#1N N N New Jersey Resources Year End 2022 Financial Results November 17, 2022 N#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 including Airport Road and its pipeline under contract or exclusivity, CEV revenue projections, SREC Hedging strategies, infrastructure programs and investments future decarbonization opportunities, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, outcome of the Inflation Reduction Act and ITCs, Asset Management Agreements, including their ability to generate projected margin and NFE for fiscal years 2023 and 2024, 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#3Agenda 1 FY 2022 Highlights Steve Westhoven | President and CEO 2 Financial Highlights Roberto Bel | SVP and CFO 3 Q&A Session N New Jersey Resources 2#4Fiscal 2022 Highlights Executing on our Strategic Plan to Drive Continued, Organic Growth Raised NFEPS Guidance Twice During Fiscal 2022; Achieved Highest End of Revised Range NJNG CEV S&T Energy Services NJNG had a strong year driven by new base rates Added over 7,800 customers during the year Ranked highest among the Large Residential Natural Gas Utilities in the East, according to the J.D. Power² Hedging program mitigated impact of rising gas prices for customers Grew project pipeline to ~699MW (under contract or exclusivity) through Fiscal 2027 Placed -19MW into service, including our largest solar project outside of NJ Completion of Adelphia Gateway Strong NFEPS contribution from Leaf River Energy Center Asset Management Agreements (AMA) with investment grade utility became effective Stronger than expected results from long-option strategy N 1) New Jersey Resources 2) A reconciliation from NFE to net income can be found in the Appendix. Based on 2021 Gas Utility Residential Customer Satisfaction Studysm N New Jersey Resources $2.50 FY 2022 NFEPS1 (up 16% YoY) $2.86 FY 2022 EPS 3#5Introducing Fiscal 2023 NFEPS Guidance of $2.42 - $2.52 Represents 9.8% Year-over-Year Growth from Midpoint of FY 2022 Initial Guidance Range $1.74 Net Financial Earnings per Share $2.16 12.4% NFEPS CAGR THROUGH FY2023E $2.50 $2.25 $2.42 - $2.52 FY2020A FY2021A FY 2022A FY2023E N New Jersey Resources 1) 7-9% LONG-TERM ANNUAL GROWTH1 Fiscal 2023 NFEPS Guidance by Segment FY2024 EXPECTED TO BE AT OR ABOVE THE TOP END OF THE LONG-TERM ANNUAL GROWTH RANGE DUE TO IMPACT OF THE AMA New Jersey Natural Gas 55% - 60% Utility Non- Utility Energy Services 15% - 20% CEV 20%-25% S&T 4% -8% Home Services 0%-1% AMAS will generate majority of Energy Services' projected NFE for fiscal years 2023 and 2024 NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, which excludes the effects of Energy Services' over-performance 4#6Committed to Building Shareholder Value Strong Track Record of Dividend Growth Dividends per Share $1.56 FY 2023 Dividend (up 7.6%) $1.33 $1.25 $1.45 72% 62% 58% 62% - 65% FY2020 FY2021 N New Jersey Resources FY2022 Dividend Payout Ratio as a % of NFEPS FY2023 7-9% LONG-TERM ANNUAL GROWTH (CONSISTENT WITH NFEPS LONG-TERM PROJECTED GROWTH RATE) 5#7New Jersey Natural Gas Solid Performance Due to Higher Base Rates ~42% of capital expenditures earned a near real-time return Fiscal 2022 Capital Expenditures¹ (in thousands) 570 NJNG Customers 560 569.3 Added 7,808 new customers in fiscal 2022 Maintenance 550 $104 IIP $32 540 Furthers our commitment to energy SAVEGREEN $53 efficiency 1) N New Jersey Resources 2) ~$335M New Customer $54 IT $42 530 520 510 Cost of Removal/Other $50² 500 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 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 Facilities and RNG & P2G included in "Other" Timing of Next Rate Case Filing Expected in Fiscal 2024#8Clean Energy Ventures (CEV) CEV owns and operates solar projects in New Jersey, Rhode Island, New York and Connecticut with approximately 387 MW of capacity 18.9 MW1 New Project in Service: Airport Road (Placed in Service: Q4 FY 2022) Incremental capacity added in Fiscal 2022 $45.4 Million¹ • Fiscal 2022 capex placed in-service CEV Revenue Fiscal 2022 SRECS2 66% TRECS Electricity Sales Sunlight Advantage 9% $128.3M 4% 21% 4.9MW Airport Road Ground-mount community solar project located in Waywayanda, NY N New Jersey Resources 1) Includes commercial and residential solar projects 7 2) 100% of SREC revenues for fiscal 2023 and 95% of SREC revenues for fiscal 2024 are secured through our SREC hedging program#9CEV: Robust and Diversified Solar Pipeline Taking Advantage of a Considerable Decarbonization Opportunity MWs 1200 1000 800 600 400 In Service Under Construction ■Under Contract or Exclusivity 200 -387 175 63 286 238 0 In Service FY2023 FY2024E FY2025E-FY2026E FY2027E- N New Jersey Resources 1) Total 1.1 GW1 Breakdown of 699MW Pipeline Under Contract or Exclusivity Pipeline of over 760MW including projects under construction, contract, or exclusivity Outside NJ 47% ~387MW of projects in-service Total of installed capacity of 387MW plus a pipeline of over 760MW including projects under construction, contract, or exclusivity Pipeline by Location 699MW In NJ 53% 8#10GADELPHIA GATEWAY NJR Midstream Company Berks County Sherry Lane Lateral Martin's Creek Booster Compression wor tranpton County UGI Easton Road Interconnect Lehigh County North Mainline Texas Eastern Chester County Unite Parkway Lateral & Columbia Interconnect Emm Грома Bedanken New Jersey TETCO Quakertown Interconnect Quakertown Compressor Station Mgomery County South Mainline (oil to natural gas conversion) Delaware County Sales Delaware atth Philadelphia County Paingia Tilghman Lateral and PECO Interconnect Transco Meter Station Marcus Hook Compressor Station 9#11Energy Services: Predictable Fee-based Revenues + Upside Potential ($ in Millions) Asset Management Agreements¹ Predictable fee-based revenues better ensure coverage of fixed costs De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk AMAS will generate majority of Energy Services' projected margin and NFE for fiscal years 2023 and 2024 $239 $261 $240 $138 $124 + • • • Long Option Strategy Significant upside potential with limited downside risk Proven track record of success over 27 years of existence leveraging natural gas market volatility to drive value Physical storage and transportation assets provide optionality to capture location and time spreads whose value can be hedged with the use of financials instruments Downside risk, equivalent to an option's premium, equates to the difference between demand charges and the hedged value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs N New Jersey Resources FY 2022 FY 2024 FY 2025 - FY 2031 FY 2032 ■Revenue Recognition ■Cash 1) AMAs feature initial and permanent capacity releases with cash payments throughout, with ASC 606 revenue recognition standard requiring that revenue be allocated to both the initial and permanent releases. As a result, disproportionate value is allocated to the permanent release periods in FY 2024 and FY 2032. 10#12Financial Review Roberto Bel SVP and Chief Financial Officer N New Jersey Resources 11#13NJR Review of Fiscal 2022 NFE Changes ($ in Millions) Fiscal 2021 Consolidated NFE ($ in millions) 207.7 NJNG 32.7 $9.4 $22.6 $32.7 Utility Gross Margin* $ 79.3 O&M $ 5.2 $240.3 Depreciation & Amortization (D&A) (14.5) $(32.0) $(0.1) Interest expense, AFUDC, Income Tax (37.3) $207.7 Clean Energy Ventures 22.6 Revenue $ 33.0 O&M $ (4.0) D&A, Interest Expense and Other $ (6.4) Storage & Transportation 9.4 Operating Income Equity in Earnings of Affiliates SS $ 11.5 (6.6) Other 4.5 Energy Services (32.0) Financial Margin* (51.3) Interest Expense, Income Tax and Other $ 19.3 Home Services and Other (0.1) Fiscal 2022 - Consolidated NFE ($ in millions) 240.3 Fiscal 2021 NJNG CEV S&T ES HS & Other Fiscal 2022 1) A reconciliation of these non-GAAP measures can be found in the Appendix N New Jersey Resources 12#14Mitigating the Impact of Higher Gas Prices for our Customers