Earnings jump and $2.68 dividend anchor PSEG (NYSE: PEG) Q1 2026
Rhea-AI Filing Summary
Public Service Enterprise Group reported first-quarter 2026 net income of $741 million, or $1.48 per share, up from $589 million, or $1.18 per share, a year earlier. Non-GAAP operating earnings were $778 million, or $1.55 per share, versus $718 million, or $1.43 per share, and the company maintained full-year 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share.
PSE&G contributed $577 million of net income, up from $546 million, while PSEG Power & Other rose to $164 million from $43 million, helped by higher realized prices and lower operating costs, partly offset by lower generation and the absence of zero emission certificates. Operating cash flow increased to $1.27 billion, with about $0.8 billion of regulated capital investment in the quarter toward a planned $4.2 billion for 2026. The quarterly dividend was raised to an annualized $2.68 per share, with $0.67 paid in the quarter, and electric and gas retail sales each grew, supported by colder weather and modest customer growth.
Positive
- Stronger earnings and EPS growth: Q1 2026 net income rose to $741 million ($1.48 per share) from $589 million ($1.18 per share), and non-GAAP operating earnings increased to $778 million ($1.55 per share) from $718 million ($1.43 per share), showing broad profit improvement.
- Guidance and dividend support: The company maintained 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share and increased the first-quarter dividend to an annualized indicative rate of $2.68 per share, with $0.67 paid versus $0.63 a year earlier.
- Robust cash flow and investment: Operating cash flow reached $1.27 billion in Q1 2026, supporting about $0.8 billion of regulated capital spending in the quarter and an expected $4.2 billion of capital investments for 2026.
Negative
- None.
Insights
PSEG posted stronger Q1 earnings, robust cash flow and affirmed 2026 guidance.
PSEG delivered meaningfully higher profitability in Q1 2026, with net income rising to $741 million and non-GAAP operating earnings to $778 million. EPS moved to $1.48 on a GAAP basis and $1.55 non-GAAP, while segment results improved at both PSE&G and PSEG Power & Other.
Cash generation was solid: operating cash flow reached $1.27 billion for the quarter, supporting about $0.8 billion of regulated capital spending and a higher indicative dividend of $2.68 per share. The capitalization mix shows total debt of $24.3 billion and equity of $17.3 billion as of March 31, 2026.
Management reaffirmed non-GAAP operating earnings guidance of $4.28–$4.40 per share for 2026 and highlighted continued investment in programs such as GSMP III and transmission. While nuclear generation volume declined modestly and the segment faces the absence of zero emission certificates, improved pricing and cost control helped lift PSEG Power & Other earnings.
8-K Event Classification
Key Figures
Key Terms
Non-GAAP Operating Earnings financial
Mark-to-Market (MTM) financial
Nuclear Decommissioning Trust (NDT) financial
Funds From Operations (FFO) financial
capacity factor financial
Zero Emission Certificates financial
Earnings Snapshot
Non-GAAP operating earnings guidance for 2026 remains $4.28 to $4.40 per share.
(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 | ||||
Item 2.02 |
Results of Operations and Financial Condition |
Item 7.01 |
Regulation FD Disclosure |
Item 9.01 |
Financial Statements and Exhibits |
| Exhibit 99 | Press Release dated May 5, 2026 | |
| Exhibit 99.1 | Slideshow Presentation | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||
| (Registrant) | ||
| By: | /s/ Rose M. Chernick | |
| ROSE M. CHERNICK | ||
| Vice President and Controller | ||
| (Principal Accounting Officer) | ||
| PUBLIC SERVICE ELECTRIC AND GAS COMPANY | ||
| (Registrant) | ||
| By: | /s/ Rose M. Chernick | |
| ROSE M. CHERNICK | ||
| Vice President and Controller | ||
| (Principal Accounting Officer) | ||
Exhibit 99
|
Public Service Enterprise Group 80 Park Plaza Newark, NJ 07102 |
PSEG ANNOUNCES FIRST QUARTER 2026 RESULTS
$1.48 PER SHARE NET INCOME
$1.55 PER SHARE NON-GAAP OPERATING EARNINGS
Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share
(NEWARK, N.J. – May 5, 2026) Public Service Enterprise Group (NYSE: PEG) reported the following results for the first quarter 2026:
PSEG Consolidated (unaudited)
First Quarter Comparative Results
| Income | Earnings Per Share | |||||||||||||||
| ($ millions, except per share amounts) |
1Q 2026 | 1Q 2025 | 1Q 2026 | 1Q 2025 | ||||||||||||
| Net Income |
$ | 741 | $ | 589 | $ | 1.48 | $ | 1.18 | ||||||||
| Reconciling Items |
37 | 129 | 0.07 | 0.25 | ||||||||||||
| Non-GAAP Operating Earnings |
$ | 778 | $ | 718 | $ | 1.55 | $ | 1.43 | ||||||||
| Average Shares Outstanding (Diluted) |
500 | 500 | ||||||||||||||
See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
“PSEG delivered a solid operating and financial performance to begin the year,” said Ralph LaRossa, PSEG’s chair, president and CEO. “Our teams across PSE&G and PSEG Power successfully responded to multiple extreme weather events during the first quarter. These included the worst winter storm to hit our service territory in the past 30 years and several days of single digit temperatures that prompted our highest gas send-out since 2019. PSEG’s investments in critical energy infrastructure and our dedicated workforce that worked tirelessly to restore service in frigid conditions proved to be the key factors in our ability to deliver best-in-class storm response and reliability.”
