PSEG Q3 2026 net income falls to $376M
PSEG reaffirmed its 2026 non-GAAP operating-earnings range and reported a 95.5% nuclear capacity factor for the quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Public Service Enterprise Group (PSEG) reported third-quarter 2026 net income of $376 million, or $0.76 per share, compared with $622 million, or $1.24 per share, a year earlier. Non-GAAP Operating Earnings were $574 million, or $1.15 per share, versus $565 million, or $1.13 per share. For the first nine months of 2026, net income was $1.451 billion ($2.91 per share), compared with $1.796 billion ($3.59 per share); Non-GAAP Operating Earnings were $1.777 billion ($3.56 per share), versus $1.667 billion ($3.33 per share). PSEG maintained its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.
PSE&G reported third-quarter net income of $506 million, compared with $515 million a year earlier; the company cited ongoing Energy Efficiency and Transmission investments, customer growth, higher depreciation and interest costs, and tax timing among the factors affecting results. PSEG Power & Other reported a $130 million net loss, compared with $107 million in net income, including losses associated with Mark-to-Market accounting and the Nuclear Decommissioning Trust. PSEG Nuclear supplied 8.2 TWh in the quarter at a 95.5% capacity factor. PSEG also described a $24 billion to $28 billion five-year capital investment plan for 2026–2030.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month non-GAAP operating earnings: $1.777 billion versus $1.667 billion.
Negative
- Moderate pointThird-quarter net income: $376 million versus $622 million a year earlier.
Filing Explained
This 8-K reports PSEG’s third-quarter and nine-month results; its capitalization schedule lists total debt at September 30, 2026 and December 31, 2025. For the nine months ended September 30, 2026, operating activities provided cash.
8-K Event Classification
Key Figures
Key Terms
Non-GAAP Operating Earnings financial
Nuclear Decommissioning Trust (NDT) financial
Mark-to-Market (MTM) financial
capacity factor technical
Earnings Snapshot
Maintained 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.
FAQ
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| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange On Which Registered | ||
Public Service Enterprise Group Incorporated |
||||
Public Service Electric and Gas Company |
||||
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 2, 2026, PSEG announced financial results for the three and nine months ended September 30, 2026. A copy of the earnings release dated November 2, 2026 is furnished as Exhibit 99 to this Form 8-K.
| Item 7.01 | Regulation FD Disclosure |
PSEG and PSE&G
On November 2, 2026, PSEG conducted an earnings call regarding its results for the three and nine months ended September 30, 2026. 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 2, 2026 | |
| 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 2, 2026
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 2, 2026
3
Exhibit 99
|
Public Service Enterprise Group 80 Park Plaza Newark, NJ 07102 |
PSEG ANNOUNCES THIRD QUARTER 2026 RESULTS
$0.76 PER SHARE NET INCOME
$1.15 PER SHARE NON-GAAP OPERATING EARNINGS
Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28—$4.40 Per Share
(NEWARK, N.J. – November 2, 2026) Public Service Enterprise Group (NYSE: PEG) reported the following results for the third quarter and nine months ended September 30, 2026:
PSEG Consolidated (unaudited)
Third Quarter Comparative Results
| Income | Earnings Per Share | |||||||||||||||
| ($ millions, except per share amounts) |
2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net Income |
$ | 376 | $ | 622 | $ | 0.76 | $ | 1.24 | ||||||||
| Reconciling Items |
198 | (57 | ) | 0.39 | (0.11 | ) | ||||||||||
| Non-GAAP Operating Earnings |
$ | 574 | $ | 565 | $ | 1.15 | $ | 1.13 | ||||||||
| Average Shares Outstanding (Diluted) |
499 | 501 | ||||||||||||||
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) 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) |
2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net Income |
$ | 1,451 | $ | 1,796 | $ | 2.91 | $ | 3.59 | ||||||||
| Reconciling Items |
326 | (129 | ) | 0.65 | (0.26 | ) | ||||||||||
| Non-GAAP Operating Earnings |
$ | 1,777 | $ | 1,667 | $ | 3.56 | $ | 3.33 | ||||||||
| Average Shares Outstanding (Diluted) |
499 | 501 | ||||||||||||||
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.
“PSEG continues to achieve solid operational and financial results, enabling us to deliver reliable utility service and generate the carbon free, base-load generation our customers expect. Our financial results for the third quarter and year-to-date period align with our expectations for the full-year, and we are reaffirming PSEG’s 2026 guidance for non-GAAP Operating Earnings in the range of $4.28 to $4.40 per share,” said Ralph LaRossa, chair, president and CEO of PSEG.
“We faced severe weather throughout the third quarter which highlighted PSEG’s best-in-class storm response, our commitment to service excellence and the customer value of our investments in energy infrastructure and resilience. PSE&G successfully managed some of the most challenging storm restorations in our history this past July and again in September, when a nor’easter brought severe wind gusts and heavy rain to our service area. Our utility crews safely restored service to nearly all affected customers in New Jersey within a 24-hour period.”
“At PSEG Nuclear, we supplied the regional grid with 8.2 TWh of reliable, carbon-free baseload energy during the third quarter, operating at a capacity factor of 95.5%. Salem unit #1 recently entered its fall refueling following a 491-day breaker to breaker run – matching Salem unit #2’s back-to-back, breaker to breaker run posted earlier this year. PSEG Power continues to generate stable cash flows that help fund our regulated investments while pursuing high-value, regional growth opportunities.”