Hedged Portion of NJNG's Winter Sales1 • • Cost of natural gas supply is a pass through to customers By policy, at least 75% of our estimated winter send-out for residential and small commercial sales customers must be hedged prior to November 1st Hedging typically executed with gas in storage and the use of financial instruments to hedge storage injections By securing a cost-effective supply and leveraging the BGSS incentive, NJNG has been able to moderate the price of natural gas for our customers N New Jersey Resources 1) Sales from November 2022 to March 2023 10% 90% ■Hedged Unhedged 13#15Thousands CEV - SREC Hedging Strategy Stabilizes Revenue Based on Energy Year¹, as of September 30, 2022 EY 2023 399 Percent Hedged Average Price Current Price (EY) 9 98% $203 $229 Percent Hedged EY 2024 395 6 98% Average Price $197 Current Price (EY) $215 EY 2025 EY 2026 114 N New Jersey Resources 1) 353 Hedged Unhedged 283 Percent Hedged 46 89% Average Price $190 Current Price (EY) $201 Percent Hedged Average Price 29% $173 Current Price (EY) $184 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2023 begins on June 1, 2022, and ends on May 31, 2023 14#16NJR Capital Plan¹ ($ 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 $335 FY2020A FY2021A FY2022A FY2023E NJNG CEV S&T Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations FY2024E 15#17NJR Cash Flow From Operations and Investment Grade Profile NJR Cash Flow from Operations NJR Adjusted FFO/ Adjusted Debt¹ ($ in Millions) $500.0 ~22% CFFO CAGR 60.0% $450 - $490 $450.0 55% FY2020 FY2024E 55.0% $400.0 $391 50.0% $350.0 $320 - $360 $324 45.0% $300.0 $250.0 $213 43%-46% 39% 40.0% $200.0 $150.0 $100.0 30% 25.0% $50.0 $0.0 FY2020A FY2021A FY2022A FY2023E 20.0% FY2024E CFFO Dividend Payout Ratio (as a proportion of CFFO) N New Jersey Resources Current Credit Ratings NJNG NJR (Secured (Unsecured NAIC Moody's Fitch Rating) NAIC-1.E A1 (Stable) A+ (Stable) Rating) NAIC-2.A 18.1% 17.4% 17-18% 17-18% 35.0% 14.3% 33%-36% 30.0% 1) FY2020A FY2021A FY2022A FY2023E FY2024E Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long- term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. 16#18Well Positioned in a Rising Interest Rate Environment ($ in Millions) Impact of high interest rate Term Debt Maturity Schedule as of September 30, 20221 environment included in FY2023 and long-term NFEPS guidance $160 $100 $100 $150 $140 Interest rate impact mitigated by predominately fixed-rate debt $130 $130 $120 $120 $110 $100 $100 Manageable debt repayment schedule with no significant maturity $80 $80 $70 towers in any particular year $60 $50 $55 $50 $50 $47 $41 - Substantial liquidity at both NJNG and NJR $900M of credit facilities available through FY2027 $40 $50 $50 $20 $11 $10 $10 N New Jersey Resources 1) $- 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 ■NJNG NJR Weighted Average of Maturity ~16.2 years $125 $125 $125 $100 $100 $100 $100 $75 2046 2048 2050 2052 2054 2056 2058 2060 2062 Term debt only (excludes short-term debt of $424 million, capital leases of $24 million and solar asset financing obligations of $112 million). Grouped by fiscal years. 17 $50#19Conclusion Steve Westhoven President and CEO N New Jersey Resources 18#20NJR's Path To Decarbonization Growing Core Businesses While Investing in the Clean Energy Future Achieved 50% reduction in NJ operational emissions since 2006 60% emissions reduction from NJ operations from 2006 levels by 2030 Net-Zero NJ Operations 2050 . . NJNG Leverage and Improve Strong Infrastructure Committed to reducing methane emissions from distribution system Lowest leaks per mile in NJ • 99% of system plastic or protected steel First Green Hydrogen project to inject 100% of output for end use customers Pursuing other RNG and clean H2 decarbonized fuel opportunities • CEV Execute on Broad Opportunity Set for Solar Projects . Expanding solar footprint both within New Jersey and Northeast Enhancing development