“PSEG has worked with the Governor’s Office and the New Jersey Board of Public Utilities to keep electric rates flat in 2026, in keeping with Governor Sherrill’s Executive Orders 1 & 2 addressing utility costs and generation supply. PSE&G rates will also benefit from the update to reflect the latest Basic Generation Service auction results effective on June 1. On February 1st, we also kept our residential natural gas rate flat for the remainder of the 2025-2026 winter heating season, providing our customers with the lowest gas bills in New Jersey and in the region. PSEG Nuclear also had a strong first quarter, supplying 8 TWh of reliable, carbon-free baseload energy to New Jersey and the grid.”
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LaRossa added, “We continue to execute on our long-term strategy to grow PSEG’s non-GAAP Operating Earnings by a compound annual rate of 6% to 8% through 2030 – without the need to issue new equity or sell assets – which remains a core differentiator from our peers.”
PSEG Results by Segment (unaudited)
First Quarter Comparative Results
| ($ millions) |
1Q 2026 | 1Q 2025 | ||||||
| PSE&G Net Income/Non-GAAP Operating Earnings |
$ | 577 | $ | 546 | ||||
| PSEG Power & Other Net Income |
164 | 43 | ||||||
| Total PSEG Net Income |
$ | 741 | $ | 589 | ||||
| PSEG Power & Other Non-GAAP Operating Earnings |
$ | 201 | $ | 172 | ||||
| Total PSEG Non-GAAP Operating Earnings |
$ | 778 | $ | 718 | ||||
PSE&G’s results for the first quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and Transmission; the seasonality of gas demand during the winter months; and the continued, gradual increase in the number of electric and gas customers. These results were partially offset by higher operation and maintenance costs as well as higher depreciation and interest expense related to incremental investments.
PSEG Power & Other results for the quarter reflect higher realized prices and lower operation and maintenance costs, partly offset by lower generating volume and the absence of zero emission certificates.
###
PSEG will host a conference call to review its first 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 DL-ENT-pseg.communications@pseg.com |
(973) 430-6565 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 aims to power a future where people use energy more efficiently, and it’s safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named
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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. 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 7 and 8 for a complete list of items excluded from Net Income 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, 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 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; |
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| • | 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.
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 March 31, 2026 | ||||||||||||||||
| PSEG | Eliminations | PSE&G | PSEG Power & Other(a) |
|||||||||||||
| OPERATING REVENUES |
$ | 3,848 | $ | (653 | ) | $ | 3,085 | $ | 1,416 | |||||||
| OPERATING EXPENSES |
||||||||||||||||
| Energy Costs |
1,507 | (653 | ) | 1,358 | 802 | |||||||||||
| Operation and Maintenance |
937 | — | 637 | 300 | ||||||||||||
| Depreciation and Amortization |
329 | — | 295 | 34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Operating Expenses |
2,773 | (653 | ) | 2,290 | 1,136 | |||||||||||
| OPERATING INCOME |
1,075 | — | 795 | 280 | ||||||||||||
| Net Gains (Losses) on Trust Investments |
(17 | ) | — | — | (17 | ) | ||||||||||
| Net Other Income (Deductions) |
43 | — | 19 | 24 | ||||||||||||
| Net Non-Operating Pension and OPEB Credits (Costs) |
19 | — | 17 | 2 | ||||||||||||
| Interest Expense |
(272 | ) | — | (175 | ) | (97 | ) | |||||||||
|
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|
|
|
|
|
|
|
|||||||||
| INCOME BEFORE INCOME TAXES |
848 | — | 656 | 192 | ||||||||||||
| Income Tax Expense |
(107 | ) | — | (79 | ) | (28 | ) | |||||||||
|
|
|
|
|
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|
|||||||||
| NET INCOME |
$ | 741 | $ | — | $ | 577 | $ | 164 | ||||||||
|
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|
|||||||||
| Reconciling Items Excluded from Net Income(b) |
37 | — | — | 37 | ||||||||||||
|
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|
|
|
|
|||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 778 | $ | — | $ | 577 | $ | 201 | ||||||||
|
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|
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|
|
|||||||||
| Earnings Per Share |
||||||||||||||||
| NET INCOME |
$ | 1.48 | ||||||||||||||
|
|
|
|||||||||||||||
| Reconciling Items Excluded from Net Income(b) |
0.07 | |||||||||||||||
|
|
|
