#1N NJR Plumbing Services Professional Service and Installation Water Heaters and Boilers CST-HOME-NJR HICH100 WALL NJ Surnem XGY U15 A HYDROGEN N New Jersey Resources May 2023 Investor Presentation FY 2023 Second Quarter Financial Results May 4, 2023 SINE#2Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as "anticipates," "estimates," "expects," "projects," "may," "will," "intends," "plans," "believes," "should" and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management's expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR's NFEPS guidance for fiscal 2023, including NFEPS guidance by Segment, fiscal 2024 long term growth range, long term annual growth projections and targets, projections of dividend and financing activities, forecasted contribution of business segments to NJR's NFE for fiscal 2023, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, announced charitable endowment, project pipeline through Fiscal 2027, total expected shareholder return projections, CEV revenue and service projections, SREC Hedging strategies and Asset Management Agreements, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, environmental social and governance efforts, outcome of the Inflation Reduction Act, rising interest rates and ITCs, and other legal and regulatory expectations. Additional information and factors that could cause actual results to differ materially from NJR's expectations are contained in NJR's filings with the SEC, including NJR's Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC's web site, http://www.sec.gov. Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. Non-GAAP Measures Non-GAAP Measures This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR's operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR's unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company. NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Management uses NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, as supplemental measures to other GAAP results to provide a more complete understanding of the Company's performance. Management believes these non-GAAP measures are more reflective of the Company's business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between reported GAAP earnings and NFE/net financial loss due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. In addition, in making forecasts relating to S&T's Adjusted EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC Regulation G. N New Jersey Resources 1#3Contents FY 2023 Second Quarter 3 Agenda 4 LO 5 19 Fiscal 2023 Second Quarter and Year-to-Date Summary Re-Affirming Fiscal 2023 NFEPS Guidance of $2.62 to $2.72 New Jersey Natural Gas Clean Energy Ventures (CEV): Growing Capacity with a Robust Pipeline 7 8 Financial Review NJR: Review of Fiscal 2023 Q2 and YTD NFE Changes 10 NJR: Capital Plan 11 NJR: Aligned with New Jersey's Clean Energy Policy Landscape 12 Key Takeaways: Fiscal 2023 Year-to-Date Appendix: Financial Statements and Additional Information - 13 Reconciliation of NFE and NFEPS to Net Income 1267222222 23 Other Reconciliation of Non-GAAP Measures Fiscal 2023 Second Quarter and YTD NFE by Business Unit Clean Energy Ventures - SREC Hedging Strategy Capital Plan Table Projected Cash Flows Debt Maturities Total Expected Shareholder Return NJR: Environmental, Social and Governance Efforts Shareholder and Contact Information N New Jersey Resources 2#4FY 2023 Second Quarter Conference Call Agenda 1 Second Quarter FY 2023 Highlights Steve Westhoven | President and CEO 2 Financial Highlights Roberto Bel | SVP and CFO 3 Q&A Session N New Jersey Resources For Service Call 888-295-8896 LEVEN ગર 3#5Fiscal 2023 Second Quarter and Year-to-Date Summary Consistent