Public Service Enterprise Group — Second Quarter 2026 Earnings Summary

Financial Performance

• Consolidated Net Income for the second quarter ended June 30, 2026, was $334 million ($0.67 per share), down from $585 million ($1.17 per share) in the same period in 2025.
• Consolidated Non-GAAP Operating Earnings for the second quarter were $425 million ($0.86 per share), up from $384 million ($0.77 per share) in 2025.
• For the six months ended June 30, 2026, Consolidated Net Income was $1,075 million ($2.15 per share), compared to $1,174 million ($2.35 per share) in 2025.
• For the six months ended June 30, 2026, Consolidated Non-GAAP Operating Earnings were $1,203 million ($2.41 per share), up from $1,102 million ($2.20 per share) in 2025.
• Total Operating Revenues for the second quarter were $2,554 million, compared to $2,805 million in 2025.
• Total Operating Revenues for the six months ended June 30, 2026, were $6,402 million, compared to $6,027 million in 2025.
• Net Cash Provided by Operating Activities for the six months ended June 30, 2026, was $1,821 million, compared to $1,527 million in 2025.
• Net Cash Used in Investing Activities for the six months ended June 30, 2026, was $1,451 million, compared to $1,388 million in 2025.
• Net Cash Used in Financing Activities for the six months ended June 30, 2026, was $310 million, compared to $78 million in 2025.
• Total Debt as of June 30, 2026, was $24,541 million, up from $24,074 million as of December 31, 2025.
• Total Stockholders' Equity as of June 30, 2026, was $17,329 million, up from $16,982 million as of December 31, 2025.
• Dividends paid per share for the six months ended June 30, 2026, were $1.34, up from $1.26 in 2025.

Guidance and Future Outlook

• PSEG maintains its full-year 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.
• PSEG reaffirms its five-year Non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030.
• The company aims to fund a total five-year capital investment program of $24 billion to $28 billion without issuing new equity or selling assets.
• Management indicated opportunities to contract nuclear output under multi-year agreements.

Business Segments and Product Lines

• PSE&G: Net Income/Non-GAAP Operating Earnings were $342 million for the second quarter of 2026, up from $332 million in 2025. For the six months, results were $919 million in 2026 versus $878 million in 2025.
• PSEG Power & Other: Reported a Net Loss of $8 million for the second quarter of 2026, compared to Net Income of $253 million in 2025. Non-GAAP Operating Earnings for the segment were $83 million in Q2 2026, up from $52 million in 2025. For the six months, Net Income was $156 million (2026) versus $296 million (2025), and Non-GAAP Operating Earnings were $284 million (2026) versus $224 million (2025).
• Nuclear Generation: PSEG Nuclear supplied 7.8 TWh of carbon-free generation in the second quarter with a capacity factor of 92.0%, including a second consecutive breaker-to-breaker run at Salem Unit 2.
• Clean Energy Future Programs: These programs generate over $1 billion in annual customer savings and have helped nearly 525,000 residential and business customers save energy since 2020.
• Gas Bills: PSE&G filed to lower residential gas bills by 5% effective October 1, 2026.
• Electric Sales: Total electric sales increased 2% in the second quarter and 3% in the six months compared to 2025.
• Gas Sales: Total gas sales decreased 23% in the second quarter and 3% in the six months compared to 2025, driven by a 45% drop in non-firm commercial and industrial sales in the quarter.

Market and Competitive Landscape

• PSE&G serves approximately 2.4 million electric and 1.9 million natural gas customers in New Jersey.
• PSEG owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in New Jersey and Pennsylvania.
• PSEG reached a peak summer load of 10,446 MW on July 2, 2026, the highest in 14 years.
• Demand Response was activated during three separate events throughout the early July heatwave.
• PSE&G's energy efficiency investments have supported approximately 9,300 jobs statewide.

Risks and Challenges

• Risks include the inability to successfully develop, obtain regulatory approval for, or construct transmission, distribution, and nuclear generation projects.
• Resource adequacy challenges could lead to affordability and reliability concerns, potentially impacting growth rates and cash flows.
• Physical, financial, and transition risks related to climate change, including increased legislative and regulatory burdens.
• Severe weather events, natural disasters, cyberattacks, and equipment failures could impact service reliability.
• Disruptions or cost increases in the supply chain, including labor shortages.
• Fluctuations in wholesale power and natural gas markets and third-party default risks.
• Regulatory risks associated with nuclear facilities, including compliance with the Atomic Energy Act and environmental regulations.
• Inability to recover the carrying amount of long-lived assets.
• Changes in tax laws and regulations.

Management Commentary and Tone

• Ralph LaRossa, Chair, President, and CEO, stated that the efficient execution of PSEG's strategic plan continues to benefit customers with a resilient and reliable system.
• Management highlighted the successful restoration of approximately 380,000 customers within 24 hours following a historic storm with 70 mph winds in early July.
• LaRossa noted that solid financial and operational results enabled the maintenance of full-year guidance and the reaffirmation of the five-year growth outlook.
• Management emphasized that the solid balance sheet enables funding of the five-year capital investment program without new equity issuance.

Other Key Points

• PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best in Class North America Index for 18 consecutive years.
• The company operates PSEG Power, PSEG Long Island, Energy Holdings, and PSEG Services Corporation.
• Non-GAAP Operating Earnings exclude gains/losses associated with the Nuclear Decommissioning Trust (NDT) and Mark-to-Market (MTM) accounting.
• PSEG is unable to reconcile forward-looking Non-GAAP Operating Earnings guidance to GAAP measures due to the inherent difficulty in forecasting MTM and NDT gains/losses.
• PSEG will host a conference call to review results and guidance.