|||||||||||||||
| OPERATING EARNINGS (non-GAAP) |
$ | 1.55 | ||||||||||||||
|
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| Three Months Ended March 31, 2025 | ||||||||||||||||
| PSEG | Eliminations | PSE&G | PSEG Power & Other(a) |
|||||||||||||
| OPERATING REVENUES |
$ | 3,222 | $ | (534 | ) | $ | 2,664 | $ | 1,092 | |||||||
| OPERATING EXPENSES |
||||||||||||||||
| Energy Costs |
1,186 | (534 | ) | 1,094 | 626 | |||||||||||
| Operation and Maintenance |
919 | — | 576 | 343 | ||||||||||||
| Depreciation and Amortization |
320 | — | 280 | 40 | ||||||||||||
|
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|
|
|
|
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|
|||||||||
| Total Operating Expenses |
2,425 | (534 | ) | 1,950 | 1,009 | |||||||||||
| OPERATING INCOME |
797 | — | 714 | 83 | ||||||||||||
| Net Gains (Losses) on Trust Investments |
8 | — | — | 8 | ||||||||||||
| Net Other Income (Deductions) |
37 | (1 | ) | 16 | 22 | |||||||||||
| Net Non-Operating Pension and OPEB Credits (Costs) |
16 | — | 17 | (1 | ) | |||||||||||
| Interest Expense |
(241 | ) | 1 | (157 | ) | (85 | ) | |||||||||
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|||||||||
| INCOME BEFORE INCOME TAXES |
617 | — | 590 | 27 | ||||||||||||
| Income Tax (Expense) Benefit |
(28 | ) | — | (44 | ) | 16 | ||||||||||
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| NET INCOME |
$ | 589 | $ | — | $ | 546 | $ | 43 | ||||||||
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|||||||||
| Reconciling Items Excluded from Net Income(b) |
129 | — | — | 129 | ||||||||||||
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| OPERATING EARNINGS (non-GAAP) |
$ | 718 | $ | — | $ | 546 | $ | 172 | ||||||||
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| Earnings Per Share |
||||||||||||||||
| NET INCOME |
$ | 1.18 | ||||||||||||||
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| Reconciling Items Excluded from Net Income(b) |
0.25 | |||||||||||||||
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| OPERATING EARNINGS (non-GAAP) |
$ | 1.43 | ||||||||||||||
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| (a) | Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. |
| (b) | See Attachments 7 and 8 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). |
Attachment 2
Public Service Enterprise Group Incorporated
Capitalization Schedule
(Unaudited, $ millions)
| March 31, 2026 |
December 31, 2025 |
|||||||
| DEBT |
||||||||
| Commercial Paper and Loans |
$ | 1,165 | $ | 1,529 | ||||
| Long-Term Debt* |
23,090 | 22,545 | ||||||
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|||||
| Total Debt |
24,255 | 24,074 | ||||||
| STOCKHOLDERS’ EQUITY |
||||||||
| Common Stock |
5,010 | 5,062 | ||||||
| Treasury Stock |
(1,475 | ) | (1,435 | ) | ||||
| Retained Earnings |
13,853 | 13,446 | ||||||
| Accumulated Other Comprehensive Loss |
(85 | ) | (91 | ) | ||||
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|||||
| Total Stockholders’ Equity |
17,303 | 16,982 | ||||||
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| Total Capitalization |
$ | 41,558 | $ | 41,056 | ||||
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| * | Includes current portion of Long-Term Debt |
Attachment 3
Public Service Enterprise Group Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited, $ millions)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows From Operating Activities |
||||||||
| Net Income |
$ | 741 | $ | 589 | ||||
| Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities |
530 | 460 | ||||||
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|||||
| Net Cash Provided By (Used In) Operating Activities |
1,271 | 1,049 | ||||||
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| Net Cash Provided By (Used In) Investing Activities |
(736 | ) | (618 | ) | ||||
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| Net Cash Provided By (Used In) Financing Activities |
(263 | ) | 345 | |||||
|
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| Net Change in Cash, Cash Equivalents and Restricted Cash |
272 | 776 | ||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
156 | 154 | ||||||
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| Cash, Cash Equivalents and Restricted Cash at End of Period |
$ | 428 | $ | 930 | ||||
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Attachment 4
Public Service Electric & Gas Company
Retail Sales
(Unaudited)
March 31, 2026
Electric Sales
| Sales (millions kWh) |
Three Months Ended |
Change vs. 2025 | ||||
| Residential |
3,490 | 6% | ||||
| Commercial & Industrial |
6,784 | 3% | ||||
| Other |
97 | (4%) | ||||
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|||||
| Total |
10,371 | 4% | ||||
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|||||
Gas Sold and Transported
