What changed in NEW JERSEY RESOURCES CORP's 2024 10-K compared to 2023?

Across the narrative sections we track, NEW JERSEY RESOURCES CORP (NJR) added 738 paragraphs, removed 833, and edited 504 between the 2023 and 2024 10-K filings. The biggest movers are Item 7A. Quantitative and Qualitative Disclosures About Market Risk (+318/−366), Item 7. Management's Discussion & Analysis (+198/−145), Item 5. Market for Registrant's Common Equity (+30/−126).

Did NEW JERSEY RESOURCES CORP add new Risk Factors in the 2024 10-K?

Yes — Item 1A Risk Factors shows 42 new/edited paragraphs and 72 removed paragraphs versus the 2023 10-K.

What changed in NEW JERSEY RESOURCES CORP's MD&A (Item 7) in 2024?

Item 7 Management's Discussion & Analysis shows 198 new/edited paragraphs and 145 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Did NEW JERSEY RESOURCES CORP's Legal Proceedings (Item 3) change in 2024?

Item 3 shows 7 added/edited paragraphs and 7 removed paragraphs — usually indicating new litigation disclosed or settled cases removed.

Where does this NJR 10-K diff come from?

The source filings are NEW JERSEY RESOURCES CORP's official 2023 and 2024 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in NEW JERSEY RESOURCES CORP's 10-K — 2023 vs 2024

Paragraph-level year-over-year comparison of NEW JERSEY RESOURCES CORP's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+738 added−833 removedSource: 10-K (2024-11-26) vs 10-K (2023-11-21)

Top changes in NEW JERSEY RESOURCES CORP's 2024 10-K

738 paragraphs added · 833 removed · 504 edited across 8 sections

Item 7A. Quantitative and Qualitative Disclosures About Market Risk+318 / −366 · 277 edited
Item 7. Management's Discussion & Analysis+198 / −145 · 113 edited
Item 5. Market for Registrant's Common Equity+30 / −126 · 28 edited
Item 2. Properties+99 / −27 · 22 edited
Item 1A. Risk Factors+42 / −72 · 39 edited

Item 1. Business

Business — how the company describes what it does

0 edited+22 added−43 removed0 unchanged

2023 filing

2024 filing

Removed

ITEM 1. BUSINESS (Continued) ENVIRONMENT We, along with our subsidiaries, are subject to legislation and regulation by federal, state and local authorities with respect to environmental matters. We believe that we are, in all material respects, in compliance with all applicable environmental laws and regulations.

Added

ITEM 1. BUSINESS (Continued) Natural Gas Distribution General NJNG consists of regulated utility operations that provide natural gas service to residential and commercial customers. NJNG’s service territory includes Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey. It encompasses 1,538 square miles, covering 109 municipalities with an estimated population of 1.7M people.

Removed

NJNG is responsible for the environmental remediation of identified former MGP sites, which contain contaminated residues from former gas manufacturing operations that ceased at these sites by the mid-1950s and, in some cases, had been discontinued many years earlier.

Added

It is primarily suburban, highlighted by approximately 100 miles of New Jersey coastline. It is in close proximity to New York City, Philadelphia and the metropolitan areas of northern New Jersey, and is accessible through a network of major roadways and mass transportation.

Removed

NJNG periodically, and at least annually, performs an environmental review of the former MGP sites, including a review of potential estimated liabilities related to the investigation and remedial action on these sites.

Added

NJNG’s business is subject to various risks, such as those associated with adverse economic conditions, which can negatively impact customer growth and operating and financing costs; fluctuations in commodity prices, which can impact customer usage; certain regulatory actions; and environmental remediation. It is often difficult to predict the impact of trends associated with these risks.

Removed

Based on this review, NJNG has estimated that the total future expenditures to remediate and monitor the former MGP sites for which it is responsible will range from approximately $137.3M to $201.5M.

Added

NJNG employs strategies to pursue customer conversions from other fuel sources and monitor new construction markets through contact with developers, utilize incentive programs through BPU-approved mechanisms to reduce natural gas costs, pursue rate and other regulatory strategies designed to stabilize and decouple gross margin, and work actively with consultants and the NJDEP to manage expectations related to its obligations associated with its former MGP sites.

Removed

NJNG’s estimate of these liabilities is based upon known and measurable facts, existing technology and enacted laws and regulations in place when the review was completed in fiscal 2023. Where it is probable that costs will be incurred, and the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range.

Added

Operating Revenues/Throughput For the fiscal years ended September 30, operating revenues and throughput by customer class for NJNG are as follows: 2024 2023 2022 ($ in thousands) Operating Revenue Bcf Operating Revenue Bcf Operating Revenue Bcf Residential $ 642,352 44.5 $ 643,756 43.4 $ 598,433 45.5 Commercial and other 124,127 8.5 137,343 8.4 140,727 8.7 Firm transportation 86,138 11.7 79,537 12.1 80,915 13.0 Total residential and commercial 852,617 64.7 860,636 63.9 820,075 67.2 Interruptible/off-tariff agreements/other 9,950 25.8 9,996 29.5 9,740 32.4 Total system 862,567 90.5 870,632 93.4 829,815 99.6 BGSS incentive programs (1) 157,265 67.7 142,001 34.9 298,952 44.5 Total $ 1,019,832 158.2 $ 1,012,633 128.3 $ 1,128,767 144.1 (1) Does not include 17.3, 37.7 and 50.7 Bcf for the capacity release program and related amounts of approximately $0.8M, $0.9M and $0.7M, which are recorded as a reduction of natural gas purchases on the Consolidated Statements of Operations during fiscal 2024, 2023 and 2022, respectively.

Removed

If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range.

Added

In fiscal 2024, no single customer represented more than 10% of consolidated operating revenues. Seasonality of Natural Gas Revenues Therm sales are significantly affected by weather conditions, with customer demand being greatest during the winter months when natural gas is used for heating purposes. The relative measurement of the impact of weather is in Degree-days.

Removed

As of September 30, 2023, NJNG recorded an MGP remediation liability and a corresponding regulatory asset of $169.4M on the Consolidated Balance Sheets, based on the most likely amount; however, actual costs may differ from these estimates.

Added

Degree-day data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature. Each degree of temperature below 65 degrees Fahrenheit is counted as one heating Degree-day. Normal heating Degree-days are based on a 20-year average, calculated based on three reference areas representative of NJNG’s service territory.

Removed

HUMAN CAPITAL RESOURCES Employee Overview NJR fundamentally believes that its employees make the Company a unique, successful organization – in creativity, commitment, ingenuity, hard work and innovation.

Added

CIP, a mechanism authorized by the BPU, stabilizes NJNG’s Utility Gross Margin, regardless of variations in weather. In addition, CIP decouples the link between Utility Gross Margin and customer usage, allowing NJNG to promote energy conservation measures.

Removed

NJR employees fulfill the responsibilities that enable the Company to deliver natural gas service to its customers; to be a leader in clean energy investments; to grow its storage and transportation energy business; and to earn the loyalty of its retail home services customers. NJR also is committed to provide every appropriate resource to ensure its employees’ safety.

Added

Recovery of Utility Gross Margin is subject to additional conditions, including an earnings test, a revenue test and an evaluation of BGSS-related savings achieved over a 12-month period. The BPU approved the continuation of the CIP program with no expiration date.

Removed

Through initiatives that start at the top, NJR has invested time, energy and manpower to foster a culture where safety is top-of-mind at all times, and where achieving safety goals is a shared priority for every NJR employee. As of September 30, 2023, the Company and our subsidiaries employed 1,350 employees compared with 1,288 employees as of September 30, 2022.

Added

Concurrent with its annual BGSS filing, NJNG files for an annual review of its CIP, at which time it can request rate changes, as appropriate. For additional information regarding CIP, including rate actions and impact to margin, see Note 4. Regulation in the accompanying Consolidated Financial Statements and Item 7.

Removed

Of the total number of employees, NJNG had 509 and 498 and NJRHS had 117 and 113 Union or Represented employees as of September 30, 2023 and 2022, respectively. NJNG and NJRHS have collective bargaining agreements with the Union, which is affiliated with the American Federation of Labor and Congress of Industrial Organizations.

Added

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations-Natural Gas Distribution . Page 7 New Jersey Resources Corporation Part I ITEM 1.

Removed

NJNG and the Union are in active negotiations to extend the collective bargaining agreement, which is scheduled to expire on December 7, 2023. The collective bargaining agreement between NJRHS and the Union is scheduled to expire April 2, 2024.

Added

BUSINESS (Continued) Natural Gas Supply Firm Natural Gas Supplies In fiscal 2024, NJNG purchased natural gas from approximately 56 suppliers under contracts ranging from one day to five months and purchased over 10% of its natural gas from two suppliers.

Removed

The labor agreements cover wage increases and other benefits, including the defined benefit pension (which was closed to all employees hired on or after January 1, 2012, with the exception of certain rehires who are eligible to resume active participation), the postemployment benefit plan (which was closed to all employees hired on or after January 1, 2012) and the enhanced 401(k) retirement savings plan.

Added

NJNG believes the loss of either of these suppliers would not have a material adverse impact on its results of operations, financial position or cash flows, as an adequate number of alternative suppliers exist. NJNG believes that its supply strategy should adequately meet its expected firm load for the upcoming winter season.

Removed

We consider our relationship with employees, including those covered by collective bargaining agreements, to be in good standing. The Company depends on its key personnel to successfully operate its businesses, including its executive officers, senior corporate management and management at its operating units.

Added

Firm Transportation and Storage Capacity NJNG maintains agreements for firm transportation and storage capacity with several interstate pipeline companies to take delivery of firm natural gas supplies, which ensures the ability to reliably service its customers. NJNG receives natural gas at 11 citygate stations located in Burlington, Middlesex, Morris and Passaic counties in New Jersey.

Removed

NJR seeks to attract and retain its employees by offering competitive compensation packages including base and incentive compensation (and in certain instances share-based compensation and retention incentives), attractive benefits and opportunities for advancement and rewarding careers.

Added

The pipeline companies that provide firm transportation service to NJNG’s citygate stations, the maximum daily deliverability of that capacity and the contract expiration dates are as follows: Pipeline Dths (1) Expiration Texas Eastern Transmission, LP 390,738 2025 to 2026 Algonquin Gas Transmission, LLC 12,000 2026 Columbia Gas Transmission, LLC 50,000 2027 to 2030 Tennessee Gas Pipeline Company, LLC 35,894 2028 to 2029 Transcontinental Gas Pipe Line Company, LLC 425,531 2025 to 2039 Total 914,163 (1) Numbers are shown net of any capacity release contracted amounts.

Removed

NJR periodically reviews and adjusts, if needed, its employees’ total compensation (including salaries, annual cash incentive compensation, other cash and equity incentives and benefits) to ensure that it is competitive within the industry and is consistent with our level of performance. NJR has also implemented enterprise-wide talent development and succession planning programs designed to identify future talent for key positions.

Added

Eastern Gas Transmission and Storage, Inc., Tennessee Gas Pipeline Company, LLC, Transcontinental Gas Pipe Line Company, LLC and Adelphia provide NJNG upstream firm contract transportation service and supply pipelines included in the table above.

Removed

To promote a collaborative and rewarding work environment and support the communities we serve, NJR sponsors numerous charitable, philanthropic and social awareness programs. Further, in order to take advantage of available opportunities and successfully implement our long-term strategy, NJR must be able to employ, train and retain the necessary skilled employees.

Added

In addition, NJNG has storage contracts that provide an additional 102,941 Dths of maximum daily deliverability to NJNG’s citygate stations from storage fields in its Northeast market area.

Removed

As a result, NJR supports and utilizes various training and educational programs and has developed additional company-wide and project-specific employee training and educational programs. NJR continues key programs focused on employee safety, leadership development, work-life balance, talent management, health and wellness, DEI and employee engagement. Moreover, DEI and employee engagement are integral to NJR’s vision, strategy and business success.

Added

The storage suppliers, the maximum daily deliverability of that storage capacity and the contract expiration dates are as follows: Pipeline Dths Expiration Texas Eastern Transmission, LP 94,557 2026 Transcontinental Gas Pipe Line Company, LLC 8,384 2028 Total 102,941 NJNG also has upstream storage contracts.

Removed

Fostering an environment that values DEI and ethics helps create an organization Page 13 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) that is able to embrace, leverage and respect the differences of employees, customers and the communities where we live, work and serve.

Added

The maximum daily deliverability and contract expiration dates are as follows: Company Dths Expiration Eastern Gas Transmission and Storage, Inc. 286,829 various dates from 2025 to 2027 Steckman Ridge 38,000 2025 Stagecoach Pipeline and Storage Company, LLC 47,065 2028 Total 371,894 NJNG utilizes its transportation contracts to transport natural gas to NJNG’s citygates from the Eastern Gas Transmission and Storage, Inc., Steckman Ridge and Stagecoach Pipeline & Storage Company LLC storage fields.

Removed

We are proud of the strides we have made in furthering our DEI strategy and increasing employee engagement. NJR is committed to this journey and knows our success makes us stronger as a company and community.

Added

NJNG has sufficient firm transportation, storage and supply capacity to fully meet its customer demand for natural gas within its service territory. Citygate Supplies from ES NJNG and ES had one AMA where NJNG released certain transportation and storage capacity to ES, which NJNG could have called upon if needed.

Removed

Complementing our efforts are a DEI Council and our seven employee-led Business Resource Groups, cross-functional teams of employees whose core mission is to advance their own professional development and cultivate deeper connections with co-workers and communities. NJR periodically evaluates employees and their productivity against future demand expectations and historical trends.

Added

This agreement expired on March 31, 2024 and was not renewed. Page 8 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) Peaking Supply To manage its winter peak day demand, NJNG maintains two LNG facilities with a combined deliverability of approximately 170,000 Dths/day, which represents approximately 17% of its estimated peak day sendout.

Removed

NJR employees continue to maintain high levels of engagement, satisfaction and retention according to NJR’s most recent employee survey.

Added

NJNG’s liquefaction facility allows NJNG to convert natural gas into LNG to fill NJNG’s existing LNG storage tanks. See

Removed

NJR Board of Directors’ Role in Human Capital Resource Management NJR’s Board of Directors believes that human capital management is an important component of the Company’s continued growth and success, and is essential for our ability to attract, retain and develop talented and skilled employees. We pride ourselves on a culture that is innovative, talent- and team-focused and inclusive.

Removed

Management regularly reports to the LDCC of the Board of Directors on human capital management topics, including corporate culture, DEI, employee development, compensation and benefits. The LDCC maintains oversight of matters related to human capital management, including talent retention, development and succession planning, and the Board of Directors provides input on important decisions in each of these areas.

Removed

NJR conducts an annual employee feedback survey, which is reviewed by the LDCC, designed to help the Company measure overall employee engagement. The feedback employees provide through the survey helps NJR evaluate the Company’s culture and the employee experience and monitor its current practices for potential areas of improvement.

Removed

Employee Benefits The LDCC believes employee benefits are an essential component of the Company’s competitive total rewards package. These benefits are designed to attract and retain our employees and include medical, vision and dental insurance, short- and long-term disability insurance, accidental death and disability insurance, travel and accident insurance and our 401(k) Plan.

Removed

As part of the 401(k) Plan, NJR matches 85% of the first 6% of compensation contributed by the employee into the 401(k) Plan, subject to the Internal Revenue Code and NJR’s 401(k) Plan limits.

Removed

Additionally, for employees who are not eligible to participate in the defined benefit plans, NJR annually contributes between 3.5% and 4.5% of base compensation, depending upon years of service, into the 401(k) Plan on their behalf.

Removed

AVAILABLE INFORMATION AND CORPORATE GOVERNANCE DOCUMENTS The following reports and any amendments to those reports are available free of charge on our website at https://investor.njresources.com/financials/sec-filings/default.aspx as soon as reasonably possible after filing or furnishing them with the SEC: • Annual reports on Form 10-K; • Quarterly reports on Form 10-Q; and • Current reports on Form 8-K.

Removed

The following documents are available free of charge on our website at https://investor.njresources.com/governance/governance-documents/default.aspx • NJR Code of Conduct; • Amended and Restated Bylaws; • Corporate Governance Guidelines; • Wholesale Trading Code of Conduct; • Charters of the following Board of Directors Committees: Audit, Nominating/Corporate Governance and Leadership Development and Compensation; • Audit Complaint Procedure; • Communicating with Non-Management Directors Procedure; • Statement of Policy with Respect to Related Person Transactions; and • Legal Procedure.

Removed

In Part III of this Form 10-K, we incorporate certain information by reference from our Proxy Statement for our 2023 Annual Meeting of Shareowners. We expect to file the Proxy Statement with the SEC on or about December 14, 2023. We will make it available on our website as soon as reasonably possible following the filing date.

Removed

Please refer to the Proxy Statement when it is available. Page 14 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) A printed copy of each document is available free of charge to any shareowner who requests it by contacting the Corporate Secretary at New Jersey Resources Corporation, 1415 Wyckoff Road, Wall, New Jersey 07719.

Removed

INFORMATION ABOUT OUR EXECUTIVE OFFICERS The Company’s Executive Officers and their age, position and business experience during the past five years are below. Name Age Officer since Business experience during last five years Stephen D.

Removed

Westhoven 55 2004 President and Chief Executive Officer (October 2019 - present) President and Chief Operating Officer (October 2018 - September 2019) Roberto Bel 50 2019 Senior Vice President and Chief Financial Officer (January 2022 - present) Vice President, Treasury and Investor Relations (April 2019 - December 2021) Assistant Treasurer at Refinitiv (October 2018 - March 2019) Patrick J.

Removed

Migliaccio 49 2013 Senior Vice President and Chief Operating Officer (January 2022 - present) Senior Vice President and Chief Financial Officer (January 2016 - December 2021) Amy Cradic 52 2018 Senior Vice President and Chief Operating Officer of Nonutility Businesses, Strategy and External Affairs (March 2020 - present) Vice President, Corporate Strategy and External Affairs (January 2020 – February 2020) Vice President, Government Affairs and Policy (January 2018 – December 2019) Richard Reich 48 2016 Senior Vice President and General Counsel (June 2022 - present) Senior Vice President, General Counsel and Corporate Secretary (September 2021 - June 2022) Corporate Secretary and Assistant General Counsel (January 2016 - September 2021) Lori DelGiudice 48 2023 Senior Vice President, Human Resources (November 2022 - present) Vice President of Human Resources for Honeywell Advanced Materials (September 2017 - October 2022) Jacqueline K.

Removed

Shea 59 2016 Senior Vice President and Chief Information Officer (January 2023 - present) Vice President and Chief Information Officer (June 2016 - December 2022) Stephen M. Skrocki 47 2023 Corporate Controller (Principal Accounting Officer) (January 2023 - present) Corporate Controller (January 2021 - December 2022) Assistant Corporate Controller (March 2017 - January 2021) ITEM 1A.

Removed

RISK FACTORS When considering any investment in our securities, investors should consider the following risk factors, as well as the information contained under the caption “Information Concerning Forward-Looking Statements,” in analyzing our present and future business performance. While this list is not exhaustive, management also places no priority or likelihood based on their descriptions or order of presentation.

Removed

Listed below, not necessarily in order of importance or probability of occurrence, are the most significant risk factors applicable to us. Unless indicated otherwise or the content requires otherwise, references below to “we,” “us,” and “our” should be read to refer to the Company and its subsidiaries and affiliates.

Removed

Risks Related to Our Business Operations Our investments in solar energy projects are subject to substantial risks and uncertainties. Our investments in commercial and residential solar energy projects are dependent, in part, upon current state regulatory incentives and federal tax credits in order for the projects to be economically viable.

Removed

Our return on investment for these solar projects is based substantially on our eligibility for ITCs and the future market value of SRECs that are traded in a competitive marketplace in the State of New Jersey. These projects face the risk that the current state regulatory programs and tax laws may expire or be adversely modified.

Removed

A sustained decrease in the value of SRECs could negatively impact the return on our investments and could impair our portfolio of solar assets. In addition, there are risks associated with our ability to execute on our investment strategy of clean energy projects, which includes our ability to develop and manage such projects profitably.

Removed

These include logistical risks and potential delays related to construction, permitting and regulatory approvals (including any approvals by the BPU required pursuant to solar energy legislation in the State of New Jersey, and similar approvals required by the other states where our solar projects are located); electric grid interconnection delays associated with the PJM Interconnection, LLC queue reform process; and the operational risk that the projects in service will not perform according to expectations due to equipment failure, suboptimal weather conditions or other economic factors beyond our control.

Removed

All of the aforementioned risks could reduce the availability of viable solar energy projects for development. Furthermore, at the development or acquisition stage, our ability to predict actual performance results may be hindered or inaccurate and the projects may not perform as predicted. Page 15 New Jersey Resources Corporation Part I

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

39 edited+3 added−33 removed102 unchanged

2023 filing

2024 filing

Biggest changeExtreme weather conditions, especially those of prolonged duration, create high energy demand on our own and/or other systems and increase the risk that we may be unable to reliably serve customers. Risk of losing gas supply during extreme weather carries significant consequences, as without our services our customers may be subjected to dire circumstances.

Biggest changeSevere weather impacts, including, but not limited to, hurricanes, earthquakes, thunderstorms, high winds, microbursts, wildfires, tornadoes, blizzards and snow or ice storms, can disrupt energy generation, transmission and distribution. Extreme weather conditions, especially those of prolonged duration, create high energy demand on our own and/or other systems and increase the risk that we may be unable to reliably serve customers.

Any of the above could also result in the loss or release of confidential customer and/or employee information or other proprietary data that could adversely affect our reputation and competitiveness, could result in costly litigation and negatively impact our results of operations.

Failure to keep pace with technological change may limit customer growth and have an adverse effect on our operations. Advances in technology and changes in laws or regulations are reducing the cost of alternative methods of producing energy.

If we do not obtain the necessary regulatory approvals or property rights, or if we are unable to enter into contracts with counterparties at reasonable rates, or obtain financing, our assets or equity method investments could be impaired. Such impairment could have a materially adverse effect on our financial condition, results of operations and cash flows.

If we do not obtain the necessary regulatory approvals or property rights, or if we are unable to enter into contracts with counterparties at reasonable rates or obtain financing, our assets or equity method investments could be impaired. Such impairment could have a material adverse effect on our financial condition, results of operations and cash flows.

While the EMP does not place a moratorium or end date on natural gas hook ups, further legislation or rulemaking that de-emphasizes the role of natural gas in providing clean, low-cost energy in the state of New Jersey could put upward pressure on natural gas prices and place customer growth targets at risk.

RISK FACTORS (Continued) While the EMP does not place a moratorium or end date on natural gas hook ups, further legislation or rulemaking that de-emphasizes the role of natural gas in providing clean, low-cost energy in the state of New Jersey could put upward pressure on natural gas prices and place customer growth targets at risk.

An additional executive order opened a proceeding to plan for the future of natural gas utilities in New Jersey. We are unable to predict the outcomes of these proceedings, but they could have a material impacts on our business, results of operations and cash flows.

An additional executive order opened a proceeding to plan for the future of natural gas utilities in New Jersey. We are unable to predict the outcomes of these proceedings, but they could have a material impact on our business, results of operations and cash flows.

Higher cost levels could impact the competitive position of natural gas and negatively affect our growth opportunities, cash flows and earnings. In February 2023, Governor Murphy issued two executive orders that established, or accelerated, previously established 2050 targets for clean-sourced electricity and electric heat pump adoption, with target dates of 2030 or 2035, as applicable.

Higher cost levels could impact the competitive position of natural gas and negatively affect our growth opportunities, cash flows and earnings. In February 2023, the Governor of New Jersey issued two executive orders that established, or accelerated, previously established 2050 targets for clean-sourced electricity and electric heat pump adoption, with target dates of 2030 or 2035, as applicable.

In addition, upon expiration of these transportation and storage contracts, to the extent that they are renewed or replaced at less favorable terms, our results of operations and cash flows could be adversely affected. Inflation and increased natural gas costs could adversely impact our customer base and customer collections and increase the Company ’s level of indebtedness.

In addition, in July 2019, the State of New Jersey amended the GWRA, which targets 80% reduction in greenhouse gas emissions below 2006 levels economy-wide by 2050. In January 2020, Governor Murphy released the EMP confirming his commitment to achieve 100% clean energy by 2050, and the GWRA mandate of reducing state greenhouse gas emissions.

In addition, in July 2019, the State of New Jersey amended the GWRA, which targets 80% reduction in greenhouse gas emissions below 2006 levels economy-wide by 2050. In January 2020, New Jersey released the EMP confirming its commitment to achieve 100% clean energy by 2050, and the GWRA mandate of reducing state greenhouse gas emissions.

We use derivatives, including futures, forwards, options, swaps and foreign exchange contracts, to manage commodity, financial market and foreign currency risks. The timing of the recognition of gains or losses associated with our economic hedges in accordance with GAAP does not always coincide with the gains or losses on the items being hedged.

We use derivatives, including futures, forwards, options, and swaps, to manage commodity and financial market risks. The timing of the recognition of gains or losses associated with our economic hedges in accordance with GAAP does not always coincide with the gains or losses on the items being hedged.