LaRossa added, “We continue to execute our long-term strategy to grow PSEG’s non-GAAP Operating Earnings by a compound annual rate of 6% to 8% through 2030 while prioritizing customer affordability and maintaining a solid financial position. Our financial strength enables us to fund our five-year capital investment plan totaling $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth.”
PSEG Results by Segment (unaudited)
Third Quarter and Nine Months Ended September 30, Comparative Results
| ($ millions) | 3Q 2026 | 3Q 2025 | YTD 2026 | YTD 2025 | ||||||||||||
| PSE&G Net Income/Non-GAAP Operating Earnings |
$ | 506 | $ | 515 | $ | 1,425 | $ | 1,393 | ||||||||
| PSEG Power & Other Net Income/(Loss) |
(130 | ) | 107 | 26 | 403 | |||||||||||
| Total PSEG Net Income |
$ | 376 | $ | 622 | $ | 1,451 | $ | 1,796 | ||||||||
| PSEG Power & Other Non-GAAP Operating Earnings |
$ | 68 | $ | 50 | $ | 352 | $ | 274 | ||||||||
| Total PSEG Non-GAAP Operating Earnings |
$ | 574 | $ | 565 | $ | 1,777 | $ | 1,667 | ||||||||
PSE&G’s results for the quarter were driven by ongoing investments in Energy Efficiency and Transmission, and the continued gradual increase in the number of electric and gas customers. These results were more than offset by higher depreciation and interest costs related to incremental investments not reflected in current rates, and the timing of taxes.
PSEG Power & Other results for the quarter reflect lower operating and maintenance costs from the absence of the Hope Creek refueling outage in last year’s third quarter, as well as higher realized prices and an increase in nuclear generation, partly offset by higher taxes. PSEG Power & Other’s Net Loss for the quarter also reflects the impact of losses
2
associated with Mark-to-Market accounting and the Nuclear Decommissioning Trust, which are excluded from non-GAAP Operating Earnings.
###
PSEG will host a conference call to review its third quarter 2026 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 | (973) 430-6565 | |
| DL-ENT-pseg.communications@pseg.com | 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. 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. 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. Operating Earnings is a non-GAAP financial measure that differs from Net Income/(Loss). 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/(Loss) 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/(Loss), 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.
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
3
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 distribution, and our nuclear generation projects; |
| • | significant resource adequacy challenges that present affordability and reliability concerns and that could cause policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs; |
| • | the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits; |
| • | any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, 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; |
| • | 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; |
| • | the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems; |
| • | 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 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; |
| • | 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; |
| • | the ability to obtain adequate nuclear fuel supply; |
| • | changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; |
| • | third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; |
| • | any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules; |
| • | risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject; |
| • | the impact of changes in state and federal legislation and regulations on our business, 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 regulators and its capital investment may be lower than planned; |
| • | our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits; |
| • | adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns; |
| • | risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks; |
| • | changes in or violation of 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 |
| • | 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.
4
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.
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Attachment 1
Public Service Enterprise Group Incorporated
Consolidating Statements of Operations
(Unaudited, $ millions, except per share data)
| Three Months Ended September 30, 2026 | ||||||||||||||||
| PSEG | Eliminations | PSE&G | PSEG Power & Other(a) |
|||||||||||||
| OPERATING REVENUES |
$ | 3,020 | $ | (38 | ) | $ | 2,526 | $ | 532 | |||||||
| OPERATING EXPENSES |
||||||||||||||||
| Energy Costs |
1,125 | (38 | ) | 966 | 197 | |||||||||||
| Operation and Maintenance |
948 | — | 573 | 375 | ||||||||||||
| Depreciation and Amortization |
325 | — | 291 | 34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Operating Expenses |
2,398 | (38 | ) | 1,830 | 606 | |||||||||||
| OPERATING INCOME |
622 | — | 696 | (74 | ) | |||||||||||
| Net Gains (Losses) on Trust Investments |
(28 | ) | — | — | (28 | ) | ||||||||||
| Net Other Income (Deductions) |
44 | — | 23 | 21 | ||||||||||||
| Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) |
21 | — | 19 | 2 | ||||||||||||
| Interest Expense |
(280 | ) | — | (183 | ) | (97 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| INCOME (LOSS) BEFORE INCOME TAXES |
379 | — | 555 | (176 | ) | |||||||||||
| Income Tax (Expense) Benefit |
(3 | ) | — | (49 | ) | 46 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCOME (LOSS) |
$ | 376 | $ | — | $ | 506 | $ | (130 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Reconciling Items Excluded from Net Income (Loss)(b) |
