Public Service Enterprise Group (PEG) official guidance

On a regulated capital spending program, PSE&G invested approximately $800 million during the first quarter, and we remain on track to execute our full-year 2026 plan of approximately $4.2 billion focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives, and load growth.

For 2026, our planned capital investment program for the regulated business is approximately $4.2 billion.

Regulated investments are expected to total ~$4.2 billion in 2026, up ~13.5% from 2025.

We are maintaining the broad set of financial projections that we shared with you late in February, starting with our five year regulated capital investment plan of $22.5 billion-$25.5 billion at PSEG and $24 billion-$28 billion for PSEG, both through 2030.

Regulated capital spending is forecasted in a range of $22.5 billion-$25.5 billion and supports a rate-based CAGR of 6%-7.5% over the same period.

PSEG’s 2026-2030 capital spending plan of $24 billion to $28 billion consists of $22.5 billion to $25.5 billion of regulated investments.

Importantly, our solid balance sheet enables the funding of PSEG’s total five-year capital investment program of $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth,

We are maintaining the broad set of financial projections that we shared with you late in February, starting with our five year regulated capital investment plan of $22.5 billion-$25.5 billion at PSEG and $24 billion-$28 billion for PSEG, both through 2030.

Second, we updated PSEG's capital program to $24 billion-$28 billion for the 2026-2030 period, with over 90% focused on regulated investments.

PSEG’s 2026-2030 capital spending plan of $24 billion to $28 billion consists of $22.5 billion to $25.5 billion of regulated investments.

In addition to an exemplary storm response, our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG’s full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.

With this solid start to 2026, we are maintaining our full-year non-GAAP operating earnings guidance in the range of $4.28-$4.40 per share.

Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share

Turning to our outlook for 2026, first, we initiated a non-GAAP operating earnings guidance in the range of $4.28 to $4.40 per share, an increase at the midpoint of 7% over 2025 results.

PSEG initiated full year 2026 non-GAAP Operating Earnings guidance in the range of $4.28 to $4.40 per share, an increase at the midpoint of over 7% above 2025 results.

We are also reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements.

This investment program supports the utility's 6%-7.5% compound annual growth in rate base also through 2030 and helps drive a 6%-8% non-GAAP operating earnings CAGR at PSEG over that same period.

We continue to execute on our long-term strategy to grow PSEG’s non-GAAP Operating Earnings by a compound annual rate of 6% to 8% through 2030 – without the need to issue new equity or sell assets – which remains a core differentiator from our peers.

We increased our dividend by over 6% and updated our long-term non-GAAP operating earnings CAGR to 6%-8%, using a higher baseline for the second year in a row.

PSEG is updating its long-term outlook for compound annual growth in non-GAAP Operating Earnings to 6% to 8% through 2030 based on the higher midpoint of 2026 guidance, rebasing higher for the second year in a row.

This investment program supports the utility's 6%-7.5% compound annual growth in rate base also through 2030 and helps drive a 6%-8% non-GAAP operating earnings CAGR at PSEG over that same period.

Our 2026-2030 regulated capital investment plan is expected to produce a compounded annual growth in PSEG's rate base of 6%-7.5%, starting from a year-end 2025 balance of approximately $36 billion, which includes construction work in progress.

PSE&G’s 2026-2030 capital investment plan is expected to produce compound annual growth in rate base of 6% to 7.5%, starting from a year end 2025 balance of approximately $36 billion, an increase of approximately 7% over year end 2024.

We are reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential incremental investments to address the near-term need for additional supply due to growing customer demand. Notably, our solid balance sheet enables the funding of PSEG’s five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth,” said Ralph LaRossa, PSEG’s chair, president and CEO.

Our results through the first nine months enable us to narrow our 2025 non-GAAP Operating Earnings guidance to the upper half of the range at $4.00 to $4.06 per share, from $3.94 to $4.06 per share prior.

We are reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential incremental investments to address the near-term need for additional supply due to growing customer demand.