| Sales (millions therms) |
Three Months Ended |
Change vs. 2025 |
||||||
| Firm Sales |
||||||||
| Residential Sales |
792 | 6% | ||||||
| Commercial & Industrial |
511 | 3% | ||||||
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|||||||
| Total Firm Sales |
1,303 | 5% | ||||||
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| Non-Firm Sales* |
||||||||
| Commercial & Industrial |
161 | 24% | ||||||
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| Total Non-Firm Sales |
161 | |||||||
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| Total Sales |
1,464 | 7% | ||||||
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| * | Contract Service Gas rate included in non-firm sales |
Weather Data*
| Three Months | Change vs. | |||||||
| Ended | 2025 | |||||||
| Degree Days - Actual |
2,561 | 8% | ||||||
| Degree Days - Normal |
2,451 | |||||||
| * | 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. The 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 5
Nuclear Generation Measures
(Unaudited)
| GWh Breakdown | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Nuclear - NJ |
5,092 | 5,464 | ||||||
| Nuclear - PA |
2,897 | 2,891 | ||||||
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| 7,989 | 8,355 | |||||||
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Attachment 6
Public Service Enterprise Group Incorporated
Statistical Measures
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Weighted Average Common Shares Outstanding (millions) |
||||||||
| Basic |
499 | 498 | ||||||
| Diluted |
500 | 500 | ||||||
| Stock Price at End of Period |
$ | 80.95 | $ | 82.30 | ||||
| Dividends Paid per Share of Common Stock |
$ | 0.67 | $ | 0.63 | ||||
| Dividend Yield |
3.3 | % | 3.1 | % | ||||
| Book Value per Common Share |
$ | 34.75 | $ | 32.83 | ||||
| Market Price as a Percent of Book Value |
233 | % | 251 | % | ||||
Attachment 7
Public Service Enterprise Group Incorporated
Consolidated Operating Earnings (non-GAAP) Reconciliation
| Reconciling Items | Three Months Ended March 31, | |||||||
| 2026 | 2025 | |||||||
| ($ millions, Unaudited) | ||||||||
| Net Income |
$ | 741 | $ | 589 | ||||
| (Gain) Loss on Nuclear Decommissioning Trust (NDT) |
||||||||
| Fund Related Activity, pre-tax |
6 | (12 | ) | |||||
| (Gain) Loss on Mark-to-Market (MTM), pre-tax(a) |
41 | 188 | ||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
(10 | ) | (47 | ) | ||||
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|
|
|
|
|||||
| Operating Earnings (non-GAAP) |
$ | 778 | $ | 718 | ||||
|
|
|
|
|
|||||
| PSEG Fully Diluted Average Shares Outstanding (in millions) |
500 | 500 | ||||||
| ($ Per Share Impact - Diluted, Unaudited) |
||||||||
| Net Income |
$ | 1.48 | $ | 1.18 | ||||
| (Gain) Loss on NDT Fund Related Activity, pre-tax |
0.01 | (0.03 | ) | |||||
| (Gain) Loss on MTM, pre-tax(a) |
0.08 | 0.38 | ||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
(0.02 | ) | (0.10 | ) | ||||
|
|
|
|
|
|||||
| Operating Earnings (non-GAAP) |
$ | 1.55 | $ | 1.43 | ||||
|
|
|
|
|
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| (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 8
PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation
| Reconciling Items |
Three Months Ended March 31, |
|||||||
| 2026 | 2025 | |||||||
| ($ millions, Unaudited) | ||||||||
| Net Income |
$ | 164 | $ | 43 | ||||
| (Gain) Loss on NDT Fund Related Activity, pre-tax |
6 | (12 | ) | |||||
| (Gain) Loss on MTM, pre-tax(a) |
41 | 188 | ||||||
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) |
(10 | ) | (47 | ) | ||||
|
|
|
|
|
|||||
| Operating Earnings (non-GAAP) |
$ | 201 | $ | 172 | ||||
|
|
|
|
|
|||||
| PSEG Fully Diluted Average Shares Outstanding (in millions) |
500 | 500 | ||||||
| (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 FIRST QUARTER 2026 NYSE: PEG Financial Results Presentation May 5, 2026
PSEG First Quarter 2026 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, • any inability to enter into or extend certain significant contracts; • development, adoption and use of Artificial Intelligence by us and our third-party vendors; including, without limitation, future revenues, earnings, strategies, prospects, consequences, and • fluctuations in, or third-party default risk in wholesale power and natural gas markets, all other statements that are not purely historical constitute “forward-looking statements” within including the potential impacts on the economic viability of our generation units; the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking • the ability to obtain adequate nuclear fuel supply; statements are subject to risks and uncertainties, which could cause actual results to differ • changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; materially from those anticipated. Such statements are based on