Public Service Enterprise Group (PEG) Investor presentation summary

Strategic vision and operational excellence

• Focus on sustainable energy, infrastructure modernization, and decarbonization initiatives through robust capital investments and clean energy programs.

• Achieved top rankings in customer satisfaction and reliability, with 24 consecutive ReliabilityOne® awards and leading J.D. Power scores.

• Over 90% of capital allocation through 2030 directed to regulated investments, supporting long-term growth and modernization.

• Clean Energy Future programs and GSMP III drive energy efficiency, emission reductions, and system resiliency.

• Investments aligned with New Jersey’s energy and economic policy goals, supporting employment and affordability.

Financial outlook and growth

• Long-term non-GAAP Operating Earnings growth outlook of 6%-8% through 2030, with a 2026 baseline ~7% higher than 2025.

• Regulated capital investment plan updated to $22.5B-$25.5B for 2026-2030, supporting a rate base CAGR of 6%-7.5%.

• No new equity or asset sales required to fund the 5-year capital plan; solid investment grade credit ratings maintained.

• 2026 indicative annual dividend rate of $2.68 per share, a ~6% increase over 2025, marking the 15th consecutive annual increase.

• Management has met or exceeded non-GAAP Operating Earnings guidance for 21 consecutive years.

Regulatory and investment highlights

• Settled key regulatory filings in 2024 and 2025, including GSMP III and Clean Energy Future - Energy Efficiency II, totaling over $4.3B in approved programs.

• PSE&G’s dual jurisdiction regulation enables timely recovery of investments and stable returns, with current ROEs of 10.4% (transmission) and 9.6% (distribution).

• GSMP III approved as a $1.4B, 3-year program starting January 2026, targeting methane reduction and infrastructure replacement.

• Clean Energy Future programs have delivered over $3.2B in energy efficiency investments and supported over 4,100 clean energy jobs.

• Awarded new regulated transmission projects, including a $424M Maryland project, expanding the growth pipeline.