DEBT

12 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT

9. DEBT

NJNG and NJR finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program and committed unsecured credit facilities.

Long-term Debt

The following table presents the long-term debt of the Company as of September 30:

(Thousands)			2025	2024
NJNG
First mortgage bonds:		Maturity date:
Series OO	3.00%	August 1, 2041	46,500	46,500
Series PP	3.15%	April 15, 2028	50,000	50,000
Series RR	4.61%	March 13, 2044	55,000	55,000
Series SS	2.82%	April 15, 2025	—	50,000
Series TT	3.66%	April 15, 2045	100,000	100,000
Series UU	3.63%	June 21, 2046	125,000	125,000
Series VV	4.01%	May 11, 2048	125,000	125,000
Series WW	3.50%	April 1, 2042	10,300	10,300
Series XX	3.38%	April 1, 2038	10,500	10,500
Series YY	2.45%	April 1, 2059	15,000	15,000
Series ZZ	3.76%	July 17, 2049	100,000	100,000
Series AAA	3.86%	July 17, 2059	85,000	85,000
Series BBB	2.75%	August 1, 2039	9,545	9,545
Series CCC	3.00%	August 1, 2043	41,000	41,000
Series DDD	3.13%	June 30, 2050	50,000	50,000
Series EEE	3.13%	July 23, 2050	50,000	50,000
Series FFF	3.33%	July 23, 2060	25,000	25,000
Series GGG	2.87%	September 1, 2050	25,000	25,000
Series HHH	2.97%	September 1, 2060	50,000	50,000
Series III	2.97%	October 30, 2051	50,000	50,000
Series JJJ	3.07%	October 28, 2061	50,000	50,000
Series LLL	4.37%	May 27, 2037	50,000	50,000
Series MMM	4.71%	May 27, 2052	50,000	50,000
Series NNN	5.47%	October 24, 2052	125,000	125,000
Series OOO	5.56%	September 28, 2033	50,000	50,000
Series PPP	5.85%	October 30, 2053	50,000	50,000
Series QQQ	5.82%	June 26, 2054	125,000	125,000
Series RRR	5.49%	September 30, 2034	75,000	75,000
Series SSS	5.16%	August 21, 2035	100,000	—
Series TTT	5.85%	August 21, 2055	100,000	—
Meter financing obligation		Various dates	33,477	31,574
Less: Debt issuance costs			(11,296)	(10,899)
Less: Current maturities of long-term debt			(8,228)	(58,649)
Total NJNG long-term debt			1,811,798	1,609,871
NJR
Unsecured senior notes	3.48%	November 7, 2024	—	100,000
Unsecured senior notes	3.54%	August 18, 2026	100,000	100,000
Unsecured senior notes	3.96%	June 8, 2028	100,000	100,000
Unsecured senior notes	3.29%	July 17, 2029	150,000	150,000
Unsecured senior notes	3.50%	July 23, 2030	130,000	130,000
Unsecured senior notes	3.60%	July 23, 2032	130,000	130,000
Unsecured senior notes	3.13%	September 1, 2031	120,000	120,000
Unsecured senior notes	3.25%	September 1, 2033	80,000	80,000
Unsecured senior notes	4.38%	June 23, 2027	110,000	110,000
Unsecured senior notes	3.64%	September 19, 2034	50,000	50,000
Unsecured senior notes	6.14%	December 15, 2032	50,000	50,000
Unsecured senior notes	5.55%	November 7, 2034	100,000	—
Less: Debt issuance costs			(2,916)	(3,011)
Less: Current maturities of long-term debt			(100,000)	(100,000)
Total NJR long-term debt			1,017,084	1,016,989

CEV		2025		2024
	Maturity date:
Solar asset financing obligation	Various dates	471,469		282,962
Less: Current maturities of long-term debt		(49,964)		(30,358)
Total CEV long-term debt		421,505		252,604
Total long-term debt		$	3,250,387	$	2,879,464

Annual long-term debt redemption requirements, excluding meter financing obligations, debt issuance costs and solar asset financing obligations, as of September 30, are as follows:

(Thousands)	2026		2027		2028		2029		2030		Thereafter
NJR	$	100,000	$	110,000	$	100,000	$	150,000	$	130,000	$	530,000
NJNG	$	—	$	—	$	50,000	$	—	$	—	$	1,747,845

NJR

On November 7, 2024, NJR entered into a Note Purchase Agreement under which NJR issued $100M senior notes at a fixed interest rate of 5.55%, maturing in 2034.

NJNG

First Mortgage Bonds

NJNG and Trustee entered into the Mortgage Indenture, dated September 1, 2014, which secures all the outstanding FMBs issued by NJNG. The Mortgage Indenture provides a direct first mortgage lien upon substantially all the operating properties and franchises of NJNG (other than excepted property, such as cash on hand, choses-in-action, securities, rent, natural gas meters and certain materials, supplies, appliances and vehicles), subject only to certain permitted encumbrances. The Mortgage Indenture contains provisions subjecting after-acquired property (other than excepted property and subject to pre-existing liens, if any, at the time of acquisition) to the lien thereof.

NJNG’s Mortgage Indenture does not restrict NJNG’s ability to pay dividends. New Jersey Administrative Code 14:4-4.7 states that a public utility cannot issue dividends without regulatory approval if its equity-to-total-capitalization ratio falls below 30%. As of September 30, 2025, NJNG’s equity-to-total-capitalization ratio is 54.1% and NJNG has the capacity to issue up to $1.5B of FMB under the terms of the Mortgage Indenture.

On April 15, 2025, NJNG’s 10-year, 2.82% $50M senior notes matured.

