FY 2023 Fourth Quarter and Year End Financial Results November 21, 2023 November 2023 Investor Presentation

Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings presentation include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2024, including NFEPS guidance by Segment, fiscal 2024 and 2025 long term growth targets and range, long term annual growth projections and targets, Capital Plan expectations for FY 2024 and 2025, projections of dividend and financing activities, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, project pipeline (under construction, contract or exclusivity) through Fiscal 2028, total expected shareholder return projections, dividend growth, CEV revenue and service projections, SREC Hedging strategies and Asset Management Agreements, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, environmental social and governance efforts, rising interest rates and ITCs, and other legal and regulatory expectations. Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. Non-GAAP Measures Non-GAAP Measures This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company. NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Management uses NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, as supplemental measures to other GAAP results to provide a more complete understanding of the Company’s performance. Management believes these non-GAAP measures are more reflective of the Company’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between reported GAAP earnings and NFE/net financial loss due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. In addition, in making forecasts relating to S&T’s Adjusted EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC Regulation G.

Contents Fiscal 2023 Fourth Quarter and Year End Conference Call 4 Agenda 5 Fiscal 2023 Accomplishments 6 Fiscal 2024 NFEPS Guidance of $2.70 to $2.85 7 NFEPS Guidance by Segment 8 New Jersey Natural Gas 9 Clean Energy Ventures (CEV): Pipeline of Investment Opportunities 10 Storage and Transportation (S&T): Overview 11 Energy Services Overview 12 Financial Review 13 Review of Fiscal 2023 NFE Changes 14 Capital Plan 15 Projected Cash Flows 16 Investment Grade Profile 17 Debt Maturities: Well Positioned in a Rising Rate Environment 18 Growth Strategy and Key Highlights Appendix: Financial Statements and Additional Information – 19 20 Reconciliation of NFE and NFEPS to Net Income 21 Other Reconciliation of Non-GAAP Measures 22 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 23 Fiscal 2023 Fourth Quarter and Year NFE by Business Unit 24 Review of Fiscal 2023 Q4 NFE Changes 25 NJR's Business Portfolio 26 NJNG: Supportive Regulatory Construct 27 CEV: SREC Hedging Strategy Stabilizes Revenue 28 Capital Plan Table 29 Dividend Growth: Committed to Building Shareholder Value 30 Environmental, Social and Governance Efforts 31 Shareholder and Contact Information

1 FY 2023 Highlights Steve Westhoven | President and CEO 2 Financial Highlights Roberto Bel | SVP and CFO 3 Q&A Session FY 2023 Fourth Quarter And Year End Conference Call Agenda 4

Fiscal 2023 Accomplishments Executing on our Strategic Plan to Drive Continued, Organic Growth NJNG CEV S&T Energy Services $2.73 FY 2023 EPS $2.70 FY 2023 NFEPS1 (up 8.0% YoY) NJNG had a strong year driven by the addition of 8,800 customers Named one of Cogent Syndicated 2023 "Most Trusted Utility Brands” Invested a record $60 million in energy efficiency through its SAVEGREEN program Increased capacity by ~82MW in fiscal 2023 (a record for CEV in any FY) Project pipeline of ~749MW as of September 2023 Year-over-year revenue growth and NFEPS contribution in line with expectations Continued contribution from AMA Solid performance from long-option strategy Raised NFEPS Guidance by $0.20 During Fiscal 2023; Finished Fiscal 2023 in the Higher End of Revised Range A reconciliation from NFE to net income can be found in the Appendix.

Fiscal 2024 NFEPS Guidance of $2.70 to $2.85 Net Financial Earnings per Share NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021. Initial 2023 NFEPS guidance of $2.42 - $2.52. Represents 12.3% Increase from Midpoint of FY 2023 Initial Guidance Range; Maintains 7%-9% long-term annual growth Guidance Range $2.70 - $2.85 7-9% LONG-TERM ANNUAL GROWTH1 $2.50 $2.70 Outperformance Above Long-Term Growth Rate and Initial Guidance Range1 $2.20 - $2.301 $2.42 - $2.522 Strong energy prices(NJNG, CEV, ES) Winter Storm Elliot Initial guidance range above 7%-9% long-term projected growth due to large contracted revenues from ES’ AMA Initial Guidance Range1