capabilities through insourcing, building internal expertise and greenfield efforts Leveraging our scale and operating experience to manage assts efficiently N New Jersey Resources • 705 S&T Leverage Existing Storage and Transportation Assets Continue to improve existing infrastructure to safely and reliably deliver clean and efficient natural gas 19#21Inflation Reduction Act: Key Strategic Elements for NJR The IRA aligns with NJR's "all of the above" approach on energy transition Promotes investment and innovation across clean energy technologies that can help reach 2050 climate goals in the fastest, most affordable and most reliable way possible Extension of / Multipliers on Solar Investment Tax Credit Increased to 30% for the next 10 years Can be further increased with stackable adders CEV's portfolio is well-positioned to benefit from adders Transferability of ITCS Increases funding flexibility by allowing for sale of tax credits for cash. This allows for monetization of ITCs without equity partnership structures Market will need to develop, but the transferability of tax credits will likely generate new demand for ITCs Hydrogen, RNG, Energy Storage Incentives Helps improve cost parity for green hydrogen and reduce the cost for our ratepayers May provide additional investment opportunities for NJNG and CEV N New Jersey Resources 20 20#22Delivering Value to Shareholders Through Growth and Income Implementing Strategic Plan to Drive Continued Organic Growth Across Portfolio 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 3.5%1 Dividend growth in line with long- term NFEPS growth expectations TOTAL EXPECTED SHAREHOLDER RETURN: ~11 - 13% Resources 1) Based on dividend per share of $1.56 and closing share price of $45.11 on November 15, 2022 N New Jersey 21 24#23Appendix Fourth Quarter and Fiscal 2022 NFE by Business Unit Review of Q4 FY 2022 NFE Changes Slide 23 25 26 27 22222 % 28 NJR's Business Portfolio 24 Reconciliation of NFE and NFEPS to Net Income Other Reconciliation of Non-GAAP Measures Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations for FY2022 NJR CEV - SREC Hedging by Energy Year 29 31 23333 30 NJR Capital Plan Table NJR Projected Cash Flows Environmental, Social and Governance Efforts Shareholder and Contact Information N New Jersey Resources 22 22#24NJR's Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments, Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations New Jersey Natural Gas (NJNG) Operates and maintains approximately 7,700 miles of Natural Gas transportation and distribution infrastructure serving approximately 569,000 customers in New Jersey ° Utilize public policy and expand its business while taking advantage of energy efficiency Clean Energy Ventures (CEV) Storage and Transportation (S&T) CEV develops, invests in, owns and operates energy projects that generate clean power, provide low carbon energy solutions and help our customers save energy and money in a sustainable way . Broader climate goals support continued investment across the solar market Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Our companies provide transportation and storage services to a broad range of customers in the natural gas market Generating stable fee-based revenue from diverse mix of high credit-quality customers N New Jersey Resources Demonstrated leadership as a premier energy infrastructure and environmentally- forward thinking company N New Jersey Resources Energy Services (ES) Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. In addition to energy supply, NJRES provides a full-range of customized energy management services Long option strategy provides significant upside potential with limited downside risk. New Jersey Resources Home Services (NJRHS) • NJR Home Services offers customers home comfort solutions, including equipment sales and installations; solar lease and purchase plans; and a service contract product line, including heating, cooling, water