management’s beliefs as well as • third-party credit risk relating to our sale of nuclear generation output and purchase of assumptions made by and information currently available to management. When used herein, the nuclear fuel; words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” • any inability to meet our commitments under forward sale obligations and Regional “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to Transmission Organization rules; • risks associated with generation activities at, and operation of, the Peach Bottom plants, identify forward-looking statements. Factors that may cause actual results to differ are often which are similar to those to which nuclear generation plants that we operate are subject; presented with the forward-looking statements themselves. Other factors that could cause actual • the impact of changes in state and federal legislation and regulations on our business, results to differ materially from those contemplated in any forward-looking statements made by us including PSE&G’s ability to recover costs and earn returns on authorized investments; herein are discussed in filings we make with the United States Securities and Exchange • PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned; Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form • our ability to receive sufficient financial support for our New Jersey nuclear plants from the 10-Q and Form 8-K. These factors include, but are not limited to: markets, and/or production tax credits; • any inability to successfully develop, obtain regulatory approval for, or construct transmission • adverse changes in and non-compliance with energy industry laws, policies, regulations and and distribution, and our nuclear generation projects; standards, including market structures and transmission planning and transmission returns; • significant resource adequacy challenges that present affordability and reliability concerns • risks associated with our ownership and operation of nuclear facilities, including increased and that could cause policymakers to implement responsive measures that could have a nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act material, adverse impact on our business, strategy, growth rates, cash flows, results of and trade control, environmental and other regulations, as well as operational, financial, operations, and financial condition and increase regulatory uncertainty for utility investment environmental and health and safety risks; initiatives and programs; • changes in or violation of federal, state and local environmental laws and regulations and • the physical, financial and transition risks related to climate change, including risks relating to enforcement; potentially increased legislative and regulatory burdens, changing customer preferences and • delays in receipt of, or an inability to receive, necessary licenses and permits and siting lawsuits; approvals; and • any equipment failures, gas explosions, accidents, critical operating technology or business • changes in tax laws and regulations. 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 All of the forward-looking statements made in this report are qualified by these cautionary that may impact our ability to provide safe and reliable service to our customers; statements and we cannot assure you that the results or developments anticipated by • any inability to recover the carrying amount of our long-lived assets; management will be realized or even if realized, will have the expected consequences to, or • disruptions or cost increases in our supply chain, including labor shortages; • any inability to maintain sufficient liquidity or access sufficient capital on commercially effects on, us or our business, prospects, financial condition, results of operations or cash flows. reasonable terms; Readers are cautioned not to place undue reliance on these forward-looking statements in • the impact of cybersecurity attacks or intrusions or other disruptions to our information making any investment decision. Forward-looking statements made in this report apply only as technology, operational or other systems; of the date of this report. While we may elect to update forward-looking statements from time to • failure to attract and retain a qualified workforce; • increases in the costs of equipment, materials, fuel, services and labor; time, we specifically disclaim any obligation to do so, even in light of new information or future • the impact of our covenants in our debt instruments and credit agreements on our business; events, unless otherwise required by applicable securities laws. • adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements; 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 2 2 the Securities Exchange Act of 1934, as amended.
