November 17, 2022 Year End 2022 Financial Results

Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2023, including NFEPS guidance by Segment, fiscal 2024 long term growth range, long term annual growth projections and targets, projections of dividend and financing activities, forecasted contribution of business segments to NJR’s NFE for fiscal 2023, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects including Airport Road and its pipeline under contract or exclusivity, CEV revenue projections, SREC Hedging strategies, infrastructure programs and investments future decarbonization opportunities, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, outcome of the Inflation Reduction Act and ITCs, Asset Management Agreements, including their ability to generate projected margin and NFE for fiscal years 2023 and 2024, and other legal and regulatory expectations. Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. Non-GAAP Measures Non-GAAP Measures This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company. NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. Management uses NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, as supplemental measures to other GAAP results to provide a more complete understanding of the Company’s performance. Management believes these non-GAAP measures are more reflective of the Company’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between reported GAAP earnings and NFE/net financial loss due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. In addition, in making forecasts relating to S&T’s Adjusted EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC Regulation G.

1 FY 2022 HighlightsSteve Westhoven | President and CEO 2 Financial HighlightsRoberto Bel | SVP and CFO 3 Q&A Session Agenda

Fiscal 2022 Highlights Executing on our Strategic Plan to Drive Continued, Organic Growth NJNG CEV S&T Energy Services $2.86 FY 2022 EPS $2.50 FY 2022 NFEPS1 (up 16% YoY) NJNG had a strong year driven by new base rates Added over 7,800 customers during the year Ranked highest among the Large Residential Natural Gas Utilities in the East, according to the J.D. Power2 Hedging program mitigated impact of rising gas prices for customers Grew project pipeline to ~699MW (under contract or exclusivity) through Fiscal 2027 Placed ~19MW into service, including our largest solar project outside of NJ Completion of Adelphia Gateway Strong NFEPS contribution from Leaf River Energy Center Asset Management Agreements (AMA) with investment grade utility became effective Stronger than expected results from long-option strategy Raised NFEPS Guidance Twice During Fiscal 2022; Achieved Highest End of Revised Range A reconciliation from NFE to net income can be found in the Appendix. Based on 2021 Gas Utility Residential Customer Satisfaction Studysm

Introducing Fiscal 2023 NFEPS Guidance of $2.42 - $2.52 Net Financial Earnings per Share NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, which excludes the effects of Energy Services’ over-performance 7-9% LONG-TERM ANNUAL GROWTH1 New Jersey Natural Gas Energy Services CEV S&T Home Services Fiscal 2023 NFEPS Guidance by Segment Represents 9.8% Year-over-Year Growth from Midpoint of FY 2022 Initial Guidance Range FY2024 EXPECTED TO BE AT OR ABOVE THE TOP END OF THE LONG-TERM ANNUAL GROWTH RANGE DUE TO IMPACT OF THE AMA 12.4% NFEPS CAGR THROUGH FY2023E AMAs will generate majority of Energy Services’ projected NFE for fiscal years 2023 and 2024

Committed to Building Shareholder Value Strong Track Record of Dividend Growth Dividends per Share $1.56 FY 2023 Dividend (up 7.6%) 7-9% LONG-TERM ANNUAL GROWTH (CONSISTENT WITH NFEPS LONG-TERM PROJECTED GROWTH RATE) Dividend Payout Ratio as a % of NFEPS

New Jersey Natural Gas Solid Performance Due to Higher Base Rates ~$335M Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations Facilities and RNG & P2G included in “Other” ~42% of capital expenditures earned a near real-time return NJNG Customers (in thousands) 569.3 Added 7,808 new customers in fiscal 2022 Timing of Next Rate Case Filing Expected in Fiscal 2024 Fiscal 2022 Capital Expenditures1 Furthers our commitment to energy efficiency