198 | — | — | 198 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 574 | $ | — | $ | 506 | $ | 68 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings Per Share |
||||||||||||||||
| NET INCOME |
$ | 0.76 | ||||||||||||||
|
|
|
|||||||||||||||
| Reconciling Items Excluded from Net Income (Loss)(b) |
0.39 | |||||||||||||||
|
|
|
|||||||||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 1.15 | ||||||||||||||
|
|
|
|||||||||||||||
| 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 Income(b) |
(57 | ) | — | — | (57 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 565 | $ | — | $ | 515 | $ | 50 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings Per Share |
||||||||||||||||
| NET INCOME |
$ | 1.24 | ||||||||||||||
|
|
|
|||||||||||||||
| Reconciling Items Excluded from Net Income(b) |
(0.11 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 1.13 | ||||||||||||||
|
|
|
|||||||||||||||
| (a) | Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. |
| (b) | See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP). |
Attachment 2
Public Service Enterprise Group Incorporated
Consolidating Statements of Operations
(Unaudited, $ millions, except per share data)
| Nine Months Ended September 30, 2026 | ||||||||||||||||
| PSEG | Eliminations | PSE&G | PSEG Power & Other(a) |
|||||||||||||
| OPERATING REVENUES |
$ | 9,422 | $ | (808 | ) | $ | 7,748 | $ | 2,482 | |||||||
| OPERATING EXPENSES |
||||||||||||||||
| Energy Costs |
3,498 | (808 | ) | 3,100 | 1,206 | |||||||||||
| Operation and Maintenance |
2,791 | — | 1,755 | 1,036 | ||||||||||||
| Depreciation and Amortization |
975 | — | 872 | 103 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Operating Expenses |
7,264 | (808 | ) | 5,727 | 2,345 | |||||||||||
| OPERATING INCOME |
2,158 | — | 2,021 | 137 | ||||||||||||
| Net Gains (Losses) on Trust Investments |
99 | — | — | 99 | ||||||||||||
| Net Other Income (Deductions) |
128 | — | 59 | 69 | ||||||||||||
| Net Non-Operating Pension and OPEB Credits (Costs) |
61 | — | 56 | 5 | ||||||||||||
| Interest Expense |
(821 | ) | — | (532 | ) | (289 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| INCOME BEFORE INCOME TAXES |
1,625 | — | 1,604 | 21 | ||||||||||||
| Income Tax (Expense) Benefit |
(174 | ) | — | (179 | ) | 5 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCOME |
$ | 1,451 | $ | — | $ | 1,425 | $ | 26 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Reconciling Items Excluded from Net Income(b) |
326 | — | — | 326 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 1,777 | $ | — | $ | 1,425 | $ | 352 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings Per Share |
||||||||||||||||
| NET INCOME |
$ | 2.91 | ||||||||||||||
|
|
|
|||||||||||||||
| Reconciling Items Excluded from Net Income(b) |
0.65 | |||||||||||||||
|
|
|
|||||||||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 3.56 | ||||||||||||||
|
|
|
|||||||||||||||
| 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 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 Income(b) |
(0.26 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 3.33 | ||||||||||||||
|
|
|
|||||||||||||||
| (a) | Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. |
| (b) | See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). |
Attachment 3
Public Service Enterprise Group Incorporated
Capitalization Schedule
(Unaudited, $ millions)
| September 30, 2026 |
December 31, 2025 |
|||||||
| DEBT |
||||||||
| Commercial Paper and Loans |
$ | 1,075 | $ | 1,529 | ||||
| Long-Term Debt* |
24,559 | 22,545 | ||||||
|
|
|
|
|
|||||
| Total Debt |
25,634 | 24,074 | ||||||
| STOCKHOLDERS’ EQUITY |
||||||||
| Common Stock |
5,045 | 5,062 | ||||||
| Treasury Stock |
(1,468 | ) | (1,435 | ) | ||||
| Retained Earnings |
13,895 | 13,446 | ||||||
| Accumulated Other Comprehensive Loss |
(110 | ) | (91 | ) | ||||
|
|
|
|
|
|||||
| Total Stockholders’ Equity |
17,362 | 16,982 | ||||||
|
|
|
|
|
|||||
| Total Capitalization |
$ | 42,996 | $ | 41,056 | ||||
|
|
|
|
|
|||||
| * | 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, | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows From Operating Activities |
||||||||
| Net Income |
$ | 1,451 | $ | 1,796 | ||||
| Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities |
1,086 | 781 | ||||||
|
|
|
|
|
|||||
| Net Cash Provided By (Used In) Operating Activities |
2,537 | 2,577 | ||||||
|
|
|
|
|
|||||
| Net Cash Provided By (Used In) Investing Activities |
(2,282 | ) | (2,060 | ) | ||||
|
|
|
|
|
|||||
| Net Cash Provided By (Used In) Financing Activities |
450 | (311 | ) | |||||
|
|
|
|
|
|||||
| Net Change in Cash, Cash Equivalents and Restricted Cash |
705 | 206 | ||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
156 | 154 | ||||||
|
|
|
|
|
|||||
| Cash, Cash Equivalents and Restricted Cash at End of Period |
$ | 861 | $ | 360 | ||||
|
|
|
|
|
|||||
Attachment 5
Public Service Electric & Gas Company
Retail Sales
(Unaudited)
September 30, 2026
Electric Sales
| Three Months | Change vs. | Nine Months | Change vs. | |||||||||||||
| Sales (millions kWh) |
Ended | 2025 | Ended | 2025 | ||||||||||||
| Residential |
4,623 | 2 | % | 11,355 | 4 | % | ||||||||||
| Commercial & Industrial |
7,203 | 0 | % | 20,303 | 1 | % | ||||||||||
| Other |
72 | (14 | %) | 240 | (2 | %) | ||||||||||
|
|
|
|
|
|||||||||||||
| Total |
11,898 | 1 | % | 31,898 | 2 | % | ||||||||||
|
|
|
|
|
|||||||||||||
Gas Sold and Transported
| Three Months | Change vs. | Nine Months | Change vs. | |||||||||||||
| Sales (millions therms) |
Ended | 2025 | Ended | 2025 | ||||||||||||
| Firm Sales |
||||||||||||||||
| Residential Sales |
89 | 0 | % | 1,069 | 4 | % | ||||||||||
| Commercial & Industrial |
105 | (1 | %) | 779 | 2 | % | ||||||||||
|
|
|
|
|
|||||||||||||
| Total Firm Sales |