RISK FACTORS (Continued) Our regulated operations are subject to certain operating risks incidental to handling, storing, transporting and providing customers with natural gas. Our regulated operations are subject to all operating hazards and risks incidental to handling, storing, transporting and providing customers with natural gas, including our natural gas vehicle refueling stations and LNG facilities.

Our regulated operations are subject to certain operating risks incidental to handling, storing, transporting and providing customers with natural gas. Our regulated operations are subject to all operating hazards and risks incidental to handling, storing, transporting and providing customers with natural gas, including our natural gas vehicle refueling stations and LNG facilities.

New tax legislative initiatives may be proposed from time to time, such as proposals for comprehensive tax reform in the United States, which may impact our effective tax rate and which could adversely affect our tax positions or tax liabilities.

New tax legislative initiatives may be proposed from time to time, such as proposals for comprehensive tax reform in the U.S., which may impact our effective tax rate and which could adversely affect our tax positions or tax liabilities.

Additionally, an attack on, or failure of, information technology systems could result in the unauthorized release of customer, employee or other confidential or sensitive data. Cyberattacks, ransomware, terrorism, increased use of artificial intelligence technologies or other malicious acts could damage, destroy or disrupt these systems for an extended period of time.

Additionally, an attack on, or failure of, information technology systems could result in the unauthorized release of customer, employee or other confidential or sensitive data. Cyberattacks, ransomware, terrorism or other malicious acts could damage, destroy or disrupt these systems for an extended period of time.

Local or national natural disasters, pandemic illness, actual or threatened acts of war or terrorist activities, including the political and economic disruption and uncertainty related to Russia’s military invasion of Ukraine and the Israel-Hamas war, catastrophic failure of the interstate pipeline system and other extreme events are a threat to our assets and operations.

Local or national natural disasters, pandemic illness, actual or threatened acts of war or terrorist activities, including the political and economic disruption and uncertainty related to Russia’s military invasion of Ukraine and conflicts in the Middle East, catastrophic failure of the interstate pipeline system and other extreme events are a threat to our assets and operations.

The cost of providing pension and postemployment health care benefits to employees and eligible former employees is subject to changes in pension fund values, interest rates and changing demographics and may have a material adverse effect on our financial results.

Risks Related to Tax and Accounting Matters The cost of providing pension and postemployment health care benefits to employees and eligible former employees is subject to changes in pension fund values, interest rates and changing demographics and may have a material adverse effect on our financial results.

The remaining phases of planned upgrades relate to work order and asset management and customer information systems and experience, which are expected to require significant capital investment through fiscal year 2024.

The remaining phases of planned upgrades relate to work order and asset management and customer information systems and experience, which are expected to require significant capital investment.

We cannot predict the impact of any future revisions or changes in interpretations of existing regulations or the adoption of new laws and applicable regulations. Changes in regulations or the imposition of additional regulations could influence our operating environment and may result in substantial costs to us. Page 19 New Jersey Resources Corporation Part I ITEM 1A.

Risks Related to Regulations and Litigation We are subject to governmental regulation. Compliance with current and future regulatory requirements and procurement of necessary approvals, permits and certificates may result in substantial costs to us. We are subject to substantial regulation from federal, state and local authorities.

Compliance with current and future regulatory requirements and procurement of necessary approvals, permits and certificates may result in substantial costs to us. We are subject to substantial regulation from federal, state and local authorities. We are required to comply with numerous laws and regulations and to obtain numerous authorizations, permits, approvals and certificates from governmental agencies.

FERC has regulatory authority over some of our operations, including sales of natural gas in the wholesale and retail markets and the purchase and sale of interstate pipeline and storage capacity, including Steckman Ridge, Leaf River and Adelphia.

These agencies regulate various aspects of our business, including customer rates, services, construction and natural gas pipeline operations. FERC has regulatory authority over some of our operations, including sales of natural gas in the wholesale and retail markets and the purchase and sale of interstate pipeline and storage capacity, including Steckman Ridge, Leaf River and Adelphia.

Additionally, in fiscal 2019, NJR began the process of transitioning away from its enterprise platform, which will no longer receive extended support after 2025. The first Page 20 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) phase of IT enhancements and upgrades were placed into service in July 2020.

Additionally, in fiscal 2019, NJR began the process of transitioning away from its enterprise platform, which will no longer receive extended support after 2025. The first phase of IT enhancements and upgrades were placed into service in July 2020.

In addition, we may not recover all costs related to mitigating these physical and financial risks. There is also a concern that the physical risks of climate change could include changes in weather conditions, such as changes in the amount or type of precipitation and extreme weather events.

There is also a concern that the physical risks of climate change could include changes in weather conditions, such as changes in the amount or type of precipitation and extreme weather events.

Disruptions or delays in receiving materials; price increases from suppliers or manufacturers; or the inability to source needed materials, which has occurred and could reoccur, could adversely affect the Company’s results of operations, financial condition and cash flows. Changes in customer growth may affect earnings and cash flows.

Disruptions or delays in receiving materials; price increases from suppliers or manufacturers; or the inability to source needed materials, which has occurred and could reoccur, could adversely affect the Company’s results of operations, financial condition and cash flows. Page 21 New Jersey Resources Corporation Part I ITEM 1A.

RISK FACTORS (Continued) Credit rating downgrades could increase financing costs, limit access to the financial markets and negatively affect NJR and its subsidiaries. Rating agencies Moody’s and Fitch currently rate NJNG’s debt as investment grade. If such ratings are downgraded below investment grade, borrowing costs could increase, as would the costs of maintaining certain contractual relationships and obtaining future financing.

Rating agencies Moody’s and Fitch currently rate NJNG’s debt as investment grade. If such ratings are downgraded below investment grade, borrowing costs could increase, as would the costs of maintaining certain contractual relationships and obtaining future financing.

A prolonged constriction of credit availability could affect management’s ability to execute our business plan. An inability to access capital may limit our ability to pursue improvements or acquisitions that we may otherwise rely on for both current operations and future growth.

An inability to access capital may limit our ability to pursue improvements or acquisitions that we may otherwise rely on for both current operations and future growth.

NJNG’s ability to increase its Utility Gross Margin is dependent upon the new construction housing market, as well as the conversion of customers to natural gas from other fuel sources.

RISK FACTORS (Continued) Changes in customer growth may affect earnings and cash flows. NJNG’s ability to increase its Utility Gross Margin is dependent upon the new construction housing market, as well as the conversion of customers to natural gas from other fuel sources.

The inability to recruit and retain or effectively transition key personnel or the unexpected loss of key personnel may adversely affect our operations. We may be unable to obtain governmental approvals, property rights and/or financing for the construction, development and operation of our proposed energy investments and projects in a timely manner or at all.

ITEM 1A. RISK FACTORS (Continued) We may be unable to obtain governmental approvals, property rights and/or financing for the construction, development and operation of our proposed energy investments and projects in a timely manner or at all.

RISK FACTORS (Continued) Additionally, the facilities and systems of clients, suppliers and third-party service providers could be vulnerable to the same cyber or terrorism risks as our facilities and systems, and such third-party systems may be interconnected to our systems both physically and technologically.

The energy sector, including natural gas utility companies, has become the subject of cyberattacks with increased frequency. Additionally, the facilities and systems of clients, suppliers and third-party service providers could be vulnerable to the same cyber or terrorism risks as our facilities and systems, and such third-party systems may be interconnected to our systems both physically and technologically.

The acceleration of our outstanding debt obligations and our inability to borrow under the existing revolving credit facilities would cause a material adverse change in NJR’s and NJNG’s financial condition. Page 23 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) Our ability to secure short-term financing is subject to conditions in the credit markets.

The acceleration of our outstanding debt obligations and our inability to borrow under the existing revolving credit facilities would cause a material adverse change in NJR’s and NJNG’s financial condition. Our ability to secure short-term financing is subject to conditions in the credit markets. A prolonged constriction of credit availability could affect management’s ability to execute our business plan.

Such uncertain conditions may also impact the ability of certain customers to pay for services, which could affect the collectability and recognition of our revenues and adversely affect our financial results.

In addition, these risks could result in loss of human life, significant damage to property, environmental damage, impairment of our operations and substantial loss to the Company. Such uncertain conditions may also impact the ability of certain customers to pay for services, which could affect the collectability and recognition of our revenues and adversely affect our financial results.

The value of our transportation and storage portfolio could be negatively impacted if the value of these contracts changes in a direction or manner that we do not anticipate.

We are exposed to market risk and may incur losses in our wholesale business. Our transportation and storage portfolios consist of contracts to transport and store natural gas. The value of our transportation and storage portfolio could be negatively impacted if the value of these contracts changes in a direction or manner that we do not anticipate.

We may experience challenges when combining separate business cultures, information technology systems and employees. Even if we are able to complete an integration successfully, we may not fully realize all the growth opportunities, cost savings and other synergies that we expect. Investing through partnerships or joint ventures decreases our ability to manage risk.

Even if we are able to complete an integration successfully, we may not fully realize all the growth opportunities, cost savings and other synergies that we expect. Page 22 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) Investing through partnerships or joint ventures decreases our ability to manage risk.

Failure by NJR and/or NJNG to comply with debt covenants may impact our financial condition. Our long-term debt obligations contain financial covenants related to debt-to-capital ratios. These debt obligations also contain provisions that put limitations on our ability to finance future operations or capital needs or to expand or pursue certain business activities.

These debt obligations also contain provisions that put limitations on our ability to finance future operations or capital needs or to expand or pursue certain business activities.

Additionally, extreme weather conditions may cause the breakdown of or damage to equipment essential to the operation of our assets, and could also raise market prices as we buy short-term energy to serve our own system. To the extent the frequency of extreme weather events increases, this could increase our cost of providing service.

Risk of losing gas supply during extreme weather carries significant consequences, as without our services our customers may be subjected to dire circumstances. Additionally, extreme weather conditions may cause the breakdown of or damage to equipment essential to the operation of our assets, and could also raise market prices as we buy short-term energy to serve our own system.

RISK FACTORS (Continued) Significant regulatory assets recorded by our regulated companies could be disallowed for recovery from customers in the future. NJNG records regulatory assets on its financial statements to reflect the ratemaking and regulatory decision-making authority of the BPU as allowed by GAAP.

NJNG records regulatory assets on its financial statements to reflect the ratemaking and regulatory decision-making authority of the BPU as allowed by GAAP.

The extent to which our subsidiaries are unable to pay dividends or repay funds to us may adversely affect our ability to pay dividends to holders of our common stock and principal and interest to holders of our debt. Page 22 New Jersey Resources Corporation Part I ITEM 1A.

The extent to which our subsidiaries are unable to pay dividends or repay funds to us may adversely affect our ability to pay dividends to holders of our common stock and principal and interest to holders of our debt. Credit rating downgrades could increase financing costs, limit access to the financial markets and negatively affect NJR and its subsidiaries.

Any revaluation of our deferred tax assets that may be required in the future could have a material adverse impact on our financial condition and results of operations.

Any revaluation of our deferred tax attributes that may be required in the future could have a material adverse impact on our financial condition and results of operations. Page 24 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) Significant regulatory assets recorded by our regulated companies could be disallowed for recovery from customers in the future.

A local disaster or pandemic illness could result in part of our workforce being unable to operate or maintain our infrastructure or perform other tasks necessary to conduct our business. In addition, these risks could result in loss of human life, significant damage to property, environmental damage, impairment of our operations and substantial loss to the Company.

Page 18 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) A local disaster or pandemic illness could result in part of our workforce being unable to operate or maintain our infrastructure or perform other tasks necessary to conduct our business.

Our future success will depend, in part, on our ability to anticipate and successfully adapt to technological changes and to offer services that meet customer demand. Failure to adapt to advances in technology and manage the related costs could make us less competitive and negatively impact our financial condition, results of operations and cash flows.

Failure to adapt to advances in technology and manage the related costs could make us less competitive and negatively impact our financial condition, results of operations and cash flows. Page 19 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) Risks Related to Regulations and Litigation We are subject to governmental regulation.

In addition, customers are increasingly expecting enhanced communications regarding their electric and natural gas services, which, in some cases, may involve additional investments in technology. New technologies, including, but not limited to, cloud computing and generative artificial intelligence, may require us to make significant expenditures to remain competitive and may result in the obsolescence of certain of our operating assets.

In addition, customers are increasingly expecting enhanced communications regarding their electric and natural gas services, which, in some cases, may involve additional investments in technology. Our future success will depend, in part, on our ability to anticipate and successfully adapt to technological changes and to offer services that meet customer demand.

Removed

ITEM 1A. RISK FACTORS (Continued) Actions or limitations to address concerns over long-term climate change, both globally and within our utilities' service areas, may affect our operations and financial performance. Legislative, regulatory and advocacy efforts at the local, state and national levels concerning climate change and other environmental issues could have significant impacts on our operations.

Added

To the extent the frequency of extreme weather events increases, this could increase our cost of providing service. In addition, we may not recover all costs related to mitigating these physical and financial risks.

Removed

The natural gas utility industry may be affected by proposals to curb greenhouse gas and other air emissions. Various regulatory and legislative proposals have been made to limit or further restrict byproducts of combustion, including byproducts resulting from the use of natural gas by our customers.

Added

Page 20 New Jersey Resources Corporation Part I ITEM 1A.

Removed

In addition, regionally, a number of regulatory and legislative initiatives have been passed that are designed to limit greenhouse gas emissions and increase the use of renewable sources of energy, such as the ban of natural gas equipment in new construction in New York.

Added

Page 23 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) Failure by NJR and/or NJNG to comply with debt covenants may impact our financial condition. Our long-term debt obligations contain financial covenants related to debt-to-capital ratios.

Removed

In addition, regulatory and legislative initiatives may restrict customers’ access to natural gas and/or require or limit natural gas infrastructure in buildings. Other initiatives may seek to promote social interests expressed as energy equity, environmental justice or similar frameworks.

Removed

Any such legislation could direct and/or restrict the operation and raise the costs of our energy delivery infrastructure as well as the distribution of natural gas to our customers. Uncertainties associated with our pipeline of projects could adversely affect our business, results of operations, financial condition and cash flows. Business development projects involve many risks.

Removed

We are currently engaged in business development projects, including projects in various stages of development tied to decarbonization efforts. Timely completion of our projects is subject to certain risks, including those related to regulatory proceedings regarding permitting and adverse outcomes from legal challenges related to the projects’ authorizations from federal and state regulatory agencies.

Removed

We could also experience issues such as: technological challenges; ineffective scalability; failure to achieve expected outcomes; unsuccessful business models; startup and construction delays; construction cost overruns; disputes with contractors; the inability to negotiate acceptable agreements such as rights-of-way, easements, construction, gas supply or other material contracts; changes in customer demand, perception or commitment; public opposition to projects; marketing risk and changes in market regulation, behavior or prices; market volatility or unavailability, including markets for RNG and its associated attributes or other environmental attributes; the inability to receive expected tax or regulatory treatment; and operating cost increases.

Removed

Additionally, we may be unable to finance our business development projects at acceptable costs or within a scheduled time frame necessary for completing the project.

Removed

Any of the foregoing risks, if realized, could result in business development efforts failing to produce expected financial results and the project investment becoming impaired, and such failure or impairment could have an adverse effect on our business, results of operations, financial condition and cash flows. ES’s earnings and cash flows are dependent upon optimization of its physical assets.

Removed

ES ’s earnings and cash flows are based, in part, on its ability to optimize its portfolio of contractually based natural gas storage and pipeline assets. The optimization strategy involves utilizing its physical assets to take advantage of differences in natural gas prices between geographic locations and/or time periods. Any change among various pricing points could affect these differentials.

Removed

In addition, significant increases in the supply of natural gas in ES’s market areas, including as a result of increased production along the Marcellus Shale, can reduce ES’s ability to take advantage of pricing fluctuations in the future. Changes in pricing dynamics and supply could have an adverse impact on ES’s optimization activities, earnings and cash flows.

Removed

ES incurs fixed demand fees to acquire its contractual rights to transportation and storage assets. Should commodity prices at various locations or time periods change in such a way that ES is not able to recoup these costs from its customers, the cash flows and earnings at ES, and ultimately the Company, could be adversely impacted.

Removed

NJNG and ES rely on storage, transportation assets and suppliers, which they do not own or control, to deliver natural gas. NJNG and ES depend on natural gas pipelines and other transportation and storage facilities owned and operated by third parties to deliver natural gas to wholesale and retail markets and to provide retail energy services to customers.

Removed

Their ability to provide natural gas for their present and projected sales will depend upon their suppliers’ ability to obtain and deliver additional supplies of natural gas, as well as NJNG’s ability to acquire supplies directly from new sources.

Removed

Factors beyond the control of NJNG, its suppliers and the independent suppliers that have obligations to provide natural gas to certain NJNG customers may affect NJNG’s ability to deliver such supplies.

Removed

These factors include other parties’ control over the drilling of new wells and the facilities to transport natural gas to NJNG’s citygate stations; development of additional interstate pipeline infrastructure; availability of supply sources; third-party pipelines or other midstream facilities interconnected to our gathering or transportation system, such as the TETCO or Transcontinental Pipeline, becoming partially or fully unavailable; competition for the acquisition of natural gas; priority allocations; impact of severe weather disruptions to natural gas supplies; and the regulatory and pricing policies of federal and state regulatory agencies, as well as the availability of Canadian reserves for export to the U.S.

Removed

Energy deregulation legislation may increase competition among natural gas utilities and impact the quantities of natural gas requirements needed for sales service. ES also relies on a firm supply source to meet its energy management obligations to its customers.

Removed

If supply, transportation or storage is disrupted, including for reasons of force majeure, the ability of NJNG and ES to sell and deliver their products and services may be hindered.

Removed

As a result, they may be responsible for damages incurred by their customers, such as the additional cost of acquiring alternative supply at then-current Page 16 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) market rates. Particularly for ES, these conditions could have a material impact on our financial condition, results of operations and cash flows.

Removed

Failure to attract and retain an appropriately qualified employee workforce could adversely affect operations.

Removed

Our ability to implement our business strategy and serve our customers is dependent upon our continuing ability to attract and retain talented professionals and a technically skilled workforce, and being able to transfer the knowledge and expertise of our workforce to new employees as our aging employees retire.

Removed

Failure to hire and adequately train replacement employees, including the transfer of significant internal historical knowledge and expertise to the new employees, or the future availability and cost of contract labor could adversely affect the ability to manage and operate our business.

Removed

Disputes with the Union over terms and conditions of the agreements could result in instability in our labor relationship and work stoppages that could impair the timely delivery of natural gas and other services from our utility and Home Services business, which could strain relationships with customers and state regulators and cause a loss of revenues that could adversely affect our results of operations.

Removed

Our collective bargaining agreements may also increase the cost of employing NJNG and Home Services workforce, affect our ability to continue offering market-based salaries and employee benefits, limit our flexibility in dealing with our workforce and limit our ability to change work rules and practices and implement other efficiency-related improvements to successfully compete in today’s challenging marketplace.

Removed

Our success depends upon our ability to attract, effectively transition, motivate and retain key employees and identify and develop talent to succeed senior management. We depend on senior executive officers and other key personnel to develop, implement and execute on our overall business strategy.

Removed

Page 17 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) Severe weather impacts, including, but not limited to, hurricanes, thunderstorms, high winds, microbursts, fires, tornadoes, blizzards and snow or ice storms, can disrupt energy generation, transmission and distribution.

Removed

The energy sector, including natural gas utility companies has become the subject of cyberattacks with increased frequency. Page 18 New Jersey Resources Corporation Part I ITEM 1A.

Removed

We are required to comply with numerous laws and regulations and to obtain numerous authorizations, permits, approvals and certificates from governmental agencies. These agencies regulate various aspects of our business, including customer rates, services, construction and natural gas pipeline operations.

Removed

Page 21 New Jersey Resources Corporation Part I ITEM 1A. RISK FACTORS (Continued) We are exposed to market risk and may incur losses in our wholesale business. Our transportation and storage portfolios consist of contracts to transport and store natural gas.

Removed

Risks Related to Tax and Accounting Matters A valuation allowance may be required for our deferred tax assets. Our deferred tax assets are comprised primarily of investment tax credits and state net operating losses.

Removed

On August 16, 2022, the Inflation Reduction Act was signed into law and imposed a 15% minimum tax rate on book earnings for corporations with higher than $1B of annual income, along with a 1% excise tax on corporate stock repurchases while providing tax incentives to promote various clean energy initiatives.

Removed

We are currently assessing the potential impact of these legislative changes. Any future change in tax laws or interpretation of such laws could adversely affect our results of operations, net income, financial condition and cash flows. Page 24 New Jersey Resources Corporation Part I ITEM 1A.

Item 2. Properties

Properties — owned and leased real estate

22 edited+77 added−5 removed30 unchanged

2023 filing

2024 filing

Biggest changeThese assets become more valuable when favorable price changes occur that impact the value between or within market areas and across time periods. On a forward basis, ES may hedge these price differentials through the use of financial instruments.

Biggest changeTransportation and Natural Gas Storage Transactions ES focuses on creating value from the use of its physical assets, which are typically amassed through contractual rights to natural gas transportation and storage capacity. These assets become more valuable when favorable price changes occur that impact the value between or within market areas and across time periods.

Steckman Ridge is a Delaware limited partnership, jointly owned and controlled by our subsidiaries and subsidiaries of Enbridge Inc., which built, owns and operates a natural gas storage facility with up to 12 Bcf of working natural gas capacity in Bedford County, Pennsylvania.

Steckman Ridge Steckman Ridge is a Delaware limited partnership, jointly owned and controlled by our subsidiaries and subsidiaries of Enbridge Inc., which built, owns and operates a natural gas storage facility with up to 12 Bcf of working natural gas capacity in Bedford County, Pennsylvania.

The AMAs include a series of initial and permanent releases, which commenced in November 2021. NJR will receive a total of approximately $260M in cash from fiscal 2022 through fiscal 2024 and $34M per year from fiscal 2025 through fiscal 2031 under the agreements.

The AMAs include a series of initial and permanent releases, which commenced in November 2021. NJR received a total of approximately $260M in cash from fiscal 2022 through fiscal 2024 and will receive approximately $34M per year from fiscal 2025 through fiscal 2031 under the agreements.

As part of its solar investment portfolio, CEV operates a residential and small commercial solar program, The Sunlight Advantage®, that provides qualifying homeowners and small business owners with the opportunity to have a solar system installed at their home or place of business with no installation or maintenance expenses.

As part of its solar investment portfolio, CEV operates a residential and small commercial solar program, The Sunlight Advantage®, which provides qualifying homeowners and small business owners with the opportunity to have a solar system installed at their home or place of business with no installation or maintenance expenses.

New Jersey has the eighth largest solar market in the U.S., according to the Solar Energy Industries Association®, with a large number of firms competing in all facets of the market including development, financing and construction. Our solar systems are registered and certified with the BPU’s Office of Clean Energy and qualified to produce RECs.

New Jersey has the tenth largest solar market in the U.S., according to the Solar Energy Industries Association®, with a large number of firms competing in all facets of the market including development, financing and construction. Our solar systems located in New Jersey are registered and certified with the BPU’s Office of Clean Energy and qualified to produce RECs.

The new program opened to new applications on August 28, 2021. Incentives are structured as a 15-year fixed incentive ranging from $85 to $130/MWh depending on market segment, project siting and size. The second phase of the successor program, the CSI Program, was established on December 7, 2022.

The new program opened to new applications in August 2021. Incentives are structured as a 15-year fixed incentive ranging from $85 to $130/MWh depending on market segment, project siting and size. The second phase of the successor program, the CSI program, was established in December 2022.

BUSINESS (Continued) While focusing on maintaining a low-risk operating and counterparty credit profile, ES’s activities specifically consist of the following elements: • Providing natural gas portfolio management services to nonaffiliated and our affiliated natural gas utility, electric generation facilities and natural gas producers; • Managing strategies for new and existing natural gas transportation and storage assets to capture value from changes in price due to location or timing differences as a means to generate Financial Margin; • Managing transactional logistics to minimize the cost of natural gas delivery to customers while maintaining security of supply.

BUSINESS (Continued) While focusing on maintaining a low-risk operating and counterparty credit profile, ES’s activities specifically consist of the following elements: • Providing natural gas portfolio management services to nonaffiliated and our affiliated natural gas utility, electric generation facilities and natural gas producers; • Managing strategies for new and existing natural gas transportation and storage assets to capture value from changes in price due to location or timing differences; • Managing transactional logistics to minimize the cost of natural gas delivery to customers while maintaining security of supply.

ES monitors changing market dynamics and strategically adjusts its portfolio of transportation and storage assets, which currently includes an average of approximately 21.8 Bcf of firm storage and 0.6 Bcf of firm transportation capacity.

ES monitors changing market dynamics and strategically adjusts its portfolio of transportation and storage assets, which currently includes an average of approximately 16.5 Bcf of firm storage and 0.6 Bcf of firm transportation capacity.

OTHER BUSINESS OPERATIONS Home Services and Other HSO operations consist primarily of the following unregulated affiliates: • NJR Home Services, Inc., which provides heating, ventilation and cooling service, sales and installation of appliances to approximately 101,500 service contract customers, as well as installation of solar equipment; • NJR Plumbing Services, Inc., which provides plumbing repair and installation services; • New Jersey Resources Corporation, a diversified energy services holding company; • CR&R, which holds commercial real estate; and • NJR Service Corporation, which provides shared administrative and financial services to the Company and all of its subsidiaries and affiliates.

