Public Service Enterprise Group Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 5 May 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Net income and operating earnings rose: Net income was $741 million, or $1.48 per diluted share, against $589 million and $1.18 a year earlier. Non-GAAP Operating Earnings were $778 million, or $1.55 per share, against $718 million and $1.43. Source
PSE&G earnings rose to $577 million: PSE&G net income, equal to non-GAAP Operating Earnings, was $577 million against $546 million. The company cites investment in Energy Efficiency, Gas System Modernization and Transmission, and gas demand seasonality. Source
PSEG Power drivers: prices and volume: Higher realized prices and lower operation and maintenance costs were offset in part by lower generating volume and the absence of zero emission certificates. Source
Storm and cold-snap response: The quarter included the worst winter storm to hit the service territory in 30 years, and several single-digit temperature days that drove the highest gas send-out since 2019. Source
Electric rates held flat for 2026: PSEG worked with the Governor’s Office and the New Jersey Board of Public Utilities to keep electric rates flat in 2026. Source

“PSEG delivered a solid operating and financial performance to begin the year,”
Ralph LaRossa, PSEG’s chair, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Non-GAAP Operating Earnings per share Source	full year 2026	$4.28 - $4.40 per share	Kept
Non-GAAP Operating Earnings growth Source	through 2030	6% to 8% compound annual rate	Kept

What changed from last quarter

Guidance kept: 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share was maintained; the prior release had initiated the same range. Source
New: Company says its 2026 electric rate work is in keeping with Governor Sherrill’s Executive Orders 1 and 2 on utility costs and generation supply. Source

Results and growth drivers

Net income and operating earnings rose: Net income was $741 million, or $1.48 per diluted share, against $589 million and $1.18 a year earlier. Non-GAAP Operating Earnings were $778 million, or $1.55 per share, against $718 million and $1.43. Source
Excluded items were smaller: Reconciling items excluded from Net Income totaled $37 million, or $0.07 per share, against $129 million, or $0.25 per share, in the first quarter 2025. Source
Operating revenues rose to $3,848 million: Operating revenues were $3,848 million against $3,222 million a year earlier, with PSE&G at $3,085 million and PSEG Power & Other at $1,416 million. Source

Segments and regions

PSE&G earnings rose to $577 million: PSE&G net income, equal to non-GAAP Operating Earnings, was $577 million against $546 million. The company cites investment in Energy Efficiency, Gas System Modernization and Transmission, and gas demand seasonality. Source
PSEG Power net income rose to $164 million: PSEG Power & Other net income was $164 million against $43 million, and its non-GAAP Operating Earnings were $201 million against $172 million. Source
PSEG Power drivers: prices and volume: Higher realized prices and lower operation and maintenance costs were offset in part by lower generating volume and the absence of zero emission certificates. Source

“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.”
Ralph LaRossa, PSEG’s chair, president and CEO

Products and customers

Firm gas sales rose 5%: Total firm gas sales were 1,303 million therms, up 5%: residential 792 million, up 6%, and commercial and industrial 511 million, up 3%. Non-firm commercial and industrial sales were 161 million therms, up 24%. Source
Customer base described: PSE&G serves approximately 2.4 million electric and 1.9 million natural gas customers, according to the company description. Source

Costs

Energy costs rose to $1,507 million: Energy costs were $1,507 million against $1,186 million, with PSE&G at $1,358 million and PSEG Power & Other at $802 million. Source
Operation and maintenance rose: Consolidated operation and maintenance was $937 million against $919 million. PSE&G rose to $637 million from $576 million, and PSEG Power & Other fell to $300 million from $343 million. Depreciation and amortization was $329 million against $320 million. Source
Interest expense rose to $272 million: Interest expense was $272 million against $241 million in the first quarter 2025. Source

“without the need to issue new equity or sell assets - which remains a core differentiator from our peers”
Ralph LaRossa, PSEG’s chair, president and CEO

Weather, storms and reliability

Degree days ran above normal: Heating degree days were 2,561, up 8% on the prior year and above the 2,451 normal. Source
Storm and cold-snap response: The quarter included the worst winter storm to hit the service territory in 30 years, and several single-digit temperature days that drove the highest gas send-out since 2019. Source
Storm response credited to investment: Management credited investments in critical energy infrastructure and a dedicated workforce for restoring service in frigid conditions. Source

