Public Service Enterprise Group — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated Net Income for the third quarter of 2026 was $376 million ($0.76 per share), compared to $622 million ($1.24 per share) in the same period of 2025.
• Consolidated Non-GAAP Operating Earnings for the third quarter of 2026 were $574 million ($1.15 per share), compared to $565 million ($1.13 per share) in the prior year period.
• For the nine months ended September 30, 2026, Consolidated Net Income was $1,451 million ($2.91 per share), down from $1,796 million ($3.59 per share) in 2025.
• For the nine months ended September 30, 2026, Consolidated Non-GAAP Operating Earnings were $1,777 million ($3.56 per share), up from $1,667 million ($3.33 per share) in 2025.
• Operating Revenues for the third quarter of 2026 were $3,020 million, down from $3,226 million in 2025.
• Operating Revenues for the nine months ended September 30, 2026, were $9,422 million, up from $9,253 million in 2025.
• Total Debt increased to $25,634 million as of September 30, 2026, from $24,074 million as of December 31, 2025.
• Total Stockholders' Equity was $17,362 million as of September 30, 2026, compared to $16,982 million as of December 31, 2025.
• Net Cash Provided by Operating Activities for the nine months ended September 30, 2026, was $2,537 million, compared to $2,577 million in 2025.
• Net Cash Used in Investing Activities for the nine months ended September 30, 2026, was $2,282 million, compared to $2,060 million in 2025.
• Net Cash Provided by Financing Activities for the nine months ended September 30, 2026, was $450 million, compared to $311 million used in 2025.
• Dividends paid per share for the nine months ended September 30, 2026, were $2.01, up from $1.89 in 2025.

Guidance and Future Outlook:

• PSEG maintains its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.
• Management targets a compound annual growth rate of 6% to 8% for Non-GAAP Operating Earnings through 2030.
• The company has a five-year capital investment plan totaling $24 billion to $28 billion.
• PSEG intends to fund its capital investment plan without issuing new equity or selling assets.
• Management anticipates consistent and sustainable dividend growth supported by financial strength.

Business Segments and Product Lines:

• PSE&G: Reported Net Income/Non-GAAP Operating Earnings of $506 million for the third quarter of 2026, down from $515 million in 2025. Year-to-date earnings were $1,425 million, up from $1,393 million in 2025. Results were driven by investments in Energy Efficiency and Transmission and a gradual increase in customer numbers, offset by higher depreciation, interest costs, and tax timing.
• PSEG Power & Other: Reported a Net Loss of $130 million for the third quarter of 2026, compared to Net Income of $107 million in 2025. Year-to-date Net Income was $26 million, down from $403 million in 2025. Non-GAAP Operating Earnings for the quarter were $68 million, up from $50 million in 2025. Year-to-date Non-GAAP Operating Earnings were $352 million, up from $274 million in 2025.
• PSEG Power supplied 8.2 TWh of carbon-free baseload energy during the third quarter of 2026, operating at a 95.5% capacity factor.
• Salem Unit #1 entered its fall refueling following a 491-day breaker-to-breaker run, matching the performance of Salem Unit #2.
• Electric sales for PSE&G increased 1% in the third quarter of 2026 (11,898 million kWh) and 2% for the nine months ended September 30, 2026 (31,898 million kWh) compared to 2025.
• Total gas sales for PSE&G increased 6% in the third quarter of 2026 (427 million therms) but decreased 2% for the nine months ended September 30, 2026 (2,432 million therms) compared to 2025.

Market and Competitive Landscape:

• PSEG serves approximately 2.4 million electric and 1.9 million natural gas customers in New Jersey.
• The company owns a 3,758 MW independent fleet of carbon-free, baseload nuclear power generating units in New Jersey and Pennsylvania.
• 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 managed severe weather events in July and September 2026, restoring service to nearly all affected customers in New Jersey within 24 hours.

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 legislative burdens and changing customer preferences.
• Potential for equipment failures, natural disasters, severe weather events, cyberattacks, or security breaches impacting service reliability.
• Risks associated with the inability to recover the carrying amount of long-lived assets.
• Supply chain disruptions or cost increases, including labor shortages.
• Fluctuations in wholesale power and natural gas markets affecting the economic viability of generation units.
• Regulatory risks related to nuclear fuel storage, compliance with the Atomic Energy Act, and environmental regulations.
• Changes in state and federal legislation affecting cost recovery and returns on authorized investments.
• Risks regarding the ability to receive sufficient financial support for New Jersey nuclear plants from markets or production tax credits.

Management Commentary and Tone:

• Ralph LaRossa, Chair, President, and CEO, stated that PSEG continues to achieve solid operational and financial results, delivering reliable utility service and carbon-free generation.
• Management noted that financial results for the third quarter and year-to-date period align with full-year expectations.
• LaRossa highlighted the company's "best-in-class storm response" and commitment to service excellence following severe weather events.
• Management emphasized the execution of a long-term strategy to grow earnings while prioritizing customer affordability and maintaining a solid financial position.
• The tone regarding future outlook is confident, citing the ability to fund a $24 billion to $28 billion capital plan without equity issuance.

Other Key Points:

• PSEG will host a conference call on November 2, 2026, at 11:00 a.m. ET to review results and guidance.
• 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.
• 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 reliably.
• Stock price at the end of the third quarter of 2026 was $67.34, compared to $83.46 at the end of the third quarter of 2025.
• Book value per common share was $34.85 as of September 30, 2026, compared to $34.10 in 2025.
• Market price as a percent of book value was 193% at the end of the third quarter of 2026, down from 245% in 2025.