$128.3M 8-13% CEV Revenue Fiscal 2022 New Project in Service: Airport Road (Placed in Service: Q4 FY 2022) 4.9MW Airport Road Ground-mount community solar project located in Waywayanda, NY SRECs2 TRECs Electricity Sales Sunlight Advantage Includes commercial and residential solar projects 100% of SREC revenues for fiscal 2023 and 95% of SREC revenues for fiscal 2024 are secured through our SREC hedging program Clean Energy Ventures (CEV) CEV owns and operates solar projects in New Jersey, Rhode Island, New York and Connecticut with approximately 387 MW of capacity 18.9 MW1 Incremental capacity added in Fiscal 2022 $45.4 Million1 Fiscal 2022 capex placed in-service

Total of installed capacity of 387MW plus a pipeline of over 760MW including projects under construction, contract, or exclusivity CEV: Robust and Diversified Solar Pipeline Taking Advantage of a Considerable Decarbonization Opportunity 699MW Pipeline by Location Total 1.1 GW1 Breakdown of 699MW Pipeline Under Contract or Exclusivity MWs Pipeline of over 760MW including projects under construction, contract, or exclusivity ~387MW of projects in-service

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Energy Services: Predictable Fee-based Revenues + Upside Potential AMAs feature initial and permanent capacity releases with cash payments throughout, with ASC 606 revenue recognition standard requiring that revenue be allocated to both the initial and permanent releases. As a result, disproportionate value is allocated to the permanent release periods in FY 2024 and FY 2032. ($ in Millions) Long Option Strategy Significant upside potential with limited downside risk Proven track record of success over 27 years of existence leveraging natural gas market volatility to drive value Physical storage and transportation assets provide optionality to capture location and time spreads whose value can be hedged with the use of financials instruments Downside risk, equivalent to an option’s premium, equates to the difference between demand charges and the hedged value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs Asset Management Agreements1 Predictable fee-based revenues better ensure coverage of fixed costs De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk AMAs will generate majority of Energy Services’ projected margin and NFE for fiscal years 2023 and 2024

Financial Review Roberto Bel SVP and Chief Financial Officer 11

NJR Review of Fiscal 2022 NFE Changes A reconciliation of these non-GAAP measures can be found in the Appendix ($ in Millions) Fiscal 2021 – Consolidated NFE ($ in millions) $ 207.7 NJNG $ 32.7 Utility Gross Margin* $ 79.3 O&M $ 5.2 Depreciation & Amortization (D&A) $ (14.5) Interest expense, AFUDC, Income Tax $ (37.3) Clean Energy Ventures $ 22.6 Revenue $ 33.0 O&M $ (4.0) D&A, Interest Expense and Other $ (6.4) Storage & Transportation $ 9.4 Operating Income $ 11.5 Equity in Earnings of Affiliates $ (6.6) Other $ 4.5 Energy Services $ (32.0) Financial Margin* $ (51.3) Interest Expense, Income Tax and Other $ 19.3 Home Services and Other $ (0.1) Fiscal 2022 – Consolidated NFE ($ in millions) $ 240.3 (0.1)

Hedged Portion of NJNG’s Winter Sales1 Sales from November 2022 to March 2023 Cost of natural gas supply is a pass through to customers By policy, at least 75% of our estimated winter send-out for residential and small commercial sales customers must be hedged prior to November 1st Hedging typically executed with gas in storage and the use of financial instruments to hedge storage injections By securing a cost-effective supply and leveraging the BGSS incentive, NJNG has been able to moderate the price of natural gas for our customers Mitigating the Impact of Higher Gas Prices for our Customers

CEV – SREC Hedging Strategy Stabilizes Revenue Based on Energy Year1, as of September 30, 2022 Percent Hedged Average Price Current Price (EY) 98% $203 $229 Percent Hedged Average Price Current Price (EY) 98% $197 $215 Percent Hedged Average Price Current Price (EY) 89% $190 $201 Percent Hedged Average Price Current Price (EY) 29% $173 $184 Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2023 begins on June 1, 2022, and ends on May 31, 2023

NJR Capital Plan1 Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations $529 $712 $622 $520 - $658 $542 - $728 ($ in Millions) Capital plan supports long-term NFEPS growth targets of 7 – 9%