On August 21, 2025, NJNG entered into a Note Purchase Agreement for $200M aggregate principal amount of its senior notes consisting of $100M of 5.16% senior notes due August 21, 2035, and $100M of 5.85% senior notes due August 21, 2055.

The senior notes are secured by an equal principal amount of NJNG’s FMBs issued under NJNG’s Mortgage Indenture.

Sale Leasebacks

NJNG received approximately $11.7M and $8.8M during fiscal 2025 and 2024, respectively, in connection with the sale leaseback of its natural gas meters, with terms ranging from seven to 10 years. NJNG records the proceeds received from the sale leaseback as a financing obligation for accounting purposes that is paid over the term of the arrangement and has the option to purchase the meters back at fair value upon expiration of the lease.

Contractual commitments for meter sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows:

(Thousands)	2026		2027	2028	2029	2030	Thereafter	Subtotal
Future payments	$	9,477	7,876	8,209	5,149	3,830	2,447	$	36,988
Less: Interest component								(3,511)
Total								$	33,477

Clean Energy Ventures

CEV enters into transactions to sell the commercial solar assets concurrent with agreements to lease the assets back over a period of five to seven years. CEV records the proceeds received from the sale leasebacks as financing obligations for accounting purposes. These transactions are typically secured by the renewable energy facility asset and its future cash flows from RECs and energy sales. ITCs and other tax benefits associated with these solar projects are transferred to the buyer, if applicable; however, the lease payments are structured so that CEV is compensated for the transfer of the related tax incentives. CEV continues to operate the solar assets, including related expenses, and retain the revenue generated from RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term. CEV received proceeds of approximately $251.2M and $64.7M during fiscal 2025 and 2024, respectively, in connection with the sale leaseback of commercial solar assets. The proceeds received were recognized as a financing obligation on the Consolidated Balance Sheets.

Contractual commitments for the solar sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows:

(Thousands)	2026		2027	2028	2029	2030	Thereafter	Subtotal
Future payments	$	36,528	39,038	50,424	97,718	48,742	121,936	$	394,386
Less: Interest component								(82,004)
Total								$	312,382

Credit Facilities and Short-term Debt

A summary of NJR’s credit facility and NJNG’s commercial paper program and credit facility as of September 30, is as follows:

				At end of period
(Thousands)	As of date	Total borrowing capacity		Loans outstanding		Weighted average interest rate			Remaining borrowing capacity				Expiration dates
NJR bank revolving credit facility (1)
2025		$	575,000	$	152,600		5.38	%		$	401,018	(2)	August 2029
2024		$	575,000	$	236,700		6.23	%		$	325,951	(2)	August 2029
NJNG bank revolving credit facility (3)
2025		$	250,000	$	43,000		4.30	%		$	206,269	(4)	August 2029
2024		$	250,000	$	55,100		4.98	%		$	194,169	(4)	August 2029

(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.

(2)Letters of credit outstanding total approximately $21.4M and $12.3M as of September 30, 2025 and 2024, respectively, which reduces the amount available by the same amount.

(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.

(4)Letters of credit outstanding total approximately $0.7M at both September 30, 2025 and 2024, which reduces the amount available by the same amount.

Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility.

NJR

In August 2024, NJR entered into a second amendment to NJR’s Second Amended and Restated Credit Agreement, which reduced the NJR Credit Facility from $650M to $575M and extended the maturity date to August 7, 2029, pursuant to NJR’s option to extend the maturity date under the NJR Second Amended and Restated Credit Agreement, and permits NJR to request that the maturity date be extended up to two times for an additional period of one year each. The NJR Credit Facility includes an accordion feature, which allows NJR, in the absence of a default or event of default, to increase from time to time, with the existing or new lenders, the revolving credit commitments under the NJR Credit Facility in increments of at least $50M, with the total revolving credit commitments not exceeding $750M. The NJR Credit Facility also permits the borrowing of revolving loans and swingline loans, as well as a $75M sublimit for the issuance of letters of credit. Certain of NJR’s unregulated subsidiaries have guaranteed all of NJR’s obligations under the NJR Credit Facility. The credit facility is used primarily to finance its share repurchases, to satisfy ES’s short-term liquidity needs and to finance, on an initial basis, unregulated investments.

As of September 30, 2025, NJR had 24 letters of credit outstanding totaling approximately $21.4M, which reduced the amount available under the NJR Credit Facility by the same amount. NJR does not anticipate that these letters of credit will be drawn upon by the counterparties, and they will be renewed as necessary.

Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities.

NJNG

In August 2024, NJNG entered into a second amendment to NJNG’s Second Amended and Restated Credit Agreement governing a $250M NJNG Credit Facility, which extended the maturity date of the facility to August 7, 2029, pursuant to NJNG’s option to extend the maturity date under the NJNG Second Amended and Restated Credit Agreement, and permits NJNG to request that the maturity date be extended up to two times for an additional period of one year each. The NJNG Credit Facility includes an accordion feature, which allows NJNG, in the absence of a default or event of default, to increase from time to time, with the existing or new lenders, the revolving credit commitments under the NJNG Credit Facility in increments of at least $50M with the total revolving credit commitments not exceeding $350M. The NJNG Credit Facility also permits the borrowing of revolving loans and swingline loans, as well as a $30M sublimit for the issuance of letters of credit.

As of September 30, 2025, NJNG has two letters of credit outstanding for approximately $0.7M, which reduced the amount available under the NJNG Credit Facility by the same amount. NJNG does not anticipate that these letters of credit will be drawn upon by the counterparties.