Performance throughout Winter Period Second Quarter NFEPS 1,2 $1.77 Continued Execution Throughout Unique Period of Historically Warm Weather Conditions $0.88 $1.36 $1.16 NJNG 2Q20 2Q21 2Q22 2Q23 $1.27 YTD NFEPS $2.24 $2.30 $2.04 6 Mos. 2020 6 Mos. 2021 6 Mos. 2022 6 Mos. 2023 N 1) New Jersey Resources 2) CEV S&T Energy Services Higher utility gross margin Announces bill credit and rate decrease for residential and small commercial customers following period of lower gas prices Placed ~53MW into service since FYE 2022 Project pipeline of ~740MW (under construction, contract, or exclusivity) through Fiscal 2027 765 Stable NFEPS contribution from Leaf River Energy Center and Adelphia Gateway Continuing to explore organic expansion opportunities Derived significant value for pipeline capacity during brief periods of strong demand A reconciliation from NFE to net income can be found in the Appendix. Q2 FY 2021 included unusually high net financial earnings at Energy Services due to increased natural gas price volatility related to the extreme weather during February 2021. 4#6Re-Affirming Fiscal 2023 NFEPS Guidance of $2.62 to $2.72 Guidance Raised by $0.20 in Q1 FY2023; Represents 8.1% Increase from Midpoint of FY 2023 Initial Guidance Range Net Financial Earnings per Share Fiscal 2023 NFEPS Guidance by Segment $1.74 $2.16 15.3% NFEPS CAGR THROUGH FY2023E $2.62 - $2.72 $2.50 $2.251 $2.471 YTD 2023 NFEPS $2.30 FY2020A FY2021A FY 2022A FY2023E N New Jersey Resources 1) 7-9% LONG-TERM ANNUAL GROWTH1 CEV 18% - 20% Non- S&T 4% -8% New Jersey Natural Gas Utility Utility Home Services 0%-1% FY2024 EXPECTED TO BE AT OR ABOVE THE TOP END OF THE LONG-TERM ANNUAL GROWTH RANGE DUE TO IMPACT OF THE AMA 48% -53% NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021 Energy Services 20%-25% 5#7New Jersey Natural Gas Strong Trend of Favorable Customer Growth YTD Fiscal 2023 Capital Expenditures 1,2 ~37% of capital expenditures earning a near real-time return On March 30, 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of $31.4 million through June 30, 2023, resulting in a $3.5 million revenue increase, with a proposed effective date of October 1, 2023 IIP $18 SAVEGREEN $24 New Customer $31 -$195M The SAVEGREEN Project®, received the 2023 ENERGY STAR Partner of the Year Award IT $28 NJNG Customers (in thousands) Added 4,064 new customers YTD in fiscal 2023 compared to 3,579 in YTD fiscal 2022 580 570 560 550 Maintenance $55 540 575 569 564 530 558 548 520 539 530 510 500 Cost of Removal/Other $393 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 YTD FY2023 from the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE). 1) N 2) New Jersey Resources 3) Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations The sum of YTD Fiscal 2023 actual amounts may not equal to total due to rounding Facilities included in "Other" Timing of Next Rate Case Filing Expected in Fiscal 2024#8Clean Energy Ventures (CEV): Growing Capacity with a Robust Pipeline CEV owns and operates solar projects in New Jersey, Rhode Island, New York and Connecticut with approximately 440MW of capacity N MWs 1200 1000 In Service Under Construction ■Under Contract or Exclusivity 800 600 ~53MW New In-Service since FYE 2022 13.7% 400 200 ~440 387 91 11 370 ~56% of pipeline located in NJ ~44% located outside of NJ 268 Total ~1.2 GW Pipeline of ~740MW including projects under construction, contract, or exclusivity ~440MW of projects in-service 0 In Service at 9/30/2022 In Service at 5/4/2023 - FY2023 FY2024E FY2025E-FY2026E FY2027E- 7 New Jersey Resources#9Financial Review Roberto Bel SVP and Chief Financial Officer N New Jersey Resources#10NJR: Review of Fiscal 2023 Q2 and YTD NFE Changes ($ in Millions) I $130.2 Fiscal 2023 Q2 Fiscal 2023 YTD $26.2 $222.6 $112.3 $(2.1) $(2.9) $(2.2) $196.0 $1.5 $0.4 $1.1 $(8.8) $(2.5) $(1.9) 2Q 2022 NJNG CEV S&T ES HS & Other 2Q 2023 Fiscal 2022 NJNG CEV S&T ES HS & Other Fiscal 2023 Revenue Fiscal 2Q22-Consolidated NFE ($ in millions) NJNG Utility Gross Margin¹ O&M Depreciation & Amortization (D&A) Interest expense, AFUDC, Income Tax Clean Energy Ventures Revenue D&A and Interest Expense Other Storage & Transportation D&A and Interest Expense AFUDC & Other $ 130.2 Fiscal 2022 YTD - Consolidated NFE ($ in millions) $ $ (2.1) NJNG $ $ 1.3 Utility Gross Margin¹ $ $ (5.5) O&M $ (2.0) Depreciation & Amortization (D&A) $ 4.1 Interest expense, AFUDC, Income Tax $ $ (2.9) Clean Energy Ventures $ $ 2.6 Revenue $ $ (3.1) $ (2.4) D&A and Interest Expense Other (2.2) Storage & Transportation $ 7.5 Revenue $ (7.7) D&A and Interest Expense $ (2.0) AFUDC & Other SSSSSSSSSSSSSSA 196.0 1.5 22.5 $ (18.7) $ (4.0) 1.7 0.4 5.2 $ (3.9) $ (0.9) $ 1.1 $ 22.2 $ (16.1) $ (5.0) Energy Services $ (8.8) Energy Services $ 26.2 Financial Margin¹ Interest Expense, Income Tax and Other Home Services and Other $ (4.9) Financial Margin¹ $ 39.2 $ (3.9) Interest Expense, Income Tax and Other $ (13.0) $ (1.9) Home Services and Other $ (2.5) Fiscal 2Q23 - Consolidated NFE ($ in millions)² $ 112.3 Fiscal 2023 YTD - Consolidated NFE ($ in millions)² $ 222.6 N New Jersey 1) A reconciliation of these non-GAAP measures can be found in the Appendix 9 Resources 2) The sum of 2Q23 and YTD 2023 actual amounts may not equal to total due to rounding#11NJR: Capital Plan¹ ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7 - 9% N New Jersey Resources 1) $529 $712 $622 $520 - $658 $542 - $728 $124 $2 - $8 $20-$28 $89 $142 $140 - $280 $43 $100 - $200 $124 $145 $499 $400 - $430 $400 - $440 $362 $335 FY2020A FY2021A FY2022A FY2023E NJNG CEV S&T Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations FY2024E 10#12NJR: Aligned with New Jersey's Clean Energy Policy 2019 2019 NEW JERSEY ENERGY MASTER PLAN PATHWAY TO 2050 The Energy Master Plan (EMP) established priorities for the use, management and development of energy in New Jersey NLCA DAOCS 2023 EO 317 engages with stakeholders to develop plans that reduce emissions from the natural gas sector to levels that are consistent with achieving the State's 50 percent reduction in greenhouse gas emissions N New Jersey Resources NJR Environmental Initiatives Maximize energy efficiency and conservation SAVEGREEN ☑ Accelerate the use of renewable energy and distributed power resources CEV expansion ☑ Decarbonize New Jersey's energy system Green Hydrogen & RNG 11#13Key Takeaways: Fiscal 2023 Year-to-Date Implementing Strategic Plan to Drive Continued Organic Growth Across Portfolio Highest Long-Term Growth Rate Across LDC Peer Group 7-9% Reiterates FY 2023 NFE Guidance $2.62 - $2.72 Raised by $0.20 in Q1 2023 due to exceptional performance from NJNG and Energy Services during Winter Storm Elliott Decarbonization Strategy Aligned with Public Policy Working with state regulators toward New Jersey's long- term clean energy goals Solid Balance Sheet in Inflationary Environment Staggered long-term debt maturity profile No need for block equity N New Jersey Resources 12#14Appendix: Financial Statements and Additional Information Reconciliation of NFE and NFEPS to Net Income 14 15 Other Reconciliation of Non-GAAP Measures 16 17 18 Capital Plan Table 19 20 Debt Maturities 21 22 23 Fiscal 2023 Second Quarter and YTD NFE by Business Unit Clean Energy Ventures - SREC Hedging Strategy Projected Cash Flows Total Expected Shareholder Return NJR: Environmental, Social and Governance Efforts Shareholder and Contact Information N New Jersey Resources 