194 | (1 | %) | 1,848 | 3 | % | ||||||||||
|
|
|
|
|
|||||||||||||
| Non-Firm Sales* |
||||||||||||||||
| Commercial & Industrial |
233 | 11 | % | 584 | (15 | %) | ||||||||||
|
|
|
|
|
|||||||||||||
| Total Non-Firm Sales |
233 | 584 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Sales |
427 | 6 | % | 2,432 | (2 | %) | ||||||||||
|
|
|
|
|
|||||||||||||
| * | Contract Service Gas rate included in non-firm sales |
Weather Data*
| Three Months | Change vs. | Nine Months | Change vs. | |||||||||||||
| Ended | 2025 | Ended | 2025 | |||||||||||||
| THI Hours - Actual |
12,697 | 2 | % | 18,295 | 4 | % | ||||||||||
| THI Hours - Normal |
13,060 | 17,327 | ||||||||||||||
| Degree Days - Actual |
27 | 0 | % | 3,045 | 11 | % | ||||||||||
| Degree Days - Normal |
20 | 2,939 | ||||||||||||||
| * | Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to 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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Nuclear - NJ |
5,407 | 5,189 | 15,451 | 15,323 | ||||||||||||
| Nuclear - PA |
2,765 | 2,714 | 8,497 | 8,446 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 8,172 | 7,903 | 23,948 | 23,769 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Attachment 7
Public Service Enterprise Group Incorporated
Statistical Measures
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Weighted Average Common Shares Outstanding (millions) |
||||||||||||||||
| Basic |
498 | 499 | 498 | 499 | ||||||||||||
| Diluted |
499 | 501 | 499 | 501 | ||||||||||||
| Stock Price at End of Period |
$ | 67.34 | $ | 83.46 | ||||||||||||
| Dividends Paid per Share of Common Stock |
$ | 0.67 | $ | 0.63 | $ | 2.01 | $ | 1.89 | ||||||||
| Dividend Yield |
4.0 | % | 3.0 | % | ||||||||||||
| Book Value per Common Share |
$ | 34.85 | $ | 34.10 | ||||||||||||
| Market Price as a Percent of Book Value |
193 | % | 245 | % | ||||||||||||
Attachment 8
Public Service Enterprise Group Incorporated
Consolidated Operating Earnings (non-GAAP) Reconciliation
| Reconciling Items | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| ($ millions, Unaudited) | ||||||||||||||||
| Net Income |
$ | 376 | $ | 622 | $ | 1,451 | $ | 1,796 | ||||||||
| (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax |
21 | (70 | ) | (126 | ) | (190 | ) | |||||||||
| (Gain) Loss on Mark-to-Market (MTM), pre-tax(a) |
251 | (20 | ) | 550 | (22 | ) | ||||||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
(74 | ) | 33 | (98 | ) | 83 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating Earnings (non-GAAP) |
$ | 574 | $ | 565 | $ | 1,777 | $ | 1,667 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| PSEG Fully Diluted Average Shares Outstanding (in millions) |
499 | 501 | 499 | 501 | ||||||||||||
| ($ Per Share Impact - Diluted, Unaudited) |
||||||||||||||||
| Net Income |
$ | 0.76 | $ | 1.24 | $ | 2.91 | $ | 3.59 | ||||||||
| (Gain) Loss on NDT Fund Related Activity, pre-tax |
0.04 | (0.13 | ) | (0.25 | ) | (0.38 | ) | |||||||||
| (Gain) Loss on MTM, pre-tax(a) |
0.50 | (0.04 | ) | 1.10 | (0.04 | ) | ||||||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
(0.15 | ) | 0.06 | (0.20 | ) | 0.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating Earnings (non-GAAP) |
$ | 1.15 | $ | 1.13 | $ | 3.56 | $ | 3.33 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 additional 20% trust tax on income (loss) from qualified NDT Funds. |
Attachment 9
PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation
| Reconciling Items | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| ($ millions, Unaudited) | ||||||||||||||||
| Net Income (Loss) |
$ | (130 | ) | $ | 107 | $ | 26 | $ | 403 | |||||||
| (Gain) Loss on NDT Fund Related Activity, pre-tax |
21 | (70 | ) | (126 | ) | (190 | ) | |||||||||
| (Gain) Loss on MTM, pre-tax(a) |
251 | (20 | ) | 550 | (22 | ) | ||||||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
(74 | ) | 33 | (98 | ) | 83 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating Earnings (non-GAAP) |
$ | 68 | $ | 50 | $ | 352 | $ | 274 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| PSEG Fully Diluted Average Shares Outstanding (in millions) |
499 | 501 | 499 | 501 | ||||||||||||
| (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 additional 20% trust tax on income (loss) from qualified NDT Funds. |
Exhibit 99.1 Public Service Enterprise Group THIRD QUARTER 2026 NYSE: PEG Financial Results Presentation November 2, 2026
PSEG Third Quarter 2026 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • development, adoption and use of Artificial Intelligence by us and our third-party vendors; • fluctuations in, or third-party default risk in wholesale power and natural gas markets, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and including the potential impacts on the economic viability of our generation units; all other statements that are not purely historical constitute “forward-looking statements” within • the ability to obtain adequate nuclear fuel supply; the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking • changes in technology related to energy generation, distribution and consumption and statements are subject to risks and uncertainties, which could cause actual results to differ changes in customer usage patterns; • third-party credit risk relating to our sale of nuclear generation output and purchase of materially from those anticipated. Such statements are based on management’s beliefs as well as nuclear fuel; assumptions made by and information currently available to management. When used herein, the • any inability to meet our commitments under forward sale obligations and Regional words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” Transmission Organization rules; “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to • risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject; identify forward-looking statements. Factors that may cause actual results to differ are often • the impact of changes in state and federal legislation and regulations on our business, presented with the forward-looking statements themselves. Other factors that could cause actual including PSE&G’s ability to recover costs and earn returns on authorized investments; results to differ materially from those contemplated in any forward-looking statements made by us • PSE&G’s proposed investment projects or programs may not be fully approved by regulators herein are discussed in filings we make with the United States Securities and Exchange and its capital investment may be lower than planned; • our ability to receive sufficient financial support for our New Jersey nuclear plants from the Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form markets, and/or production tax credits; 10-Q and Form 8-K. These factors include, but are not limited to: • adverse changes in and non-compliance with energy industry laws, policies, regulations and • any inability to successfully develop, obtain regulatory approval for, or construct transmission standards, including market structures and transmission planning and transmission returns; and distribution, and our nuclear generation projects; • risks associated with our ownership and operation of nuclear facilities, including increased • significant resource adequacy challenges that present affordability and reliability concerns nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and that could cause policymakers to implement responsive measures that could have a and trade control, environmental and other regulations, as well as operational, financial, material, adverse impact on our business, strategy, growth rates, cash flows, results of environmental and health and safety risks; operations, and financial condition and increase regulatory uncertainty for utility investment • changes in or violation of federal, state and local environmental laws and regulations and initiatives and programs; enforcement; • the physical, financial and transition risks related to climate change, including risks relating to • delays in receipt of, or an inability to receive, necessary licenses and permits and siting potentially increased legislative and regulatory burdens, changing customer preferences and approvals; and lawsuits; • changes in tax laws and regulations. • any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts All of the forward-looking statements made in this report are qualified by these cautionary of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents statements and we cannot assure you that the results or developments anticipated by that may impact our ability to provide safe and reliable service to our customers; management will be realized or even if realized, will have the expected consequences to, or • any inability to recover the carrying amount of our long-lived assets; • disruptions or cost increases in our supply chain, including labor shortages; effects on, us or our business, prospects, financial condition, results of operations or cash flows. • any inability to maintain sufficient liquidity or access sufficient capital on commercially Readers are cautioned not to place undue reliance on these forward-looking statements in reasonable terms; making any investment decision. Forward-looking statements made in this report apply only as • the impact of cybersecurity attacks or intrusions or other disruptions to our information of the date of this report. While we may elect to update forward-looking statements from time to technology, operational or other systems; • failure to attract and retain a qualified workforce; time, we specifically disclaim any obligation to do so, even in light of new information or future • increases in the costs of equipment, materials, fuel, services and labor; events, unless otherwise required by applicable securities laws. • 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 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. 2 2
PSEG Third Quarter 2026 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income/(Loss) reported in Non-GAAP FFO reflects cash from operations excluding working capital and accordance with accounting principles generally accepted in the United States adjusts for certain items including taxes on asset sales, cost of removal and energy (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net efficiency investments. Non-GAAP Debt consists of long-term debt, short-term debt Income/(Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) and other imputed debt primarily related to an unfunded pension obligation. Non- associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) GAAP FFO, as referenced in this presentation, may not be comparable to similarly accounting and other material infrequent items. The last two slides in this titled measures used by other companies. Given the forward-looking nature of non- presentation (Slides A and B) include a list of items excluded from Net GAAP Operating Earnings and non-GAAP FFO estimates and our inability to Income/(Loss) to reconcile to non-GAAP Operating Earnings. project certain reconciling items that would be excluded from the most directly comparable GAAP measures – such as MTM and NDT gains (losses), with respect Management uses non-GAAP Operating Earnings in its internal analysis, and in non-GAAP Operating Earnings; working capital (including accounts communications with investors and analysts, as a consistent measure for receivable/payable, cash collateral), adjustments to Net Income/(Loss) (including comparing PSEG’s financial performance to