PSEG First Quarter 2026 GAAP Disclaimer PSEG presents Operating Earnings in addition to its Net Income 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. 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 Income to GAAP Operating Earnings and non-GAAP FFO estimates and our inability 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 (including changes comparing PSEG’s financial performance to previous financial results. The in regulatory assets/liabilities, deferred taxes) with respect to non-GAAP FFO and presentation of non-GAAP Operating Earnings is intended to complement, and non-GAAP debt and imputed debt (including unfunded pension obligation) with should not be considered an alternative to, the presentation of Net Income, which is respect to non-GAAP debt - due to the volatility, complexity and low visibility of an indicator of financial performance determined in accordance with GAAP. In these items, PSEG is unable to reconcile these non-GAAP financial measures to addition, non-GAAP Operating Earnings as presented in this release may not be the most directly comparable GAAP financial measure. These items are uncertain, 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 May 5, 2026. and non-GAAP Funds From Operations (FFO), including the forward-looking non- GAAP FFO/Debt ratio target, in this presentation. 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 First Quarter 2026 PSEG Q1 2026 Highlights First Quarter Results • Net Income of $1.48 per share in Q1 2026 vs. $1.18 per share in Q1 2025 • Non-GAAP Operating Earnings of $1.55 per share in Q1 2026 vs. $1.43 per share in Q1 2025 • First quarter dividend increased ~6% to annualized indicative rate of $2.68 per share for 2026 Operational Excellence • PSE&G successfully responded to multiple extreme weather events, including Winter Storm Hernando, the most severe winter storm in the region over the past 30 years • PSE&G restored service safely and quickly to all impacted customers from Winter Storm Hernando within 24 hours and responded to more than 1,250 no-heat calls • PSEG Nuclear achieved a capacity factor of 95.5% for the quarter • Salem Unit 2 completed a 495-day, breaker-to-breaker operating run in April to begin its scheduled refueling outage Disciplined Investment • Regulated investment was ~$0.8 billion in Q1; full-year capital spending plan of ~$4.2 billion is on track and on budget • PSE&G began investment in its GSMP III program, representing $1.4 billion in approved spending over a three-year period See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP). All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors. 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 First Quarter 2026 PSEG Outlook Maintained Continuing Execution of PSEG Strategic Plan 2026 guidance midpoint represents ~7% increase over 2025 results • PSEG maintained 2026 non-GAAP Operating Earnings guidance of $4.28 - $4.40 per share • 2026 outlook driven by: o Regulated rate base increased ~7% at YE 2025 over YE 2024 o Higher utility margin from T&D and energy efficiency $4.28 - $4.40 investments o Hedged ~95% of expected nuclear output in 2026; market $4.05 prices for energy and capacity above PTC threshold o Higher costs, including interest and depreciation, based on higher capital spend • Regulated capital spending plan for 2026 of ~$4.2 billion focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth • PSEG raised 2026 indicative annual common dividend th by $0.16 per share, the 15 consecutive annual increase 2025 Non-GAAP 2026E Non-GAAP Operating Earnings Operating Earnings Guidance See Slide A for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP). 5 All future decisions and declarations regarding dividends on the common stock are subject to approval by the Board of Directors.
PSEG First Quarter 2026 Strong Business Mix, Predictable Growth and Nuclear Upside • PSEG’s long-term, non-GAAP earnings growth outlook is 6%-8% through 2030 • Total PSEG capital program of $24B - $28B for 2026-2030, >90% regulated investments • $22.5B - $25.5B regulated capital spending plan for 2026-2030 • Rate Base CAGR of 6%-7.5% over same period efficiently translates to earnings growth • Stringent cost control supports customer affordability • Expected nuclear output at anticipated market prices that exceed the PTC threshold • Opportunistically hedging nuclear output to support long-term earnings CAGR • Solid balance sheet supports execution of robust 5-year capital spending plan • Able to fund 5-Year capital spending plan without the need to issue equity or sell assets (1) • Non-GAAP FFO/Debt projected to be in the mid-teens through 2030 • Potential growth beyond forecasted 6%-8% CAGR range could be achieved through opportunities to contract existing and planned additions of nuclear output, and incremental regulated capital investments • Management track record of 21 consecutive years meeting or exceeding non-GAAP Operating Earnings guidance (1) FFO/Debt is an internal estimate of a non-GAAP measure. FFO reflects cash from operations excluding working capital and adjusts for certain items including taxes on asset sales, cost of removal and energy efficiency 6 investments. Debt consists of long-term debt, short-term debt and other imputed debt primarily related to an unfunded pension obligation.
PSEG First Quarter 2026 Q1 2026 Review 7
PSEG First Quarter 2026 PSEG Q1 Results PSEG Summary – Three Months ended March 31, Net Income ($ in millions) 2026 2025 Change PSE&G $577 $546 $31 PSEG Power & Other $164 $43 $121 Total PSEG $741 $589 $152 Non-GAAP Operating Earnings ($ in millions) 2026 2025 Change PSE&G $577 $546 $31 PSEG Power & Other $201 $172 $29 Total PSEG $778 $718 $60 8 8 See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP).