13#15Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECS) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period N New Jersey Resources (Unaudited) NEW JERSEY RESOURCES Three Months Ended March 31, Six Months Ended March 31, 2023 2022 2023 2022 A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: 110,247 $ 96,035 $ 226,168 $ 207,347 Net income Add: $ Unrealized loss (gain) on derivative instruments and related transactions 13,971 42,022 (17,532) (40,169) Tax effect (3,320) (9,980) 4,167 9,556 Effects of economic hedging related to natural gas inventory Tax effect (11,203) 1,155 12,769 24,732 2,662 (274) (3,035) (5,877) Gain on equity method investment (200) (200) 50 50 103 Tax effect NFE tax adjustment Net financial earnings Weighted Average Shares Outstanding Basic Diluted $ 1,248 207 387 112,310 $ 130,206 $ 222,594 $ 195,976 96,893 97,556 96,068 96,516 96,689 97,346 96,006 96,480 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share 1.14 $ 1.00 $ 2.34 $ 2.16 Add: Unrealized loss (gain) on derivative instruments and related transactions 0.14 $ Tax effect $ 0.44 $ (0.03) $ (0.10) $ (0.12) $ 0.01 $ 0.03 (0.18) $ 0.04 $ (0.42) 0.10 0.13 $ 0.26 $ (0.03) $ (0.06) 0.01 $ 1.36 $ 2.30 2.04 14 Effects of economic hedging related to natural gas inventory Tax effect NFE tax adjustment Basic NFE per share - 1.16 SASASA SASASA SASSA SA#16Other Reconciliation of Non-GAAP Measures ($ in ooos) (Unaudited) Three Months Ended March 31, 2023 2022 Six Months Ended March 31, 2023 2022 NJNG Utility Gross Margin • NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Energy Services Financial Margin Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings. A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues Less: Natural gas purchases Operating and maintenance (1) Regulatory rider expense Depreciation and amortization Gross margin Add: Operating and maintenance (1) Depreciation and amortization Utility gross margin $ 400,838 $ 463,812 $ 758,584 $ 738,584 158,694 215,223 343,465 339,817 30,711 26,748 57,005 39,889 23,154 30,910 41,405 47,581 25,319 23,344 50,209 46,237 162,960 167,587 266,500 265,060 30,711 26,748 57,005 39,889 25,319 23,344 50,209 46,237 218,990 217,679 373,714 351,186 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues Less: Natural Gas purchases Operating and maintenance (1) Depreciation and amortization Gross margin Operating and maintenance (1) Depreciation and amortization Unrealized loss (gain) on derivative instruments Add: N New Jersey Resources and related transactions Effects of economic hedging related to natural gas inventory Financial margin (1) Excludes selling, general and administrative expenses $ 196,730 $ 412,645 $ 518,512 $ 781,889 161,114 411,146 394,401 689,833 7,668 62 27,886 3,978 32 11,123 7,247 (2,511) 119 112,869 60 84,749 7,668 62 3,978 32 11,123 119 7,247 60 13,795 40,446 (26,091) (45,201) (11,203) 38,208 $ 1,155 43,100 12,769 24,732 $ 110,789 $ 71,587 15#17Fiscal 2023 Q2 and YTD NFE by Business Unit ($ in ooos) (Thousands) Three Months Ended March 31, Six Months Ended March 31, 2023 2022 Change 2023 2022 Change New Jersey Natural Gas $100,697 $102,783 $(2,086) $155,361 $153,863 $1,498 Clean Energy Ventures $(9,379) $(6,491) $(2,888) $(12,961) $(13,312) $351 Storage and Transportation $2,450 $4,625 $(2,175) $8,693 $7,587 $1,106 Energy Services $21,125 $29,940 $(8,815) $73,658 $47,507 $26,151 Home Services and Other $(2,583) $(651) $(1,932) $(2,157) $331 $(2,488) Total $112,310 $130,206 $(17,896) $222,594 $195,976 $26,618 NFEPS $1.16 $1.36 $(0.20) $2.30 $2.04 $0.26 N New Jersey Resources 16#18Thousands Thousands CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year¹, as of March 31, 2023 Hedged Unhedged EY 2023 EY 2024 