NJR Cash Flow From Operations and Investment Grade Profile Internal estimates based on Fitch Ratings methodology. Ratio represents inverse of FFO-adjusted leverage ratio. A reconciliation from adjusted funds from operations to cash flows from operating activities and adjusted debt to long-term and short-term debt can be found in the Appendix. Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense. Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments. NJR Adjusted FFO/ Adjusted Debt1 NJNG (Secured Rating) NJR (Unsecured Rating) NAIC NAIC-1.E NAIC-2.A Moody's A1 (Stable) Fitch A+ (Stable) Current Credit Ratings ~22% CFFO CAGR FY2020 - FY2024E NJR Cash Flow from Operations ($ in Millions)

Well Positioned in a Rising Interest Rate Environment ($ in Millions) Term debt only (excludes short-term debt of $424 million, capital leases of $24 million and solar asset financing obligations of $112 million). Grouped by fiscal years. Impact of high interest rate environment included in FY2023 and long-term NFEPS guidance Interest rate impact mitigated by predominately fixed-rate debt Manageable debt repayment schedule with no significant maturity towers in any particular year Substantial liquidity at both NJNG and NJR - $900M of credit facilities available through FY2027 Term Debt Maturity Schedule as of September 30, 20221

Conclusion Steve Westhoven President and CEO 18

NJR’s Path To Decarbonization Growing Core Businesses While Investing in the Clean Energy Future 2050 Net-Zero NJ Operations Leverage and Improve Strong Infrastructure Committed to reducing methane emissions from distribution system Lowest leaks per mile in NJ 99% of system plastic or protected steel First Green Hydrogen project to inject 100% of output for end use customers Pursuing other RNG and clean H2 decarbonized fuel opportunities NJNG 60% emissions reduction from NJ operations from 2006 levels by 2030 Achieved 50% reduction in NJ operational emissions since 2006 CEV Execute on Broad Opportunity Set for Solar Projects Expanding solar footprint both within New Jersey and Northeast Enhancing development capabilities through insourcing, building internal expertise and greenfield efforts Leveraging our scale and operating experience to manage assts efficiently S&T Leverage Existing Storage and Transportation Assets Continue to improve existing infrastructure to safely and reliably deliver clean and efficient natural gas

Inflation Reduction Act: Key Strategic Elements for NJR Extension of / Multipliers on Solar Investment Tax Credit The IRA aligns with NJR’s “all of the above” approach on energy transition Promotes investment and innovation across clean energy technologies that can help reach 2050 climate goals in the fastest, most affordable and most reliable way possible Transferability of ITCs Hydrogen, RNG, Energy Storage Incentives Increased to 30% for the next 10 years Can be further increased with stackable adders CEV’s portfolio is well-positioned to benefit from adders Increases funding flexibility by allowing for sale of tax credits for cash. This allows for monetization of ITCs without equity partnership structures Market will need to develop, but the transferability of tax credits will likely generate new demand for ITCs Helps improve cost parity for green hydrogen and reduce the cost for our ratepayers May provide additional investment opportunities for NJNG and CEV

Expect 7% - 9% NFEPS Growth Annualized dividend yield of 3.5%1 Dividend growth in line with long-term NFEPS growth expectations Net Zero by 2050 goal for New Jersey operations Delivering Value to Shareholders Through Growth and Income The Clean Energy Future Starts at NJR Solid Long Term Growth Outlook NJR is a Premier Energy Infrastructure Company Implementing Strategic Plan to Drive Continued Organic Growth Across Portfolio Growing Dividend Based on dividend per share of $1.56 and closing share price of $45.11 on November 15, 2022 TOTAL EXPECTED SHAREHOLDER RETURN: ~11 - 13%

Appendix Slide 23 NJR’s Business Portfolio 24 Fourth Quarter and Fiscal 2022 NFE by Business Unit 25 Review of Q4 FY 2022 NFE Changes 26 Reconciliation of NFE and NFEPS to Net Income 27 Other Reconciliation of Non-GAAP Measures 28 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations for FY2022 29 NJR CEV – SREC Hedging by Energy Year 30 NJR Capital Plan Table 31 NJR Projected Cash Flows 32 Environmental, Social and Governance Efforts 33 Shareholder and Contact Information 22