NFEPS Guidance by Segment Energy Services to Represent a Larger Portion of NFEPS Guidance in 2024 Due to AMA; Long-term NJNG Remains the Largest Component Fiscal 2024 NFEPS Guidance by Segment New Jersey Natural Gas 40% - 45% Energy Services 35% - 40% Home Services 0% - 1% S&T 4% - 8% CEV 13% - 18% Long-term NFEPS Composition New Jersey Natural Gas 60% - 70% Energy Services 6% - 10% Home Services 0% - 1% S&T 5% - 10% CEV 20% - 25% Energy Services will represent a higher than normal % of NFEPS due to contributions from the AMAs for fiscal 2024 NJNG and CEV will make up the predominate portion of NJR’s total business mix

New Jersey Natural Gas Strong Trend of Favorable Customer Growth Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations. Facilities included in “Other”. The sum of actual amounts may not equal due to rounding. ~40% of capital expenditures earning a near real-time return NJNG Customers (in thousands) Fiscal 2023 Capital Expenditures1,2,3 ~$454M Added 8,800 new customers in fiscal 2023, compared to 7,808 in fiscal 2022 What to Expect in Fiscal 2024 Customer Growth Rate Returning to Pre-pandemic Levels Rate Filing Expected in Fiscal 2024

Clean Energy Ventures (CEV): Pipeline of Investment Opportunities CEV owns and operates solar projects with approximately 469MW of capacity Total ~1.2 GW MWs Pipeline of ~749MW including projects under construction, contract, or exclusivity (through September 2023) ~469MW of projects in-service ~58% of pipeline located in NJ ~42% located outside of NJ New In-Service in Fiscal 2023 ~82MW Record in Any Given Fiscal Year (previously 60MW in 2020) What to Expect in Fiscal 2024 Continued Pipeline Growth and Geographic Diversification

Storage and Transportation (S&T): Overview Stable Contribution from Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator Serving Gulf Coast/Southeast the fastest growing natural gas market in North America with a growing reliance on regional supply imports 12.6 mmdth reservoir storage facility in southern PA. Placed in service April 2009 50% ownership interest Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity 0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area Acquired January 2020 / Placed in-service September 2022 100% owner & operator Serving the Northeast region, where the current pipeline grid is constrained What to Expect in Fiscal 2024 Maximize capabilities at existing assets as constrained pace of pipeline and storage expansions increases value proposition to customers Continued organic service enhancements at Leaf River Energy Center that satisfy customers' growing need for greater flexibility and higher reliability

Energy Services: Overview Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Fee-based Revenue through Asset Management Agreements Asset Management Agreements De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk Long Option Strategy Proven track record of success over 28 years of existence leveraging natural gas market volatility to drive value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs NJR expects to recognize the majority of the fiscal 2024 AMA revenues in the fiscal fourth quarter

Financial Review Roberto Bel SVP and Chief Financial Officer 12 12

Fiscal 2022 – Consolidated NFE ($ in millions) $ 240.3 NJNG $ (8.7) Utility Gross Margin1 $ 24.5 O&M $ (28.2) Depreciation & Amortization (D&A) $ (7.7) Interest expense, AFUDC, Income Tax $ 2.7 Clean Energy Ventures $ 5.1 Revenue $ (4.1) D&A and Interest Expense $ (10.5) Other $ 19.7 Storage & Transportation $ (9.6) Revenue $ 25.1 D&A and Interest Expense $ (25.6) O&M, AFUDC & Other $ (9.1) Energy Services $ 29.4 Financial Margin1 $ 24.3 Interest Expense, Income Tax and Other $ 5.1 Home Services and Other $ 5.4 Fiscal 2023 – Consolidated NFE ($ in millions)2 $ 261.8 Review of Fiscal 2023 NFE Changes ($ in Millions) A reconciliation of these non-GAAP measures can be found in the Appendix The sum of fiscal 2023 actual amounts may not equal to total due to rounding

Capital Plan1,2 Includes SAVEGREEN Investments. Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations The sum of actual amounts may not equal due to rounding. $622 $596 $608 - $743 $578 - $742 ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7 – 9% $435 - $492 $410 - $462 $140 - $204 $33 - $47 $8 - $16 $160 - $264