heating, electric and standby generator contracts Recognized as a Top 20 RuudⓇ National Pro Partner TM for 6 Consecutive Years 23 23#25Fiscal 2022 Fourth Quarter and Year End NFE by Business Unit ($ in ooos) (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2022 2021 Change 2022 2021 Change New Jersey Natural Gas $(16,387) $(24,214) $7,827 $140,124 $107,375 $32,749 Clean Energy Ventures $57,813 $40,861 $16,952 $39,403 $16,789 $22,614 Storage and Transportation $11,341 $2,440 $8,901 $22,454 $13,046 $9,408 Energy Services $(3,383) $(14,384) $11,001 $39,121 $71,117 $(31,996) Home Services and Other $(1,488) $1,896 $(3,384) $(781) $(615) $(166) Total $47,896 $6,599 $41,297 $240,321 $207,712 $32,609 NFEPS $0.50 $0.07 $0.43 $2.50 $2.16 $0.34 N New Jersey Resources 24#26NJR Review of Fiscal Q422 NFE Changes ($ in Millions) $17.0 $8.9 $11.0 Fiscal 4Q21 - Consolidated NFE ($ in millions) NJNG SA 6.6 7.8 Utility Gross Margin* 16.5 $47.9 O&M (2.1) $(3.4) Depreciation & Amortization (D&A) $ (2.9) Interest expense, AFUDC, Income Tax $ (3.7) Clean Energy Ventures Revenue SASA 17.0 $ 23.4 O&M $ (3.1) D&A, Interest Expense and Other (3.3) Storage & Transportation Operating Income SS 8.9 12.3 Equity in Earnings of Affiliates Other (0.2) $7.8 (3.2) $6.6 Energy Services Financial Margin* 11.0 Interest Expense, Income Tax and Other SS $ 29.7 (18.7) Home Services and Other (3.4) 4Q 2021 NJNG CEV S&T ES HS & Other 4Q 2022 Fiscal 4Q22 - Consolidated NFE ($ in millions) $ 47.9 1) A reconciliation of these non-GAAP measures can be found in the Appendix N New Jersey Resources 25 25#27Reconciliation of NFE and NFEPS to Net Income ($ in ooos) (Unaudited) • Three Months Ended September 30, Twelve Months Ended September 30, 2022 2021 2022 2021 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. NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income (loss) Add: $ 54,522 $ (1,133) $ 274,922 $ 117,890 Unrealized (gain) loss on derivative instruments and related transactions Tax effect (1,846) 40,576 (59,906) 54,203 439 (9,647) 14,248 (12,887) Effects of economic hedging related to natural gas inventory Tax effect (5,221) (30,150) 19,939 (42,405) 1,241 7,166 (4,738) 10,078 (1,500) (5,521) 92,000 374 767 1,377 (11,167) (113) (980) 47,896 $ 6,599 $ 240,321 $ 207,712 (Gain on) impairment of equity method investment Tax effect NFE tax adjustment Net financial earnings Weighted Average Shares Outstanding Basic Diluted 96,235 96,630 96,198 96,198 96,100 96,488 96,227 96,560 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: 0.57 Basic earnings (loss) per share (0.01) $ 2.86 $ 1.23 Add: Unrealized (gain) loss on derivative instruments and related transactions Tax effect (0.02) $ 0.01 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 (Gain on) impairment of equity method investment Tax effect NFE tax adjustment Basic NFE per share Effects of economic hedging related to natural gas inventory Tax effect (0.05) $ 0.01 (0.02) $ - LA SA $ 0.50 SASASA EA EA EA SA SA 0.42 $ (0.10) $ (0.62) $ 0.15 $ (0.31) $ 0.21 0.07 $ (0.05) $ - (0.06) $ 0.01 $ 0.01 $ (0.01) $ $ 0.07 $ 2.50 SSSSS SSASA 0.56 (0.13) $ (0.44) 0.10 0.96 (0.12) $ $ 2.16 26#28Other Reconciliation of Non-GAAP Measures ($ in ooos) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2022 2021 2022 2021 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. N New Jersey Resources 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 94,579 55,698 $ 512,098 $ 432,778 190,488 $ 98,274 $ 1,128,767 $ 731,796 114,791 38,842 557,232 260,714 30,840 26,156 93,199 110,364 3,496 3,734 59,437 38,304 24,391 21,507 94,579 80,045 16,970 8,035 324,320 242,369 30,840 26,156 93,199 24,391 21,507 110,364 80,045 72,201 $ A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues 439,568 $ 334,780 $ 1,529,272 $ 1,228,420 Natural Gas purchases 413,805 Operating and maintenance (1) Depreciation and amortization Gross margin 10,281 54 15,428 357,133 4,588 28 (26,969) 1,394,405 