Public Service Enterprise Group Inc.

Solid 2Q/1H financials; guidance reaffirmed (PSEG consolidated) - 2Q 2026: Net income $0.67/share; non-GAAP operating earnings (NOE) $0.86/share (vs $0.77/share NOE in 2Q’25). - 1H 2026: Net income $2.15/share; NOE $2.41/share. - Forecast: Reaffirmed full-year 2026 NOE guidance of $4.28–$4.40/share. - Medium-term outlook: 5-year NOE growth outlook of 6%–8% CAGR through 2030. - Balance sheet/capital capacity: Company says its strong balance sheet supports its $24B–$28B total 5-year capex plan without new equity issuance or asset sales, supporting consistent/sustainable dividend growth.

PSE&G: growth driven by regulated investments + unusually strong storm restoration - Drivers of results: Ongoing system replacement, reliability, and energy efficiency investment lifted second-quarter performance. - 2Q PSE&G earnings: $342M net income and $0.86/share NOE (vs prior year $332M net income). - Weather impact: 2Q’26 was 29% warmer than normal and 9% warmer vs 2Q’25 (with CIP mechanisms helping decouple a portion of weather/economic sales variance). - Storm (July 4 weekend) “surprising/positive”: During heat + successive thunderstorms with >70 mph winds, PSE&G reconnected ~380,000 customers and nearly all restored within 24 hours, led by 330+ crews and 10M+ proactive customer communications, with a strong safety record; provided mutual aid to neighbors. - Regulatory follow-up: PSE&G will submit a comprehensive post-event performance report to the NJ BPU (Aug 5).

PSE&G customer affordability actions and regulatory framework shift (EO1) - Customer credits/refunds: Implementing residential bill credits under Executive Order 1 and continuing 12-month scheduled refund (~$166M) of Zero Emission Certificate refunds that started June. - Gas bill support: Filed to lower residential gas bills by >5% starting Oct 1 (claims among the lowest in NJ/region). - Regulatory uncertainty/opportunity: NJ BPU EO1 “Phase 1” report concluded; Phase 2 expected to focus on cost discipline, financing modernization, targeting incentives/shared savings, and staged performance-based ratemaking. - Base rate timing change (important expectation): Due to lag and capex build, PSE&G now anticipates filing by year-end 2026 (to avoid more frequent base rate cases) to better align with EO1’s transparency/performance direction.