BUSINESS (Continued) OTHER BUSINESS OPERATIONS Home Services and Other HSO operations consist primarily of the following unregulated affiliates: • NJR Home Services, Inc., which provides heating, ventilation and cooling service, electrical and generator service and installations, sales and installation of appliances, as well as installation of solar equipment; • NJR Plumbing Services, Inc., which provides plumbing repair and installation services; • New Jersey Resources Corporation, a diversified energy services holding company; • CR&R, which holds commercial real estate; and • NJR Service Corporation, which provides shared administrative and financial services to the Company and all of its subsidiaries and affiliates.

The CSI program was designed to encourage grid scale solar generation with a goal of incentivizing development of at least 300 MW of solar annually until 2026. Solicitations take place annually, and all projects that meet pre-qualification requirements will compete on price only.

As of September 30, 2023, CEV has approximately 468.8 MW of solar capacity in service, including a combination of residential and commercial net-metered and grid-connected solar systems.

As of September 30, 2024, CEV has approximately 477 MW of solar capacity in service, including a combination of commercial and residential net-metered and commercial grid-connected commercial solar systems.

During fiscal 2023 and 2022, ES managed and sold 150.4 Bcf and 231.1 Bcf of natural gas, respectively. In addition, as of September 30, 2023 and 2022, ES had 14.6 Bcf or $24.5M of natural gas in storage and 10.8 Bcf or $82.5M of natural gas in storage, respectively.

During fiscal 2024 and 2023, ES managed and sold 125.3 Bcf and 150.4 Bcf of natural gas, respectively. In addition, as of September 30, 2024 and 2023, ES had 13.1 Bcf of natural gas in storage and 14.6 Bcf of natural gas in storage, respectively.

The facility has direct access to the TETCO and Eastern Gas Transmission and Storage, Inc. pipelines and has access to the Northeast and Mid-Atlantic markets.

The facility has direct access to the TETCO and Eastern Gas Transmission and Storage, Inc. pipelines and has access to the Northeast and Mid-Atlantic markets. Page 12 New Jersey Resources Corporation Part I ITEM 1.

Page 12 New Jersey Resources Corporation Part I

Page 10 New Jersey Resources Corporation Part I ITEM 1.

CEV competes on price, quality and brand reputation, leveraging its partner network and customer referrals. CEV’s commercial solar projects are sourced through various channels and include both net-metered and grid-connected systems. Net-metered projects involve the sale of energy to a host and grid-connected systems into the wholesale energy markets. Project construction is competitively sourced through third parties.

Subsequent Events for more information regarding the transaction. CEV’s commercial solar projects are sourced through various channels and include both net-metered and grid-connected systems. Net-metered projects involve the sale of energy to a host and grid-connected systems into the wholesale energy markets. Project construction is competitively sourced through third parties.

ES may, for example, initiate positions when intrinsic Financial Margin is present, and then enhance that Financial Margin as prices change across regions or time periods.

This enables ES to capture geographic pricing differences across various regions, as delivered natural gas prices may change favorably as a result of market conditions. ES may, for example, initiate positions when intrinsic Financial Margin is present, and then enhance that Financial Margin as prices change across regions or time periods.

On September 30, 2023, NJNG had 15,457 residential and 8,033 commercial and industrial customers utilizing the transportation service. Clean Energy Ventures CEV invests in, owns and operates clean energy projects, including commercial and residential solar installations located in six states including New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

BUSINESS (Continued) Clean Energy Ventures CEV owns and operates clean energy projects, including commercial and residential solar installations located in six states, including New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

CEV owns, operates and maintains the system over the life of the lease in exchange for monthly lease payments. The program is operated by CEV using qualified contracting partners in addition to strategic suppliers for material standardization and sourcing. The residential solar lease and PPA market is highly competitive, with a large number of companies operating in New Jersey.

CEV owns, operates and maintains the system over the life of the lease in exchange for monthly lease payments. The program is operated by CEV using qualified contracting partners in addition to strategic suppliers for material standardization and sourcing. On November 25, 2024, CEV completed the sale of its 91 MW residential solar asset portfolio. See Note 17.

In addition, ES may seek to optimize these assets on a daily basis, as market conditions warrant, by evaluating natural gas supply and transportation availability within its portfolio. This enables ES to capture geographic pricing differences across various regions, as delivered natural gas prices may change favorably as a result of market conditions.

On a forward basis, ES may hedge these price differentials through the use of financial instruments. In addition, ES may seek to optimize these assets on a daily basis, as market conditions warrant, by evaluating natural gas supply and transportation availability within its portfolio.

ES’s activities are conducted in the market areas in which it has strong expertise, including the U.S. and Canada. ES differentiates itself in the marketplace based on price, reliability and quality of service. Its competitors include wholesale marketing and trading companies, utilities, natural gas producers and financial institutions.

ES differentiates itself in the marketplace based on price, reliability and quality of service. Its competitors include wholesale marketing and trading companies, utilities, natural gas producers and financial institutions. ES’s portfolio of customers includes regulated natural gas distribution companies, industrial companies, electric generators, natural gas/liquids processors, retail aggregators, wholesale marketers and natural gas producers.

Page 9 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) The BPU, within the framework of the EDECA, fully opened NJNG’s residential markets to competition, including third-party suppliers, and restructured rates to segregate its BGSS and delivery (i.e., transportation) prices. New Jersey’s natural gas utilities must provide BGSS in the absence of a third-party supplier.

Natural gas prices are a function of market supply and demand. Although NJNG believes natural gas will remain competitive with alternative fuels, no assurance can be given in this regard. The BPU, within the framework of the EDECA, fully opened NJNG’s residential markets to competition, including third-party suppliers, and restructured rates to segregate its BGSS and delivery (i.e., transportation) prices.

Storage and Transportation S&T includes investments in FERC-regulated interstate natural gas storage and transportation assets and is comprised of the following subsidiaries: • NJR Midstream Company owns and operates Leaf River, a 32.2M Dth salt dome natural gas facility, located in southeastern Mississippi, and the FERC-regulated Adelphia, which owns and operates an 84-mile pipeline in southeastern Pennsylvania.

Storage and Transportation S&T includes investments in FERC-regulated interstate natural gas storage and transportation assets and comprises NJR Midstream Company, which owns and operates Leaf River, FERC-regulated Adelphia, and NJR Steckman Ridge Storage Company, which holds our 50% equity method investment in Steckman Ridge.

Removed

At the present time, however, natural gas is used in over 95% of new construction due to its efficiency, reliability and price advantage. Natural gas prices are a function of market supply and demand. Although NJNG believes natural gas will remain competitive with alternate fuels, no assurance can be given in this regard.

Added

New Jersey’s natural gas utilities must provide BGSS in the absence of a third-party supplier. On September 30, 2024, NJNG had 14,470 residential and 7,972 commercial and industrial customers utilizing the transportation service. Page 9 New Jersey Resources Corporation Part I ITEM 1.

Removed

The next solicitation will open on November 27, 2023, and will close to bids on February 29, 2024.

Added

During fiscal 2024, ES purchased more than 10% of its natural gas from one supplier. ES believes the loss of this supplier would not have a material adverse impact on its results of operations, financial position or cash flows, as an adequate number of alternative suppliers exist.

Removed

ES’s portfolio of customers includes regulated natural gas distribution companies, industrial companies, electric generators, natural gas/liquids processors, retail aggregators, wholesale marketers and natural gas producers. Page 10 New Jersey Resources Corporation Part I ITEM 1.

Added

Leaf River Leaf River is a salt dome cavern natural gas storage facility located in southeastern Mississippi. The facility consists of three salt caverns with a combined natural gas storage capacity of 32.2M Dth.

Removed

During fiscal 2023, ES did not purchase over 10% of its natural gas from any one supplier. Transportation and Natural Gas Storage Transactions ES focuses on creating value from the use of its physical assets, which are typically amassed through contractual rights to natural gas transportation and storage capacity.

Added

A 40-mile, dual 24 inch pipeline header system provides interconnections with seven different pipelines: Tennessee Gas Pipeline, Destin Pipeline, Transcontinental Pipeline, Southern Natural Gas Pipeline, Midcontinent Express Pipeline, Gulf South Pipeline, and Venture Oil & Gas Pipeline, and serves as a bridge between the Northeast, Mid-Atlantic and Southeast markets.

Removed

NJR Midstream Company also holds a 20% equity method investment in PennEast, whose project was cancelled in September 2021 and subsequently is dissolving the partnership; and • NJR Steckman Ridge Storage Company holds our 50% equity method investment in Steckman Ridge.

Added

Leaf River provides reliable storage and balancing services to utilities, pipelines, marketers, and power markets in the Gulf and Southeast region. Adelphia Adelphia operates a FERC-regulated interstate natural gas transmission pipeline system in eastern Pennsylvania, providing firm and interruptible natural gas transportation service.

Added

The Adelphia pipeline system extends from Lower Mount Bethel Township in North Hampton County to Marcus Hook in Delaware County. Adelphia provides up to 850,000 Dths of natural gas to constrained energy markets in the greater Philadelphia region and serves customers from local distributors and producers to electric generators and wholesale marketers through its pipeline and storage assets.

Added

ENVIRONMENT We, along with our subsidiaries, are subject to legislation and regulation by federal, state and local authorities with respect to environmental matters. We believe that we are, in all material respects, in compliance with all applicable environmental laws and regulations.

Added

Based on this review, NJNG has estimated that the total future expenditures to remediate and monitor the former MGP sites for which it is responsible will range from approximately $130.9M to $194.6M.

Added

NJNG’s estimate of these liabilities is based upon known and measurable facts, existing technology and enacted laws and regulations in place when the review was completed in fiscal 2024. Where it is probable that costs will be incurred, and the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range.

Added

If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range.

Added

As of September 30, 2024, NJNG recorded an MGP remediation liability and a corresponding regulatory asset of $161.7M on the Consolidated Balance Sheets, based on the most likely amount; however, actual costs may differ from these estimates.

Added

HUMAN CAPITAL RESOURCES Employee Overview NJR fundamentally believes that its employees make the Company a unique, successful organization – in commitment, ingenuity, hard work and innovation.

Added

Through initiatives that start at the top, NJR has invested time, energy and manpower to foster a culture in which safety is top-of-mind at all times and achieving safety goals is a shared priority for every NJR employee. As of September 30, 2024, the Company and our subsidiaries employed 1,372 employees compared with 1,350 employees as of September 30, 2023.

Added

Of the total number of employees, NJNG had 510 and 509 and NJRHS had 118 and 117 Union or Represented employees as of September 30, 2024 and 2023, respectively. NJNG and NJRHS have collective bargaining agreements with the Union, which is affiliated with the American Federation of Labor and Congress of Industrial Organizations.

Added

NJNG and the Union agreed and ratified a contract on December 7, 2023, expiring in December 2026. The collective bargaining agreement between NJRHS and the Union was agreed and ratified on September 27, 2024, expiring in April 2029.

Added

We consider our relationship with employees, including those covered by collective bargaining agreements, to be in good standing. Page 13 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) The Company depends on its key personnel to successfully operate its businesses, including its executive officers, senior corporate management and management at its operating units.

Added

Fostering an environment that values DEI and ethics helps create an organization that is able to embrace, leverage and respect the differences of employees, customers and the communities where we live, work and serve. We are proud of the strides we have made in furthering our DEI strategy and increasing employee engagement.

Added

NJR is committed to this journey and knows our success makes us stronger as a company and community. Complementing our efforts are a DEI Council and our employee-led Business Resource Groups, cross-functional teams of employees whose core mission is to advance their own professional development and cultivate deeper connections with co-workers and communities.

Added

NJR periodically evaluates employees and their productivity against future demand expectations and historical trends. NJR employees continue to maintain high levels of engagement, satisfaction and retention according to NJR’s most recent employee survey conducted in October 2023.

Added

NJR conducts an annual employee survey, which is reviewed by the LDCC, designed to help the Company measure overall employee engagement. The feedback employees provide through the survey helps NJR evaluate the Company’s culture and the employee experience and monitor its current practices for potential areas of improvement.

Added

As part of the 401(k) Plan, NJR has matched 85% of the first 6% of base compensation contributed by the employee into the 401(k) Plan, subject to the Internal Revenue Code and NJR’s 401(k) Plan limits. Beginning on March 6, 2024, NJR’s contribution changed to 100% of the first 3% and 80% of the next 3% of base compensation.

Added

Additionally, for employees who are not eligible to participate in the defined benefit plans, NJR annually contributes between 4% and 5% of base compensation, depending upon years of service, into the 401(k) Plan on their behalf.

Added

AVAILABLE INFORMATION AND CORPORATE GOVERNANCE DOCUMENTS The following reports and any amendments to those reports are available on our website at https://investor.njresources.com/financials/sec-filings as soon as reasonably possible after filing or furnishing them with the SEC: • Annual reports on Form 10-K; • Quarterly reports on Form 10-Q; and • Current reports on Form 8-K.

Added

Page 14 New Jersey Resources Corporation Part I ITEM 1.

Added

BUSINESS (Continued) The following documents are available on our website at https://investor.njresources.com/governance/governance-documents: • NJR Code of Conduct; • Amended and Restated Bylaws; • Corporate Governance Guidelines; • Wholesale Trading Code of Conduct; • Dodd-Frank Compensation Recoupment Policy; • Supplemental Clawback Policy; • Insider Trading Policy; • Charters of the following Board of Directors Committees: Audit, Nominating/Corporate Governance and Leadership Development and Compensation; • Audit Complaint Procedure; • Communicating with Non-Management Directors Procedure; • Statement of Policy with Respect to Related Person Transactions; and • Legal Procedure.

Added

In Part III of this Form 10-K, we incorporate certain information by reference from our Proxy Statement for our 2024 Annual Meeting of Shareowners. We expect to file the Proxy Statement with the SEC on or about December 11, 2024. We will make it available on our website as soon as reasonably possible following the filing date.

Added

Please refer to the Proxy Statement when it is available. A printed copy of each document is available free of charge to any shareowner who requests it by contacting the Corporate Secretary at New Jersey Resources Corporation, 1415 Wyckoff Road, Wall, New Jersey 07719.

Added

Westhoven 56 2004 President and CEO (October 2019 - present) President and Chief Operating Office (October 2018 - September 2019) Roberto Bel 51 2019 Senior Vice President and Chief Financial Officer (January 2022 - present) Vice President, Treasury and Investor Relations (April 2019 - December 2021) Patrick J.

Added

Migliaccio 50 2013 Senior Vice President and Chief Operating Officer (January 2022 - present) Senior Vice President and Chief Financial Officer (January 2016 - December 2021) Amy Cradic 53 2018 Senior Vice President and Chief Operating Officer of Nonutility Businesses, Strategy and External Affairs (March 2020 - present) Vice President, Corporate Strategy and External Affairs (January 2020 – February 2020) Vice President, Government Affairs and Policy (January 2018 – December 2019) Richard Reich 49 2016 Senior Vice President and General Counsel (June 2022 - present) Senior Vice President, General Counsel and Corporate Secretary (September 2021 - June 2022) Corporate Secretary and Assistant General Counsel (January 2016 - September 2021) Lori DelGiudice 49 2023 Senior Vice President, Human Resources (November 2022 - present) Vice President of Human Resources for Honeywell Advanced Materials (September 2017 - October 2022) Jacqueline K.

Added

Shea 60 2016 Senior Vice President and CIO (January 2023 - present) Vice President and CIO (June 2016 - December 2022) Stephen M. Skrocki 48 2023 Corporate Controller (Principal Accounting Officer) (January 2023 - present) Corporate Controller (January 2021 - December 2022) Assistant Corporate Controller (March 2017 - January 2021) ITEM 1A.

Added

RISK FACTORS (Continued) Risks Related to Our Business Operations Our investments in solar energy projects are subject to substantial risks and uncertainties. There are risks associated with our ability to execute on our investment strategy of clean energy projects, which includes our ability to develop and manage such projects profitably.

Added

In addition, our investments in solar energy projects are dependent, in part, upon current state regulatory incentives and federal tax credits in order for the projects to be economically viable.

Added

Our return on investment for these solar projects is based substantially on our eligibility for ITCs and the future market value of RECs that are traded in a competitive marketplace in the State of New Jersey. These projects face the risk that the current state regulatory programs and tax laws may expire or be adversely modified.

Added

A sustained decrease in the value of RECs could negatively impact the return on our investments and could impair our portfolio of solar assets. Actions or limitations to address concerns over climate change, both globally and within our utilities' service areas, may affect our operations and financial performance.

Added

Legislative, regulatory and advocacy efforts at the local, state and national levels concerning climate change and other environmental issues could have significant impacts on our operations. The natural gas utility industry may be affected by proposals to curb greenhouse gas and other air emissions.

Added

Various regulatory and legislative proposals have been made to limit or further restrict byproducts of combustion, including byproducts resulting from the use of natural gas by our customers.

Added

… 24 more changes not shown on this page.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

5 edited+2 added−2 removed6 unchanged

2023 filing

2024 filing

Biggest changeITEM 3. LEGAL PROCEEDINGS (Continued) NJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action.

Biggest changeNJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action.

Based upon currently available information, NJR believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows. The actual results of resolving the pending litigation matters may be substantially higher than the amounts accrued.

If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range. Accordingly, as of September 30, 2023, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $169.4M on the Consolidated Balance Sheets based on the most likely amount.

If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range. Accordingly, as of September 30, 2024, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $161.7M on the Consolidated Balance Sheets based on the most likely amount.

As of September 30, 2023, $66.3M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Consolidated Balance Sheets. NJNG will continue to seek recovery of MGP-related costs through the RAC.

As of September 30, 2024, $77.5M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Consolidated Balance Sheets. NJNG will continue to seek recovery of MGP-related costs through the RAC.

NJNG estimated at the time of the most recent review that total future expenditures at the former MGP sites for which it is responsible, including potential liabilities for natural resource damages that might be brought by the NJDEP for alleged injury to groundwater or other natural resources concerning these sites, will range from approximately $137.3M to $201.5M.

Removed

In March 2022, the BPU approved an increase in the RAC, which increased the pre-tax annual recovery from $11.1M to $11.7M, effective April 1, 2022.

Added

ITEM 3. LEGAL PROCEEDINGS Manufactured Gas Plant Remediation NJNG is responsible for the remedial cleanup of certain former MGP sites, dating back to gas operations in the late 1800s and early 1900s, which contain contaminated residues from former gas manufacturing operations.

Removed

On April 12, 2023, the BPU approved on a final basis NJNG’s annual SBC filing of RAC expenditures through June 30, 2022, as well as an increase to the RAC annual recoveries of $3.7M, which increased the pre-tax annual recovery to $15.4M, effective May 1, 2023.

Added

NJNG is currently involved in administrative proceedings with the NJDEP, and participating in various studies and investigations by outside consultants, to determine the nature and extent of any such contaminated residues and to develop appropriate programs of remedial action, where warranted, under NJDEP regulations.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

28 edited+2 added−98 removed53 unchanged

2023 filing

2024 filing

Biggest changeThese decreases are partially offset by increased earnings at ES due primarily to higher natural gas price volatility in December 2022 and February 2023 and by increased earnings at CEV related to the reversal of a valuation allowance for certain deferred tax assets.

Biggest changeConsolidated net income increased approximately $25.1M during fiscal 2024, compared with fiscal 2023, due primarily to the following factors: • $27.9M increase in earnings at ES primarily due to increased operating revenue related to the timing of permanent releases of certain capacity related to the AMAs, reduced by unrealized gains and losses on hedging transactions; partially offset by • $10.8M decrease in earnings at CEV due to the reversal of a valuation allowance for certain deferred tax assets during fiscal 2023 that did not reoccur.

Specifically, NJNG and Adelphia record regulatory assets when it is considered probable that certain operating costs will be recoverable from customers in future periods and record regulatory liabilities when it is probable future obligations to customers exist.

We apply a discount to our derivative assets to factor in an adjustment associated with the credit risk of its physical natural gas counterparties and to our derivative liabilities to factor in an adjustment associated with its own credit risk. We determine this amount by using historical default probabilities corresponding to the appropriate S&P issuer ratings.

We apply a discount to our derivative assets to factor in an adjustment associated with the credit risk of our physical natural gas counterparties and to our derivative liabilities to factor in an adjustment associated with our own credit risk. We determine this amount by using historical default probabilities corresponding to the appropriate S&P issuer ratings.

Changes to the federal statutes related to ITCs, which have the effect of reducing or eliminating the credits, could have a negative impact on earnings and cash flows. Recently Issued Accounting Standards Refer to Note 2. Summary of Significant Accounting Policies in the accompanying Consolidated Financial Statements for discussion of recently issued accounting standards.

Changes to the federal statutes related to ITCs that have the effect of reducing or eliminating the credits could have a negative impact on earnings and cash flows. Recently Issued Accounting Standards Refer to Note 2. Summary of Significant Accounting Policies in the accompanying Consolidated Financial Statements for discussion of recently issued accounting standards.

Page 29 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Postemployment Employee Benefits Our costs of providing postemployment employee benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience.

Page 30 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Postemployment Employee Benefits Our costs of providing postemployment employee benefits are dependent upon numerous factors, including actual plan experience and assumptions of future experience.

Accordingly, the offset to the change in fair value of these derivatives is recorded as either a regulatory asset or liability on the Consolidated Balance Sheets. CEV hedges certain of its expected production of SRECs through forward and futures contracts.

Accordingly, the offset to the change in fair value of these derivatives is recorded as either a regulatory asset or liability on the Consolidated Balance Sheets. The Company hedges certain of its expected production of SRECs through forward and futures contracts.

Although subject to any contractual or regulatory restrictions or other limitations on the payment of dividends, future dividends will be at the discretion of the Board of Directors and will depend upon, among other factors, earnings, financial condition and other requirements.

Management ’ s Overview Consolidated NJR is a diversified energy services holding company providing retail natural gas service in New Jersey and wholesale natural gas and related energy services to customers in the U.S. and Canada. In addition, we invest in clean energy projects and storage and transportation assets and provide various repair, sales and installation services.

MANAGEMENT’S OVERVIEW Consolidated NJR is a diversified energy services holding company providing retail natural gas service in New Jersey and wholesale natural gas and related energy services to customers in the U.S. In addition, we invest in clean energy projects and storage and transportation assets and provide various repair, sales and installation services.

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES NJR’s Common Stock is traded on the New York Stock Exchange under the ticker symbol NJR. As of November 7, 2023, NJR had 79,007 holders of record of its common stock. Dividends are subject to declaration by the Board of Directors.

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES NJR’s Common Stock is traded on the New York Stock Exchange under the ticker symbol NJR. As of November 7, 2024, NJR had 81,251 holders of record of its common stock. Dividends are subject to declaration by the Board of Directors.

Refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risks for a sensitivity analysis related to the impact to derivative fair values resulting from changes in commodity prices. The valuation methods we use to determine fair values remained consistent for fiscal 2023, 2022 and 2021.

Quantitative and Qualitative Disclosures About Market Risks for a sensitivity analysis related to the impact to derivative fair values resulting from changes in commodity prices. The valuation methods we use to determine fair values remained consistent for fiscal 2024, 2023 and 2022.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Impairment of Long-lived Assets Property, plant and equipment and finite-lived intangible assets are reviewed periodically for impairment when changes in facts and circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with the appropriate accounting guidance.

Impairment of Long-lived Assets Property, plant and equipment and finite-lived intangible assets are reviewed periodically for impairment when changes in facts and circumstances indicate that the carrying amount of an asset may not be fully recoverable in accordance with the appropriate accounting guidance.

Our postemployment employee benefit plan assets consist primarily of U.S. equity securities, international equity securities, fixed-income investments and other assets, with a targeted allocation of 34%, 17%, 33% and 16%, respectively. Fluctuations in actual market returns, as well as changes in interest rates, may result in increased or decreased postemployment employee benefit costs in future periods.

Our postemployment employee benefit plan assets consist primarily of U.S. equity securities, international equity securities, fixed-income investments and other assets. Fluctuations in actual market returns, as well as changes in interest rates, may result in increased or decreased postemployment employee benefit costs in future periods.

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for or a replacement of, the comparable GAAP measure and should be read in conjunction with those GAAP results.

ES’s portfolio is valued using the most current and reasonable market information. If the price underlying a physical commodity transaction does not represent a visible and liquid market, ES may utilize additional published pipeline tariff information and/or other services to determine an equivalent market price.

If the price underlying a physical commodity transaction does not represent a visible and liquid market, ES may utilize additional published pipeline tariff information and/or other services to determine an equivalent market price.

In September 2023, the Board of Directors declared dividends payable October 2, 2023 of $0.42 per share of common stock to shareowners of record on September 20, 2023. We review our dividend policy on a regular basis.

In September 2024, the Board of Directors declared dividends payable October 1, 2024 of $0.45 per share of common stock to shareowners of record on September 23, 2024. We review our dividend policy on a regular basis.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Income Taxes The determination of our provision for income taxes requires the use of estimates and the interpretation and application of tax laws. Judgment is required in assessing the deductibility and recoverability of certain tax benefits.