Capital, cash and balance sheet

Operating cash flow rose to $1,271 million: Net cash from operating activities was $1,271 million against $1,049 million; investing activities used $736 million against $618 million. Source
Financing turned to net outflow: Net financing activities were a $263 million outflow, against a $345 million inflow in the first quarter 2025. Source
Total debt and equity rose: Total debt was $24,255 million at March 31, 2026, against $24,074 million at December 31, 2025. Stockholders’ equity was $17,303 million against $16,982 million. Source
Book value per share rose: Book value per common share was $34.75 against $32.83 a year earlier. Source
Dividend paid per share rose: Dividends paid per share were $0.67 in the first quarter 2026 against $0.63 a year earlier. Source

Rates and affordability

Electric rates held flat for 2026: PSEG worked with the Governor’s Office and the New Jersey Board of Public Utilities to keep electric rates flat in 2026. Source
Residential gas rate held flat: On February 1, PSE&G kept its residential natural gas rate flat for the rest of the 2025-2026 winter heating season. Source
Gas bills cited as lowest in region: The company says its residential gas bills are the lowest in New Jersey and in the region. Source

Coming up, as management said on 5 May 2026

Basic Generation Service rate update June 1: PSE&G rates will reflect the latest Basic Generation Service auction results, effective June 1. Source

Figures management reported

Figure	Reported
EPS growth target Source	6% to 8% compound annual rate of non-GAAP Operating Earnings growth through 2030
Customer growth Source	gradual increase in electric and gas customers
Load growth Source	electric sales 10,371 million kWh, up 4%

Risks management discussed

Operational: Multiple extreme weather events in the quarter required storm response and service restoration across PSE&G and PSEG Power. Source

Earlier plans management reported on

Not stated: Management maintained the 2026 guidance range; the release gives no status against it. Source
Not stated: Management said PSEG worked with state officials to keep electric rates flat in 2026. Source
Not stated: Management said the residential gas rate was kept flat for the remainder of the winter heating season from February 1. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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 1, 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.”

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

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 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

Forward-looking statements notice

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;
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.

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
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)
INCOME BEFORE INCOME TAXES	848	-	656	192
Income Tax Expense	(107)	-	(79)	(28)
NET INCOME	$741	$ -	$577	$164
Reconciling Items Excluded from Net Income	37	-	-	37
OPERATING EARNINGS (non-GAAP)	$778	$ -	$577	$201
Earnings Per Share
NET INCOME	$1.48
Reconciling Items Excluded from Net Income	0.07
OPERATING EARNINGS (non-GAAP)	$1.55

	Three Months Ended March 31, 2025
	PSEG	Eliminations	PSE&G	PSEG Power & Other
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
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)
INCOME BEFORE INCOME TAXES	617	-	590	27
Income Tax (Expense) Benefit	(28)	-	(44)	16
NET INCOME	$589	$ -	$546	$43
Reconciling Items Excluded from Net Income	129	-	-	129
OPERATING EARNINGS (non-GAAP)	$718	$ -	$546	$172
Earnings Per Share
NET INCOME	$1.18
Reconciling Items Excluded from Net Income	0.25
OPERATING EARNINGS (non-GAAP)	$1.43

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
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
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)
Total Stockholders’ Equity	17,303	16,982
Total Capitalization	$41,558	$41,056

* 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
Net Cash Provided By (Used In) Operating Activities	1,271	1,049
Net Cash Provided By (Used In) Investing Activities	(736)	(618)
Net Cash Provided By (Used In) Financing Activities	(263)	345
Net Change in Cash, Cash Equivalents and Restricted Cash	272	776
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	156	154
Cash, Cash Equivalents and Restricted Cash at End of Period	$428	$930

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%)
Total	10,371	4%

Gas Sold and Transported

Sales (millions therms)	Three Months Ended	Change vs. 2025
Firm Sales
Residential Sales	792	6%
Commercial & Industrial	511	3%
Total Firm Sales	1,303	5%
Non-Firm Sales*
Commercial & Industrial	161	24%
Total Non-Firm Sales	161
Total Sales	1,464	7%

* 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
	7,989	8,355

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	41	188
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)
(Gain) Loss on MTM, pre-tax	0.08	0.38
Income Taxes related to Operating Earnings (non-GAAP) reconciling items	(0.02)	(0.10)
Operating Earnings (non-GAAP)	$1.55	$1.43

Includes the financial impact from positions with forward delivery months.
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	41	188
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

Includes the financial impact from positions with forward delivery months.
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.

Contacts
Media Relations: (973) 430-7734 DL-ENT-pseg.communications@pseg.com
Investor Relations: (973) 430-6565 PSEG-IR-GeneralInquiry@pseg.com