previous financial results. The changes in regulatory assets/liabilities, deferred taxes) with respect to non-GAAP presentation of non-GAAP Operating Earnings is intended to complement, and FFO and non-GAAP debt and imputed debt (including unfunded pension obligation) should not be considered an alternative to, the presentation of Net Income/(Loss), with respect to non-GAAP debt - due to the volatility, complexity and low visibility of which is an indicator of financial performance determined in accordance with these items, PSEG is unable to reconcile these non-GAAP financial measures to GAAP. In addition, non-GAAP Operating Earnings as presented in this release may the most directly comparable GAAP financial measure. These items are uncertain, not be comparable to similarly titled measures used by other companies. depend on various factors, and may have a material impact on our future GAAP PSEG also includes forward-looking estimates of non-GAAP Operating Earnings results. Guidance included herein is as of November 2, 2026. and non-GAAP Funds From Operations (FFO), including the forward-looking non- GAAP FFO/Debt ratio target, in its presentations. 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. 3 3
PSEG Third Quarter 2026 PSEG Q3 and Year-to-Date 2026 Highlights Financial Results & Guidance • Net Income of $0.76 per share in Q3 2026 and $2.91 per share YTD • Non-GAAP Operating Earnings of $1.15 per share in Q3 2026 and $3.56 per share YTD • PSEG maintaining 2026 non-GAAP Operating Earnings guidance of $4.28 - $4.40 per share Operational Excellence • PSE&G successfully responded to multiple weather events in Q3, including the Fourth of July weekend storms and a powerful nor'easter in September, maintaining high system reliability and efficient customer response times • PSE&G named 2026 Escalent award winner as a Most Trusted Utility Brand among residential customers – for the third consecutive year – and a Most Trusted Business Partner among business customers • PSEG Nuclear achieved a capacity factor of 95.5% for the quarter and 94.3% YTD • Salem Unit 1 completed a 491-day, breaker-to-breaker operating run in October to begin its scheduled refueling outage Disciplined Investment • Regulated investment was ~$1.1 billion in Q3; regulated capital spending plan for full year 2026 of ~$4.2 billion on track • Total PSEG capital spending program of $24B - $28B for 2026-2030 is comprised of over 90% regulated investments See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP). 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 2026 Strong Business Mix and Predictable Growth with Upside grams for Residential and C&I Customers grams for Residential and C&I Customers grams for Residential and C&I Customers Steady Execution Alignment with NJ Energy Policy Energy Solutions Provide Upside • PSEG’s outlook for long-term, non-GAAP • Stringent cost control supports customer • Potential growth beyond forecasted 6%-8% Operating Earnings CAGR is 6%-8% affordability CAGR in non-GAAP Operating Earnings through 2030 includes: • Regulated capital investment program • Total PSEG capital program of $24B - $28B focused on reliability of utility infrastructure o Contracting existing and planned additions of for 2026-2030, >90% regulated investments and cost saving energy efficiency nuclear output above current market prices focused largely on system replacement • PSEG’s investments provide customer value, o Winning incremental competitive transmission • Rate Base CAGR of 6%-7.5% over same economic stimulus and support jobs in NJ solicitations period efficiently translates to earnings growth • Favorable affordability profile in the state, o Making incremental system investments to • Able to fund 5-year capital spending plan the mid-Atlantic region and nationally connect solar and battery storage resources without the need to issue equity or sell assets to the grid to meet new demand • Best-in-class operating performance • Opportunistically hedging nuclear output to in safety, reliability, storm response and o Potential for regulated/contracted supply support long-term earnings CAGR customer satisfaction measures opportunities • Management track record of 21 consecutive • PSE&G transparency on connecting years meeting or exceeding non-GAAP renewables to the grid Operating Earnings guidance 5
PSEG Third Quarter 2026 Q3 2026 Review 6
PSEG Third Quarter 2026 PSEG Q3 Results PSEG Summary – Three Months ended September 30, Net Income/(Loss) ($ in millions) 2026 2025 Change PSE&G $506 $515 $(9) PSEG Power & Other $(130) $107 $(237) Total PSEG $376 $622 $(246) Non-GAAP Operating Earnings ($ in millions) 2026 2025 Change PSE&G $506 $515 $(9) PSEG Power & Other $68 $50 $18 Total PSEG $574 $565 $9 7 7 See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).
PSEG Third Quarter 2026 PSEG EPS Reconciliation – Q3 Results $1.40 $1.24 $1.15 $1.20 $0.04 $1.13 $(0.02) Transmission: 0.02 Gross Margin 0.04 $1.00 Distribution: O&M 0.02 Margin 0.03 Depreciation & Interest -- O&M (0.01) Taxes & Other (0.02) $0.76 $0.80 Depreciation & Interest (0.02) Taxes & Other (0.04) $0.60 $0.40 $0.20 $0.00 Q3 2025 Q3 2025 PSE&G PSEG Q3 2026 Q3 2026 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/(Loss) to reconcile to Operating Earnings (non-GAAP). 8 8 Results may not add due to rounding. $ / share
PSEG Third Quarter 2026 PSEG YTD Results PSEG Summary – Nine Months ended September 30, Net Income ($ in millions) 2026 2025 Change PSE&G $1,425 $1,393 $32 PSEG Power & Other $26 $403 $(377) Total PSEG $1,451 $1,796 $(345) Non-GAAP Operating Earnings ($ in millions) 2026 2025 Change PSE&G $1,425 $1,393 $32 PSEG Power & Other $352 $274 $78 Total PSEG $1,777 $1,667 $110 9 9 See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP).