FY 2023A FY 2024E FY 2025E Cash Flow from Operations $479 $450 - $490 $450 - $490 Uses of Funds Capital Expenditures1 $539 $490 - $580 $495 - $675 Dividends2 $151 $161 - $165 $174 - $178 Total Uses of Funds $690 $651 - $745 $669 - $853 Financing Activities Common Stock Proceeds – DRIP $58 $17 - $19 $17 - $19 Debt Proceeds/Other $153 $184 - $236 $202 - $344 Total Financing Activities $211 $201 - $255 $219 - $363 Projected Cash Flows ($ in Millions) Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations) Dividend growth for fiscal 2023 and fiscal 2024 are based upon the midpoint of forecasted 7-9% growth rate

Investment Grade Profile 1) Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. NJR Adjusted FFO / Adjusted Debt1 NJNG (Secured Rating) NJR (Unsecured Rating) NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) Fitch A+ (Stable) Current Credit Ratings Strong Credit Ratings Supported by Stable Cash Flows 19.0% 17% - 18% Strong Cash Flows with No Block Equity Needs

Well Positioned in a Rising Interest Rate Environment Manageable debt repayment schedule with no significant maturity towers in any particular year Term debt only (excludes short-term debt of $252.1 million, capital leases of $31.4 million and solar financing obligations of $278.4 million). Term Debt1 Maturity Schedule as of September 30, 2023 / $ in Millions, unless otherwise noted Impact of high interest rate environment included in FY2024 and long-term NFEPS guidance Percent of NJR Holding Company Term Debt Maturing in the Next Three Years: <18% $1.2B NJR Unsecured Senior Notes FY Maturity Principal 3.48% 2025 $100,000 3.54% 2026 $100,000 4.38% 2027 $110,000 3.96% 2028 $100,000 3.29% 2029 $150,000 3.50% 2030 $130,000 3.13% 2031 $120,000 3.60% 2032 $130,000 3.25% 2033 $80,000 6.14% 2033 $50,000 3.64% 2034 $50,000 Total NJR LT Debt $1,120,000 NJNG First Mortgage Bonds FY Maturity Principal 3.58% 2024 $70,000 2.82% 2025 $50,000 3.15% 2028 $50,000 5.56% 2033 $50,000 4.37% 2037 $50,000 3.38% 2038 $10,500 2.75% 2039 $9,545 3.00% 2041 $46,500 3.50% 2042 $10,300 3.00% 2043 $41,000 4.61% 2044 $55,000 3.66% 2045 $100,000 3.63% 2046 $125,000 4.01% 2048 $125,000 3.76% 2049 $100,000 3.13% 2050 $50,000 3.13% 2050 $50,000 2.87% 2050 $25,000 2.97% 2052 $50,000 4.71% 2052 $50,000 5.47% 2053 $125,000 2.45% 2059 $15,000 3.86% 2059 $85,000 3.33% 2060 $25,000 2.97% 2060 $50,000 3.07% 2062 $50,000 Total NJNG LT Debt $1,467,845 Substantial liquidity at both NJNG and NJR - $900M of credit facilities available through FY2027

Growth Strategy and Key Highlights 7% - 9% Long-term expected NFEPS and Dividend Growth Highest in peer group1 1 Maximize the value of existing assets to produce “Utility-like” Returns 2 3 Thoughtful capital allocation with a defined capital plan of between $1.2 - $1.5 Billion in the next 2 years Use diversified strategy to deliver outsized returns for shareholders 11 - 13% Expected Shareholder Return2 Peer group includes: ATO, AVA, BKH, CMS, CNP, CPK, MDU, NFG, NI, NWE, NWN, OGS, SWX, UGI, UTL Expected shareholder return includes projected NFEPS long-term growth rate of 7 – 9% in addition to an annualized dividend yield of 3.9%, based on dividend per share of $1.68 and closing share price of $42.56 on November 15, 2023

Appendix: Financial Statements and Additional Information 19 20 Reconciliation of NFE and NFEPS to Net Income 21 Other Reconciliation of Non-GAAP Measures 22 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations 23 Fiscal 2023 Fourth Quarter and Year NFE by Business Unit 24 Review of Fiscal 2023 Q4 NFE Changes 25 NJR's Business Portfolio 26 NJNG: Supportive Regulatory Construct 27 CEV: SREC Hedging Strategy Stabilizes Revenue 28 Capital Plan Table 29 Dividend Growth: Committed to Building Shareholder Value 30 Environmental, Social and Governance Efforts 31 Shareholder and Contact Information

Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2023 2022 2023 2022 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income $ 37,024 $ 54,522 $ 264,724 $ 274,922 Add: Unrealized gain on derivative instruments and related transactions (7,579) (1,846) (38,081) (59,906) Tax effect 1,800 439 9,050 14,248 Effects of economic hedging related to natural gas inventory (2,186) (5,221) 34,699 19,939 Tax effect 520 1,241 (8,246) (4,738) Gain on equity method investment — (1,500) (300) (5,521) Tax effect (93) 374 (19) 1,377 NFE tax adjustment 77 (113) — — Net financial earnings $ 29,563 $ 47,896 $ 261,827 $ 240,321 Weighted Average Shares Outstanding Basic 97,568 96,235 97,028 96,100 Diluted 98,192 96,630 97,627 96,488 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings per share $ 0.38 $ 0.57 $ 2.73 $ 2.86 Add: Unrealized gain on derivative instruments and related transactions (0.08) (0.02) (0.39) (0.62) Tax effect 0.02 0.01 0.09 0.15 Effects of economic hedging related to natural gas inventory (0.02) (0.05) 0.36 0.21 Tax effect — 0.01 (0.09) (0.05) Gain on equity method investment — (0.02) — (0.06) Tax effect — — — 0.01 Basic net financial earnings per share $ 0.30 $ 0.50 $ 2.70 $ 2.50

Other Reconciliation of Non-GAAP Measures NJNG Utility Gross Margin NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Energy Services Financial Margin Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings. (Unaudited) Three Months Ended Twelve Months Ended September 30, September 30, 2023 2022 2023 2022 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 108,741 $ 190,488 $ 1,012,633 $ 1,128,767 Less: Natural gas purchases 37,323 114,791 425,457 557,232 Operating and maintenance (1) 31,605 30,805 115,292 93,164 Regulatory rider expense 3,017 3,496 50,542 59,437 Depreciation and amortization 26,292 24,391 102,326 94,579 Gross margin 10,504 17,005 319,016 324,355 Add: Operating and maintenance (1) 31,605 30,805 115,292 93,164 Depreciation and amortization 26,292 24,391 102,326 94,579 Utility gross margin $ 68,401 $ 72,201 $ 536,634 $ 512,098 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 102,932 $ 439,568 $ 691,616 $ 1,529,272 Less: Natural Gas purchases 87,932 413,805 558,932 1,394,405 Operating and maintenance (1) 5,833 10,281 20,199 23,709 Depreciation and amortization 51 54 221 148 Gross margin 9,116 15,428 112,264 111,010 Add: Operating and maintenance (1) 5,833 10,281 20,199 23,709 Depreciation and amortization 51 54 221 148 Unrealized (gain) loss on derivative instruments and related transactions (8,559) 1,671 (48,251) (60,000) Effects of economic hedging related to natural gas inventory (2,186) (5,221) 34,699 19,939 Financial margin $ 4,255 $ 22,213 $ 119,132 $ 94,806 (1) Excludes selling, general and administrative expenses ($ in 000s)

Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense Adjusted debt is total long term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease backs, debt issuance costs, and other Fitch credit metric adjustments Cash Flow from Operations $479.0 Subtract Components of working capital ($61.5) Add back Cash paid for interest (net of amounts capitalized) $108.2 Capitalized Interest $3.9 SAVEGREEN loans, grants, rebates and related investments $59.8 Operating cash flows from operating leases $8.9 Adjusted FFO (Non-GAAP) $598.3 Long-Term Debt (including current maturities) $2,884.2 Short-Term Debt $252.1 Exclude Cash on Hand ($1.5) CEV Sale-Leaseback Debt ($278.4) Include CEV Sale lease-back Contractual Commitments $206.3 Debt Issuance Costs $13.4 Operating Lease Debt estimate (8x lease expense) $74.7 Adjusted Debt (Non-GAAP) $3,150.8 Adjusted Debt, FY2023 (Millions) Adjusted Funds from Operations, FY2023 (Millions)

Fiscal 2023 Q4 and Fiscal Year NFE by Business Unit ($ in 000s) (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2023 2022 Change 2023 2022 Change New Jersey Natural Gas $(24,838) $(16,387) $(8,451) $131,414 $140,124 $(8,710) Clean Energy Ventures $50,152 $57,813 $(7,661) $44,458 $39,403 $5,055 Storage and Transportation $1,784 $11,341 $(9,557) $12,835 $22,454 $(9,619) Energy Services $(3,537) $(3,383) $(154) $68,517 $39,121 $29,396 Home Services and Other $6,002 $(1,488) $7,490 $4,603 $(781) $5,384 Total $29,563 $47,896 $(18,333) $261,827 $240,321 $21,506 NFEPS $0.30 $0.50 $(0.20) $2.70 $2.50 $0.20