NJR’s Business Portfolio Natural Gas and Renewable Fuel Distribution; Solar Investments, Wholesale Energy Markets; Storage & Transportation Infrastructure; Retail Operations Operates and maintains approximately 7,700 miles of Natural Gas transportation and distribution infrastructure serving approximately 569,000 customers in New Jersey New Jersey Natural Gas (NJNG) Clean Energy Ventures (CEV) Storage and Transportation (S&T) Energy Services (ES) New Jersey Resources Home Services (NJRHS) CEV develops, invests in, owns and operates energy projects that generate clean power, provide low carbon energy solutions and help our customers save energy and money in a sustainable way Invests in, owns and operates midstream assets including natural gas pipeline and storage facilities. Our companies provide transportation and storage services to a broad range of customers in the natural gas market Provides unregulated, wholesale natural gas to consumers across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent and Canada. In addition to energy supply, NJRES provides a full-range of customized energy management services NJR Home Services offers customers home comfort solutions, including equipment sales and installations; solar lease and purchase plans; and a service contract product line, including heating, cooling, water heating, electric and standby generator contracts Demonstrated leadership as a premier energy infrastructure and environmentally-forward thinking company Utilize public policy and expand its business while taking advantage of energy efficiency Broader climate goals support continued investment across the solar market Generating stable fee-based revenue from diverse mix of high credit-quality customers Long option strategy provides significant upside potential with limited downside risk. Recognized as a Top 20 Ruud® National Pro Partner™ for 6 Consecutive Years

Fiscal 2022 Fourth Quarter and Year End NFE by Business Unit ($ in 000s) (Thousands) Three Months Ended September 30, Twelve Months Ended September 30, 2022 2021 Change 2022 2021 Change New Jersey Natural Gas $(16,387) $(24,214) $7,827 $140,124 $107,375 $32,749 Clean Energy Ventures $57,813 $40,861 $16,952 $39,403 $16,789 $22,614 Storage and Transportation $11,341 $2,440 $8,901 $22,454 $13,046 $9,408 Energy Services $(3,383) $(14,384) $11,001 $39,121 $71,117 $(31,996) Home Services and Other $(1,488) $1,896 $(3,384) $(781) $(615) $(166) Total $47,896 $6,599 $41,297 $240,321 $207,712 $32,609 NFEPS $0.50 $0.07 $0.43 $2.50 $2.16 $0.34

NJR Review of Fiscal Q422 NFE Changes A reconciliation of these non-GAAP measures can be found in the Appendix ($ in Millions) Fiscal 4Q21 – Consolidated NFE ($ in millions) $ 6.6 NJNG $ 7.8 Utility Gross Margin* $ 16.5 O&M $ (2.1) Depreciation & Amortization (D&A) $ (2.9) Interest expense, AFUDC, Income Tax $ (3.7) Clean Energy Ventures $ 17.0 Revenue $ 23.4 O&M $ (3.1) D&A, Interest Expense and Other $ (3.3) Storage & Transportation $ 8.9 Operating Income $ 12.3 Equity in Earnings of Affiliates $ (0.2) Other $ (3.2) Energy Services $ 11.0 Financial Margin* $ 29.7 Interest Expense, Income Tax and Other $ (18.7) Home Services and Other $ (3.4) Fiscal 4Q22 – Consolidated NFE ($ in millions) $ 47.9