PSEG First Quarter 2026 PSEG EPS Reconciliation – Q1 2026 versus Q1 2025 $1.75 $0.06 $1.55 $0.06 $1.48 $1.50 $1.43 Gross Margin -- Transmission 0.01 O&M 0.06 Distribution: Depreciation & Interest $1.25 $1.18 (0.01) Margin 0.07 O&M (0.01) Taxes & Other 0.01 Depreciation & Interest $1.00 (0.02) Taxes & Other 0.01 $0.75 $0.50 $0.25 $0.00 Q1 2025 Q1 2025 PSE&G PSEG Power & Other Q1 2026 Q1 2026 Net Income Operating Earnings Operating Earnings Net Income (non-GAAP) (non-GAAP) See Slides A and B for Items excluded from Net Income to reconcile to Operating Earnings (non-GAAP). 9 9 Results may not add due to rounding. $ / share
PSEG First Quarter 2026 PSE&G Q1 2026 Highlights Operations Regulatory and Market Environment • Residential Electric and Gas customer count each grew by ~1% • BPU approved annual revenue increase of $23 million for investments under for the trailing 12 months ended March 31, 2026 GSMP II Extension effective April 1, 2026 • Weather-normalized sales for the trailing 12 months ended March 31: • Implemented annual FERC regulated transmission formula rate resulting in ~$82 million in additional revenue effective January 1, 2026, subject to true-up - Total Electric sales were flat - Total Gas sales decreased by 1% • 2024 Zero Emission Certificates to be refunded to customers • PSE&G replaced ~165 miles of gas main and ~30,400 associated gas services • The BPU’s and PJM’s termination of the State Agreement Approach to building to homes and businesses under gas main replacement program for the trailing offshore wind transmission infrastructure is not expected to have a material 12 months ended March 31 impact on PSE&G’s capital investment plan - Reduced reported methane emissions by over 34% system wide since 2018 Financial through GSMP • PSE&G invested ~$0.8 billion in Q1; Regulated capital investments for 2026 expected to total ~$4.2 billion • Commenced three-year, $1.4 billion GSMP III program in Q1 2026 • In January, PSE&G issued $500 million of 4.2% Secured Medium-Term Notes due January 2031 and $500 million of 5.625% Secured Medium-Term Notes due January 2056 • In March, PSE&G retired $450 million of 0.95% Secured Medium-Term Notes at maturity 10
PSEG First Quarter 2026 PSEG Power & Other Financial Considerations • For 2026, total nuclear generation is forecasted to be 30-32 TWh Nuclear Generation Measures • Realized energy price historically aligned with the PECO hub Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 • ~95% of expected nuclear output hedged for 2026 Capacity Factor 95.5% 99.9% • Hope Creek extended fuel cycle from 18 months to 24 months in fall 2025 • Capacity uprate potential at Salem of nearly 200 MW total (~112 MW Fuel Cost ($ millions) $54 $53 PSEG share) Generation (GWh) 7,989 8,355 • Notified NRC of intention to file for extension of operating licenses for Fuel Cost ($/MWh) $6.76 $6.34 Salem Units 1&2 and Hope Creek by 20 years to 2056, 2060 and 2066, respectively Spring 2026 – S2 Spring 2025 – S1 Refueling Outages • Optionality around data centers/large load customers and PPAs at Fall 2026 – S1, PB2 Fall 2025 – HC, PB3 premium pricing to PTC 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 2024 – May 2025 $61/MW-Day 3,700 MW 10 TWh $100M $250M $500M June 2025 – May 2026 $270/MW-Day 3,500 MW 20 TWh $200M $500M $1,000M June 2026 – May 2027 $329/MW-Day 3,500 MW 30 TWh $300M $750M $1,500M June 2027 – May 2028 $333/MW-Day 3,500 MW Note: Generation indicates net generation. Average Prices and Cleared Capacity reflect base and incremental auctions. 11 11 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 First Quarter 2026 Appendix 12
PSEG First 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 (1) PSEG 364-Day Term Loan Outstanding $0.50B PSE&G Long-term Debt Outstanding $16.53B PSEG Long-term Debt Outstanding $5.32B PSEG Maturity Profile 2026 - 2030 PSEG Consolidated Debt to Capitalization 58% 2,500 PSEG Power Senior Unsecured Credit Ratings 2,000 Moody’s = Baa2 / Outlook = Stable S&P = BBB / Outlook = Stable (1) PSEG Power 364-Day Term Loan Outstanding $0.50B 1,500 1,000 PSEG Power Long-term Debt Outstanding $1.24B 500 PSEG Liquidity and Net Cash Collateral Postings PSEG Liquidity 0 • PSEG had approximately $3.9B of total available liquidity, including $404M 2026 2027 2028 2029 2030 of cash and cash equivalents, at March 31, 2026 • As of March 31, 2026, PSEG’s variable rate debt was ~4% of total debt PSE&G PSEG Power PSEG • PSEG Power had net cash collateral postings of $221M at March 31, 2026 All data is as of March 31, 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 February 2026, PSEG entered into a 364-day variable rate term loan agreement for $500 million. In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026. 13 13 Note: Total long-term debt outstanding amounts may not add to PSEG Consolidated total long-term debt outstanding due to rounding. Amounts on slide are rounded up to two decimal places. Principal Maturing ($ Millions)
PSEG First Quarter 2026 PSEG Liquidity as of March 31, 2026 Expiration Total Available Company Facility Usage Date Facility Liquidity ($ millions) PSE&G Revolving Credit Facility March 2031 $1,000 $26 $974 PSEG Money Pool (A) PSEG/PSEG Power Revolving Credit Facility (PSEG) March 2031 $1,500 $179 $1,321 (A) Revolving Credit Facility (PSEG Power) March 2031 1,250 58 1,192 (B) Letter of Credit Facility (PSEG Power) March 2028 75 55 20 $2,825 $292 $2,533 Total Facilities $3,825 $318 $3,507 PSEG Money Pool Cash and Short-term Investments $55 PSE&G Cash and Short-term Investments $349 Total Liquidity Available $3,911 Total Money Pool Liquidity Available $2,588 (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 $190 million in letters of credit outstanding under these facilities. PSE&G has a $30 million uncommitted credit facility with an immaterial amount of letters of credit 14 14 outstanding under this facility.