Review of Fiscal 2023 Q4 ($ in Millions) A reconciliation of these non-GAAP measures can be found in the Appendix The sum of fiscal 4Q23 actual amounts may not equal to total due to rounding Fiscal 4Q22 – Consolidated NFE ($ in millions) $ 47.9 NJNG $ (8.5) Utility Gross Margin1 $ (3.8) O&M $ (2.8) Depreciation & Amortization (D&A) $ (1.9) Interest expense, AFUDC, Income Tax $ — Clean Energy Ventures $ (7.7) Revenue $ (8.7) D&A and Interest Expense $ (3.0) Other $ 4.0 Storage & Transportation $ (9.6) Revenue $ (2.9) D&A and Interest Expense $ (3.4) O&M, AFUDC & Other $ (3.3) Energy Services $ (0.2) Financial Margin1 $ (18.0) Interest Expense, Income Tax and Other $ 17.8 Home Services and Other $ 7.5 Fiscal 4Q23 – Consolidated NFE ($ in millions)2 $ 29.6

NJR’s Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments, Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations Operates and maintains Natural Gas transportation and distribution infrastructure serving approximately 576,000 customers in New Jersey New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) New Jersey Resources Home Services (NJRHS) CEV develops, invests in, owns and operates energy projects that generate clean power, provide low carbon energy solutions and help our customers save energy and money in a sustainable way Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Our companies provide transportation and storage services to a broad range of customers in the natural gas market Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. In addition to energy supply, NJRES provides a full-range of customized energy management services NJR Home Services offers customers home comfort solutions, including equipment sales and installations; solar lease and purchase plans; and a service contract product line, including heating, cooling, water heating, electric and standby generator contracts Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company Recognized as a Top 20 Ruud® National Pro Partner™ for 6 Consecutive Years

~$60M Invested in Fiscal 2023 Highlight: NJNG completed a commercial energy efficiency project under SAVEGREEN at Jersey Shore University Medical Center in Neptune, NJ. Payback on this $6 million project from net energy savings is 4 years. NJNG: Supportive Regulatory Construct 26 Stable Rate Case Results Rate case results are stable Current ROE of 9.60% with a common equity ratio of 54% Full recovery of plant investments to date Rate cases are settled (generally not litigated) Resolution of cases have been timely Last case filed in March 2021 and rates effective on December 1, 2021 Decoupled Rates for majority of customers Volume risk due to weather or energy conservation mitigated through the Conservation Incentive Program (CIP). This decoupling mechanism allows NJNG to earn a fix margin per customer1. NJNG’s natural gas commodity price is a pass-through cost the Basic Gas Supply Service (BGSS) program Minimization of Regulatory Lag Investments in customer growth and Infrastructure Investment Program (IIP) earn real-time recovery or accelerated recovery through annual mechanisms Through the SAVEGREEN program, energy efficiency investments also have an annual cost recovery mechanism that accelerate recovery of investments and returns Margin Sharing Incentives Like other utilities, NJNG contracts for supply and transportation to meet customer needs NJNG’s BPU-approved “BGSS Incentive Programs” allow temporary release of capacity or supply when not needed NJNG shares margin generated with customers (85% for customers/15% for NJNG) BGSS Incentive margin is not counted in NJNG’s ROE calculation for overearning For residential and small commercial customers, which make the vast majority of NJNG’s customers.

CEV: SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of September 30, 2023 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2024 began on June 1, 2023 and ends on May 31, 2024 Based on Fiscal Year, as of September 30, 2023 75% hedged through Fiscal Year 2025 72% hedged through Fiscal Year 2026 89% hedged through Energy Year 2025 80% hedged through Energy Year 2026 Percent Hedged Average Price Current Price (EY) 100% $200 $213 89% $190 $202 80% $181 $188 24% $154 $176 Percent Hedged Average Price Current Price (FY) 100% $199 $209 75% $190 $197 72% $179 $184 25% $154 $169