EY 2025 EY 2026 EY 2027 69 284 353 400 395 326 Based on Fiscal Year, as of March 31, 2023 FY 2023 Hedged Unhedged 420 FY 2024 FY 2025 FY 2026 FY 2027 69 N New Jersey Resources 1) 249 298 380 325 148 113 100 46 Percent Average Hedged Price Current Price (EY) 22 95% $203 $228 6 98% $197 $215 Over 95% hedged through Energy Year 2024 I I I I L 89% $190 $205 I I 71% hedged I T 71% $183 $192 through Energy Year 2026 17% $154 $177 Percent Average Current Price Hedged Price (FY) 100% $204 $224 Over 95% hedged I 21 95% $194 $212 through I I Fiscal Year 2024 I 75% $190 $200 I I I I 63% $182 $187 63% hedged through I I I Fiscal Year 2026 18% $154 $170 I Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2023 begins on June 1, 2022, and ends on May 31, 2023 17#19Capital Plan¹,2 ($ in Millions) 1Q 2Q YTD FY2023A FY2023A FY2023A FY2022A FY2023E FY2024E New Jersey Natural Gas New Customer $13 $18 $31 $54 $54 - $58 $56 - $60 Near Real Time Return? Yes Maintenance & Integrity $27 $28 $55 $104 $109 - $113 $161 - $176 Cost of Removal / Other $9 $10 $19 $42 $36 - $40 $36 $40 Facilities $9 $12 $21 $7 $31 - $34 $2 - $4 IT $14 $14 $28 $42 $65 - $69 $46 $50 IIP $9 $9 $18 $32 $32 - $36 $26 - $30 Yes RNG & P2G $1 $25 - $28 $25 - $28 SAVEGREEN $11 $13 $24 $53 - $48 $52 $91 $104 $195 $335 $400 - $430 $48 $52 $400 - $440 Yes Clean Energy Ventures Sunlight Advantage $2 $3 $5 $13 $9 - $13 $10 - $14 Commercial Solar $42 $16 $58 $132 $91 $187 $130 $266 $44 $19 $63 $145 $100 - $200 $140 - $280 Storage and Transportation Adelphia Gateway $12 $3 $15 $124 $12 - $16 $2 - $6 Leaf River $1 $3 $4 $18 $8 - $12 $0 $2 $13 $6 $19 $142 $20 $28 - $2 - $8 Total $148 $129 $277 $622 $520 - $658 $542 - $728 N New Jersey Resources 1) 2) Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations The sum of actual amounts may not equal due to rounding 18#20Projected Cash Flows ($ in Millions) FY2022A FY2023E FY2024E Cash Flow from Operations $324 $320 - $360 $450 - $490 Uses of Funds Capital Expenditures¹ $590 $466 - $600 $489 - $671 Dividends² $128 - $132 $137 $143 - $148 Total Uses of Funds $718 $598 - $737 $632 - $819 Financing Activities Common Stock Proceeds - DRIP $15 $34 $36 $17 - $19 Debt Proceeds/Other $379 $244 - $341 $165 - $310 Total Financing Activities $394 $278 - $377 $182 - $329 N New Jersey 1) Resources 2) Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations) Dividend growth for fiscal 2023 and fiscal 2024 are based upon the midpoint of forecasted 7-9% growth rate 19#21Well Positioned in a Rising Interest Rate Environment ($ in Millions) 20 20 Impact of high interest rate Term Debt¹ Maturity Schedule as of March 31, 2023 environment included in FY2023 and $160 Weighted Average of Maturity ~15.8 $100 $100 $150 long-term NFEPS guidance $140 $130 $130 $130 $125 $125 $125 $125 predominately fixed-rate debt Interest rate impact mitigated by $120 $120 $110 $100 $100 $100 $100 $100 $100 $75 Manageable debt repayment towers in any particular year Substantial liquidity at both NJNG and NJR $900M of credit facilities available through FY2027 - schedule with no significant maturity $80 $70 $60 $50 $40 in N New Jersey Resources 1) Term debt only(excludes short-term debt of $187.7 million, capital leases of $35 million and solar financing obligations of $185 million). Group by fiscal years. 