Public Service Enterprise Group

80 Park Plaza

Newark, NJ 07102

Initiates 2025 Non-GAAP Operating Earnings Guidance of $3.94 - $4.06 Per Share, midpoint up ~9% over 2024 results

Extends PSEG’s 5% - 7% Non-GAAP Operating Earnings CAGR for 2025-2029, at the Production Tax Credit threshold, from higher 2025 midpoint

Raises PSEG’s 2025 - 2029 Capital Spending Plan to $22.5 billion - $26 billion, up by $3.5 billion from prior plan

Targets PSE&G Rate Base CAGR of 6% - 7.5% for 2025-2029, from ~12% higher YE 2024 balance

Net Income

Reconciling Items

Non-GAAP Operating Earnings

Average Shares

Net Income

Reconciling Items

Non-GAAP Operating Earnings

Average Shares

Settled PSE&G’s first electric and gas distribution base rate case in six years. Balanced outcome recovers prudent investments and maintains our favorable affordability profile.

Obtained approval to invest ~$2.9 billion in PSE&G’s Clean Energy Future - Energy Efficiency II Program (CEF-EE II) over a six-year period. This program enables us to make investments at more customer premises to reduce energy usage, improve affordability and reduce carbon emissions.

Invested $3.6 billion of regulated capital expenditures at PSE&G.

Completed the Advanced Metering Infrastructure program, installing ~2.2 million PSE&G smart meters on time and on budget.

Implemented new deferral mechanisms for pension and storm expense, increasing the predictability of PSE&G’s future financial results and stabilizing rates for customers.

Lowered PSE&G’s gas commodity charge in October to $0.33 per therm for winter 2025, the third supply charge reduction since January 2023.

PSE&G recognized as #1 in customer satisfaction with residential electric and gas service in the East among large utilities by J.D. Power.

PSE&G received the PA Consulting ReliabilityOne^® Award for Outstanding Metropolitan Service Area Reliability Performance in the Mid-Atlantic region for the 23rd consecutive year.

PSEG Nuclear had strong operating performance and benefited from start of the nuclear production tax credit (PTC) in January.

For 2025, we are initiating PSEG’s non-GAAP Operating Earnings guidance in the range of $3.94 to $4.06 per share, representing an increase of approximately 9% at the midpoint above 2024 results.

Drivers for 2025 guidance include the benefit of new base rates in effect for the full year as well as the continued benefit of environmental attribute payments for our nuclear units, partly offset by higher financing costs.

For 2025, we plan to invest $3.8 billion on regulated investments focused on infrastructure modernization, energy efficiency, electrification initiatives and load growth.

The 2025-2029 capital spending plan of $22.5 billion to $26 billion consists of $21 billion to $24 billion of regulated investment, an increase of approximately $3 billion from our prior five-year plan of $18 billion to $21 billion. This increase is driven by incremental investments for PSE&G to meet growing customer demand, modernize infrastructure and our CEF-EE II programs.

PSE&G’s 2025-2029 regulated capital investment plan is expected to produce compound annual growth in rate base of 6% to 7.5%, starting from a year-end 2024 rate base of approximately $34 billion. PSE&G’s year-end 2024 rate base reflects an increase of approximately 12% over the year-end 2023 balance.

These updates to our capital spending plan and rate base growth are expected to extend our 5% to 7% long-term, compound annual growth rate in non-GAAP Operating Earnings through 2029, starting from the $4.00 per share midpoint of our 2025 guidance, an increase of 9% over 2024 results.

We continue to pursue growth opportunities at PSEG Nuclear that would be additive to our 5% to 7% long-term growth outlook, which can be met using the PTC threshold pricing. Incremental growth could be achieved through opportunities to contract our nuclear output under longer-term contracts at prices above the nuclear PTC, which can support the economic development interests of the state of New Jersey.

Net Income

Net Income Per Share (EPS)

Non-GAAP Operating Earnings

Non-GAAP Operating EPS

Net Income (Loss)

Net Income (Loss) Per Share (EPS)

Non-GAAP Operating Earnings

Non-GAAP Operating EPS

Marijke Shugrue

862-465-1445

[email protected]

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;

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, 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;

an increasing demand for power and load growth, potentially compounded by a shift away from natural gas toward increased electrification;

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;

our 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;

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, production tax credit and/or zero emission certificates program;

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, and third-party operation of co-owned 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 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.