Capital Plan Table1,2 ($ in Millions) Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations The sum of actual amounts may not equal due to rounding FY2022A FY2023A FY2024E FY2025E Near Real Time Return? New Jersey Natural Gas New Customer $54 $77 $75 - $80 $85 - $90 Yes IIP $32 $43 $26 - $30 $26 - $30 Yes SAVEGREEN $53 $60 $48 - $52 $48 - $52 Yes Clean Fuels $1 $1 $40 - $50 $45 - $55 IT $42 $61 $60 - $65 $20 - $25 System Integrity $104 $126 $150 - $170 $150 - $165 Cost of Removal $40 $42 $36 - $40 $36 - $40 Facilities / Other $9 $45 $— - $5 $— - $5 $335 $454 $435 - $492 $410 - $462 Clean Energy Ventures Sunlight Advantage $13 $11 $10 - $14 $10 - $14 Commercial Solar $132 $99 $130 - $190 $150 - $250 $145 $110 $140 - $204 $160 - $264 Storage and Transportation Adelphia Gateway $124 $19 $8 - $12 $4 - $8 Leaf River $18 $12 $25 - $35 $4 - $8 $142 $31 $33 - $47 $8 - $16 Total $622 $596 $608 - $743 $578 - $742

Dividend Growth: Committed to Building Shareholder Value Strong Track Record of Dividend Growth $1.68 FY 2024 Dividend (up 7.7%) 7.4% DPS CAGR Dividend History Dividends per Share 7.7 percent increase in the quarterly dividend rate to $1.68 per share from $1.56 per share Ex-Dividend Date Record Date Payable Date Amount Per Share 9/19/2023 9/20/2023 10/02/2023 $0.42* 6/13/2023 6/14/2023 7/03/2023 $0.39 3/14/2023 3/15/2023 4/03/2023 $0.39 12/13/2022 12/14/2022 1/03/2023 $0.39 9/23/2022 9/26/2022 10/03/2022 $0.39 6/14/2022 6/15/2022 7/01/2022 $0.3625 3/15/2022 3/16/2022 4/01/2022 $0.3625 12/14/2021 12/15/2021 1/03/2022 $0.3625 9/17/2021 9/20/2021 10/01/2021 $0.3625 6/15/2021 6/16/2021 7/01/2021 $0.3325 3/16/2021 3/17/2021 4/01/2021 $0.3325 12/15/2020 12/16/2020 1/04/2021 $0.3325 9/21/2020 9/22/2020 10/01/2020 $0.3325 Highlighted Rows Reflect Changes in Quarterly Cash Dividends

Environmental, Social and Governance Efforts Focus on Definable Accomplishments Social Established $20 million endowment fund for NJR’s charities to support continued community giving long into the future Robust structure and initiatives to promote DEI at NJR including Executive DEI Council to ensure accountability Employee-led Business Resource Groups (BRGs) bring together employees with common background to promote engagement and inclusiveness – 21% of NJR workforce belongs to one or more BRGs Achieved NJ operational emissions reductions over 55% since 2006 with goal of 60% by 2030 and net zero by 2050 One of the largest owner-operators of solar assets in New Jersey, we have invested over $1 billion over the last decade building clean, emissions-free power for homes and businesses Plans to invest up to $2 million over the next five years through its Coastal Climate Initiative, which has expanded to a multi-faceted environmental stewardship program Environmental Our board of directors (Board) has a broad range of skills and industry knowledge, as well as a diversity of perspectives that align with our company’s long-term strategy The Board is responsible for oversight of NJR’s overall strategy, including all Environmental Social and Governance (ESG) issues NJR includes sustainability considerations in the performance metrics of our Commitment to Stakeholders. Actual results of these goals and metrics directly impact the compensation of corporate officers year-to-year and ensure accountability Governance Reports to Expect in Fiscal 2024 January 2024 15th Consecutive Year of our Sustainability Report February 2024 Diversity, Equity and Inclusion Report

The Transfer Agent and Registrar for the company’s common stock is Broadridge Corporate Issuer Solutions, Inc. (Broadridge). Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free 800-817-3955. General written inquiries and address changes may be sent to: Broadridge Corporate Issuer Solutions P.O. Box 1342, Brentwood, NY 11717 or For certified and overnight delivery: Broadridge Corporate Issuer Solutions, ATTN: IWS 1155 Long Island Avenue, Edgewood, NY 11717 Shareowners can view their account information online at shareholder.broadridge.com/NJR. Website: www.njresources.com Investor Relations: New Jersey Resources Investor Relations Contact Information Adam Prior – Director, Investor Relations 732-938-1145 aprior@njresources.com 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters Online Information Shareholder and Online Information Stock Transfer Agent and Registrar