PSEG Third Quarter 2026 PSEG EPS Reconciliation – YTD Results $4.00 $3.59 $3.56 $0.16 $3.60 $0.07 $3.33 Gross Margin 0.13 Transmission: 0.03 $3.20 O&M 0.08 $2.91 Distribution: Depreciation & Interest $2.80 Margin 0.14 (0.03) O&M (0.03) Taxes & Other (0.02) $2.40 Depreciation & Interest (0.06) $2.00 Taxes & Other (0.01) $1.60 $1.20 $0.80 $0.40 $0.00 YTD 2025 YTD 2025 PSE&G PSEG Power & Other YTD 2026 YTD 2026 Net Income Operating Earnings Operating Earnings Net Income (non-GAAP) (non-GAAP) See Slides A and B for Items excluded from Net Income/(Loss) to reconcile to Operating Earnings (non-GAAP). 10 10 Results may not add due to rounding. $ / share
PSEG Third Quarter 2026 PSE&G Q3 and Year-to-Date Regulatory and Market Environment 2026 Highlights • Worked constructively with the Sherrill Administration to help meet the goals of the two Executive Orders issued earlier this year • In-line with the spirit of those EOs, PSE&G anticipates filing a proposal with the Operations BPU to address the regulatory lag of capital investments made since our last distribution rate case • Residential Electric customer count grew by ~1% and Residential Gas customer count was flat for the trailing 12 months ended September 30, 2026 • PSE&G reduced residential gas heating bills by 5% effective October 1, 2026, maintaining the lowest gas bills in NJ and Mid-Atlantic Region • Weather-normalized sales for the trailing 12 months ended September 30: - Total Electric sales increased by ~1% • PJM will prospectively reduce costs for PSE&G’s wholesale transmission customers following a PSE&G-led effort on cost allocation at FERC; we expect - Total Gas sales decreased by ~3% to file in early 2027 to credit our retail customers reflecting this reduction • PSE&G replaced ~167 miles of gas main and ~21,435 associated gas services • PSE&G filed annual transmission formula rate update with FERC in October, to homes and businesses under gas main replacement program for the trailing resulting in ~$60 million in increased annual transmission revenue effective 12 months ended September 30 January 1, 2027, subject to true-up - Reduced reported methane emissions by over 34% system wide from 2018- 2025 through GSMP • PSE&G submitted its proposed extension of its EE programs running from 7/1/2027 to 6/30/2028 (Triennium 2.5 Framework) Financial • PSE&G started customer refunds of 2024 Zero Emission Certificates in June • Regulated investment totaled ~$1.1 billion in Q3; regulated capital spending • BPU approved an annual revenue increase of $14 million for investments plan for full year 2026 of ~$4.2 billion on track under Infrastructure Advancement Program and an annual revenue increase of $8 million for investments under CEF-EV; both roll-ins took effect October 1, 2026 and were offset by a reduction in the Statewide Universal Service Fund/Lifeline rates • BPU Phase 2 report on Modernizing New Jersey’s Electric Utility Business Model expected in early 2027 11
PSEG Third Quarter 2026 PSEG Power & Other Financial Considerations Nuclear Generation Measures • For 2026, total nuclear generation is forecasted to be 30-32 TWh Three Months Ended Nine Months Ended September 30, September 30, • Realized energy price historically aligned with the PECO zone • Over 95% of expected nuclear output hedged for 2026 2026 2025 2026 2025 • Hope Creek extended fuel cycle from 18 months to 24 months in fall 2025 Capacity Factor 95.5% 92.4% 94.3% 93.7% • Developing capacity uprate at Salem ~200 MW total (~112 MW PS-share) Fuel Cost ($ millions) $59 $53 $167 $154 • Notified NRC of intention to file for 20-year extension of operating licenses Generation (GWh) 8,172 7,903 23,948 23,769 for Salem Units 1&2 and Hope Creek to 2056, 2060 and 2066, respectively Fuel Cost ($/MWh) $7.18 $6.68 $6.96 $6.49 • Optionality around data centers/large load customers and PPAs at premium 2026: Spring – S2 Fall – S1, PB2 pricing to PTC; Submitted proposals into PJM RBP process Refueling Outages: 2025: Spring – S1 Fall – HC, PB3 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 2025 – May 2026 $270/MW-Day 3,500 MW 10 TWh $100M $250M $500M June 2026 – May 2027 $329/MW-Day 3,500 MW 20 TWh $200M $500M $1,000M June 2027 – May 2028 $333/MW-Day 3,500 MW 30 TWh $300M $750M $1,500M June 2028 – May 2029 $325/MW-Day 3,600 MW Note: Generation indicates net generation. Average Prices and Cleared Capacity reflect base and incremental auctions. 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 2026 Appendix 13
PSEG Third Quarter 2026 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 $5.82B PSE&G Long-term Debt Outstanding $17.11B PSEG Consolidated Debt to Capitalization 60% PSEG Maturity Profile 2026 - 2030 PSEG Power Senior Unsecured Credit Ratings Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable 2,500 (1) PSEG Power 364-Day Term Loan Outstanding $0.50B 2,000 (2) PSEG Power Long-term Debt Outstanding $1.64B 1,500 1,000 PSEG Liquidity 500 PSEG Liquidity and Net Cash Collateral Postings • PSEG had approximately $3.9B of total available liquidity (including $837M of cash and cash equivalents) 0 2026 2027 2028 2029 2030 • PSEG’s variable rate debt was ~3% of total debt • PSEG Power had net cash collateral postings of $610M PSE&G PSEG Power PSEG All data is as of September 30, 2026 unless otherwise noted. (1) 364-Day Term Loan is at a variable rate and is included in Short-Term Debt as Commercial Paper & Loans. In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026. 14 (2) In September 2026, PSEG Power issued $400 million of 5.55% Senior Notes due September 2031. Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places. Principal Maturing ($ Millions)
PSEG Third Quarter 2026 PSEG Liquidity as of September 30, 2026 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2031 $1,000 $27 $973 PSEG Money Pool (A) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2031 $1,500 $595 $905 (A) Revolving Credit Facility (PSEG Power) March 2031 1,250 58 1,192 (B) Letter of Credit Facility (PSEG Power) March 2028 75 62 13 $2,825 $715 $2,110 Total Facilities $3,825 $742 $3,083 PSEG Money Pool Cash and Short-term Investments $44 PSE&G Cash and Short-term Investments $793 Total Liquidity Available $3,920 Total Money Pool Liquidity Available $2,154 (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) PSEG Power has $425 million in uncommitted credit facilities with $350 million in letters of credit outstanding under these facilities. PSE&G has a $30 million uncommitted credit facility 15 with an immaterial amount of letters of credit outstanding under this facility.