23,709 148 111,010 1,098,261 33,263 111 96,785 Operating and maintenance (1) Depreciation and amortization 10,281 54 4,588 28 23,709 33,263 148 111 Unrealized loss (gain) on derivative instruments and related transactions 1,671 Effects of economic hedging related to natural gas inventory Financial margin (5,221) $ 22,213 $ 45,011 (30,150) (7,492) $ (60,000) 19,939 58,362 (42,405) 94,806 $ 146,116 (1) Excludes selling, general and administrative expenses 27 Less: Add:#29Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations for FY2022 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 Adjusted Funds from Operations, FY2022 (Millions) Adjusted Debt, FY2022 (Millions) Cash Flow from Operations $323.5 Long-Term Debt (including current maturities) $2,560.4 Add back Short-Term Debt $424.0 Components of working capital $77.7 Exclude Cash on Hand ($1.1) Cash paid for interest (net of amounts capitalized) $84.4 CEV Sale-Leaseback Debt ($130.6) Include Capitalized Interest $6.1 SAVEGREEN loans, grants, rebates and related investments CEV Sale lease-back Contractual Commitments $111.6 $53.1 Debt Issuance Costs $13.3 Operating cash flows from operating leases $7.4 Operating Lease Debt estimate (8x lease expense) $77.6 Adjusted FFO (Non-GAAP) $552.2 Adjusted Debt (Non-GAAP) $3,055.2 N New Jersey Resources 28#30Thousands NJR CEV - SREC Hedging by Fiscal Year As of September 30, 2022 FY 2023 FY 2024 FY 2025 FY 2026 N New Jersey Resources 114 263 380 406 Hedged Unhedged 283 135 Percent Hedged Average Price Current Price (FY) 0 100% $204 $224 Percent Hedged 21 95% Average Price $194 Current Price (FY) $210 Percent Hedged 66% Average Price $190 Current Price (FY) $195 Percent Hedged Average Price 29% $173 Current Price (EY) $177 29#31NJR Capital Plan¹ ($ in Millions) FY2022A FY2023E FY2024E New Jersey Natural Gas New Customer $54 $54 - $58 Maintenance & Integrity $104 $109 - $113 $56 - $60 $161 - $176 Near Real Time Return? Yes Cost of Removal / Other $42 $36 - $40 $36 - $40 Facilities $7 $31 - $34 $2 $4 - IT $42 $65 - $69 $46 - $50 IIP $32 $32 - $36 $26 - $30 Yes RNG & P2G $1 $25 - $28 $25 - $28 SAVEGREEN $53 $48 - $52 $48 $52 Yes $335 $400 - $430 $400 Clean Energy Ventures Sunlight Advantage $13 $9 - $13 - $440 $10 - $14 Commercial Solar $132 $91 - $187 $130 - $266 $145 $100 - $200 $140 $280 - Storage and Transportation Adelphia Gateway $124 $12 $16 $2 - $6 Leaf River $18 $8 - $12 $0 - $2 $142 $20 - $28 $2 - $8 Total $622 $520 - $658 $542 - $728 N New Jersey Resources 1) Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations 30 30#32NJR Projected Cash Flows ($ 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 $16 $18 $17 - $19 Debt Proceeds/Other $379 $262 - $359 $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 31#33N Environmental, Social and Governance Efforts Focus on Definable Accomplishments Environmental Social 13 consecutive sustainability reports Reduced operational emissions in New Jersey by over 50% from 2006 levels and have set an even higher goal of achieving net-zero emissions 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 Our 2021 DEI Report highlights our belief we are bound together by shared values and principles across the entire human experience Executive DEI Council helps to ensure accountability Employee-led Business Resource Groups (BRG), cross-functional teams of employees whose core mission is to cultivate deeper connections with co-workers and communities. Over 22% of NJR employees belong to one of seven BRGS New Jersey Resources Governance 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 32 32#34Shareholder 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 Amount per share Website: www.njresources.com 9/23/2022 9/26/2022 10/3/2022 $0.391 6/14/2022 6/15/2022 7/1/2022 $0.3625 3/15/2022 3/16/2022 4/1/2022 $0.3625 Follow us: Investor Relations: LINK f y 12/14/2021 12/15/2021 1/3/2022 $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 33 33