Income Taxes The determination of our provision for income taxes requires the use of estimates and the interpretation and application of tax laws. Judgment is required in assessing the deductibility and recoverability of certain tax benefits.

These operations, which comprise HSO, include appliance repair services, sales and installations at NJRHS and commercial real estate holdings at CR&R.

These operations, which comprise HSO, include appliance repair services, sales and installations at NJRHS and commercial real estate holdings at CR&R. Page 34 New Jersey Resources Corporation Part II ITEM 7.

Operating Results Net income (loss) and assets by reporting segment and other business operations for the fiscal years ended September 30, are as follows: (Thousands) 2023 2022 2021 Net Income Assets Net Income Assets Net Income Assets NJNG $ 131,414 $ 4,414,829 $ 140,124 $ 4,030,686 $ 107,375 $ 3,707,461 CEV 44,458 1,128,577 39,403 1,015,065 16,789 914,788 ES 78,848 123,775 69,650 333,064 58,957 365,423 S&T 13,154 1,011,959 26,598 999,520 (67,787) 862,407 HSO 4,758 171,275 (781) 159,068 (826) 162,134 Intercompany (1) (7,908) (312,919) (72) (275,987) 3,382 (289,935) Total $ 264,724 $ 6,537,496 $ 274,922 $ 6,261,416 $ 117,890 $ 5,722,278 (1) Consists of transactions between subsidiaries that are eliminated in consolidation.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Operating Results Net income (loss) and assets by reporting segment and other business operations for the fiscal years ended September 30, are as follows: (Thousands) 2024 2023 2022 Net Income Assets Net Income Assets Net Income Assets NJNG $ 133,400 $ 4,789,835 $ 131,414 $ 4,414,829 $ 140,124 $ 4,030,686 CEV 33,662 1,157,573 44,458 1,128,577 39,403 1,015,065 ES 106,745 108,710 78,848 123,775 69,650 333,064 S&T 12,229 1,025,457 13,154 1,011,959 26,598 999,520 HSO 26 159,444 4,758 171,275 (781) 159,068 Intercompany (1) 3,713 (259,374) (7,908) (312,919) (72) (275,987) Total $ 289,775 $ 6,981,645 $ 264,724 $ 6,537,496 $ 274,922 $ 6,261,416 (1) Consists of transactions between subsidiaries that are eliminated in consolidation.

The comparative results for fiscal 2022 with fiscal 2021 have been omitted from this Form 10-K, but may be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations on Form 10-K of our Annual Report for the fiscal year ended September 30, 2022, filed with the SEC on November 17, 2022.

Management’s Discussion and Analysis of Financial Condition and Results of Operations on Form 10-K of our Annual Report for the fiscal year ended September 30, 2023, filed with the SEC on November 21, 2023.

The following is a summary of a sensitivity analysis for each actuarial assumption as of and for the fiscal year ended September 30, 2023: Pension Plans Actuarial Assumptions Increase/ (Decrease) Estimated Increase/(Decrease) on PBO (Thousands) Estimated Increase/(Decrease) to Expense (Thousands) Discount rate 1.00 % $ (28,573) $ (88) Discount rate (1.00) % $ 34,313 $ 4,131 Rate of return on plan assets 1.00 % n/a $ (2,854) Rate of return on plan assets (1.00) % n/a $ 2,854 Other Postemployment Benefits Actuarial Assumptions Increase/ (Decrease) Estimated Increase/(Decrease) on PBO (Thousands) Estimated Increase/(Decrease) to Expense (Thousands) Discount rate 1.00 % $ (25,370) $ (154) Discount rate (1.00) % $ 31,353 $ 2,515 Rate of return on plan assets 1.00 % n/a $ (961) Rate of return on plan assets (1.00) % n/a $ 960 Actuarial Assumptions Increase/ (Decrease) Estimated Increase/(Decrease) on PBO (Thousands) Estimated Increase/(Decrease) to Expense (Thousands) Health care cost trend rate 1.00 % $ 30,818 $ 4,522 Health care cost trend rate (1.00) % $ (25,283) $ (1,700) Page 30 New Jersey Resources Corporation Part II ITEM 7.

The following is a summary of a sensitivity analysis for each actuarial assumption as of and for the fiscal year ended September 30, 2024: Pension Plans Actuarial Assumptions Increase/ (Decrease) Estimated Increase/(Decrease) on PBO (Thousands) Estimated Increase/(Decrease) to Expense (Thousands) Discount rate 1.00 % $ (34,015) $ 118 Discount rate (1.00) % $ 41,090 $ 3,268 Rate of return on plan assets 1.00 % n/a $ (2,908) Rate of return on plan assets (1.00) % n/a $ 2,908 Other Postemployment Benefits Actuarial Assumptions Increase/ (Decrease) Estimated Increase/(Decrease) on PBO (Thousands) Estimated Increase/(Decrease) to Expense (Thousands) Discount rate 1.00 % $ (18,458) $ (1,196) Discount rate (1.00) % $ 22,102 $ 1,585 Rate of return on plan assets 1.00 % n/a $ (1,078) Rate of return on plan assets (1.00) % n/a $ 1,078 Actuarial Assumptions Increase/ (Decrease) Estimated Increase/(Decrease) on PBO (Thousands) Estimated Increase/(Decrease) to Expense (Thousands) Health care cost trend rate 1.00 % $ 18,148 $ 2,778 Health care cost trend rate (1.00) % $ (15,535) $ (2,159) Page 31 New Jersey Resources Corporation Part II ITEM 7.

Changes in the fair value of foreign exchange contracts are recognized in natural gas purchases on the Consolidated Statements of Operations. The fair value of derivative instruments is determined by reference to quoted market prices of listed exchange-traded contracts, published price quotations, pipeline tariff information or a combination of those items.

The fair value of derivative instruments is determined by reference to quoted market prices of listed exchange-traded contracts, published price quotations, pipeline tariff information or a combination of those items. ES’s portfolio is valued using the most current and reasonable market information.

To the extent that NJNG invests in property that qualifies for ITCs, the ITC is deferred and amortized to income over the life of the equipment in accordance with regulatory treatment.

Page 33 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) To the extent that NJNG invests in property that qualifies for ITCs, the ITC is deferred and amortized to income over the life of the equipment in accordance with regulatory treatment.

The share repurchase plan will expire when we have repurchased all shares authorized for repurchase thereunder, unless it is terminated earlier by action of our Board of Directors or additional shares are authorized for repurchase. NJR had no repurchase activity for the quarter ended September 30, 2024. ITEM 6. [RESERVED] Page 29 New Jersey Resources Corporation Part II ITEM 7.

CEV intends to physically deliver all SRECs it sells and recognizes SREC revenue as operating revenue on the Consolidated Statements of Operations upon delivery of the underlying SREC. We have not designated any derivatives as fair value or cash flow hedges as of September 30, 2023 and 2022. Page 32 New Jersey Resources Corporation Part II ITEM 7.

Upon physical delivery of SRECs to the counterparty, the Company recognizes SREC revenue as operating revenue on the Consolidated Statements of Operations. We have not designated any derivatives as fair value or cash flow hedges as of September 30, 2024 and 2023.

As of September 30, 2023, the fair value of its derivative assets and liabilities reported on the Consolidated Balance Sheets that is based on such pricing is considered immaterial. Should there be a significant change in the underlying market prices or pricing assumptions, ES may experience a significant impact on its financial position, results of operations and cash flows.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Should there be a significant change in the underlying market prices or pricing assumptions, ES may experience a significant impact on its financial position, results of operations and cash flows. Refer to Item 7A.

A more detailed description of our organizational structure can be found in Item 1. Business . Page 33 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The following sections include a discussion of results for fiscal 2023 compared to fiscal 2022.

A more detailed description of our organizational structure can be found in Item 1. Business . The following sections include a discussion of results for fiscal 2024 compared to fiscal 2023. The comparative results for fiscal 2023 with fiscal 2022 have been omitted from this Form 10-K, but may be found in Item 7.

Non-GAAP Financial Measures Our management uses NFE, a non-GAAP financial measure, when evaluating our operating results. ES economically hedges its natural gas inventory with financial derivative instruments.

ES economically hedges its natural gas inventory with financial derivative instruments.

Cumulative Total Return 2018 2019 2020 2021 2022 2023 NJR $100.00 $100.52 $62.55 $83.47 $96.11 $104.30 S&P 500 Utilities $100.00 $127.10 $120.79 $134.09 $141.56 $131.63 S&P 500 $100.00 $104.25 $120.05 $156.07 $131.92 $160.44 Peer Group $100.00 $117.06 $89.97 $98.14 $109.62 $106.24 The 9 companies in the Peer Group are: Atmos Energy Corporation; Avista Corporation; Black Hills Corporation; National Fuel Gas Company; NiSource Inc.; Northwest Natural Holding Company; ONE Gas, Inc.; Southwest Gas Corporation; and Spire Inc.

Cumulative Total Return 2019 2020 2021 2022 2023 2024 NJR $100.00 $62.22 $83.03 $95.61 $103.75 $125.26 S&P 500 Utilities $100.00 $95.03 $105.49 $111.38 $103.56 $146.87 S&P 500 $100.00 $115.15 $149.70 $126.54 $153.89 $209.83 Peer Group $100.00 $76.86 $83.84 $93.64 $90.75 $118.98 The nine companies in the Peer Group are: Atmos Energy Corporation; Avista Corporation; Black Hills Corporation; National Fuel Gas Company; NiSource Inc.; Northwest Natural Holding Company; ONE Gas, Inc.; Southwest Gas Corporation; and Spire Inc.

Removed

South Jersey Industries was removed from the Peer Group since the company is no longer a publicly held entity.

Added

As of September 30, 2024, the fair value of its derivative assets and liabilities reported on the Consolidated Balance Sheets that is based on such pricing is considered immaterial. Page 32 New Jersey Resources Corporation Part II ITEM 7.

Removed

The following table sets forth NJR’s repurchase activity for the quarter ended September 30, 2023: Period Total Number of Shares (or Units) Purchased Average Price Paid per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under the Plans or Programs 07/01/23 - 07/31/23 — $ — — 1,685,053 08/01/23 - 08/31/23 — $ — — 1,685,053 09/01/23 - 09/30/23 — $ — — 1,685,053 Total — $ — — 1,685,053 ITEM 6. [RESERVED] Page 28 New Jersey Resources Corporation Part II ITEM 7.

Added

Consolidated assets increased approximately $444.1M as of September 30, 2024, compared with September 30, 2023, due primarily to the following factors: • $301.7M increase in utility plant expenditures at NJNG; and • $79.4M increase in nonutility plant and equipment, net at CEV and S&T. Non-GAAP Financial Measures Our management uses NFE, a non-GAAP financial measure, when evaluating our operating results.

Removed

Investments in Equity Investees The Company accounts for its investment in Steckman Ridge using the equity method of accounting where it is not the primary beneficiary, as defined under ASC 810, Consolidation, in that its respective ownership interests are 50% or less and/or it has significant influence over operating and management decisions.

Removed

The Company’s share of earnings is recognized as equity in earnings of affiliates on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in facts and circumstances indicate that the current fair value may be less than the asset’s carrying amount.

Removed

Factors that the Company analyzes in determining whether an impairment in its equity investments exists include reviewing the financial condition and near-term prospects of the investees, including economic conditions and trends in the general market, significant delays in or failure to complete significant projects, unfavorable regulatory or legal actions expected to substantially impact future earnings potential and lower-than-expected cash distributions from investees.

Removed

If the Company determines the decline in the value of its equity method investment is other than temporary, an impairment charge is recorded in an amount equal to the excess of the carrying value of the asset over its fair value.

Removed

When impairment indicators are present, the fair value of the Company’s investment in Steckman Ridge is determined using a discounted cash flow method and utilizes management’s best estimates and assumptions related to expected future results, including the price and capacity of firm natural gas storage contracting, operations and maintenance costs, discount rates and the nature and timing of major maintenance and capital investment.

Removed

Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and other factors. As a result, it is reasonably possible that unfavorable developments, such as the failure to execute storage contracts and other services for available capacity at anticipated price levels, could result in an other-than-temporary impairment charge in the Consolidated Financial Statements.

Removed

Page 31 New Jersey Resources Corporation Part II ITEM 7.

Removed

Page 34 New Jersey Resources Corporation Part II ITEM 7.

Removed

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The decrease in net income of $10.2M during fiscal 2023, compared with fiscal 2022, is due primarily to decreased earnings at NJNG due to higher O&M and higher interest expense related to new debt at higher interest rates, and decreased earnings at S&T resulting from increased interest and depreciation expenses.

Removed

The increase in assets during fiscal 2023, compared with fiscal 2022, was due primarily to additional investment in utility plant at NJNG and solar asset investments at CEV, partially offset by a decrease in accounts receivable, gas in storage and restricted broker margin at ES and NJNG resulting from a decline in natural gas prices.

Removed

Below is a reconciliation of consolidated net income, the most directly comparable GAAP measure, to NFE for the fiscal years ended September 30: (Thousands, except per share data) 2023 2022 2021 Net income $ 264,724 $ 274,922 $ 117,890 Add: Unrealized (gain) loss on derivative instruments and related transactions (38,081) (59,906) 54,203 Tax effect 9,050 14,248 (12,887) Effects of economic hedging related to natural gas inventory (1) 34,699 19,939 (42,405) Tax effect (8,246) (4,738) 10,078 (Gain on) impairment of equity method investment (300) (5,521) 92,000 Tax effect (19) 1,377 (11,167) Net financial earnings $ 261,827 $ 240,321 $ 207,712 Basic earnings per share $ 2.73 $ 2.86 $ 1.23 Add: Unrealized (gain) loss on derivative instruments and related transactions (0.39) (0.62) 0.56 Tax effect 0.09 0.15 (0.13) Effects of economic hedging related to natural gas inventory (1) 0.36 0.21 (0.44) Tax effect (0.09) (0.05) 0.10 (Gain on) impairment of equity method investment — (0.06) 0.96 Tax effect — 0.01 (0.12) Basic NFE per share $ 2.70 $ 2.50 $ 2.16 (1) Effects of hedging natural gas inventory transactions where the economic impact is realized in a future period.

Removed

Page 35 New Jersey Resources Corporation Part II ITEM 7.

Removed

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) NFE by reporting segment and other business operations for the fiscal years ended September 30, discussed in more detail within the operating results sections of each reporting segment and other business operations, is summarized as follows: (Thousands) 2023 2022 2021 NJNG $ 131,414 50 % $ 140,124 58 % $ 107,375 52 % CEV 44,458 17 39,403 17 16,789 8 ES 68,517 26 39,121 16 71,117 34 S&T 12,835 5 22,454 9 13,046 6 HSO 4,758 2 (781) — (826) — Eliminations (1) (155) — — — 211 — Total $ 261,827 100 % $ 240,321 100 % $ 207,712 100 % (1) Consists of transactions between subsidiaries that are eliminated in consolidation.

Removed

The increase in NFE of $21.5M during fiscal 2023, compared with fiscal 2022, was due primarily to higher Financial Margin at ES along with an increase in the benefit from income taxes at CEV, partially offset by decreases at NJNG and S&T, as previously discussed.

Removed

Natural Gas Distribution Overview Natural Gas Distribution is comprised of NJNG, a natural gas utility that provides regulated natural gas service throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey to approximately 576,000 residential and commercial customers in its service territory and also participates in the off-system sales and capacity release markets.

Removed

The business is subject to various risks, which may include but are not limited to impacts to customer growth and customer usage, customer collections, the timing and costs of capital expenditures and construction of infrastructure projects, operating and financing costs, fluctuations in commodity prices and customer conservation efforts.

Removed

In addition, NJNG may be subject to adverse economic conditions such as inflation and rising natural gas costs, certain regulatory actions, environmental remediation and severe weather conditions. It is often difficult to predict the impact of events or trends associated with these risks.

Removed

NJNG’s business is seasonal by nature, as weather conditions directly influence the volume of natural gas delivered to customers on an annual basis. Specifically, customer demand substantially increases during the winter months when natural gas is used for heating purposes.

Removed

As a result, NJNG generates most of its natural gas distribution revenues during the first and second fiscal quarters and is subject to variations in earnings and working capital during the fiscal year. As a regulated company, NJNG is required to recognize the impact of regulatory decisions on its financial statements. See Note 4.

Removed

Regulation in the accompanying Consolidated Financial Statements for a more detailed discussion of regulatory actions, including filings related to programs and associated expenditures, as well as rate requests related to recovery of capital investments and operating costs.

Removed

NJNG’s operations are managed with the goal of providing safe and reliable service, growing its customer base, diversifying its Utility Gross Margin, promoting clean energy programs and mitigating the risks discussed above. Base Rate Case In November 2021, the BPU issued an order adopting a stipulation of settlement approving a $79.0M increase to base rates, effective December 1, 2021.

Removed

In addition, the order also included approval for the final increase for the NJ RISE/SAFE II programs, which totaled $0.3M. These increases include an overall rate of return on rate base of 6.84%, return on common equity of 9.6%, a common equity ratio of 54.0% and a composite depreciation rate of 2.78%.

Removed

Page 36 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Infrastructure Projects NJNG has significant annual capital expenditures associated with the management of its natural gas distribution and transmission system, including new utility plant associated with customer growth and its associated PIM and infrastructure programs.

Removed

Below is a summary of NJNG’s capital expenditures, including accruals for fiscal 2023 and estimates of expected investments over the next fiscal year: Estimated capital expenditures are reviewed on a regular basis and may vary based on the ongoing effects of regulatory oversight, environmental regulations, unforeseen events and the ability to access capital.

Removed

NJNG continues to implement BPU-approved infrastructure projects that are designed to enhance the reliability and integrity of NJNG’s natural gas distribution system. Infrastructure Investment Program In February 2019, NJNG filed a petition with the BPU seeking authority to implement a five-year IIP. The IIP consisted of two components: transmission and distribution investments and information technology replacement and enhancements.

Removed

The total investment for the IIP was approximately $507.0M. All approved investments will be recovered through annual filings to adjust base rates. In October 2020, the BPU approved the Company’s transmission and distribution component of the IIP for $150.0M over five years, effective November 1, 2020.

Removed

NJNG voluntarily withdrew the information technology upgrade component and will seek to recover associated costs in future rate case proceedings. In March 2022, NJNG filed its first rate recovery request for its BPU-approved IIP with capital expenditures estimated through June 30, 2022, including AFUDC.

Removed

In July 2022, NJNG filed its update with actual capital expenditures of $28.9M through June 30, 2022. In September 2022, the BPU approved the rate increase resulting in a $3.2M revenue increase, effective October 1, 2022.

Removed

On March 30, 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for estimated capital expenditures of $31.4M through June 30, 2023. This filing was updated on July 28, 2023, with actual expenses of approximately $28.2M through June 30, 2023.

Removed

The BPU approved this filing on September 27, 2023, which resulted in a $3.2M revenue increase, effective October 1, 2023. Page 37 New Jersey Resources Corporation Part II ITEM 7.

Removed

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) SAFE II and NJ RISE The BPU approved the 5-year SAFE II program and the associated rate mechanism to replace the remaining unprotected steel mains and services from NJNG’s natural gas distribution system at an estimated cost of approximately $200.0M, excluding AFUDC.

Removed

With the approval of SAFE II, $157.5M was approved for accelerated cost recovery methodology. The remaining $42.5M in capital expenditures was requested for recovery in base rate cases, of which $23.4M was approved in NJNG’s 2019 base rate case and $19.1M was approved in the 2021 base rate case.

Removed

The BPU approved NJNG’s NJ RISE capital infrastructure program, which consists of six capital investment projects estimated to cost $102.5M, excluding AFUDC, for natural gas distribution storm hardening and mitigation projects, along with associated depreciation expense. These system enhancements are intended to minimize service impacts during extreme weather events to customers in the most storm-prone areas of NJNG’s service territory.

Removed

Recovery of NJ RISE investments is included in NJNG’s base rates. In March 2021, NJNG filed a petition with the BPU requesting the final base rate increase for the recovery associated with NJ RISE and SAFE II capital investments costs of approximately $3.4M made through June 30, 2021.

Removed

In June 2021, this filing was consolidated with the 2021 base rate case. In November 2021, the BPU issued an order for the consolidated matter which included approval for the final increase for the NJ RISE and SAFE II programs of $0.3M.With this approval, the filings with respect to NJ RISE and SAFE II are complete.

Removed

Customer Growth In conducting NJNG’s business, management focuses on factors it believes may have significant influence on its future financial results. NJNG’s policy is to work with all stakeholders, including customers, regulators and policymakers, to achieve favorable results.

Removed

These factors include the rate of NJNG’s customer growth in its service territory, which can be influenced by political and regulatory policies, the delivered cost of natural gas compared with competing fuels, interest rates and general economic and business conditions.

Removed

NJNG’s total customers as of September 30, include the following: 2023 2022 2021 Firm customers Residential 520,682 512,264 502,546 Commercial, industrial & other 31,725 31,227 30,615 Residential transport 15,457 17,316 21,882 Commercial transport 8,033 8,397 8,815 Total firm customers 575,897 569,204 563,858 Other 103 96 47 Total customers 576,000 569,300 563,905 During fiscal 2023, 2022 and 2021, NJNG added 8,800, 7,808 and 7,854 new customers, respectively.

Removed

NJNG expects new customer additions, and those customers who added additional natural gas services to their premises, to contribute approximately $7.4M of incremental Utility Gross Margin on an annualized basis. NJNG expects its new customer annual growth rate to be approximately 1.9%.

Removed

Based on information from municipalities and developers, as well as external industry analysts and management’s experience, NJNG estimates that approximately 67% of the growth will come from new construction markets and 33% from customer conversions to natural gas from other fuel sources.

Removed

This new customer and conversion growth would increase Utility Gross Margin under NJNG’s base rates by approximately $8.5M annually, as calculated under NJNG’s CIP tariff. Page 38 New Jersey Resources Corporation Part II ITEM 7.

Removed

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Energy Efficiency Programs SAVEGREEN conducts home energy audits and provides various grants, incentives and financing alternatives designed to encourage the installation of high-efficiency heating and cooling equipment and other energy efficiency upgrades.

Removed

Depending on the specific incentive or approval, NJNG recovers costs associated with the programs over a two- to 10-year period through a tariff rider mechanism.

Removed

In March 2021, the BPU approved a three-year SAVEGREEN program consisting of approximately $126.1M of direct investment, $109.4M in financing options and approximately $23.4M in operation and maintenance expenses, which resulted in a $15.6M annual recovery increase, effective July 1, 2021. In May 2020, NJNG filed a petition with the BPU to decrease its EE recovery rate.

Removed

In October 2020, the BPU approved NJNG to maintain its existing rate, which resulted in an annual recovery of approximately $11.4M, effective November 1, 2020. In June 2021, NJNG submitted its annual cost recovery filing for the SAVEGREEN programs established from 2010 through 2021.

Removed

In January 2022, the BPU approved the stipulation, which increased annual recoveries by $2.2M, effective February 1, 2022. In June 2022, NJNG submitted its annual cost recovery filing for the SAVEGREEN programs established from 2010 through the present. In September 2022, the BPU approved the rate decrease, which resulted in an annual decrease of approximately $3.5M, effective October 1, 2022.

Removed

On June 1, 2023, NJNG submitted its annual cost recovery filing for the SAVEGREEN programs established from 2010 through the present, which would increase annual recoveries by approximately $10.7M. On September 27, 2023, the BPU approved an increase to the EE rate, increasing annual recoveries by $9.0M based on updated information since the initial filing, effective October 1, 2023.

Removed

The following table summarizes loans, grants, rebates and related investments as of September 30: (Thousands) 2023 2022 Loans $ 198,600 $ 175,300 Grants, rebates and related investments 205,200 168,700 Total $ 403,800 $ 344,000 Program recoveries from customers during the fiscal years ended September 30, 2023 and 2022, were $26.3M and $25.8M, respectively.

… 48 more changes not shown on this page.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

20 edited+2 added−27 removed14 unchanged

2023 filing

2024 filing

Biggest changeThe following is a reconciliation of consolidated net income, the most directly comparable GAAP measure, to NFE for the fiscal years ended September 30: (Thousands) 2023 2022 2021 Net income $ 264,724 $ 274,922 $ 117,890 Add: Unrealized (gain) loss on derivative instruments and related transactions (38,081) (59,906) 54,203 Tax effect 9,050 14,248 (12,887) Effects of economic hedging related to natural gas inventory 34,699 19,939 (42,405) Tax effect (8,246) (4,738) 10,078 (Gain on) impairment of equity method investment (300) (5,521) 92,000 Tax effect (19) 1,377 (11,167) NFE $ 261,827 $ 240,321 $ 207,712 Basic earnings per share $ 2.73 $ 2.86 $ 1.23 Add: Unrealized (gain) loss on derivative instruments and related transactions (0.39) (0.62) 0.56 Tax effect 0.09 0.15 (0.13) Effects of economic hedging related to natural gas inventory 0.36 0.21 (0.44) Tax effect (0.09) (0.05) 0.10 (Gain on) impairment of equity method investment — (0.06) 0.96 Tax effect — 0.01 (0.12) Basic NFE per share $ 2.70 $ 2.50 $ 2.16 NFE by reporting segment and other business operations for the fiscal years ended September 30, are as follows: Page 6 New Jersey Resources Corporation Part I ITEM 1.

