Public Service Enterprise Group, Inc. Q4 FY2025 earnings call

• Recognized employees' dedication in restoring systems after winter weather. - PSE&G hit a seasonal gas send - out peak in February 2026. - Responded to nearly 2,000 no - heat calls per day during cold snap. - Electrical systems performed well with quick restoration. - Achieved excellent results in safety, reliability, and customer satisfaction measures. - Implemented summer relief initiatives and held residential gas rate flat. - New Jersey Board of Public Utilities approved electric supply auction reduction. - PSE&G received approval to extend GSMP3 program reducing methane emissions. - PSE&G and PSEG Long Island received top customer satisfaction awards. - PSEG updated capital program to $24 to $28 billion for 2026 - 2030 period with over 90% focused on regulated investments.

PSE&G reported fourth - quarter net income and non - GAAP operating earnings of $352 million and $0.72 per share respectively, compared to $378 million and $0.84 per share in 2024. For the full year, PSE&G had net income and non - GAAP operating earnings of $1.75 billion and $4.05 per share in 2025 compared to $1.55 billion and $3.68 per share in 2024. PSEG Power and Other had a net loss of $37 million in the fourth quarter of 2025 compared to a net loss of $92 million in 2024, and non - GAAP operating earnings were $10 million in 2025 fourth quarter compared to $43 million in 2024 fourth quarter. For the full year, PSEG Power & Other had net income of $366 million in 2025 compared to $225 million in 2024, and non - GAAP operating earnings were $284 million in 2025 compared to $292 million in 2024. PSEG Nuclear posted a 91.2% capacity factor for the full year of 2025, producing approximately 30.9 terawatt hours of carbon - free baseload power.

• Initiated non - GAAP operating earnings guidance in the range of $4.28 to $4.40 per share for 2026, an increase at the midpoint of 7% over 2025 results. - Updated PSEG's capital program to $24 to $28 billion for 2026 - 2030 period, with regulated capital spending forecasted in the range of $22.5 to $25.5 billion. - Raised long - term non - GAAP earnings growth outlook to 6% to 8% through 2030. - 2026 planned capital investment program for regulated business is approximately $4.2 billion. - 2026, PSE&G's expected generation output is approximately 95% hedged.

Q: On the legislative side, timing of bill, next steps, IRP process, PPA structure, air permits, turbine backlogs.

A: There are bills floating in Trenton, policymakers need to work through variables like turbine backlogs, air permits.

Q: Quantify hedges and upside versus PTC.

A: Dan talked about being 95% hedged in 2026, largely hedged in 2027, and 2028 ratably hedged with 29 and 2030 more subject to market forces.

Q: CAGR linearity, critical drivers.

A: Goal is to be as linear as possible, structural changes and supply demand curve affect it.

Q: Nuclear contracting, data centers, new administration.

A: More fertile ground in Pennsylvania for larger projects, smaller opportunities in New Jersey, focus on staffing and budget in new administration.

Q: RBA process, extending RPM collar.

A: Market signals are considered, location of facilities in Pico zone is relevant.

Q: Overlap between VPU and legislative process, timeline.

A: Give and take between legislator and regulator, bills direct BPU to do certain things, level of interest is high.

Q: Breakdown of 2026 guide between regulated utility and power, hedging in power.

A: Market signals are leaned on, 95% hedged in 2026, largely hedged in 2027, ratably hedged in 2028.

Q: Incremental regulated capital investments, types of projects.

A: Incremental transmission, readiness for solar, participation on generation side.

Q: O&M side, assumptions in six to eight CAGR.

A: Look at inflationary assumptions and pull back on costs, labor agreements are considered.

Q: Merchant assumption above PTC, utility side rate base CAGR.

A: Earnings projections are met, rate base CAGR of six to seven and a half percent is consistent.

Q: BPU 180 - day pause, outcomes.

A: No impact on business from paused regulations.

Q: SMRs in New Jersey, likelihood.

A: Early site permit is technology agnostic, advocating for big nuclear but open to SMRs.

Q: Nuclear fuel availability, hedging.

A: Contracted for next few years, some modest price movement expected.

Q: Governor's view on SMRs, PSEG's part.

A: Advocating for state to enable AP1000, educating incoming administration.

Q: Executive orders, financial impacts, BPU commissioners.

A: Too early to assess financial impacts from executive orders, conversations with BPU commissioners are limited to meet - and - greets