OPERATING REVENUES

OPERATING EXPENSES

Energy Costs

Operation and Maintenance

Depreciation and Amortization

Loss on Asset Dispositions and Impairments

Total Operating Expenses

OPERATING INCOME

Income from Equity Method Investments

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

Net Non-Operating Pension and OPEB Credits (Costs)

Interest Expense

INCOME (LOSS) BEFORE INCOME TAXES

Income Tax (Expense) Benefit

NET INCOME (LOSS)

Reconciling Items Excluded from Net Income (Loss)^(b)

OPERATING EARNINGS (non-GAAP)

Earnings Per Share

NET INCOME (LOSS)

Reconciling Items Excluded from Net Income (Loss)^(b)

OPERATING EARNINGS (non-GAAP)

OPERATING REVENUES

OPERATING EXPENSES

Energy Costs

Operation and Maintenance

Depreciation and Amortization

Loss on Asset Dispositions and Impairments

Total Operating Expenses

OPERATING INCOME

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

Net Non-Operating Pension and OPEB Credits (Costs)

Interest Expense

INCOME BEFORE INCOME TAXES

Income Tax Expense

NET INCOME

Reconciling Items Excluded from Net Income^(b)

OPERATING EARNINGS (non-GAAP)

Earnings Per Share

NET INCOME

Reconciling Items Excluded from Net Income^(b)

OPERATING EARNINGS (non-GAAP)

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

OPERATING REVENUES

OPERATING EXPENSES

Energy Costs

Operation and Maintenance

Depreciation and Amortization

Loss on Asset Dispositions and Impairments

Total Operating Expenses

OPERATING INCOME

Income from Equity Method Investments

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

Net Non-Operating Pension and OPEB Credits (Costs)

Interest Expense

INCOME (LOSS) BEFORE INCOME TAXES

Income Tax (Expense) Benefit

NET INCOME

Reconciling Items Excluded from Net Income^(b)

OPERATING EARNINGS (non-GAAP)

Earnings Per Share

NET INCOME

Reconciling Items Excluded from Net Income^(b)

OPERATING EARNINGS (non-GAAP)

OPERATING REVENUES

OPERATING EXPENSES

Energy Costs

Operation and Maintenance

Depreciation and Amortization

Loss on Asset Dispositions and Impairments

Total Operating Expenses

OPERATING INCOME

Income from Equity Method Investments

Net Gains (Losses) on Trust Investments

Net Other Income (Deductions)

Net Non-Operating Pension and OPEB Credits (Costs)

Interest Expense

INCOME BEFORE INCOME TAXES

Income Tax Expense

NET INCOME

Reconciling Items Excluded from Net Income^(b)

OPERATING EARNINGS (non-GAAP)

Earnings Per Share

NET INCOME

Reconciling Items Excluded from Net Income^(b)

OPERATING EARNINGS (non-GAAP)

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

DEBT

Commercial Paper and Loans

Long-Term Debt*

Total Debt

STOCKHOLDERS’ EQUITY

Common Stock

Treasury Stock

Retained Earnings

Accumulated Other Comprehensive Loss

Total Stockholders’ Equity

Total Capitalization

Includes current portion of Long-Term Debt

Cash Flows From Operating Activities

Net Income

Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities

Net Cash Provided By (Used In) Operating Activities

Net Cash Provided By (Used In) Investing Activities

Net Cash Provided By (Used In) Financing Activities

Net Change in Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

Cash, Cash Equivalents and Restricted Cash at End of Period

Sales (millions kWh)

Residential

Commercial & Industrial

Other

Total

Sales (millions therms)

Firm Sales

Residential Sales

Commercial & Industrial

Total Firm Sales

Non-Firm Sales*

Commercial & Industrial

Total Non-Firm Sales

Total Sales

Contract Service Gas rate included in non-firm sales

THI Hours - Actual

THI Hours - Normal

Degree Days - Actual

Degree Days - Normal

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.

Year Ended

December 31,

Nuclear - NJ

Nuclear - PA

Weighted Average Common Shares Outstanding (millions)

Basic

Diluted

Stock Price at End of Period

Dividends Paid per Share of Common Stock

Dividend Yield

Book Value per Common Share

Market Price as a Percent of Book Value

Reconciling Items

Net Income

(Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax

(Gain) Loss on Mark-to-Market (MTM), pre-tax^(a)

Pension Settlement Charges, pre-tax

Lease Related Activity, pre-tax

Exit Incentive Program (EIP), pre-tax

Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)

Operating Earnings (non-GAAP)

PSEG Fully Diluted Average Shares Outstanding (in millions)

Net Income

(Gain) Loss on NDT Fund Related Activity, pre-tax

(Gain) Loss on MTM, pre-tax^(a)

Pension Settlement Charges, pre-tax

Lease Related Activity, pre-tax

EIP, pre-tax

Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)

Operating Earnings (non-GAAP)

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, and lease related activity.

Reconciling Items

Net Income

EIP, pre-tax

Pension Settlement Charges, pre-tax

Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)

Operating Earnings (non-GAAP)

PSEG Fully Diluted Average Shares Outstanding (in millions)

Reconciling Items

Net Income (Loss)

(Gain) Loss on NDT Fund Related Activity, pre-tax

(Gain) Loss on MTM, pre-tax^(a)

Pension Settlement Charges, pre-tax

Lease Related Activity, pre-tax

EIP, pre-tax

Income Taxes related to Operating Earnings (non-GAAP) reconciling items^(b)

Operating Earnings (non-GAAP)

PSEG Fully Diluted Average Shares Outstanding (in millions)

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, and lease related activity.