Biggest changeThe following is a reconciliation of consolidated net income, the most directly comparable GAAP measure, to NFE for the fiscal years ended September 30: (Thousands) 2024 2023 2022 Net income $ 289,775 $ 264,724 $ 274,922 Add: Unrealized loss (gain) on derivative instruments and related transactions 19,574 (38,081) (59,906) Tax effect (4,652) 9,050 14,248 Effects of economic hedging related to natural gas inventory (1) (18,192) 34,699 19,939 Tax effect 4,323 (8,246) (4,738) Gain on equity method investment — (300) (5,521) Tax effect — (19) 1,377 NFE $ 290,828 $ 261,827 $ 240,321 Basic earnings per share $ 2.94 $ 2.73 $ 2.86 Add: Unrealized loss (gain) on derivative instruments and related transactions 0.20 (0.39) (0.62) Tax effect (0.05) 0.09 0.15 Effects of economic hedging related to natural gas inventory (1) (0.18) 0.36 0.21 Tax effect 0.04 (0.09) (0.05) Gain on equity method investment — — (0.06) Tax effect — — 0.01 Basic NFE per share $ 2.95 $ 2.70 $ 2.50 (1) Effects of hedging natural gas inventory transactions where the economic impact is realized in a future period.

NJR Energy Services Company, LLC maintains and transacts around a portfolio of physical assets consisting of natural gas transportation and storage contracts in the U.S. and Canada. NJRES also provides unregulated wholesale energy management services to other energy companies and natural gas producers. NJRES comprises our Energy Services segment.

NJR Energy Services Company, LLC maintains and transacts around a portfolio of physical assets consisting of natural gas transportation and storage contracts in the U.S. NJRES also provides unregulated wholesale energy management services to other energy companies and natural gas producers. NJRES comprises our Energy Services segment.

Risk Factors , as well as the following, which are neither presented in order of importance nor weighted: • our ability to obtain governmental and regulatory approvals, permits, certificates, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and S&T infrastructure projects, in a timely manner; • our ability to address concerns over long-term climate change; • risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for RECs and electricity prices, our ability to complete construction of the projects and operational risks related to projects in service; • risks associated with acquisitions and the related integration of acquired assets with our current operations; • our ability to comply with current and future regulatory requirements; • risks associated with our pipeline of projects and timely completion of such projects • commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market; • volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, ES operations and our risk management efforts; • the performance of our subsidiaries; • access to adequate supplies of natural gas and dependence on third-party S&T facilities for natural gas supply; • the level and rate at which NJNG’s costs and expenses are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings; • impacts of inflation, including the current inflationary environment, and increased natural gas costs; • the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes; • operating risks incidental to handling, storing, transporting and providing customers with natural gas; • demographic changes in our service territory and their effect on our customer growth; • changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company; • the impact of events causing volatility in the equity and credit markets on our access to capital, including natural disasters, pandemic illness and other extreme events and risks, political and economic disruption and uncertainty related to Russia’s military invasion of Ukraine, the Israel-Hamas War, and the international community’s responses; • risks of prolonged constriction of credit availability in the markets and our ability to secure short-term financing; • our ability to comply with debt covenants; • the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters; • risks related to cyberattacks, including ransomware, terrorism, other malicious acts against, or failure of, information technology systems; • the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets, including, but not limited to, inflationary pressures, recessionary pressures, or rising interest rates, and/or reductions in bond yields; • accounting effects and other risks associated with hedging activities and use of derivatives contracts; • our ability to optimize our physical assets; • weather and economic conditions, including those changes in weather and weather patterns that could be attributable to climate change; • the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey Energy Master Plan, as well as future executive orders and the outcomes of regulatory proceedings concerning natural gas; • uncertainties related to litigation, regulatory, administrative or environmental proceedings; • changes to tax laws and regulations, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act; • any potential need to record a valuation allowance for our deferred tax assets; • the delay or prevention of a favorable transaction due to changes in control provisions or laws; • risks related to our employee workforce and succession planning; • risks associated with the management of our joint ventures and partnerships; and • risks associated with keeping pace with technological change, including, but not limited to, cloud computing and generative artificial intelligence.

Risk Factors , as well as the following, which are neither presented in order of importance nor weighted: • our ability to obtain governmental and regulatory approvals, permits, certificates, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and S&T infrastructure projects in a timely manner; • our ability to address concerns over climate change and its impacts on business operations; • risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for RECs and electricity prices, our ability to complete construction of the projects and operational risks related to projects in service; • risks associated with acquisitions and the related integration of acquired assets with our current operations; • our ability to comply with current and future regulatory requirements; • risks associated with our pipeline of projects and timely completion of such projects; • commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market; • volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, ES operations and our risk management efforts; • the performance of our subsidiaries; • access to adequate supplies of natural gas and dependence on third-party S&T facilities for natural gas supply; • the level and rate at which NJNG’s costs are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings; • impacts of inflation, including the current inflationary environment, and increased natural gas costs; • the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes; • operating risks incidental to handling, storing, transporting and providing customers with natural gas; • demographic changes in our service territory and their effect on our customer growth; • changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company; • the impact of events causing volatility in the equity and credit markets on our access to capital, including natural disasters, pandemic illness and other extreme events and risks, political and economic disruption and uncertainty related to Russia’s military invasion of Ukraine, the conflict in the Middle East, and the international community’s responses; • risks of prolonged constriction of credit availability in the markets and our ability to secure short-term financing; • our ability to comply with debt covenants; • the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters; • risks related to cyberattacks, including ransomware, terrorism and other malicious acts against, or failure of, information technology systems; • the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets, including, but not limited to, inflationary pressures, recessionary pressures, or rising interest rates, and/or reductions in bond yields; • accounting effects and other risks associated with hedging activities and use of derivatives contracts; • our ability to optimize our physical assets; • weather and economic conditions, including those changes in weather and weather patterns that could be attributable to climate change; • the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey EMP, as well as future executive orders and the outcomes of regulatory proceedings concerning natural gas; • uncertainties related to litigation, regulatory, administrative or environmental proceedings; • changes to tax laws and regulations, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act; • any potential need to record a valuation allowance for our deferred tax assets; • the delay or prevention of a favorable transaction due to changes in control provisions or laws; • risks related to our employee workforce and succession planning; • risks associated with the management of our joint ventures and partnerships; and • risks associated with keeping pace with technological change.

Assets composition by reporting segment and other business operations at September 30, are as follows: 2023 2022 Page 5 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) Management uses NFE, a non-GAAP financial measure, when evaluating its operating results.

Asset composition by reporting segment and other business operations at September 30, are as follows: 2024 2023 Page 5 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) Management uses NFE, a non-GAAP financial measure, when evaluating its operating results.

Quantitative and Qualitative Disclosures About Market Risk , and in the notes to the financial statements, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995.

Quantitative and Qualitative Disclosures About Market Risk , and in the notes to the financial statements, are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995.

We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2024 and thereafter include many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets.

We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate, the gain on the sale of the CEV residential solar asset portfolio and other matters for fiscal 2025 and thereafter include many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets.

NJR Midstream Holdings Corporation, which comprises the Storage and Transportation segment, invests in energy-related ventures through its subsidiaries: NJR Midstream Company, which includes our wholly-owned subsidiaries of Leaf River, located in southeastern Mississippi, and Adelphia, located in eastern Pennsylvania, which are subject to FERC regulation, along with our 20% ownership interest in PennEast, which ceased operations in fiscal 2022; and NJR Steckman Ridge Storage Company, which holds our 50% combined ownership interest in Steckman Ridge, located in Pennsylvania.

NJR Midstream Holdings Corporation, which comprises the Storage and Transportation segment, invests in energy-related ventures through its subsidiaries: NJR Midstream Company, which includes our wholly-owned subsidiaries of Leaf River, located in southeastern Mississippi, and Adelphia, located in eastern Pennsylvania, which are subject to FERC regulation; and NJR Steckman Ridge Storage Company, which holds our 50% combined ownership interest in Steckman Ridge, located in Pennsylvania.

ITEM 6. [ Reserved ] 28 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 60 ITEM 8.

ITEM 6. [ Reserved ] 29 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 58 ITEM 8.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 125 ITEM 13. Certain Relationships and Related Transactions and Director Independence 125 ITEM 14. Principal Accountant Fees and Services 125 PART IV ITEM 15.

Executive Compensation 119 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 119 ITEM 13. Certain Relationships and Related Transactions and Director Independence 119 ITEM 14. Principal Accountant Fees and Services 119 PART IV ITEM 15.

Bank National Association dated as of September 1, 2014, as amended MW Megawatts Page 1 New Jersey Resources Corporation GLOSSARY OF KEY TERMS (cont.) MWh Megawatt Hour NAESB The North American Energy Standards Board NAV Net Asset Value NFE Net Financial Earnings NJ RISE New Jersey Reinvestment in System Enhancement NJCEP New Jersey’s Clean Energy Program NJDEP New Jersey Department of Environmental Protection NJNG New Jersey Natural Gas Company or our Natural Gas Distribution segment NJNG Credit Facility The $250M unsecured committed credit facility expiring in September 2027 NJR Credit Facility The $650M unsecured committed credit facility expiring in September 2027 NJR or The Company New Jersey Resources Corporation NJR Retail NJR Retail Company NJRCEV NJR Clean Energy Ventures Corporation NJRES NJR Energy Services Company, LLC NJRHS NJR Home Services Company Non-GAAP Not in accordance with GAAP NPNS Normal Purchase/Normal Sale NYMEX New York Mercantile Exchange OASDI Old Age, Survivors and Disability Insurance tax OCI Other Comprehensive Income O&M Operations and Maintenance OPEB Other Postemployment Benefit Plans PBO Projected Benefit Obligation PennEast PennEast Pipeline Company, LLC PEP Pension Equalization Plan PIM Pipeline Integrity Management PPA Power Purchase Agreement RAC Remediation Adjustment Clause REC Renewable Energy Certificate SAFE II Safety Acceleration and Facility Enhancement Program, Phase II Sarbanes-Oxley Sarbanes-Oxley Act of 2002 SAVEGREEN The SAVEGREEN Project® Savings Plan Employees’ Retirement Savings Plan SBC Societal Benefits Charge SEC Securities and Exchange Commission Securities Act Securities Act of 1933, as amended SOFR Secured Overnight Financing Rate SREC Solar Renewable Energy Certificate SRL Southern Reliability Link S&P Standard & Poor’s Financial Services, LLC Steckman Ridge Collectively, Steckman Ridge GP, LLC and Steckman Ridge, LP Storage and Transportation or S&T Storage and Transportation segment TETCO Texas Eastern Transmission TREC Transition Renewable Energy Certificate Trustee U.S.

Bank National Association dated as of September 1, 2014, as amended Page 1 New Jersey Resources Corporation GLOSSARY OF KEY TERMS (cont.) MW Megawatts MWh Megawatt Hour NAESB The North American Energy Standards Board NAV Net Asset Value NFE Net Financial Earnings NJCEP New Jersey’s Clean Energy Program NJDEP New Jersey Department of Environmental Protection NJNG New Jersey Natural Gas Company or our Natural Gas Distribution segment NJNG Credit Facility The $250M unsecured committed credit facility expiring in August 2029 NJR Credit Facility The $575M unsecured committed credit facility expiring in August 2029 NJR or The Company New Jersey Resources Company NJR Retail NJR Retail Company NJRCEV NJR Clean Energy Ventures Corporation NJRES NJR Energy Services Company, LLC NJRHS NJR Home Services Company Non-GAAP Not in accordance with GAAP NPNS Normal Purchase/Normal Sale NYMEX New York Mercantile Exchange OCI Other Comprehensive Income O&M Operations and Maintenance Expense OPEB Other Postemployment Benefit Plans PBO Projected Benefit Obligation PennEast PennEast Pipeline Company, LLC PEP Pension Equalization Plan PIM Pipeline Integrity Management PPA Power Purchase Agreement RAC Remediation Adjustment Clause REC Renewable Energy Certificate Sarbanes-Oxley Sarbanes-Oxley Act of 2002 SAVEGREEN The SAVEGREEN Project® Savings Plan Employees’ Retirement Savings Plan SBC Societal Benefits Charge SEC Securities and Exchange Commission Securities Act Securities Act of 1933, as amended SG&A Selling, General and Administrative expenses SREC Solar Renewable Energy Certificate S&P Standard & Poor’s Financial Services, LLC Steckman Ridge Collectively, Steckman Ridge GP, LLC and Steckman Ridge, LP Storage and Transportation or S&T Storage and Transportation segment TETCO Texas Eastern Transmission TREC Transition Renewable Energy Certificate Trustee U.S.

Financial Statements and Supplementary Data 63 Management’s Report on Internal Control over Financial Reporting 63 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) 64 Consolidated Financial Statements 67 Notes to Consolidated Financial Statements 72 Note 1. Nature of the Business 72 Note 2. Summary of Significant Accounting Policies 72 Note 3. Revenue 84 Note 4.

Financial Statements and Supplementary Data 61 Management’s Report on Internal Control over Financial Reporting 61 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) 62 Consolidated Financial Statements 65 Notes to Consolidated Financial Statements 70 Note 1. Nature of the Business 70 Note 2. Summary of Significant Accounting Policies 70 Note 3. Revenue 81 Note 4.

Exhibits and Financial Statement Schedules 126 Index to Financial Statement Schedules 127 Exhibit Index 129 Signatures 136 * Portions of Item 10 and Items 11-14 are Incorporated by Reference from the Proxy Statement. i New Jersey Resources Corporation GLOSSARY OF KEY TERMS Adelphia Adelphia Gateway, LLC AFUDC Allowance for Funds Used During Construction AMA Asset Management Agreement ARO Asset Retirement Obligations ASC Accounting Standards Codification ASU Accounting Standards Update B Billion Bcf Billion Cubic Feet BGSS Basic Gas Supply Service BPU New Jersey Board of Public Utilities CARES Act Coronavirus Aid, Relief, and Economic Security Act CIP Conservation Incentive Program Clean Energy Ventures or CEV Clean Energy Ventures segment CME Chicago Mercantile Exchange COVID-19 Novel coronavirus disease CR&R Commercial Realty & Resources Corp.

Exhibits and Financial Statement Schedules 120 Index to Financial Statement Schedules 121 Exhibit Index 123 Signatures 130 * Portions of Item 10 and Items 11-14 are Incorporated by Reference from the Proxy Statement. i New Jersey Resources Corporation GLOSSARY OF KEY TERMS Adelphia Adelphia Gateway, LLC ADI Administratively Determined Incentive AFUDC Allowance for Funds Used During Construction AMA Asset Management Agreement ARO Asset Retirement Obligation ASC Accounting Standards Codification ASU Accounting Standards Update B Billion Bcf Billion Cubic Feet BGSS Basic Gas Supply Service BPU New Jersey Board of Public Utilities CEO Chief Executive Officer CIO Chief Information Officer CIP Conservation Incentive Program Clean Energy Ventures or CEV Clean Energy Ventures segment CME Chicago Mercantile Exchange CR&R Commercial Realty & Resources Corp.

Reporting Segment and Other Operations Data 120 Note 16. Related Party Transactions 122 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 124 ITEM 9A. Controls and Procedures 124 ITEM 9B. Other Information 124 PART III* ITEM 10. Directors, Executive Officers and Corporate Governance 125 ITEM 11. Executive Compensation 125 ITEM 12.

Reporting Segment and Other Operations Data 114 Note 16. Related Party Transactions 116 Note 17. Subsequent Event 117 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118 ITEM 9A. Controls and Procedures 118 ITEM 9B. Other Information 118 PART III* ITEM 10. Directors, Executive Officers and Corporate Governance 119 ITEM 11.

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP, and should be considered in addition to, and not as a substitute for, the comparable GAAP measure.

Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP, and should be considered in addition to, and not as a substitute for, the comparable GAAP measure.

Our primary subsidiaries include the following: New Jersey Natural Gas Company provides regulated natural gas utility service to approximately 576,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and participates in the off-system sales and capacity release markets.

We are an exempt holding company under Section 1263 of the Energy Policy Act of 2005. Our primary subsidiaries include the following: New Jersey Natural Gas Company provides regulated natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and participates in the off-system sales and capacity release markets.

Regulation 88 Note 5. Derivative Instruments 94 Note 6. Fair Value 98 Note 7. Investments in Equity Investees 101 Note 8. Earnings Per Share 102 Note 9. Debt 102 Note 10. Stock-Based Compensation 106 Note 11. Employee Benefit Plans 109 Note 12. Income Taxes 114 Note 13. Leases 116 Note 14. Commitments and Contingent Liabilities 119 Note 15.

Regulation 85 Note 5. Derivative Instruments 90 Note 6. Fair Value 94 Note 7. Investments in Equity Investees 96 Note 8. Earnings Per Share 96 Note 9. Debt 97 Note 10. Stock-Based Compensation 100 Note 11. Employee Benefit Plans 103 Note 12. Income Taxes 108 Note 13. Leases 110 Note 14. Commitments and Contingent Liabilities 113 Note 15.

Page 4 New Jersey Resources Corporation Part I ITEM 1. BUSINESS (Continued) REPORTING SEGMENTS We operate within four reporting segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Storage and Transportation. NJNG consists of regulated natural gas services, off-system sales, capacity and storage management operations.

BUSINESS (Continued) REPORTING SEGMENTS We operate within four reporting segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Storage and Transportation. NJNG consists of regulated natural gas services, off-system sales, capacity and storage management operations. ES consists of unregulated wholesale and retail energy operations, as well as energy management services. CEV consists of capital investments in clean energy projects.

ES economically hedges its natural gas inventory with financial derivative instruments and calculates the related tax effect based on the statutory rate. 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.

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 considered unusual in nature and occur infrequently and are not indicative of the Company’s performance for its ongoing operations.

See Note 7. Investments in Equity Investees for more information on Steckman Ridge and PennEast. NJR Home Services Company provides heating, ventilation and cooling service, sales and installation of appliances to approximately 101,500 service contract customers, as well as solar installation projects, and is the primary contributor to Home Services and Other operations.

NJR Home Services Company provides heating, ventilation and cooling service, sales and installation of appliances, as well as solar installation projects, and is the primary contributor to Home Services and Other operations. Page 4 New Jersey Resources Corporation Part I ITEM 1.

Net income by reporting segment and other business operations for the fiscal years ended September 30, are as follows: S&T incurred a net loss of $67.8M during fiscal 2021, which is not shown clearly in the above graph.

S&T consists of operations and investments in the natural gas storage and transportation market, such as natural gas storage and transportation facilities. Net income by reporting segment and other business operations for the fiscal years ended September 30, are as follows: * HSO includes intercompany eliminations.

Removed

We are an exempt holding company under Section 1263 of the Energy Policy Act of 2005.

Added

To the extent we utilize forwards, futures or other derivatives to hedge natural gas transactions and forecasted SREC production, the resulting unrealized gains and losses are also eliminated from NFE. ES economically hedges its natural gas inventory with financial derivative instruments and calculates the related tax effect based on the statutory rate.

Removed

ES consists of unregulated wholesale and retail energy operations, as well as energy management services. CEV consists of capital investments in clean energy projects. S&T consists of operations and investments in the natural gas storage and transportation market, such as natural gas storage and transportation facilities.

Added

NFE by reporting segment and other business operations for the fiscal years ended September 30, are as follows: * HSO includes intercompany eliminations. Page 6 New Jersey Resources Corporation Part I

Removed

These are considered unusual in nature and occur infrequently and 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.

Removed

BUSINESS (Continued) Natural Gas Distribution General NJNG consists of regulated utility operations that provide natural gas service to approximately 576,000 customers. NJNG’s service territory includes Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey. It encompasses 1,516 square miles, covering 110 municipalities with an estimated population of 1.5 million people.

Removed

Operating Revenues/Throughput For the fiscal years ended September 30, operating revenues and throughput by customer class for NJNG are as follows: 2023 2022 2021 ($ in thousands) Operating Revenue Bcf Operating Revenue Bcf Operating Revenue Bcf Residential $ 643,756 43.4 $ 598,433 45.5 $ 484,407 46.2 Commercial and other 137,343 8.4 140,727 8.7 103,341 8.6 Firm transportation 79,537 12.1 80,915 13.0 69,353 13.7 Total residential and commercial 860,636 63.9 820,075 67.2 657,101 68.5 Interruptible/off-tariff agreements/other 9,996 29.5 9,740 32.4 7,239 22.9 Total system 870,632 93.4 829,815 99.6 664,340 91.4 BGSS incentive programs (1) 142,001 34.9 298,952 44.5 67,456 20.8 Total $ 1,012,633 128.3 $ 1,128,767 144.1 $ 731,796 112.2 (1) Does not include 37.7, 50.7 and 80.5 Bcf for the capacity release program and related amounts of approximately $0.9M, $0.7M and $3.1M, which are recorded as a reduction of natural gas purchases on the Consolidated Statements of Operations during fiscal 2023, 2022 and 2021, respectively.

Removed

NJNG added 8,800 and 7,808 new customers during fiscal 2023 and 2022, respectively. NJNG expects its annual customer growth rate to be approximately 1.9%. This anticipated customer growth represents approximately $8.5M in new annual Utility Gross Margin, a non-GAAP financial measure, as calculated under NJNG’s current CIP tariff.

Removed

For a reconciliation of Utility Gross Margin to gross margin see Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations-Natural Gas Distribution . In fiscal 2023, no single customer represented more than 10% of consolidated operating revenues.

Removed

Seasonality of Natural Gas Revenues Therm sales are significantly affected by weather conditions, with customer demand being greatest during the winter months when natural gas is used for heating purposes. The relative measurement of the impact of weather is in Degree-days.

Removed

BUSINESS (Continued) Concurrent with its annual BGSS filing, NJNG files for an annual review of its CIP, at which time it can request rate changes, as appropriate. For additional information regarding CIP, including rate actions and impact to margin, see Note 4. Regulation in the accompanying Consolidated Financial Statements and Item 7.

Removed

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations-Natural Gas Distribution . Natural Gas Supply Firm Natural Gas Supplies In fiscal 2023, NJNG purchased natural gas from approximately 58 suppliers under contracts ranging from one day to seven months and purchased over 10% of its natural gas from two suppliers.

Removed

The pipeline companies that provide firm transportation service to NJNG’s citygate stations, the maximum daily deliverability of that capacity and the contract expiration dates are as follows: Pipeline Dths (1) Expiration Transcontinental Gas Pipe Line Corp. 332,531 Various dates between 2024 and 2033 Texas Eastern Transmission, L.P. 383,588 Various dates between 2024 and 2025 Columbia Gas Transmission Corp. 50,000 Various dates between 2024 and 2030 Tennessee Gas Pipeline Co. 25,166 Various dates between 2028 and 2029 Algonquin Gas Transmission 12,000 2025 Total 803,285 (1) Numbers are shown net of any capacity release contracted amounts.

Removed

Eastern Gas Transmission and Storage, Inc., Tennessee Gas Pipeline Co., Transcontinental Gas Pipe Line Corp. and Adelphia provide NJNG upstream firm contract transportation service and supply pipelines included in the table above. In addition, NJNG has storage contracts that provide an additional 102,941 Dths of maximum daily deliverability to NJNG’s citygate stations from storage fields in its Northeast market area.

Removed

The storage suppliers, the maximum daily deliverability of that storage capacity and the contract expiration dates are as follows: Pipeline Dths Expiration Texas Eastern Transmission, L.P. 94,557 2025 Transcontinental Gas Pipe Line Corp. 8,384 2028 Total 102,941 NJNG also has upstream storage contracts.

Removed

The maximum daily deliverability and contract expiration dates are as follows: Company Dths Expiration Eastern Gas Transmission and Storage 286,829 Various dates between 2024 and 2026 Steckman Ridge, L.P. 38,000 2025 Stagecoach Pipeline & Storage Company LLC 25,337 2028 Total 350,166 NJNG utilizes its transportation contracts to transport natural gas to NJNG’s citygates from the Eastern Gas Transmission and Storage, Inc., Steckman Ridge and Stagecoach Pipeline & Storage Company LLC storage fields.

Removed

NJNG and ES have an agreement where NJNG releases 7,150 Dths/day of TETCO capacity, 2,200 Dths/day of Eastern Gas Transmission and Storage, Inc. capacity, 10,728 Dths/day of Tennessee Gas Pipeline Page 8 New Jersey Resources Corporation Part I ITEM 1.

Removed

BUSINESS (Continued) capacity and 1.6 million Dths of Stagecoach Pipeline & Storage Company LLC storage capacity to ES through March 31, 2024. NJNG can call upon a supply of up to 14,300 Dths/day delivered to NJNG’s TETCO citygate through March 31, 2024.

Removed

ES manages the storage inventory and NJNG can call on that storage supply as needed at NJNG’s Tennessee citygate or storage point. Peaking Supply To manage its winter peak day demand, NJNG maintains two LNG facilities with a combined deliverability of approximately 170,000 Dths/day, which represents approximately 18% of its estimated peak day sendout.