Reconciliation of NFE and NFEPS to Net Income ($ in 000s) NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2022 2021 2022 2021 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: Net income (loss) $ 54,522 $ (1,133) $ 274,922 $ 117,890 Add: Unrealized (gain) loss on derivative instruments and related transactions (1,846) 40,576 (59,906) 54,203 Tax effect 439 (9,647) 14,248 (12,887) Effects of economic hedging related to natural gas inventory (5,221) (30,150) 19,939 (42,405) Tax effect 1,241 7,166 (4,738) 10,078 (Gain on) impairment of equity method investment (1,500) — (5,521) 92,000 Tax effect 374 767 1,377 (11,167) NFE tax adjustment (113) (980) — — Net financial earnings $ 47,896 $ 6,599 $ 240,321 $ 207,712 Weighted Average Shares Outstanding Basic 96,235 96,198 96,100 96,227 Diluted 96,630 96,198 96,488 96,560 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: Basic earnings (loss) per share $ 0.57 $ (0.01) $ 2.86 $ 1.23 Add: Unrealized (gain) loss on derivative instruments and related transactions $ (0.02) $ 0.42 $ (0.62) $ 0.56 Tax effect $ 0.01 $ (0.10) $ 0.15 $ (0.13) Effects of economic hedging related to natural gas inventory $ (0.05) $ (0.31) $ 0.21 $ (0.44) Tax effect $ 0.01 $ 0.07 $ (0.05) $ 0.10 (Gain on) impairment of equity method investment $ (0.02) $ — $ (0.06) $ 0.96 Tax effect $ — $ 0.01 $ 0.01 $ (0.12) NFE tax adjustment $ — $ (0.01) $ — $ — Basic NFE per share $ 0.50 $ 0.07 $ 2.50 $ 2.16

Other Reconciliation of Non-GAAP Measures ($ in 000s) NJNG Utility Gross Margin NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Energy Services Financial Margin Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings. (Unaudited) Three Months Ended Twelve Months Ended September 30, September 30, 2022 2021 2022 2021 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 190,488 $ 98,274 $ 1,128,767 $ 731,796 Less: Natural gas purchases 114,791 38,842 557,232 260,714 Operating and maintenance (1) 30,840 26,156 93,199 110,364 Regulatory rider expense 3,496 3,734 59,437 38,304 Depreciation and amortization 24,391 21,507 94,579 80,045 Gross margin 16,970 8,035 324,320 242,369 Add: Operating and maintenance (1) 30,840 26,156 93,199 110,364 Depreciation and amortization 24,391 21,507 94,579 80,045 Utility gross margin $ 72,201 $ 55,698 $ 512,098 $ 432,778 A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Operating revenues $ 439,568 $ 334,780 $ 1,529,272 $ 1,228,420 Less: Natural Gas purchases 413,805 357,133 1,394,405 1,098,261 Operating and maintenance (1) 10,281 4,588 23,709 33,263 Depreciation and amortization 54 28 148 111 Gross margin 15,428 (26,969) 111,010 96,785 Add: Operating and maintenance (1) 10,281 4,588 23,709 33,263 Depreciation and amortization 54 28 148 111 Unrealized loss (gain) on derivative instruments and related transactions 1,671 45,011 (60,000) 58,362 Effects of economic hedging related to natural gas inventory (5,221) (30,150) 19,939 (42,405) Financial margin $ 22,213 $ (7,492) $ 94,806 $ 146,116 (1) Excludes selling, general and administrative expenses

Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations for FY2022 Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense Adjusted debt is total long term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease backs, debt issuance costs, and other Fitch credit metric adjustments Cash Flow from Operations $323.5 Add back Components of working capital $77.7 Cash paid for interest (net of amounts capitalized) $84.4 Capitalized Interest $6.1 SAVEGREEN loans, grants, rebates and related investments $53.1 Operating cash flows from operating leases $7.4 Adjusted FFO (Non-GAAP) $552.2 Long-Term Debt (including current maturities) $2,560.4 Short-Term Debt $424.0 Exclude Cash on Hand ($1.1) CEV Sale-Leaseback Debt ($130.6) Include CEV Sale lease-back Contractual Commitments $111.6 Debt Issuance Costs $13.3 Operating Lease Debt estimate (8x lease expense) $77.6 Adjusted Debt (Non-GAAP) $3,055.2 Adjusted Debt, FY2022 (Millions) Adjusted Funds from Operations, FY2022(Millions)

NJR CEV – SREC Hedging by Fiscal Year As of September 30, 2022 Percent Hedged Average Price Current Price (FY) 100% $204 $224 Percent Hedged Average Price Current Price (FY) 95% $194 $210 Percent Hedged Average Price Current Price (FY) 66% $190 $195 Percent Hedged Average Price Current Price (EY) 29% $173 $177