2023 2024 2025 2026 $50 $50 $20 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 $55 $50 $50 $47 $41 $11 $10 $10 2041 2042 2043 NJNG NJR 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 $50#22NJR: Total Expected Shareholder Return Delivering Value to Shareholders Through Growth and Income NJR is a Premier Energy Infrastructure Company The Clean Energy Future Starts at NJR Solid Long Term Growth Outlook Growing Dividend Net Zero by 2050 goal for New Jersey operations Expect 7% -9% NFEPS Growth Annualized dividend yield of 3.0%1 Dividend growth in line with long- term NFEPS growth expectations TOTAL EXPECTED SHAREHOLDER RETURN: ~10 - 12% Resources 1) Based on dividend per share of $1.56 and closing share price of $51.32 on May 2, 2023 N New Jersey 21 24#23NJR: Environmental, Social and Governance Efforts Focus on Definable Accomplishments Environmental Achieved NJ operational emissions reductions over 55% since 2006 with goal of 60% by 2030 and net zero by 2050 One of the largest owner-operators of solar assets in New Jersey, we have invested over $1 billion over the last decade building clean, emissions-free power for homes and businesses Plans to invest up to $2 million over the next five years through its Coastal Climate Initiative, which has expanded to a multi-faceted environmental stewardship program First direct investment of these funds distributed to the Natural Resource Education Foundation in Waretown, NJ (New Jersey Resources Marks Earth Day 2023 with $50,000 Donation in Support of The Lighthouse Center) 2022 Diversity, Equity and Inclusion Report: Our People Leading the Way Social Established $20 million endowment fund for NJR's charities to support continued community giving long into the future Robust structure and initiatives to promote DEI at NJR including Executive DEI Council to ensure accountability Employee-led Business Resource Groups (BRGs) bring together employees with common background to promote engagement and inclusiveness - 21% of NJR workforce belongs to one or more BRGS N New Jersey Resources 2022 Diversity, Equity and Inclusion Report Governance Continued progress on reporting and transparency as through publication of 14th consecutive sustainability report Our board of directors (Board) has a broad range of skills and industry knowledge, as well as a diversity of perspectives that align with our company's long-term strategy The Board is responsible for oversight of NJR's overall strategy, including all Environmental Social and Governance (ESG) issues NJR includes sustainability considerations in the performance metrics of our Commitment to Stakeholders. Actual results of these goals and metrics directly impact the compensation of corporate officers year-to-year and ensure accountability NJR's commitment to advancing diversity, equity and inclusion is essential to our progress in building a sustainable future N New Jersey Resources 22#24Shareholder and Contact Information Stock Transfer Agent and Registrar The Transfer Agent and Registrar for the company's common stock is Broadridge Corporate Issuer Solutions, Inc. (Broadridge). Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free 800-817-3955. General written inquiries and address changes may be sent to: Broadridge Corporate Issuer Solutions P.O. Box 1342, Brentwood, NY 11717 Corporate Headquarters 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com or For certified and overnight delivery: Broadridge Corporate Issuer Solutions, ATTN: IWS 1155 Long Island Avenue, Edgewood, NY 11717 Shareowners can view their account information online at shareholder.broadridge.com/NJR. Last Four Dividends Paid (Quarterly Frequency) Contact Information Adam Prior Director, Investor Relations 732-938-1145 [email protected] Online Information Ex-Dividend Date Record Date Payable Date 3/14/2023 12/13/2022 3/15/2023 12/14/2022 4/3/2023 Amount per share $0.39 Website: www.njresources.com 1/3/2023 $0.39 9/23/2022 9/26/2022 10/3/2022 $0.391 Follow us: Investor Relations: LINK f y 6/14/2022 6/15/2022 7/1/2022 $0.3625 N New Jersey Resources 1) 7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share 23 23