Removed

NJNG’s liquefaction facility allows NJNG to convert natural gas into LNG to fill NJNG’s existing LNG storage tanks. See

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

113 edited+85 added−32 removed40 unchanged

2023 filing

2024 filing

Biggest changeOperating Results CEV’s financial results for the fiscal years ended September 30, are summarized as follows: (Thousands) 2023 2022 2021 Operating revenues $ 124,131 $ 128,280 $ 95,275 Operating expenses Operation and maintenance 40,089 40,706 36,715 Depreciation and amortization 25,320 21,396 20,567 Total operating expenses 65,409 62,102 57,282 Operating income 58,722 66,178 37,993 Other income, net 6,622 6,554 6,392 Interest expense, net 28,569 21,968 22,548 Income tax (benefit) provision (7,683) 11,361 5,048 Net income $ 44,458 $ 39,403 $ 16,789 Operating revenues decreased $4.1M in fiscal 2023, compared with fiscal 2022, due primarily to decreased SREC and electricity sales, partially offset by increased TREC sales.

Biggest changeOperating Results CEV’s financial results for the fiscal years ended September 30, are summarized as follows: (Thousands) 2024 2023 2022 Operating revenues $ 130,563 $ 124,131 $ 128,280 Operating expenses Operation and maintenance 44,042 40,089 40,706 Depreciation and amortization 27,869 25,320 21,396 Total operating expenses 71,911 65,409 62,102 Operating income 58,652 58,722 66,178 Other income, net 14,961 6,622 6,554 Interest expense, net 28,545 28,569 21,968 Income tax provision (benefit) 11,406 (7,683) 11,361 Net income $ 33,662 $ 44,458 $ 39,403 Net income decreased approximately $10.8M during fiscal 2024, compared with fiscal 2023, due primarily to the following factors: • $19.1M increase in income tax expense due primarily to the reversal of a valuation allowance for certain deferred tax assets during fiscal 2023 that did not reoccur; and • $4.0M increase in O&M due to higher project maintenance expenses and lease expenses; partially offset by • $8.3M increase in other income, net due primarily to the recognition of ITCs associated with solar sale leaseback financing transactions; and • $6.4M increase in operating revenues due to higher SREC, TREC and electricity sales.

There are no direct costs associated with the production of RECs by our solar assets. All related costs are included as a component of O&M expenses on the Consolidated Statements of Operations, including such expenses as facility maintenance and broker fees.

There are no direct costs associated with the production of RECs by our solar assets. All related costs are included as a component of O&M on the Consolidated Statements of Operations, including such expenses as facility maintenance and broker fees.

Operating cash flows are primarily affected by variations in working capital, which can be impacted by several factors, including: • seasonality of our business; • fluctuations in wholesale natural gas prices and other energy prices, including changes in derivative asset and liability values; • timing of storage injections and withdrawals; • the deferral and recovery of natural gas costs; • changes in contractual assets utilized to optimize margins related to natural gas transactions; • broker margin requirements; • impact of unusual weather patterns on our wholesale business; • timing of the collections of receivables and payments of current liabilities; • volumes of natural gas purchased and sold; and • timing of SREC deliveries.

Operating cash flows are primarily affected by variations in working capital, which can be impacted by several factors, including: • seasonality of our business; • fluctuations in wholesale natural gas prices and other energy prices, including changes in derivative asset and liability values; • timing of storage injections and withdrawals; • deferral and recovery of natural gas costs; • changes in contractual assets utilized to optimize margins related to natural gas transactions; • broker margin requirements; • impact of unusual weather patterns on our wholesale business; • timing of the collections of receivables and payments of current liabilities; • volumes of natural gas purchased and sold; and • timing of SREC deliveries.

Capital expenditures related to clean energy projects are subject to change due to a variety of factors that may affect our ability to commence operations at these projects on a timely basis or at all, including sourcing projects that meet our investment criteria, logistics associated with the start-up of residential and commercial solar projects, such as timing of construction schedules, the permitting and regulatory process, any delays related to electric grid interconnection, economic trends or unforeseen events and the ability to access capital or allocation of capital to other investments or business opportunities.

Capital expenditures related to clean energy projects are subject to change due to a variety of factors that may affect our ability to commence operations at these projects on a timely basis or at all, including sourcing projects that meet our investment criteria, logistics associated with the start-up of commercial solar projects, such as timing of construction schedules, the permitting and regulatory process, any delays related to electric grid interconnection, economic trends or unforeseen events and the ability to access capital or allocation of capital to other investments or business opportunities.

Capital expenditures related to clean energy projects are subject to change due to a variety of factors that may affect our ability to commence operations at these projects on a timely basis or at all, including logistics associated with the start-up of residential and commercial solar projects, such as timing of construction schedules, the permitting and regulatory process, any delays related to electric grid interconnection, economic trends, unforeseen events and the ability to access capital or allocation of capital to other investments or business opportunities.

Capital expenditures related to clean energy projects are subject to change due to a variety of factors that may affect our ability to commence operations at these projects on a timely basis or at all, including logistics associated with the start-up of commercial solar projects, such as timing of construction schedules, the permitting and regulatory process, any delays related to electric grid interconnection, economic trends, unforeseen events and the ability to access capital or allocation of capital to other investments or business opportunities.

Accordingly, for solar projects financed under sale leasebacks for which the assets were sold during the first 5 years of in-service life, CEV recognizes the equivalent value of the ITC in other income on the Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease.

Accordingly, for solar projects financed under sale leasebacks for which the assets were sold during the first five years of in-service life, CEV recognizes the equivalent value of the ITC in other income on the Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease.

On September 28, 2023, NJNG entered into a Note Purchase Agreement for $100M aggregate principal amount of its senior notes consisting of $50M of 5.56% senior notes due September 28, 2033, which closed on September 28, 2023, and $50M of 5.85% senior notes due October 30, 2053, which closed on October 30, 2023.

In September 2023, NJNG entered into a Note Purchase Agreement for $100M aggregate principal amount of its senior notes consisting of $50M of 5.56% senior notes due September 28, 2033, which closed on September 28, 2023, and $50M of 5.85% senior notes due October 30, 2053, which closed on October 30, 2023.

Future results are subject to ES’s ability to expand its wholesale sales and service activities and are contingent upon many other factors, including an adequate number of appropriate and credit-qualified counterparties in an active and liquid natural marketplace; volatility in the natural gas market due to weather or other fundamental market factors impacting supply and/or demand; transportation, storage and/or other market arbitrage opportunities; sufficient liquidity in the overall energy trading market; and continued access to liquidity in the capital markets.

Future results are subject to the ability of ES to expand its wholesale sales and service activities and are contingent upon many other factors, including an adequate number of appropriate and credit-qualified counterparties in an active and liquid natural marketplace; volatility in the natural gas market due to weather or other fundamental market factors impacting supply and/or demand; transportation, storage and/or other market arbitrage opportunities; sufficient liquidity in the overall energy trading market; and continued access to liquidity in the capital markets.

These management transactions typically involve the release of producer/utility-owned storage and/or transportation capacity in combination with an obligation to either purchase and/or deliver physical natural gas.

These management transactions typically involve the release of producer/utility-owned storage and/or transportation capacity in combination with an obligation to purchase and/or deliver physical natural gas.

Senior notes are secured by an equal principal amount of NJNG’s FMBs issued under NJNG’s Mortgage Indenture. NJR is not obligated directly or contingently with respect to NJNG’s fixed-rate debt issuances. Long-Term Debt Covenants and Default Provisions The NJR and NJNG long-term debt instruments contain customary representations and warranties for transactions of their type.

Senior notes are secured by an equal principal amount of NJNG’s FMBs issued under NJNG’s Mortgage Indenture. NJR is not obligated directly nor contingently with respect to NJNG’s fixed-rate debt issuances. Long-Term Debt Covenants and Default Provisions The NJR and NJNG long-term debt instruments contain customary representations and warranties for transactions of their type.

Volatility in reported net income at ES can occur over periods of time due to changes in the fair value of derivatives, as well as timing differences related to certain transactions. Unrealized gains and losses can fluctuate as a result of changes in the price of natural gas, SRECs and foreign currency from the original transaction price.

As part of its solar investment portfolio, CEV operates a residential and small commercial solar program, The Sunlight Advantage®, that provides qualifying homeowners and small business owners the opportunity to have a solar system installed at their home or place of business with no installation or maintenance expenses.

The ITCs and other tax benefits associated with these solar projects transfer to the buyer if applicable; however, the lease payments are structured so that CEV is compensated for the transfer of the related tax incentives.

ITCs and other tax attributes associated with these solar projects transfer to the buyer if applicable; however, the lease payments are structured so that CEV is compensated for the transfer of the related tax incentives.

(2) Costs associated with pipeline and storage capacity are expensed over the term of the related contracts, which generally varies from less than one year to 10 years. (3) Includes related party transactions of approximately $0.9M, $1.0M and $0.8M for fiscal 2023, 2022 and 2021, respectively, a portion of which is eliminated in consolidation.

(2) Costs associated with pipeline and storage capacity are expensed over the term of the related contracts, which generally varies from less than one year to 10 years. (3) Includes related party transactions of approximately $1.2M, $0.9M and $1.0M for fiscal 2024, 2023 and 2022, respectively, a portion of which is eliminated in consolidation.

S&T is subject to various risks, including the construction, development and operation of our transportation and storage assets, obtaining necessary governmental, environmental and regulatory approvals, our ability to obtain necessary property rights and our ability to obtain financing at reasonable costs for the construction, operation and maintenance of our assets.

S&T is subject to various risks, including the construction, development and operation of our transportation and storage assets, as well as our ability to obtain necessary governmental, environmental and regulatory approvals, property rights and financing at reasonable costs for the construction, operation and maintenance of our assets.

During fiscal 2023, 2022 and 2021, CEV received proceeds of $167.8M, $24.1M and $17.7M, respectively, in connection with the sale leaseback of commercial solar projects. The proceeds received were recognized as a financing obligation on the Consolidated Balance Sheets.

During fiscal 2024, 2023 and 2022, CEV received proceeds of approximately $64.7M, $167.8M and $24.1M, respectively, in connection with the sale leaseback of commercial solar projects. The proceeds received were recognized as a financing obligation on the Consolidated Balance Sheets.

NJNG expects to fund its obligations with a combination of cash flows from operations, cash on hand, issuance of commercial paper, available capacity under its revolving credit facility and the issuance of long-term debt. As of September 30, 2023, NJNG’s future MGP expenditures are estimated to be $169.4M. For a more detailed description of MGP expenditures, see Note 14.

NJNG expects to fund its obligations with a combination of cash flows from operations, cash on hand, issuance of commercial paper, available capacity under its revolving credit facility and the issuance of long-term debt. As of September 30, 2024, NJNG’s future MGP expenditures are estimated to be approximately $161.7M. For a more detailed description of MGP expenditures, see Note 14.

CEV is also subject to various risks, which may include impacts to residential solar customer growth and customer collections, our ability to identify and develop commercial solar asset investments, impacts to our supply chain and our ability to source materials for construction. The primary contributors toward the value of qualifying clean energy projects are tax incentives and RECs.

CEV is also subject to various risks, which may include our ability to identify and develop commercial solar asset investments, impacts to our supply chain and our ability to source materials for construction. The primary contributors toward the value of qualifying clean energy projects are tax incentives, RECs and electricity sales.

Long-Term Debt NJR As of September 30, 2023, NJR had the following outstanding: • $100M of 3.48% senior notes due November 7, 2024; • $100M of 3.54% senior notes due August 18, 2026; • $110M of 4.38% senior notes due June 23, 2027; • $100M of 3.96% senior notes due June 8, 2028; • $150M of 3.29% senior notes due July 17, 2029; • $130M of 3.50% senior notes due July 23, 2030; • $130M of 3.60% senior notes due July 23, 2032; • $80M of 3.25% senior notes due September 1, 2033; • $120M of 3.13% senior notes due September 1, 2031; • $50M of 3.64% senior notes due September 19, 2034; and • $50M of 6.14% senior notes due December 15, 2032.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Long-Term Debt NJR As of September 30, 2024, NJR had the following outstanding: • $100M of 3.48% senior notes due November 7, 2024; • $100M of 3.54% senior notes due August 18, 2026; • $110M of 4.38% senior notes due June 23, 2027; • $100M of 3.96% senior notes due June 8, 2028; • $150M of 3.29% senior notes due July 17, 2029; • $130M of 3.60% senior notes due July 23, 2032; • $130M of 3.50% senior notes due July 23, 2030; • $120M of 3.13% senior notes due September 1, 2031; • $80M of 3.25% senior notes due September 1, 2033; • $50M of 3.64% senior notes due September 19, 2034; and • $50M of 6.14% senior notes due December 15, 2032.

During fiscal 2023, 2022 and 2021, CEV received proceeds of $167.8M, $24.1M and $17.7M, respectively, in connection with the sale leaseback of commercial solar assets.

During fiscal 2024, 2023 and 2022, CEV received proceeds of $64.7M, $167.8M and $24.1M, respectively, in connection with the sale leaseback of commercial solar assets.

The following table reflects the hedged percentage of our projected inventory of SRECs related to CEV’s in-service commercial and residential assets at September 30, 2023: Energy Year (1) Percent of SRECs Hedged 2024 100% 2025 89% 2026 80% 2027 24% (1) Energy years are compliance periods for New Jersey’s renewable portfolio standard that run from June 1 to May 31.

The following table reflects the hedged percentage of our projected inventory of SRECs related to CEV’s in-service commercial and residential assets at September 30, 2024: Energy Year (1) Percent of SRECs Hedged 2025 90% 2026 89% 2027 51% 2028 39% (1) Energy years are compliance periods for New Jersey’s renewable portfolio standard that run from June 1 to May 31.

S&T is comprised of Leaf River, a 32.2M Dth salt dome natural gas storage facility that operates under market-based rates, and Adelphia, an existing 84-mile pipeline in southeastern Pennsylvania. Adelphia operates under cost-of-service rates but can enter into negotiated rates with counterparties.

S&T is comprised of Leaf River, a 32.2M Dth salt dome natural gas storage facility that operates under market-based rates, and Adelphia, a FERC-regulated interstate pipeline in southeastern Pennsylvania that operates under cost-of-service rates but can enter into negotiated rates with counterparties.

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, 2023, NJR had seven letters of credit outstanding totaling $5.7M, which reduced the amount available under the NJR Credit Facility by the same amount.

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, 2024, NJR had eleven letters of credit outstanding totaling $12.3M, which reduced the amount available under the NJR Credit Facility by the same amount.

NJR will receive a total of approximately $260M in cash from fiscal 2022 through fiscal 2024 and $34M per year from fiscal 2025 through fiscal 2031 under the agreements. During fiscal 2023 and 2022, ES recognized $48.5M and $53.0M, respectively, of operating revenue on the Consolidated Statements of Operations.

NJR received a total of approximately $260M in cash from fiscal 2022 through fiscal 2024 and will receive $34M per year from fiscal 2025 through fiscal 2031 under the agreements. During fiscal 2024 and 2023, ES recognized approximately $137.2M and $48.5M, respectively, of operating revenue related to the AMAs on the Consolidated Statements of Operations.

Page 44 New Jersey Resources Corporation Part II ITEM 7.

Page 43 New Jersey Resources Corporation Part II ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Non-GAAP Financial Measures Management uses Financial Margin and NFE, non-GAAP financial measures, when evaluating the operating results of ES. Financial Margin and NFE are based on removing timing differences associated with certain derivative instruments.

Non-GAAP Financial Measures Management uses Financial Margin and NFE, non-GAAP financial measures, when evaluating the operating results of ES. Financial Margin and NFE are based on removing timing differences associated with certain derivative instruments.

Page 54 New Jersey Resources Corporation Part II ITEM 7.

Page 47 New Jersey Resources Corporation Part II ITEM 7.

Page 59 New Jersey Resources Corporation Part II ITEM 7.

Page 50 New Jersey Resources Corporation Part II ITEM 7.

Debt NJR and its unregulated subsidiaries generally rely on cash flows generated from operating activities and the utilization of committed credit facilities to provide liquidity to meet working capital and short-term debt financing requirements. NJNG also relies on the issuance of commercial paper for short-term funding.

There were no shares repurchased during fiscal 2024 and 2023. Debt NJR and its unregulated subsidiaries generally rely on cash flows generated from operating activities and the utilization of committed credit facilities to provide liquidity to meet working capital and short-term debt financing requirements. NJNG also relies on the issuance of commercial paper for short-term funding.

NJNG is a regulated utility that uses futures, options and swaps to provide relative price stability, and its recovery of natural gas costs is governed by the BPU. ES uses futures, options, swaps and physical contracts to economically hedge purchases and sales of natural gas.

Taxes that were eliminated in consolidation during fiscal 2022 were immaterial. NFE increased $29.4M during fiscal 2023, compared with fiscal 2022, due primarily to higher Financial Margin, as previously discussed.

Taxes that were eliminated in consolidation during fiscal 2022 were immaterial. NFE increased approximately $43.0M during fiscal 2024, compared with fiscal 2023, due primarily to higher Financial Margin, as previously discussed.

Contractual Obligations and Capital Expenditures As of September 30, 2023, there were NJR guarantees covering approximately $192.3M of natural gas purchases and ES demand fee commitments and nine outstanding letters of credit totaling $6.4M, as previously mentioned, not yet reflected in accounts payable on the Consolidated Balance Sheets.

Contractual Obligations and Capital Expenditures As of September 30, 2024, there were NJR guarantees covering approximately $174.3M of natural gas purchases and ES demand fee commitments and thirteen outstanding letters of credit totaling approximately $13.0M, as previously mentioned, not yet reflected in accounts payable on the Consolidated Balance Sheets.

NJNG obtains working capital for these requirements, and for the temporary financing of construction and MGP remediation expenditures and energy tax payments, based on its financial profile, through the issuance of commercial paper supported by the NJNG Credit Facility or through short-term bank loans under the NJNG Credit Facility.

NJNG obtains working capital for these requirements and for the temporary financing of construction and MGP remediation expenditures and energy tax payments, based on its financial profile, through the issuance of commercial paper supported by the NJNG Credit Facility or through short-term bank loans under the NJNG Credit Facility. Page 52 New Jersey Resources Corporation Part II ITEM 7.

Estimated capital expenditures are reviewed on a regular basis and may vary based on the ongoing effects of regulatory constraints, environmental regulations, unforeseen events and the ability to access capital. NJNG’s total capital expenditures spent or accrued during fiscal 2023 were $394.6M. During fiscal 2024 capital expenditures are projected to be between $387M and $440M.

Estimated capital expenditures are reviewed on a regular basis and may vary based on the ongoing effects of regulatory constraints, environmental regulations, unforeseen events and the ability to access capital. NJNG’s total capital expenditures spent or accrued during fiscal 2024 were approximately $431.8M. During fiscal 2025 capital expenditures are projected to be between $365M and $415M.

In addition to the contractual purchase and/or sale of physical natural gas, ES generates or pays fee-based margin in exchange for its active management and may provide the producer and/or utility with additional margin based on actual results.

Amounts received in excess of revenue, totaling $58.7M and $33.8M as of September 30, 2023 and 2022, respectively, are included in deferred revenue on the Consolidated Balance Sheets. Cash Flows Operating Activities Cash flows from operating activities during fiscal 2023 totaled $479.0M compared with $323.5M during fiscal 2022.

Amounts received in excess of revenue, totaling approximately $22.3M and $58.7M as of September 30, 2024 and 2023, respectively, are included in deferred revenue on the Consolidated Balance Sheets. Cash Flows Operating Activities Cash flows from operating activities during fiscal 2024 totaled approximately $427.4M compared with approximately $479.0M during fiscal 2023.

The Moody’s ratings and outlook were reaffirmed on September 29, 2023. NJNG’s Moody’s and Fitch ratings are investment-grade ratings. NJR is not rated by Moody’s or Fitch.

The Fitch ratings and outlook were reaffirmed on April 15, 2024. NJNG’s Moody’s and Fitch ratings are investment-grade ratings. NJR is not rated by Moody’s or Fitch.

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measure.

The details of such adjustments can be found in the table below. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP, and should be considered in addition to, and not as a substitute for, the comparable GAAP measure.

The NJR Credit Facility is subject to a one-year extension beyond that date and 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 $50M with the total revolving credit commitments not exceeding $750M.

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 northern portion of the pipeline was operational upon acquisition, and it currently serves two natural gas generation facilities. In October 2020, we began the conversion of the southern zone of the pipeline to natural gas, which became fully operational in September 2022.

The northern portion of the pipeline was operational upon acquisition, and currently serves two natural gas generation facilities.The southern zone of the pipeline became fully operational in September 2022.

The interest rate on defaulted principal and interest, to the extent permitted by law, on the FMBs issued under the Mortgage Indenture is the rate stated in the applicable supplement or, if no such rate is stated, 6% per annum. Page 57 New Jersey Resources Corporation Part II ITEM 7.

The occurrence of an event of default under these agreements could result in all loans and other obligations of the borrower becoming immediately due and payable and the termination of the credit facilities or term loan.

ES’s portfolio of financial derivative instruments is composed of: (in Bcf) 2023 2022 2021 Net short futures and swaps contracts 6.9 0.7 13.7 During fiscal 2023, 2022 and 2021 the net short position resulted in unrealized gains (losses) of $16.2M, $(8.5)M and $(53.5)M, respectively.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) ES’s portfolio of financial derivative instruments is composed of: (in Bcf) 2024 2023 2022 Net short futures and swaps contracts 7.7 6.9 0.7 During fiscal 2024, 2023 and 2022 the net short position resulted in unrealized gains (losses) of $3.1M, $16.2M and $(8.5)M, respectively.

Changes in the federal statutes related to the ITC and/or relevant state legislation and regulatory policies affecting the market for solar renewable energy credits could significantly affect future results. Page 45 New Jersey Resources Corporation Part II ITEM 7.

Financial Margin 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.

CEV’s expenditures include clean energy projects that support our goal to promote renewable energy. Accordingly, CEV enters into agreements to install solar equipment involving both residential and commercial projects. We estimate solar-related capital expenditures for projects placed in service during fiscal 2024 to be between $140M and $204M.

CEV’s expenditures include clean energy projects that support our goal to promote renewable energy. Accordingly, CEV enters into agreements to install solar equipment for commercial projects. We estimate solar-related capital expenditures during fiscal 2025 to be between $160M and $265M.

The following provides more information on the components of Utility Gross Margin and associated throughput (Bcf) of natural gas delivered to customers: 2023 2022 2021 ($ in thousands) Margin Bcf Margin Bcf Margin Bcf Utility Gross Margin/Throughput Residential $ 360,138 43.4 $ 341,167 45.5 288,723 45.5 Commercial, industrial and other 76,550 8.4 77,629 8.7 64,950 8.7 Firm transportation 76,114 12.1 69,933 13.0 61,870 13.0 Total utility firm gross margin/throughput 512,802 63.9 488,729 67.2 415,543 67.2 BGSS incentive programs 20,020 72.6 19,587 95.2 13,415 95.2 Interruptible/off-tariff agreements 3,812 29.5 3,782 32.4 3,820 32.4 Total Utility Gross Margin/Throughput $ 536,634 166.0 $ 512,098 194.8 $ 432,778 194.8 Utility Firm Gross Margin Utility firm gross margin increased $24.1M during fiscal 2023 compared with fiscal 2022, due primarily to an increase in customers along with increased base rates.

The following provides more information on the components of Utility Gross Margin and associated throughput (Bcf) of natural gas delivered to customers: 2024 2023 2022 ($ in thousands) Margin Bcf Margin Bcf Margin Bcf Utility Gross Margin/Throughput Residential $ 369,522 44.5 $ 360,138 43.4 341,167 45.5 Commercial, industrial and other 78,033 8.5 76,550 8.4 77,629 8.7 Firm transportation 75,641 11.7 76,114 12.1 69,933 13.0 Total utility firm gross margin/throughput 523,196 64.7 512,802 63.9 488,729 67.2 BGSS incentive programs 17,876 85.0 20,020 72.6 19,587 95.2 Interruptible/off-tariff agreements 3,798 25.8 3,812 29.5 3,782 32.4 Total Utility Gross Margin/Throughput $ 544,870 175.5 $ 536,634 166.0 $ 512,098 194.8 Utility Firm Gross Margin Utility firm gross margin increased approximately $10.4M during fiscal 2024 compared with fiscal 2023, due primarily to an increase in customers.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) 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.

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.

Operating Results The financial results of S&T for the fiscal years ended September 30, are summarized as follows: (Thousands) 2023 2022 2021 Operating revenues (1) $ 92,859 $ 67,735 $ 51,020 Operating expenses Natural gas purchases 1,601 2,702 1,266 Operation and maintenance 34,648 30,568 29,135 Depreciation and amortization 24,185 12,302 9,960 Total operating expenses 60,434 45,572 40,361 Operating income 32,425 22,163 10,659 Other income, net 6,850 8,546 5,931 Interest expense, net 25,803 12,097 13,348 Income tax provision (benefit) 3,444 1,879 (10,043) Equity in earnings (loss) of affiliates 3,126 9,865 (81,072) Net income (loss) $ 13,154 $ 26,598 $ (67,787) (1) Includes related party transactions of approximately $4.2M, $2.4M and $1.8M for the fiscal years ended September 30, 2023, 2022 and 2021, respectively, which are eliminated in consolidation.

