30, • Realized energy price historically aligned with the PECO hub 2025 2024 2025 2024 • Hope Creek completed work to extend fuel cycle from 18 to 24 Capacity Factor 92.4% 94.5% 93.7% 91.4% months Fuel Cost ($ millions) $53 $52 $154 $145 • PSEG Long Island OSA to manage LIPA’s T&D utility was extended for five years through 2030, subject to New York State Generation (GWh) 7,903 8,087 23,769 23,294 Comptroller approval Fuel Cost ($/MWh) $6.68 $6.37 $6.49 $6.22 • PSEG redeemed at maturity $550 million of 0.8% Senior Notes 2025: Spring – S1 Fall – HC, PB3 Refueling Outages: in August 2024: Spring – HC Fall – S2, PB2 PJM Capacity Auction Results Illustrative Gross Margin Change Above PTC Delivery Period PSEG’s Average Prices PSEG’s Cleared Capacity Output $10/MWh $25/MWh $50/MWh June 2024 – May 2025 $61/MW-Day 3,700 MW 10 TWh $100M $250M $500M June 2025 – May 2026 $270/MW-Day 3,500 MW 20 TWh $200M $500M $1,000M June 2026 – May 2027 $329/MW-Day 3,500 MW 30 TWh $300M $750M $1,500M Note: Generation indicates net generation. Average Prices and Cleared Capacity reflect base and incremental auctions. 12 12 PJM’s new conversion of ICAP (installed capacity) to UCAP (unforced capacity, which is what is bid), has resulted in less UCAP per MW of ICAP. PSEG Nuclear sold the full UCAP value of the units.
PSEG Third Quarter 2025 Appendix 13
PSEG Third Quarter 2025 PSEG Maintains a Solid Financial Position PSEG Public Service Electric & Gas PSEG Senior Unsecured Credit Ratings PSE&G Senior Secured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable Moody’s = A1 / Outlook = Stable S&P = A / Outlook = Stable PSEG Long-term Debt Outstanding $5.31B PSE&G Long-term Debt Outstanding $15.99B PSEG Consolidated Debt to Capitalization 58% PSEG Maturity Profile 2025 - 2029 PSEG Power Senior Unsecured Credit Ratings 1,400 Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 1,200 (1) PSEG Power 364-Day Term Loan Outstanding $0.40B 1,000 800 PSEG Power Long-term Debt Outstanding $1.24B 600 400 PSEG Liquidity PS 20 E 0G Liquidity and Net Cash Collateral Postings • PSEG had approximately $3.6B of total available liquidity, including $334M 0 of cash and cash equivalents, at September 30, 2025 2025 2026 2027 2028 2029 • As of September 30, 2025, PSEG’s variable rate debt was ~4% of total debt PSE&G PSEG Power PSEG • PSEG Power had net cash collateral postings of $107M at September 30, 2025 All data is as of September 30, 2025 unless otherwise noted. (1) 364-Day Term Loan is at a variable rate and is included in Short-Term Debt as Commercial Paper & Loans. 14 14 Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places. Principal Maturing ($ Millions)
PSEG Third Quarter 2025 PSEG Liquidity as of September 30, 2025 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2029 $1,000 $25 $975 PSEG Money Pool (A,B) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2029 $1,500 $444 $1,056 (A) Revolving Credit Facility (PSEG Power) March 2029 1,250 37 1,213 (C) Letter of Credit Facility (PSEG Power) April 2026 75 45 30 $2,825 $526 $2,299 Total Facilities $3,825 $551 $3,274 PSEG Money Pool Cash and Short-term Investments $61 PSE&G Cash and Short-term Investments $273 Total Liquidity Available $3,608 Total Money Pool Liquidity Available $2,360 (A) Master Facility of $2.75B with a PSEG sub-limit of $1.5B and PSEG Power sub-limit of $1.25B, which can be adjusted subject to terms within the credit agreement. (B) The PSEG sub-limit includes a sustainability linked pricing-based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. 15 15 (C) PSEG Power has $275 million in uncommitted credit facilities with $166 million in letters of credit outstanding under these facilities.