FY2022A FY2023E FY2024E Near Real Time Return? New Jersey Natural Gas New Customer $54 $54 - $58 $56 - $60 Yes Maintenance & Integrity $104 $109 - $113 $161 - $176 Cost of Removal / Other $42 $36 - $40 $36 - $40 Facilities $7 $31 - $34 $2 - $4 IT $42 $65 - $69 $46 - $50 IIP $32 $32 - $36 $26 - $30 Yes RNG & P2G $1 $25 - $28 $25 - $28 SAVEGREEN $53 $48 - $52 $48 - $52 Yes $335 $400 - $430 $400 - $440 Clean Energy Ventures Sunlight Advantage $13 $9 - $13 $10 - $14 Commercial Solar $132 $91 - $187 $130 - $266 $145 $100 - $200 $140 - $280 Storage and Transportation Adelphia Gateway $124 $12 - $16 $2 - $6 Leaf River $18 $8 - $12 $0 - $2 $142 $20 - $28 $2 - $8 Total $622 $520 - $658 $542 - $728 NJR Capital Plan1 ($ in Millions) Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations

NJR Projected Cash Flows ($ in Millions) Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations) Dividend growth for fiscal 2023 and fiscal 2024 are based upon the midpoint of forecasted 7-9% growth rate FY2022A FY2023E FY2024E Cash Flow from Operations $324 $320 - $360 $450 - $490 Uses of Funds Capital Expenditures1 $590 $466 - $600 $489 - $671 Dividends2 $128 $132 - $137 $143 - $148 Total Uses of Funds $718 $598 - $737 $632 - $819 Financing Activities Common Stock Proceeds – DRIP $15 $16 - $18 $17 - $19 Debt Proceeds/Other $379 $262 - $359 $165 - $310 Total Financing Activities $394 $278 - $377 $182 - $329

Environmental, Social and Governance Efforts Focus on Definable Accomplishments Social Our 2021 DEI Report highlights our belief we are bound together by shared values and principles across the entire human experience Executive DEI Council helps to ensure accountability Employee-led Business Resource Groups (BRG), cross-functional teams of employees whose core mission is to cultivate deeper connections with co-workers and communities. Over 22% of NJR employees belong to one of seven BRGs 13 consecutive sustainability reports Reduced operational emissions in New Jersey by over 50% from 2006 levels and have set an even higher goal of achieving net-zero emissions by 2050 One of the largest owner-operators of solar assets in New Jersey, we have invested over $1 billion over the last decade building clean, emissions-free power for homes and businesses Environmental Our board of directors (Board) has a broad range of skills and industry knowledge, as well as a diversity of perspectives that align with our company’s long-term strategy The Board is responsible for oversight of NJR’s overall strategy, including all Environmental Social and Governance (ESG) issues Governance

Shareholder and Contact Information 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters Contact Information The Transfer Agent and Registrar for the company’s common stock is Broadridge Corporate Issuer Solutions, Inc. (Broadridge). Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free 800-817-3955. General written inquiries and address changes may be sent to: Broadridge Corporate Issuer Solutions P.O. Box 1342, Brentwood, NY 11717 or For certified and overnight delivery: Broadridge Corporate Issuer Solutions, ATTN: IWS 1155 Long Island Avenue, Edgewood, NY 11717 Shareowners can view their account information online at shareholder.broadridge.com/NJR. Stock Transfer Agent and Registrar Adam Prior – Director, Investor Relations 732-938-1145 aprior@njresources.com Last Four Dividends Paid (Quarterly Frequency) Ex-Dividend Date Record Date Payable Date Amount per share 9/23/2022 9/26/2022 10/3/2022 $0.391 6/14/2022 6/15/2022 7/1/2022 $0.3625 3/15/2022 3/16/2022 4/1/2022 $0.3625 12/14/2021 12/15/2021 1/3/2022 $0.3625 Online Information Website: www.njresources.com Investor Relations: LINK Follow us: 7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share