Operating Results The financial results of S&T for the fiscal years ended September 30, are summarized as follows: (Thousands) 2024 2023 2022 Operating revenues (1) $ 96,209 $ 92,859 $ 67,735 Operating expenses Natural gas purchases 1,028 1,601 2,702 Operation and maintenance 43,083 34,648 30,568 Depreciation and amortization 24,900 24,185 12,302 Total operating expenses 69,011 60,434 45,572 Operating income 27,198 32,425 22,163 Other income, net 10,207 6,850 8,546 Interest expense, net 23,441 25,803 12,097 Income tax provision 4,551 3,444 1,879 Equity in earnings of affiliates 2,816 3,126 9,865 Net income $ 12,229 $ 13,154 $ 26,598 (1) Includes related party transactions of approximately $1.4M, $4.2M and $2.4M for the fiscal years ended September 30, 2024, 2023 and 2022, respectively, which are eliminated in consolidation.

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP, and should be considered in addition to, and not as a substitute for, the comparable GAAP measure.

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measure. Page 42 New Jersey Resources Corporation Part II ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Credit Ratings The table below summarizes NJNG’s credit ratings as of September 30, 2023, issued by two rating entities, Moody’s and Fitch: Moody’s Fitch Corporate Rating N/A A- Commercial Paper P-2 F-2 Senior Secured A1 A+ Ratings Outlook Stable Stable The Fitch ratings and outlook were reaffirmed on April 24, 2023.

Credit Ratings The table below summarizes NJNG’s credit ratings as of September 30, 2024, issued by two rating entities, Moody’s and Fitch: Moody’s Fitch Corporate Rating N/A A- Commercial Paper P-2 F-2 Senior Secured A1 A+ Ratings Outlook Stable Stable The Moody’s ratings and outlook were reaffirmed on July 3, 2024.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Net Financial Earnings A reconciliation of ES’s net income, the most directly comparable GAAP financial measure to NFE, is as follows for the fiscal years ended September 30: (Thousands) 2023 2022 2021 Net income $ 78,848 $ 69,650 $ 58,957 Add: Unrealized (gain) loss on derivative instruments and related transactions (48,251) (60,000) 58,362 Tax effect (1) 11,467 14,270 (13,875) Effects of economic hedging related to natural gas inventory 34,699 19,939 (42,405) Tax effect (8,246) (4,738) 10,078 Net financial earnings $ 68,517 $ 39,121 $ 71,117 (1) Includes taxes related to an intercompany transaction between NJNG and ES that have been eliminated in consolidation of approximately $(2.4)M and $1.0M for fiscal 2023 and 2021, respectively.

Net Financial Earnings A reconciliation of ES’s net income, the most directly comparable GAAP financial measure to NFE, is as follows for the fiscal years ended September 30: (Thousands) 2024 2023 2022 Net income $ 106,745 $ 78,848 $ 69,650 Add: Unrealized loss (gain) on derivative instruments and related transactions 24,449 (48,251) (60,000) Tax effect (1) (5,810) 11,467 14,270 Effects of economic hedging related to natural gas inventory (18,192) 34,699 19,939 Tax effect 4,323 (8,246) (4,738) Net financial earnings $ 111,515 $ 68,517 $ 39,121 (1) Includes taxes related to intercompany transactions between NJNG and ES that have been eliminated in consolidation of approximately $1.2M and $(2.4)M for fiscal 2024 and 2023, respectively.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Solar Solar projects placed in service and related expenditures for the fiscal years ended September 30, are as follows: ($ in Thousands) 2023 2022 2021 Placed in service Projects MW Costs Projects MW Costs Projects MW Costs Grid-connected (1) (2) 5 42.0 $ 106,558 3 14.0 $ 31,411 1 2.9 $ 3,433 Net-metered: Commercial (1) (3) 5 36.1 50,610 2 1.0 2,440 1 2.7 5,576 Residential 339 4.1 12,677 360 3.9 11,544 421 4.8 13,885 Total placed in service 349 82.2 $ 169,845 365 18.9 $ 45,395 423 10.4 $ 22,894 (1) Includes projects subject to sale leaseback arrangements.

Solar projects placed in service and related expenditures for the fiscal years ended September 30, are as follows: ($ in Thousands) 2024 2023 2022 Placed in service Projects MW Costs Projects MW Costs Projects MW Costs Grid-connected (1) — — $ — 5 42.0 $ 106,558 3 14.0 $ 31,411 Net-metered: Commercial (1) (2) 2 5.1 18,931 5 36.1 50,610 2 1.0 2,440 Sunlight Advantage® 282 3.4 10,660 339 4.1 12,677 360 3.9 11,544 Total placed in service 284 8.5 $ 29,591 349 82.2 $ 169,845 365 18.9 $ 45,395 (1) Includes projects subject to sale leaseback arrangements.

During fiscal 2024, we expect expenditures related to the Adelphia project to be between $8M and $12M and expenditures related to Leaf River to be between $25M and $35M. During fiscal 2023, total capital expenditures spent or accrued related to the purchase and installation of solar equipment were $110.4M.

During fiscal 2025, we expect expenditures related to the Adelphia project to be between $5M and $15M and expenditures related to Leaf River to be between $15M and $20M. During fiscal 2024, total capital expenditures spent or accrued related to the purchase and installation of solar equipment were approximately $95.8M.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Operating Results ES’s financial results for the fiscal years ended September 30, are summarized as follows: (Thousands) 2023 2022 2021 Operating revenues (1) $ 691,616 $ 1,529,272 $ 1,228,420 Operating expenses Natural gas purchases (including demand charges (2)(3) ) 558,932 1,394,405 1,098,261 Operation and maintenance 19,351 39,080 50,885 Depreciation and amortization 221 148 111 Total operating expenses 578,504 1,433,633 1,149,257 Operating income 113,112 95,639 79,163 Other income, net 1,479 512 369 Interest expense, net 11,400 4,725 2,204 Income tax provision 24,343 21,776 18,371 Net income $ 78,848 $ 69,650 $ 58,957 (1) Includes related party transactions of approximately $10.2M, $0.1M and $(0.4)M for fiscal 2023, 2022 and 2021, respectively, which are eliminated in consolidation.

Operating Results ES’s financial results for the fiscal years ended September 30, are summarized as follows: (Thousands) 2024 2023 2022 Operating revenues (1) $ 485,391 $ 691,616 $ 1,529,272 Operating expenses Natural gas purchases (including demand charges (2)(3) ) 305,938 558,932 1,394,405 Operation and maintenance 24,969 19,351 39,080 Depreciation and amortization 205 221 148 Total operating expenses 331,112 578,504 1,433,633 Operating income 154,279 113,112 95,639 Other income, net 1,030 1,479 512 Interest expense, net 15,233 11,400 4,725 Income tax provision 33,331 24,343 21,776 Net income $ 106,745 $ 78,848 $ 69,650 (1) Includes related party transactions of approximately $(4.9)M, $10.2M and $0.1M for fiscal 2024, 2023 and 2022, respectively, which are eliminated in consolidation.

Liquidity and Capital Resources Our objective is to maintain an efficient consolidated capital structure that reflects the different characteristics of each reporting segment and other business operations and provides adequate financial flexibility for accessing capital markets as required.

Page 51 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources Our objective is to maintain an efficient consolidated capital structure that reflects the different characteristics of each reporting segment and other business operations and provides adequate financial flexibility for accessing capital markets as required.

Storage and Transportation Overview S&T invests in natural gas assets, such as natural gas transportation and storage facilities. We believe that acquiring, owning and developing these storage and transportation assets, which operate under a tariff structure that has either cost- or market-based rates, can provide us a growth opportunity.

We believe that acquiring, owning and developing these storage and transportation assets, which operate under a tariff structure that has either cost- or market-based rates, can provide us organic growth opportunities.

Based on average borrowings of $254.9M during the period, a 100 basis point change in the underlying average interest rate would have caused a change in interest expense of approximately $2.6M during fiscal 2023. Neither NJNG nor its assets are obligated or pledged to support the NJR Credit Facility.

Based on average borrowings of $217.0M during the period, a 100 basis point change in the underlying average interest rate would have caused a change in interest expense of approximately $2.2M during fiscal 2024. Neither NJNG nor its assets are obligated or pledged to support the NJR Credit Facility. Page 53 New Jersey Resources Corporation Part II ITEM 7.

The financial derivative contracts consist primarily of exchange-traded futures, options and swap contracts, and are frequently used to lock in anticipated transactional cash flows and to help manage volatility in natural gas market prices.

In cases where storage is utilized to fulfill these contracts, these forecast sales and/or purchases are economically hedged through the use of financial derivative contracts. The financial derivative contracts consist primarily of exchange-traded futures, options and swap contracts, and are frequently used to lock in anticipated transactional cash flows and to help manage volatility in natural gas market prices.

As of September 30, 2023, NJR had a revolving credit facility totaling $650M, with $427.0M available under the facility. NJNG satisfies its debt needs by issuing short-term and long-term debt based on its financial profile. The seasonal nature of NJNG’s operations creates large short-term cash requirements, primarily to finance natural gas purchases and customer accounts receivable.

NJNG satisfies its debt needs by issuing short-term and long-term debt based on its financial profile. The seasonal nature of NJNG’s operations creates large short-term cash requirements, primarily to finance natural gas purchases and customer accounts receivable.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Sale Leaseback NJNG NJNG received $8.4M and $17.3M in fiscal 2023 and 2022, respectively, in connection with the sale leaseback of its natural gas meters.

Sale Leaseback NJNG NJNG received approximately $8.8M, $8.4M and $17.3M in fiscal 2024, 2023 and 2022, respectively, in connection with the sale leaseback of its natural gas meters.

Financing Activities Financing cash flows generally are seasonal in nature and are impacted by the volatility in pricing in the natural gas and other energy markets. NJNG’s inventory levels are built up during its natural gas injection season (April through October) and reduced during withdrawal season (November through March) in response to the supply requirements of its customers.

NJNG’s inventory levels are built up during its natural gas injection season (April through October) and reduced during withdrawal season (November through March) in response to the supply requirements of its customers. Changes in financing cash flows can also be impacted by natural gas management and marketing activities at ES and clean energy investments at CEV.

NJR raised approximately $15.0M and $14.7M of equity through the DRP during fiscal 2023 and 2022, respectively. We also raised approximately $42.8M of equity by issuing approximately 948,000 shares through the waiver discount feature of the DRP during fiscal 2023. There were no shares issued through the waiver discount feature during fiscal 2022.

We also raised approximately $59.7M and $42.8M of equity by issuing approximately 1,380,000 and 948,000 shares through the waiver discount feature of the DRP during fiscal 2024 and 2023, respectively.

A reconciliation of S&T’s net income, the most directly comparable GAAP financial measure to NFE, is as follows: (Thousands) 2023 2022 2021 Net income (loss) $ 13,154 $ 26,598 $ (67,787) Add: (Gain on) impairment of equity method investment (300) (5,521) 92,000 Tax effect (19) 1,377 (11,167) Net financial earnings $ 12,835 $ 22,454 $ 13,046 NFE decreased $9.6M during fiscal 2023, compared with fiscal 2022, due primarily to increased O&M, depreciation and interest expense, partially offset by higher operating revenue, as previously discussed.

A reconciliation of S&T’s net income, the most directly comparable GAAP financial measure to NFE, is as follows: (Thousands) 2024 2023 2022 Net income $ 12,229 $ 13,154 $ 26,598 Add: Gain on equity method investment — (300) (5,521) Tax effect — (19) 1,377 Net financial earnings $ 12,229 $ 12,835 $ 22,454 NFE decreased $0.6M during fiscal 2024, compared with fiscal 2023, due to lower net income, as previously discussed.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Short-term borrowings were as follows: Twelve Months Ended (Thousands) September 30, 2023 NJR Notes Payable to banks: Balance at end of period $ 217,300 Weighted average interest rate at end of period 6.53 % Average balance for the period $ 254,932 Weighted average interest rate for average balance 5.78 % Month end maximum for the period $ 465,000 NJNG Commercial Paper and Notes Payable to banks: Balance at end of period $ 34,800 Weighted average interest rate at end of period 5.48 % Average balance for the period $ 40,685 Weighted average interest rate for average balance 4.82 % Month end maximum for the period $ 111,800 Due to the seasonal nature of natural gas prices and demand, and because inventory levels are built up during its natural gas injection season (April through October), NJR and NJNG’s short-term borrowings tend to peak in the November through January time frame.

Short-term borrowings for the twelve months ended September 30, 2024, were as follows: (Thousands) NJR Notes Payable to banks: Balance at end of period $ 236,700 Weighted average interest rate at end of period 6.23 % Average balance for the period $ 216,996 Weighted average interest rate for average balance 6.53 % Month end maximum for the period $ 301,550 NJNG Commercial Paper and Notes Payable to banks: Balance at end of period $ 55,100 Weighted average interest rate at end of period 4.98 % Average balance for the period $ 52,868 Weighted average interest rate for average balance 5.46 % Month end maximum for the period $ 106,700 Due to the seasonal nature of natural gas prices and demand, and because inventory levels are built up during its natural gas injection season (April through October), NJR and NJNG’s short-term borrowings tend to peak in the November through January time frame.

All TRECs generated are required to be purchased monthly by a TREC program administrator as appointed by the BPU. In July 2021, the BPU established a new successor solar incentive program.

All TRECs generated are required to be purchased monthly by a TREC program administrator as appointed by the BPU. In July 2021, the BPU established a new successor solar incentive program. This ADI Program provides administratively set incentives for net metered projects of 5 MW or less.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) BGSS Incentive Programs The factors contributing to the change in Utility Gross Margin generated by BGSS incentive programs are as follows: (Thousands) 2023 v. 2022 Storage $ 417 Capacity release 208 Off-system sales $ (192) Total increase $ 433 The increase in BGSS incentive programs was due primarily to increased margins from storage incentive market opportunities and higher capacity release values, partially offset by lower off-system sales volumes.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) BGSS Incentive Programs The factors contributing to the change in Utility Gross Margin generated by BGSS incentive programs are as follows: (Thousands) 2024 v. 2023 Storage $ (1,454) Capacity release (139) Off-system sales (551) Total decrease $ (2,144) The decrease in BGSS incentive programs was due primarily to decreased margins from storage incentives along with lower off-system sales margin due to less market volatility and lower capacity release volumes.

Utility Gross Margin A reconciliation of gross margin, the closest GAAP financial measure to NJNG’s Utility Gross Margin for the fiscal years ended September 30, is as follows: (Thousands) 2023 2022 2021 Operating revenues $ 1,012,633 $ 1,128,767 $ 731,796 Less: Natural gas purchases 425,457 557,232 260,714 Operation and maintenance (1) 115,292 93,164 110,364 Regulatory rider expense 50,542 59,437 38,304 Depreciation and amortization 102,326 94,579 80,045 Gross margin 319,016 324,355 242,369 Add: Operation and maintenance (1) 115,292 93,164 110,364 Depreciation and amortization 102,326 94,579 80,045 Utility Gross Margin $ 536,634 $ 512,098 $ 432,778 (1) Excludes selling, general and administrative expenses of approximately $111.5M, $102.8M and $97.0M for the fiscal years 2023, 2022 and 2021, respectively.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Utility Gross Margin A reconciliation of gross margin, the closest GAAP financial measure to NJNG’s Utility Gross Margin for the fiscal years ended September 30, is as follows: (Thousands) 2024 2023 2022 Operating revenues $ 1,019,832 $ 1,012,633 $ 1,128,767 Less: Natural gas purchases 414,635 425,457 557,232 Operation and maintenance (1) 113,984 115,292 93,164 Regulatory rider expense 60,327 50,542 59,437 Depreciation and amortization 112,492 102,326 94,579 Gross margin 318,394 319,016 324,355 Add: Operation and maintenance (1) 113,984 115,292 93,164 Depreciation and amortization 112,492 102,326 94,579 Utility Gross Margin $ 544,870 $ 536,634 $ 512,098 (1) Excludes SG&A of approximately $111.3M, $111.5M and $102.8M for the fiscal years 2024, 2023 and 2022, respectively.

The aforementioned covenants are subject to a number of exceptions and qualifications set forth in the applicable note purchase agreements. In addition, the FMBs issued by NJNG under the Mortgage Indenture are subject to certain default provisions.

The aforementioned covenants are subject to a number of exceptions and qualifications set forth in the applicable note purchase agreements. Page 55 New Jersey Resources Corporation Part II ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) In addition, the FMBs issued by NJNG under the Mortgage Indenture are subject to certain default provisions.

In 1996, the Board of Directors authorized us to implement a share repurchase program, which has been expanded seven times since the inception of the program, authorizing a total of 19.5M shares of common stock for repurchase.

In 1996, the Board of Directors authorized us to implement a share repurchase program, which was expanded seven times since the inception of the program, authorizing a total of 19.5M shares of common stock for repurchase. Since inception, we repurchased a total of approximately 17.8M of those shares and may repurchase an additional 1.7M shares under the approved program.

The NJNG Credit Facility is subject to a one-year extension beyond that date and includes an accordion feature, which would allow 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 minimum increments of $50M up to a maximum of $100M.

The NJNG Credit Facility includes an accordion feature, which would allow 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 total revolving credit commitments not exceeding $350M.

NJNG As of September 30, 2023, NJNG’s long-term debt consisted of $1.5B in fixed-rate debt issuances secured by the Mortgage Indenture, with maturities ranging from 2024 to 2061, and $22.9M in finance leases with various maturities ranging from 2024 to 2028.

NJNG As of September 30, 2024, NJNG’s long-term debt consisted of approximately $1.6B in fixed-rate debt issuances secured by the Mortgage Indenture, with maturities ranging from 2025 to 2061, and approximately $31.6M in sale leasebacks of natural gas meters with various maturities ranging from 2025 to 2030.

These transactions are considered failed sale leasebacks for accounting purposes and are therefore treated as financing obligations, which are typically secured by the renewable energy facility asset and its future cash flows from RECs and energy sales.

The Company has concluded that these arrangements do not qualify as a sale for accounting purposes, as the Company retains control of the underlying assets, and are therefore treated as financing obligations, which are typically secured by the renewable energy facility asset and its future cash flows from RECs and energy sales.

Based on its average borrowings during fiscal 2023, NJNG’s average interest rate was 4.82%, resulting in interest expense of $1.5M. Based on average borrowings of $40.7M during the period, a 100 basis point change in the underlying average interest rate would have caused a change in interest expense of approximately $0.3M during fiscal 2023.

Based on average borrowings of $52.9M during the period, a 100 basis point change in the underlying average interest rate would have caused a change in interest expense of approximately $0.6M during fiscal 2024.

Certain transactions associated with equity method investments and their impact, including impairment charges, which are non-cash charges, and the return of capital in excess of the carrying value of our investment, are excluded for NFE purposes. The details of such adjustments can be found in the table below.

Non-GAAP Financial Measures Management uses NFE, a non-GAAP financial measure, when evaluating the operating results of S&T. Certain transactions associated with equity method investments and their impact, including impairment charges, which are non-cash charges, and the return of capital in excess of the carrying value of our investment, are excluded for NFE purposes.

During fiscal 2023 and 2022, ES recognized $48.5M and $53.0M, respectively, of operating revenue on the Consolidated Statements of Operations. Amounts received in excess of revenue, totaling $58.7M and $33.8M as of September 30, 2023 and 2022, respectively, are included in deferred revenue on the Consolidated Balance Sheets. Page 48 New Jersey Resources Corporation Part II ITEM 7.

During fiscal 2024 and 2023, ES recognized $137.2M and $48.5M, respectively, of operating revenue related to the AMAs on the Consolidated Statements of Operations. Amounts received in excess of revenue, totaling $22.3M and $58.7M as of September 30, 2024 and 2023, respectively, are included in deferred revenue on the Consolidated Balance Sheets.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts.

ES does not currently anticipate any significant capital expenditures during fiscal 2025 and 2026. During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts.

The credit declined to 26% for property under construction during 2020. In December 2020, the 26% federal ITC was extended through the end of 2022. Following the signing of the Inflation Reduction Act into law in August 2022, the federal ITC was restored to 30% through the end of 2032.

Projects that were placed in service through December 31, 2019, qualified for a 30% federal ITC. The credit declined to 26% for property under construction during 2020 through the end of 2022. In August 2022, the federal ITC was restored to 30% through the end of 2032.

S&T also has a 20% interest in PennEast, a partnership whose purpose was to construct and operate a 120-mile natural gas pipeline that would have extended from northeast Pennsylvania to western New Jersey. PennEast received a Certificate of Public Convenience and Necessity for the project from FERC in January 2018.

As of September 30, 2024, our investment in Steckman Ridge was $101.7M. S&T also had a 20% interest in PennEast, a partnership whose purpose was to construct and operate a 120-mile natural gas pipeline that would have extended from northeast Pennsylvania to western New Jersey.

… 150 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

277 edited+41 added−89 removed201 unchanged

2023 filing

2024 filing

Biggest changeFINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the fiscal years ended September 30, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2023 Residential $ 621,663 13,668 — — 57,091 $ 692,422 Commercial and industrial 136,011 30,701 76,975 88,700 342 332,729 Firm transportation 77,722 — — — — 77,722 Interruptible, off-tariff and other 8,647 — — — — 8,647 Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 2022 Residential $ 586,678 12,579 — — 55,629 $ 654,886 Commercial and industrial 265,970 31,225 83,801 65,286 189 446,471 Firm transportation 92,531 — — — — 92,531 Interruptible, off-tariff and other 5,097 — — — — 5,097 Revenues out of scope 177,141 84,476 1,445,377 — — 1,706,994 Total operating revenues $ 1,127,417 128,280 1,529,178 65,286 55,818 $ 2,905,979 2021 Residential $ 487,018 11,319 — — 50,689 $ 549,026 Commercial and industrial 124,519 18,522 26,933 49,252 755 219,981 Firm transportation 79,256 — — — — 79,256 Interruptible, off-tariff and other 3,842 — — — — 3,842 Revenues out of scope 37,161 65,434 1,201,913 — — 1,304,508 Total operating revenues $ 731,796 95,275 1,228,846 49,252 51,444 $ 2,156,613 Customer Accounts Receivable/Credit Balances and Deposits The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Consolidated Balance Sheets are as follows: Customer Accounts Receivable Customers’Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2021 $ 212,838 $ 10,351 $ 32,586 Increase 9,459 3,418 660 Balance as of September 30, 2022 222,297 13,769 33,246 (Decrease) increase (124,757) 5,331 11,664 Balance as of September 30, 2023 $ 97,540 $ 19,100 $ 44,910 The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Consolidated Balance Sheets as of September 30: (Thousands) NJNG CEV ES S&T HSO Total 2023 Customer accounts receivable Billed $ 55,234 9,962 23,716 6,577 2,051 $ 97,540 Unbilled 10,784 8,316 — — — 19,100 Customers’ credit balances and deposits (44,898) — — (12) — (44,910) Total $ 21,120 18,278 23,716 6,565 2,051 $ 71,730 2022 Customer accounts receivable Billed $ 78,508 5,566 129,199 7,012 2,012 $ 222,297 Unbilled 10,814 2,955 — — — 13,769 Customers’ credit balances and deposits (33,246) — — — — (33,246) Total $ 56,076 8,521 129,199 7,012 2,012 $ 202,820 Page 87 New Jersey Resources Corporation Part II ITEM 8.

Biggest changeFINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the fiscal years ended September 30, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Residential $ 641,606 13,960 — — 62,219 $ 717,785 Commercial and industrial 123,727 34,064 164,165 94,851 158 416,965 Firm transportation 86,600 — — — — 86,600 Interruptible, off-tariff and other 8,599 — — — — 8,599 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Residential $ 621,663 13,668 — — 57,091 $ 692,422 Commercial and industrial 136,011 30,701 76,975 88,700 342 332,729 Firm transportation 77,722 — — — — 77,722 Interruptible, off-tariff and other 8,647 — — — — 8,647 Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 2022 Residential $ 586,678 12,579 — — 55,629 $ 654,886 Commercial and industrial 265,970 31,225 83,801 65,286 189 446,471 Firm transportation 92,531 — — — — 92,531 Interruptible, off-tariff and other 5,097 — — — — 5,097 Revenues out of scope 177,141 84,476 1,445,377 — — 1,706,994 Total operating revenues $ 1,127,417 128,280 1,529,178 65,286 55,818 $ 2,905,979 Customer Accounts Receivable/Credit Balances and Deposits The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Consolidated Balance Sheets are as follows: Customer Accounts Receivable Customers’Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2022 $ 222,297 $ 13,769 $ 33,246 (Decrease) increase (124,757) 5,331 11,664 Balance as of September 30, 2023 97,540 19,100 44,910 Increase (decrease) 7,991 994 (6,315) Balance as of September 30, 2024 $ 105,531 $ 20,094 $ 38,595 Page 84 New Jersey Resources Corporation Part II ITEM 8.

On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of the fair value of derivative instruments, debt, equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation.

On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt.

Corresponding amounts for the debt component are recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations. Adelphia’s base rates include the ability to recover AFUDC on its construction work in progress. Capitalized amounts associated with Adelphia’s AFUDC are recorded in nonutility plant on the Consolidated Balance Sheets.