PSEG Third Quarter 2025 PSEG Glossary of Terms AFUDC Allowance For Funds Used During Construction LIHEAP Low Income Home Energy Assistance Program PSEG Investor Relations 80 Park Plaza LIPA Long Island Power Authority AMI Automated Metering Infrastructure Newark NJ 07102 M&R Metering and Regulating BGSS Basic Gas Supply Service PSEG-IR-GeneralInquiry@pseg.com MPH Miles Per Hour BPU New Jersey Board of Public Utilities MW Megawatt CAGR Compound Annual Growth Rate Link to PSEG Investor Relations Website O&M Operation & Maintenance CEF Clean Energy Future OSA Operations Services Agreement CIP Conservation Incentive Program PB Peach Bottom CWIP Construction Work In Progress Link to PSEG ESG Webpages PECO PECO Energy Company E Estimate PJM Pennsylvania New Jersey Maryland EC Energy Cloud The information on the PSEG Investor PPA Power Purchase Agreement EE Energy Efficiency Relations Website and the PSEG ESG PTC Production Tax Credit EPS Earnings Per Share Webpages is not incorporated herein and is REAP Residential Energy Assistance Payment ESG Environmental, Social and Governance not part of this slide presentation or the Form ROE Return on Equity EV Electric Vehicle 8-K to which it is an exhibit. S Salem FERC Federal Energy Regulatory Commission SHARES Statewide Heating Assistance and Referral FY Full Year Energy Service GAAP Generally Accepted Accounting Principles T&D Transmission and Distribution GSMP Gas System Modernization Program UCAP Unforced Capacity HC Hope Creek YE Year End IAP Infrastructure Advancement Program YTD Year to Date ICAP Installed Capacity ZEC Zero Emission Certificate 16 16
PSEG Third Quarter 2025 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended (a) Includes the financial impact from positions with forward delivery months. September 30, September 30, Reconciling Items 2025 2024 2025 2024 (b) Income tax effect calculated at the statutory rate ($ millions, Unaudited) except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease Net Income $ 622 $ 520 $ 1,796 $ 1,486 related activity. (Gain) Loss on Nuclear Decommissioning Trust (NDT) Please see Slide 3 for an explanation of PSEG’s use of Fund Related Activity, pre-tax (70) (91) (190) (199) Operating Earnings as a non-GAAP financial measure (a) (Gain) Loss on Mark-to-Market (MTM), pre-tax (20) (23) (22) 76 and how it differs from Net Income. Lease Related Activity, pre-tax - - - (4) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items 33 42 83 59 Operating Earnings (non-GAAP) $ 565 $ 448 $ 1,667 $ 1,418 PSEG Fully Diluted Average Shares Outstanding (in millions) 501 500 501 500 ($ Per Share Impact - Diluted, Unaudited) Net Income $ 1.24 $ 1.04 $ 3.59 $ 2.97 (Gain) Loss on NDT Fund Related Activity, pre-tax (0.13) (0.17) (0.38) (0.39) (a) (Gain) Loss on MTM, pre-tax (0.04) (0.05) ( 0.04) 0.15 Lease Related Activity, pre-tax - - - (0.01) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items 0.06 0.08 0.16 0.12 Operating Earnings (non-GAAP) $ 1.13 $ 0.90 $ 3.33 $ 2.84 A 17 17
PSEG Third Quarter 2025 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation (a) Includes the financial impact from positions with Three Months Ended Nine Months Ended forward delivery months. Reconciling Items September 30, September 30, (b) Income tax effect calculated at the statutory rate 2025 2024 2025 2024 except for qualified NDT related activity, which records an additional 20% trust tax on income ($ millions, Unaudited) (loss) from qualified NDT Funds, and lease related activity. Net Income $ 107 $ 141 $ 403 $ 317 Please see Slide 3 for an explanation of PSEG’s use of (Gain) Loss on NDT Fund Related Activity, pre-tax (70) (91) ( 190) (199) Operating Earnings as a non-GAAP financial measure (a) and how it differs from Net Income. (Gain) Loss on MTM, pre-tax (20) (23) (22) 76 Lease Related Activity, pre-tax - - - ( 4) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items 33 42 83 59 Operating Earnings (non-GAAP) $ 50 $ 69 $ 274 $ 249 PSEG Fully Diluted Average Shares Outstanding (in millions) 501 500 501 500 B 18 18