PSEG First Quarter 2026 PSEG Glossary of Terms AFUDC Allowance For Funds Used During Construction ICAP Installed Capacity PSEG Investor Relations 80 Park Plaza BGSS Basic Gas Supply Service LIPA Long Island Power Authority Newark NJ 07102 M&R Metering and Regulating BPU New Jersey Board of Public Utilities PSEG-IR-GeneralInquiry@pseg.com MW Megawatt CAGR Compound Annual Growth Rate NRC Nuclear Regulatory Commission CEF Clean Energy Future Link to PSEG Investor Relations Website O&M Operation & Maintenance CIP Conservation Incentive Program OSA Operations Services Agreement CWIP Construction Work In Progress E Estimate PB Peach Bottom Link to PSEG ESG Webpages PECO PECO Energy Company EE Energy Efficiency PJM Pennsylvania New Jersey Maryland EPS Earnings Per Share The information on the PSEG Investor PPA Power Purchase Agreement ESG Environmental, Social and Governance Relations Website and the PSEG ESG PTC Production Tax Credit FERC Federal Energy Regulatory Commission Webpages is not incorporated herein and is ROE Return on Equity FFO Funds From Operations not part of this slide presentation or the Form S Salem FY Full Year 8-K to which it is an exhibit. T&D Transmission and Distribution GAAP Generally Accepted Accounting Principles UCAP Unforced Capacity GSMP Gas System Modernization Program YE Year End HC Hope Creek YTD Year to Date IAP Infrastructure Advancement Program ZEC Zero Emission Certificate 15 15
PSEG First Quarter 2026 Reconciliation of Non-GAAP Operating Earnings Public Service Enterprise Group Incorporated - Consolidated Operating Earnings (non-GAAP) Reconciliation (a) Includes the financial impact from positions with Three Months Ended forward delivery months. March 31, Reconciling Items (b) Income tax effect calculated at the statutory rate 2026 2025 except for qualified NDT related activity, which ($ millions, Unaudited) records an additional 20% trust tax on income (loss) from qualified NDT Funds. Net Income $ 741 $ 589 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 6 (12) (a) (Gain) Loss on Mark-to-Market (MTM), pre-tax 41 188 (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (10) (47) Operating Earnings (non-GAAP) $ 778 $ 718 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 ($ Per Share Impact - Diluted, Unaudited) Net Income $ 1.48 $ 1.18 (Gain) Loss on NDT Fund Related Activity, pre-tax 0.01 (0.03) (a) (Gain) Loss on MTM, pre-tax 0.08 0.38 (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (0.02) (0.10) Operating Earnings (non-GAAP) $ 1.55 $ 1.43 A 16 16
PSEG First Quarter 2026 Reconciliation of Non-GAAP Operating Earnings PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation (a) Includes the financial impact from positions with Three Months Ended forward delivery months. Reconciling Items March 31, (b) Income tax effect calculated at the statutory rate 2026 2025 except for qualified NDT related activity, which records an additional 20% trust tax on income ($ millions, Unaudited) (loss) from qualified NDT Funds. Please see Slide 3 for an explanation of PSEG’s use of Net Income $ 164 $ 43 Operating Earnings as a non-GAAP financial measure (Gain) Loss on NDT Fund Related Activity, pre-tax 6 (12) and how it differs from Net Income. (a) (Gain) Loss on MTM, pre-tax 41 188 (b) Income Taxes related to Operating Earnings (non-GAAP) reconciling items (10) (47) Operating Earnings (non-GAAP) $ 201 $ 172 PSEG Fully Diluted Average Shares Outstanding (in millions) 500 500 B 17 17