Shares declined 2.2% post-earnings, reflecting investor caution despite solid operational execution, as growth and margin expansion catalysts remain uncertain amid a cautious outlook.

• New Jersey Natural Gas hit record send-out days during an extreme winter, demonstrating operational reliability and cost-effective hedging that delivered $93 million in customer savings.
• Storage & Transportation segment expects more than doubling of net financial earnings over two years, driven by fixed-price contract recontracting and ongoing capacity expansions—all progressing on schedule.
• Clean Energy Ventures increased installed capacity by 25% in fiscal 2025 and plans a further 50% boost by fiscal 2027, supported by a strong investment pipeline exceeding 1.2 GW.
• Despite internal optimism and raised NFEPS guidance, the market reaction suggests investors remain cautious on near-term growth visibility and margin pressure risks.