REPORTABLE SEGMENT DATA

3 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

REPORTABLE SEGMENT DATA

14. REPORTABLE SEGMENT DATA

The Company has four reportable segments which are determined based upon a combination of factors, including the nature of business activities, product and service offerings and the regulatory environment in which the businesses operate. NJNG consists of regulated utility operations that provide energy and off-system, capacity and storage management operations primarily to residential and commercial customers; CEV consists of capital investments in clean energy projects, primarily in commercial solar installations; ES consists of unregulated wholesale and retail energy operations and asset management services; S&T consists of the Company’s investments in natural gas transportation and storage facilities.

The accounting policies of the Company, as described in Note 2. Summary of Significant Accounting Policies, are the same as those of the reportable segments. Intercompany transactions are eliminated in consolidation.

The CODM, the Chief Executive Officer of the Company, uses net income and NFE, as well as various other financial and operational metrics as measures of profitability. Net income is the measure of segment profit or loss that most closely aligns with GAAP. Performance is evaluated based upon profitability and budget and/or forecast-to-actual variances when making decisions about the allocation of resources and capital to segment operations.

Information related to the Company's various reportable segments during the three months ended December 31, 2025 and 2024, is detailed below:

(Thousands)	NJNG		CEV		ES		S&T		Total
2025
Operating revenues attributable to reportable segments	$	409,901	$	31,760	$	119,107	$	28,080	$	588,848
Intercompany revenue	237		—		—		—		237
Reconciliation to consolidated revenue
Corporate and other (1)									15,769
Total operating revenues									$	604,854
Natural gas purchases	170,724		—		85,774		374		256,872
Operation and maintenance	48,988		9,340		3,185		10,466		71,979
Regulatory rider expenses	33,154		—		—		—		33,154
Depreciation and amortization	36,960		7,032		41		5,265		49,298
Interest income (2)	725		31		39		2,109		2,904
Other segment income (expense) (3)	5,323		5,275		170		(122)		10,646
Interest expense, net of capitalized interest	19,299		8,366		3,418		5,566		36,649
Income tax provision	23,232		2,738		6,301		2,273		34,544
Equity in earnings of affiliates	—		—		—		1,240		1,240
Net income attributable to reportable segments	$	83,829	$	9,590	$	20,597	$	7,363	$	121,379
Reconciliation to consolidated net income
Corporate and other (1)									1,111
Total net income									$	122,490
2024
Operating revenues attributable to reportable segments	$	333,428	$	26,406	$	86,308	$	26,586	$	472,728
Intercompany revenue	337		—		—		42		379
Reconciliation to consolidated revenue
Corporate and other (1)									15,254
Total operating revenues									$	488,361
Natural gas purchases	130,005		—		67,868		280		198,153
Operation and maintenance	52,094		10,566		1,865		10,083		74,608
Regulatory rider expenses	22,476		—		—		—		22,476
Depreciation and amortization	32,084		6,425		47		6,496		45,052
Gain on sale of assets	—		(54,859)		—		—		(54,859)
Interest income (2)	637		—		34		2,456		3,127
Other segment income (expense) (3)	4,880		4,371		350		(64)		9,537
Interest expense, net of capitalized interest	17,454		6,374		3,885		5,969		33,682
Income tax provision	18,261		14,141		2,769		1,489		36,660
Equity in earnings of affiliates	—		—		—		961		961
Net income attributable to reportable segments	$	66,908	48,130		10,258		5,664		$	130,960
Reconciliation to consolidated net income
Corporate and other (1)									359
Total net income									$	131,319

(1)Corporate and other includes HSO and intercompany eliminations.

(2)Interest income is included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.

(3)Includes other income, net less interest income on the Unaudited Condensed Consolidated Statements of Operations.

The Company's capital expenditures for the various reportable segments are detailed below:

(Thousands)	NJNG		CEV	ES	S&T	Total
Capital expenditures during the three months ended:
December 31, 2025	$	106,918	59,701	—	12,445	$	179,064
December 31, 2024	$	109,904	33,476	—	8,201	$	151,581

The Company's assets for the various reportable segments are detailed below:

(Thousands)	NJNG		CEV	ES	S&T	Total
Segment assets as of December 31, 2025	$	5,428,674	1,324,384	152,555	1,044,817	$	7,950,430
Corporate and other (1)						$	(44,219)
Total assets						$	7,906,211
Segment assets as of September 30, 2025	$	5,198,116	1,308,969	98,429	1,033,439	$	7,638,953
Corporate and other (1)						$	(60,178)
Total assets						$	7,578,775

(1)Corporate and other includes HSO and intercompany eliminations.