Adelphia’s base rates include the ability to recover AFUDC on its construction work in progress. Capitalized amounts associated with Adelphia’s AFUDC are recorded in nonutility plant on the Consolidated Balance Sheets. Corresponding amounts for the debt component are recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations.

In August 2023, the FASB issued ASU No. 2023-05, an amendment to ASC 805, Business Combinations , which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed.

Business Combinations In August 2023, the FASB issued ASU No. 2023-05 , an amendment to ASC 805, Business Combinations , which addresses how a joint venture should recognize contributions received upon its formation. Joint ventures must account for initial assets and liabilities received at fair value on the date the joint venture is formed.

The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets, and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations.

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 renew the lease or repurchase the assets sold at the end of the lease term.

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.

Each award earned excludes accumulated dividends. The number represented on this line is the target number of 100%.

Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense, and accrued interest and penalties are recognized within other noncurrent liabilities on the Consolidated Balance Sheets.

NJNG’s estimate of these liabilities is based upon known facts, existing technology and enacted laws and regulations in place when the review was completed. Where it is probable that costs will be incurred, and the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range.

NJR Retail Holdings Corporation has one principal subsidiary: NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO operations. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries.

NJR Retail Holdings Corporation has one principal subsidiary: NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries.

How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the uncertainty around the impact of regulatory orders on the financial statements, including the probability of both recovery in rates of incurred costs, and refunds to customers, included the following, among others: • We tested the effectiveness of controls over the relevant regulatory account balances and disclosures, including management’s controls over the monitoring and evaluation of regulatory developments that may affect the probability of recovering costs in future rates or of a future reduction in rates due to refunds to customers. • We read relevant regulatory orders issued by the BPU for NJNG and other public utilities in New Jersey, regulatory statutes, interpretations, procedural memorandums, filings made by interveners, and other publicly available information to assess the probability of recovery in future rates or of a future reduction in rates based on precedence of the BPU’s treatment of similar costs under similar circumstances.

How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the uncertainty around the impact of regulatory orders on the financial statements, including the probability of both recovery in rates of incurred costs, and refunds to customers, included the following, among others: • We tested the effectiveness of controls over the relevant regulatory account balances and disclosures, including management’s controls over the monitoring and evaluation of regulatory developments that may affect the probability of recovering costs in future rates or of a future reduction in rates due to refunds to customers. • We read relevant regulatory orders issued by the BPU for NJNG and other public utilities in New Jersey, regulatory statutes, interpretations, procedural memorandums, filings made by intervenors, and other publicly available information to assess the probability of recovery in future rates or of a future reduction in rates based on precedence of the BPU’s treatment of similar costs under similar circumstances.

These amounts differ from the respective net derivative liabilities reflected on the Consolidated Balance Sheets because the agreements also include clauses, commonly known as “Rights of Offset,” that would permit the Company to offset its derivative assets against its derivative liabilities for determining additional collateral to be posted, as previously discussed.

(2) Employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, and contributions made during the periods were immaterial. The Company recognizes a liability for its underfunded benefit plans as required by ASC 715, Compensation - Retirement Benefits .

(2) Contributions made by employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, were immaterial during the periods. The Company recognizes a liability for its underfunded benefit plans as required by ASC 715, Compensation - Retirement Benefits .

Overrecovered natural gas costs represent a regulatory liability that generally occurs when NJNG’s BGSS rates are higher than actual costs and returns to customers, including interest when applicable, in accordance with NJNG’s approved BGSS tariff.

Overrecovered natural gas costs represent a regulatory liability that generally occurs when NJNG’s BGSS rates are higher than actual costs and result in returns to customers, including interest when applicable, in accordance with NJNG’s approved BGSS tariff.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareowners and the Board of Directors of New Jersey Resources Corporation: Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of New Jersey Resources Corporation and subsidiaries (the “Company”) as of September 30, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareowners and the Board of Directors of New Jersey Resources Corporation Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of New Jersey Resources Corporation and subsidiaries (the “Company”) as of September 30, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Page 73 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Natural Gas Purchases NJNG’s tariff includes a component for BGSS, which is designed to allow it to recover the cost of natural gas through rates charged to its customers and is typically revised on an annual basis.

Page 71 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Natural Gas Purchases NJNG’s tariff includes a component for BGSS, which is designed to allow it to recover the cost of natural gas through rates charged to its customers and is typically revised on an annual basis.

Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged, along with fair value changes in derivative instruments, creates volatility in the results of ES, although the Company’s intended economic results relating to the entire transaction are unaffected.

Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged, along with fair value changes in derivative instruments, create volatility in the results of ES, although the Company’s intended economic results relating to the entire transaction are unaffected.

The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of September 30, 2023. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services and CEV residential solar installations.

The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of September 30, 2024. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services and CEV residential solar installations.

The Company also recognizes ARO associated with CEV’s solar assets when there are decommissioning provisions in lease agreements that require removal of the asset at the end of the lease term. ARO are initially recognized when the legal obligation to retire an asset has been incurred and a reasonable estimate of fair value can be made.

The Company also recognizes AROs associated with CEV’s solar assets when there are decommissioning provisions in lease agreements that require removal of the asset at the end of the lease term. AROs are initially recognized when the legal obligation to retire an asset has been incurred and a reasonable estimate of fair value can be made.

During fiscal 2023 and 2022, there were no events or circumstances that indicated that the carrying value of long-lived assets or finite-lived intangibles was not recoverable. Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt.

During fiscal 2024 and 2023, there were no events or circumstances that indicated that the carrying value of long-lived assets or finite-lived intangibles was not recoverable. Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt.

ARO are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

AROs are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

Page 94 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules.

Page 90 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules.

The Company’s funding policy for its pension plans is to contribute at least the minimum amount required by the Employee Retirement Income Security Act of 1974, as amended. In fiscal 2023 and 2022, the Company had no minimum funding requirements and did not make any discretionary contributions to the pension plans.

The Company’s funding policy for its pension plans is to contribute at least the minimum amount required by the Employee Retirement Income Security Act of 1974, as amended. In fiscal 2024 and 2023, the Company had no minimum funding requirements and did not make any discretionary contributions to the pension plans.

Based upon currently available information, the Company believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows. The actual results of resolving the pending litigation matters may be substantially higher than the amounts accrued.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Revenues Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. NJNG records unbilled revenue for natural gas services. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month.

Revenues Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month.

Loans Receivable NJNG currently provides loans, with terms ranging from two to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Consolidated Balance Sheets.

Loans Receivable NJNG currently provides loans, with terms ranging from three to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Consolidated Balance Sheets.

ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S. and Canada. NJR Midstream Holdings Corporation, which comprises the Storage and Transportation segment, invests in energy-related ventures through its subsidiaries.

ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S. NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries.

Based on those evaluations, NJR has determined that it does not have any investments in variable interest entities as of September 30, 2023, 2022 and 2021. Investments in entities over which the Company does not have a controlling financial interest are accounted for under the equity method.

Based on those evaluations, NJR has determined that it does not have any investments in variable interest entities as of September 30, 2024, 2023 and 2022. Investments in entities over which the Company does not have a controlling financial interest are accounted for under the equity method.

(3) As certified by the Company’s Leadership and Compensation Committee on November 9, 2022, the number of common shares earned related to TSR performance was 112% or 30,472 shares, the number of common shares earned related to NFE performance was 105% or 26,282 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 28,965 shares.

(2) As certified by the Company’s Leadership and Compensation Committee on November 9, 2022, the number of common shares earned related to TSR performance was 112% or 30,472 shares, the number of common shares earned related to NFE performance was 105% or 26,282 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 28,965 shares.

Represented NJRHS employees, non-represented employees hired on or after October 1, 2009, and NJNG represented employees hired on or after January 1, 2012, are eligible for an employer special contribution of between 3.5% and 4.5% of base compensation, depending on years of service, into the Savings Plan on their behalf.

Represented NJRHS employees, non-represented employees hired on or after October 1, 2009, and NJNG represented employees hired on or after January 1, 2012, are eligible for an employer special contribution of between 4.0% and 5.0% of base compensation, depending on years of service, into the Savings Plan on their behalf.

(4) As certified by the Company’s Leadership and Compensation Committee on November 15, 2023, the number of common shares earned related to TSR performance was 150% or 59,192 shares, the number of common shares earned related to NFE performance was 150% or 55,832 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 30,598 shares.

(3) As certified by the Company’s Leadership and Compensation Committee on November 15, 2023, the number of common shares earned related to TSR performance was 150% or 59,192 shares, the number of common shares earned related to NFE performance was 150% or 55,832 shares, and the number of common shares earned related to Performance Based Restricted Stock was 100% or 30,598 shares.

Therefore, under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, the Company qualifies for federal subsidies. Estimated subsidy payments for fiscal 2024 and 2025 are immaterial and zero thereafter. Page 112 New Jersey Resources Corporation Part II ITEM 8.

Therefore, under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, the Company qualifies for federal subsidies. Estimated subsidy payments for fiscal 2024 and 2025 are immaterial and zero thereafter. Page 106 New Jersey Resources Corporation Part II ITEM 8.

During the fourth quarter of fiscal 2023, the Company determined that the tax losses created by the impairment may qualify as an ordinary loss, rather than a capital loss. As of September 30, 2023 and 2022, the Company had a valuation allowance of approximately $5.0M and $5.1M, respectively.

During the fourth quarter of fiscal 2023, the Company determined that the tax losses created by the impairment may qualify as an ordinary loss, rather than a capital loss. As of September 30, 2024 and 2023, the Company had a valuation allowance of approximately $5.1M and $5.0M, respectively.

Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 17 years, and may or may not include extension or early purchase options.

Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years, and may or may not include extension or early purchase options.

Based on the assessment, management concluded that, as of September 30, 2023, the Company’s internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

Based on the assessment, management concluded that, as of September 30, 2024, the Company’s internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

Non-current loans receivable are recorded based on what the Company expects to receive, which approximates fair value, in other noncurrent assets on the Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value.

Noncurrent loans receivable are recorded based on what the Company expects to receive, which approximates fair value, in other noncurrent assets on the Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value.

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, 2023, NJNG has two letters of credit outstanding for $0.7M, which reduced the amount available under the NJNG Credit Facility by the same amount.

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, 2024, NJNG has two letters of credit outstanding for $0.7M, which reduced the amount available under the NJNG Credit Facility by the same amount.

The foregoing statements about the Company’s litigation are based upon the Company’s judgments, assumptions and estimates and are necessarily subjective and uncertain. The Company has a number of threatened and pending litigation matters at various stages. Page 120 New Jersey Resources Corporation Part II

Page 72 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies.

Page 70 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies.

Page 111 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) When measuring its PBO, the Company uses an aggregate discount rate at which its obligation could be effectively settled.

Page 105 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) When measuring its PBO, the Company uses an aggregate discount rate at which its obligation could be effectively settled.

We evaluated the external information and compared that to management’s assertions regarding the probability of recovery or refund of regulatory asset and liability balances for completeness. • We obtained an analysis from management regarding the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities in order to assess management’s assertion that amounts are probable of recovery or a future reduction in rates. • We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments. /s/ Deloitte & Touche LLP Morristown, New Jersey November 21, 2023 We have served as the Company’s auditor since 1951.

We evaluated the external information and compared that to management’s assertions regarding the probability of recovery or refund of regulatory asset and liability balances for completeness. • We obtained an analysis from management regarding the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities in order to assess management’s assertion that amounts are probable of recovery or a future reduction in rates. • We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments. /s/ Deloitte & Touche LLP Morristown, New Jersey November 26, 2024 We have served as the Company’s auditor since 1951.

Accordingly, inherent in the estimate of ARO are various assumptions including the ultimate settlement date, expected cash outflows, inflation rates, credit-adjusted risk-free rates and consideration of potential outcomes where settlement of the ARO can be conditioned upon events.

Accordingly, inherent in the estimate of AROs are various assumptions including the ultimate settlement date, expected cash outflows, inflation rates, credit-adjusted risk-free rates and consideration of potential outcomes where settlement of the AROs can be conditioned upon events.

The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed. Page 85 New Jersey Resources Corporation Part II ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareowners and the Board of Directors of New Jersey Resources Corporation: Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of New Jersey Resources Corporation and subsidiaries (the “Company”) as of September 30, 2023 and 2022, the related consolidated statements of operations, comprehensive income, common stock equity, and cash flows, for each of the three years in the period ended September 30, 2023, and the related notes and the financial statement schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareowners and the Board of Directors of New Jersey Resources Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of New Jersey Resources Corporation and subsidiaries (the “Company”) as of September 30, 2024 and 2023, the related consolidated statements of operations, comprehensive income, common stock equity, and cash flows, for each of the three years in the period ended September 30, 2024, and the related notes and the financial statement schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).

If NJNG determines a loan is impaired, the basis of the loan would be subject to regulatory review for recovery. As of September 30, 2023 and 2022, the Company has not recorded any impairments for SAVEGREEN loans.

If NJNG determines a loan is impaired, the basis of the loan would be subject to regulatory review for recovery. As of September 30, 2024 and 2023, the Company has not recorded any impairments for SAVEGREEN loans.

Factors that the Company analyzes in determining whether an impairment in its long-lived assets exists include: a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent in which a long-lived asset is being used in its physical condition; legal proceedings or other contributing factors; significant business climate changes; accumulations of costs in significant excess of the amounts expected; a current-period operating or cash flow loss combined with a history of such events; and current expectations that more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Factors that the Company analyzes in determining whether an impairment in its long-lived assets exists include: a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent in which a long-lived asset is being used in its physical condition; legal proceedings or other contributing factors; significant business climate changes; accumulations of costs in significant excess of the amounts expected; a current-period operating or cash flow loss combined with a history of such events; and current expectations that more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

As of September 30, 2023, the Company evaluated certain tax benefits recorded in the Consolidated Financial Statements and concluded that a portion of the tax benefits are uncertain at this time. As a result, the Company recorded a reserve for uncertain tax benefits.

As of September 30, 2024, the Company evaluated certain tax benefits recorded in the Consolidated Financial Statements and concluded that a portion of the tax benefits are uncertain at this time. As a result, the Company recorded a reserve for uncertain tax benefits.

Under the supervision and with the participation of the Company’s management, including its principal executive officer and principal financial officer, management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of September 30, 2023.

In the latter case, the Company develops possible retirement scenarios and assigns probabilities based on management’s reasonable judgment and knowledge of industry practice. Accordingly, ARO are subject to change.

(2) Consists of transactions between subsidiaries that are eliminated in consolidation. (3) Includes CIP revenue. (4) Includes SREC revenue. Page 86 New Jersey Resources Corporation Part II ITEM 8.

(2) Consists of transactions between subsidiaries that are eliminated in consolidation. (3) Includes CIP revenue. (4) Includes SREC revenue. Page 83 New Jersey Resources Corporation Part II ITEM 8.

In fiscal 2022, the Company granted to certain officers 44,965 performance shares, which are market condition awards that vest on September 30, 2024, subject to the Company meeting certain conditions.

In fiscal 2022, the Company granted to certain officers 44,965 performance shares, which are market condition awards that vested on September 30, 2024, subject to the Company meeting certain conditions.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 30, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 21, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 26, 2024, expressed an unqualified opinion on the Company’s internal control over financial reporting.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds.

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, 2023, NJNG’s equity-to-total-capitalization ratio is 54.4% and NJNG has the capacity to issue up to $1.4B of FMB under the terms of the Mortgage Indenture.

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, 2024, NJNG’s equity-to-total-capitalization ratio is 53.4% and NJNG has the capacity to issue up to $1.4B of FMB under the terms of the Mortgage Indenture.

Operations and Maintenance Expenses Operations and maintenance expenses include operations and maintenance salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, amortization of software costs for unregulated entities, customer service, professional fees and other outside services, insurance expense, accretion of cost of removal for future retirements of utility assets and other administrative expenses and are expensed as incurred.

Operations and Maintenance Expenses O&M includes salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, amortization of software costs for unregulated entities, customer service, professional fees and other outside services, insurance expense, accretion of cost of removal for future retirements of utility assets and other administrative expenses, and are expensed as incurred.

Accretion expense associated with CEV’s ARO is recognized as a component of operations and maintenance expense on the Consolidated Statements of Operations. Accretion amounts associated with NJNG’s ARO are recognized as part of its depreciation expense, and the corresponding regulatory asset and liability will be shown gross on the Consolidated Balance Sheets.

Accretion expense associated with CEV’s AROs are recognized as a component of operations and maintenance expense on the Consolidated Statements of Operations. Accretion amounts associated with NJNG’s AROs are recognized as part of its depreciation expense, and the corresponding regulatory asset and liability will be shown gross on the Consolidated Balance Sheets.

NJNG comprises the Natural Gas Distribution segment. NJRCEV, the Company’s clean energy subsidiary, comprises the CEV segment and invests in, owns and operates clean energy projects, including commercial and residential solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana. NJRES comprises the ES segment.

NJNG comprises the Natural Gas Distribution segment. NJRCEV, the Company’s clean energy subsidiary, comprises the CEV segment and owns and operates clean energy projects, including commercial and residential solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

The related compensation cost is recognized as O&M expense on the Consolidated Statements of Operations. See Note 10. Stock-Based Compensation for further information. Page 74 New Jersey Resources Corporation Part II ITEM 8.

The related compensation cost is recognized as O&M on the Consolidated Statements of Operations. See Note 10. Stock-Based Compensation for further information. Page 72 New Jersey Resources Corporation Part II ITEM 8.

Effective January 1, 2016, the Company prospectively applies this normal scope exception on a case-by-case basis to physical commodity contracts at NJNG and PPAs at CEV. When applied, it does not account for these contracts until the contract settles and the related underlying natural gas or power is delivered.

The Company prospectively applies this normal scope exception on a case-by-case basis to physical commodity contracts at NJNG and PPAs at CEV. When applied, it does not account for these contracts until the contract settles and the related underlying natural gas or power is delivered.

Other Recent Updates to the Accounting Standards Codification Business Combinations In October 2021, the FASB issued ASU No. 2021-08, an amendment to ASC 805, Business Combinations , which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers .

Recently Adopted Updates to the Accounting Standards Codification Business Combinations In October 2021, the FASB issued ASU No. 2021-08 , an amendment to ASC 805, Business Combinations , which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers .

See Notes to Consolidated Financial Statements Page 71 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) 1.

See Notes to Consolidated Financial Statements Page 69 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) 1.

The total investment for the IIP is approximately $507.0M. Upon approval from the BPU, investments will be recovered through annual filings to adjust base rates. In October 2020, the BPU approved the Company’s transmission and distribution component of the IIP for $150.0M over five years, effective November 1, 2020.

The total investment for the IIP is approximately $507.0M. Upon approval from the BPU, investments are being recovered through annual filings to adjust base rates. In October 2020, the BPU approved the Company’s transmission and distribution component of the IIP for $150.0M over five years, effective November 1, 2020.

Reversal of the valuation allowance resulted in a corresponding income tax benefit on the Consolidated Statement of Operations. As of September 30, 2023, the remaining valuation allowance of approximately $0.7M related primarily to other state income tax attributes which the Company could not conclude were realizable on a more-likely-than-not basis.

Reversal of the valuation allowance resulted in a corresponding income tax benefit on the Consolidated Statement of Operations. As of September 30, 2024, the remaining valuation allowance of approximately $0.6M related primarily to other state income tax attributes which the Company could not conclude were realizable on a more-likely-than-not basis.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended September 30, 2023, of the Company and our report dated November 21, 2023, expressed an unqualified opinion on those financial statements.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended September 30, 2024, of the Company and our report dated November 26, 2024, expressed an unqualified opinion on those financial statements.

Based on price sensitivity analysis, an illustrative 10% movement in the natural gas futures contract price, for example, increases (decreases) the reported derivative fair value of all open, unadjusted Henry Hub natural gas futures and fixed price swap positions by approximately $3.6M. This analysis does not include potential changes to reported credit adjustments embedded in the $14.4M reported fair value.

Based on price sensitivity analysis, an illustrative 10% movement in the natural gas futures contract price, for example, increases (decreases) the reported derivative fair value of all open, unadjusted Henry Hub natural gas futures and fixed price swap positions by approximately $3.1M. This analysis does not include potential changes to reported credit adjustments embedded in the $3.0M reported fair value.

Regulation — Impact of Rate-Regulation on Various Account Balances and Disclosures — Refer to Notes 2 and 4 to the financial statements Critical Audit Matter Description New Jersey Natural Gas Company (“NJNG”), a subsidiary of the Company, is a regulated gas distribution company that serves customers in central and northern New Jersey.

Regulation — Impact of Rate-Regulation on the Financial Statements — Refer to Notes 2 and 4 to the financial statements Critical Audit Matter Description New Jersey Natural Gas Company (“NJNG”), a subsidiary of the Company, is a regulated gas distribution company that serves customers in central and northern New Jersey.

NATURE OF THE BUSINESS The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following: NJNG provides natural gas utility service to approximately 576,000 customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU.

NATURE OF THE BUSINESS The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following: NJNG provides natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU.

Financial Instruments In March 2022, the FASB issued ASU No. 2022-02, an amendment to ASC 326, Financial Instruments-Credit Losses , which eliminates the accounting guidance for creditors in troubled debt restructuring. It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Financial Instruments In March 2022, the FASB issued ASU No. 2022-02 , an amendment to ASC 326, Financial Instruments-Credit Losses , which eliminates the accounting guidance for creditors in troubled debt restructuring. It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Leases In March 2023, the FASB issued ASU No. 2023-01, an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party.

Leases In March 2023, the FASB issued ASU No. 2023-01 , an amendment to ASC 842, Leases, which applies to arrangements between related parties under common control. This update requires that all entities with common control arrangements classify and account for these leases on the same basis as an arrangement with an unrelated party.

The reserve for uncertain tax benefits is as follows: (Thousands) 2023 2022 Balance at October 1, $ — $ — Additions based on tax positions related to the current fiscal period 4,978 — Balance at September 30, $ 4,978 $ — As of September 30, 2023, there are $5.0M of unrecognized tax benefits that if recognized would affect the annual effective tax rate.

The reserve for uncertain tax benefits is as follows: (Thousands) 2024 2023 Balance at October 1, $ 4,978 $ — Additions based on tax positions related to the current fiscal period 15 4,978 Balance at September 30, $ 4,993 $ 4,978 As of September 30, 2024 and 2023, there are $5.0M of unrecognized tax benefits that if recognized would affect the annual effective tax rate.

The current NJCEP program is for the State of New Jersey’s fiscal year ending June 2024. NJNG recovers the costs associated with its portion of the NJCEP obligation through its NJCEP rider, with interest. Page 89 New Jersey Resources Corporation Part II ITEM 8.

The current NJCEP program is for the State of New Jersey’s fiscal year ending June 2025. NJNG recovers the costs associated with its portion of the NJCEP obligation through its NJCEP rider, with interest. Page 86 New Jersey Resources Corporation Part II ITEM 8.

Energy Efficiency Programs SAVEGREEN conducts home energy audits and provides various grants, incentives and financing alternatives, which are designed to encourage the installation of high efficiency heating and cooling equipment and other upgrades to promote energy efficiency to its residential and commercial customers while stimulating state and local economies through the creation of jobs.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Energy Efficiency Programs SAVEGREEN conducts home energy audits and provides various grants, incentives and financing alternatives, which are designed to encourage the installation of high efficiency heating and cooling equipment and other upgrades to promote energy efficiency to its residential and commercial customers while stimulating state and local economies through the creation of jobs.

Page 116 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) 13.

Page 110 New Jersey Resources Corporation Part II ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) 13.

ASC 815, Derivatives and Hedging also provides for a NPNS scope exception for qualifying physical commodity contracts for which physical delivery is probable and the quantities delivered are expected to be used or sold over a reasonable period of time in the normal course of business.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) ASC 815, Derivatives and Hedging, also provides for a NPNS scope exception for qualifying physical commodity contracts for which physical delivery is probable and the quantities delivered are expected to be used or sold over a reasonable period of time in the normal course of business.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Consolidated Balance Sheets.

Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Consolidated Balance Sheets.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Morristown, New Jersey November 21, 2023 Page 66 New Jersey Resources Corporation Part II ITEM 8.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Morristown, New Jersey November 26, 2024 Page 64 New Jersey Resources Corporation Part II ITEM 8.

Depending on the specific initiative or approval, NJNG recovers costs associated with the programs over a three - to 10-year period through a tariff rider mechanism. In March 2021, the BPU approved a three-year SAVEGREEN program that included $126.1M of direct investment, $109.4M in financing options and $23.4M in operation and maintenance expenses.

Depending on the specific initiative or approval, NJNG recovers costs associated with the programs over a three - to 10-year period through a tariff rider mechanism. In March 2021, the BPU approved a three-year SAVEGREEN program that included approximately $126.1M of direct investment, approximately $109.4M in financing options and approximately $23.4M in O&M.

… 327 more changes not shown on this page.

Top changes in NEW JERSEY RESOURCES CORP's 2024 10-K

Item 1. Business

Item 1A. Risk Factors

Item 2. Properties

Item 3. Legal Proceedings

Item 5. Market for Registrant's Common Equity

Item 6. [Reserved]

Item 7. Management's Discussion & Analysis

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Other NJR 10-K year-over-year comparisons