PSEG Third Quarter 2026 PSEG Glossary of Terms AFUDC Allowance For Funds Used During Construction IAP Infrastructure Advancement Program PSEG Investor Relations 80 Park Plaza ICAP Installed Capacity BGS Basic Generation Service Newark NJ 07102 LIPA Long Island Power Authority BGSS Basic Gas Supply Service PSEG-IR-GeneralInquiry@pseg.com MW Megawatt BPU New Jersey Board of Public Utilities NRC Nuclear Regulatory Commission BRA Base Residual Auction Link to PSEG Investor Relations Website O&M Operation & Maintenance CAGR Compound Annual Growth Rate OSA Operations Services Agreement CEF Clean Energy Future PB Peach Bottom CIP Conservation Incentive Program Link to PSEG Sustainability Webpage PECO PECO Energy Company CWIP Construction Work In Progress PJM Pennsylvania New Jersey Maryland E Estimate The information on the PSEG Investor PPA Power Purchase Agreement EE Energy Efficiency Relations Website and the PSEG PTC Production Tax Credit EPS Earnings Per Share Sustainability Webpage is not incorporated RBP Reliability Backstop Procurement ESG Environmental, Social and Governance herein and is not part of this slide ROE Return on Equity EV Electric Vehicles presentation or the Form 8-K to which it is S Salem FERC Federal Energy Regulatory Commission an exhibit. T&D Transmission and Distribution FFO Funds From Operations TWh Terawatt-hour FY Full Year UCAP Unforced Capacity GAAP Generally Accepted Accounting Principles YE Year End GSMP Gas System Modernization Program YTD Year to Date HC Hope Creek ZEC Zero Emission Certificate 16
PSEG Third Quarter 2026 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 September 30, September 30, Reconciling Items forward delivery months. 2026 2025 2026 2025 (b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which ($ millions, Unaudited) records an additional 20% trust tax on income (loss) from qualified NDT Funds. Net Income $ 376 $ 622 $ 1,451 $ 1 ,796 Please see Slide 3 for an explanation of PSEG’s use of (Gain) Loss on Nuclear Decommissioning Trust (NDT) Operating Earnings as a non-GAAP financial measure and how it differs from Net Income. Fund Related Activity, pre-tax 21 (70) ( 126) (190) (a) (Gain) Loss on Mark-to-Market (MTM), pre-tax 251 (20) 550 (22) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (74) 33 (98) 83 Operating Earnings (non-GAAP) $ 574 $ 565 $ 1,777 $ 1,667 PSEG Fully Diluted Average Shares Outstanding (in millions) 499 501 499 501 ($ Per Share Impact - Diluted, Unaudited) Net Income $ 0.76 $ 1.24 $ 2.91 $ 3.59 (Gain) Loss on NDT Fund Related Activity, pre-tax 0 .04 (0.13) (0.25) (0.38) (a) (Gain) Loss on MTM, pre-tax 0 .50 (0.04) 1 .10 (0.04) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (0.15) 0.06 ( 0.20) 0.16 Operating Earnings (non-GAAP) $ 1.15 $ 1.13 $ 3.56 $ 3.33 A 18 18
PSEG Third Quarter 2026 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Nine Months Ended (a) Includes the financial impact from positions with forward delivery months. Reconciling Items September 30, September 30, (b) Income tax effect calculated at the statutory rate 2026 2025 2026 2025 except for qualified NDT related activity, which ($ millions, Unaudited) records an additional 20% trust tax on income (loss) from qualified NDT Funds. Net Income (Loss) $ (130) $ 107 $ 26 $ 403 Please see Slide 3 for an explanation of PSEG’s use of Operating Earnings as a non-GAAP financial measure (Gain) Loss on NDT Fund Related Activity, pre-tax 21 (70) ( 126) (190) and how it differs from Net Income/(Loss). (a) (Gain) Loss on MTM, pre-tax 251 (20) 550 (22) (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (74) 33 (98) 83 Operating Earnings (non-GAAP) $ 68 $ 50 $ 352 $ 274 PSEG Fully Diluted Average Shares Outstanding (in millions) 499 501 499 501 B 19 19