PEG · Public Service Enterprise Group Incorporated

PSEG’s Q1 2026 results reflect strong execution across its regulated and generation businesses, with consolidated non-GAAP Operating Earnings rising 8.4% year-over-year to $1.55 per share. The increase was primarily driven by PSEG Power & Other, where Net Income surged to $164 million from $43 million in Q1 2025 — attributed to higher realized power prices and lower operation and maintenance costs, partially offset by lower generating volume and absence of zero emission certificates. PSE&G contributed $577 million in Net Income/Non-GAAP Operating Earnings, up $31 million year-over-year, reflecting seasonal winter gas demand, steady customer growth, and ongoing investments in Energy Efficiency and Gas System Modernization — though these gains were partially muted by higher depreciation, interest expense, and O&M costs tied to capital deployment. Management highlighted operational resilience during extreme weather, including Winter Storm Hernando — the worst regional winter storm in 30 years — and noted PSEG Nuclear’s 95.5% capacity factor and successful long-run operations at Salem Unit 2. Critically, PSEG reaffirmed its full-year 2026 non-GAAP Operating Earnings guidance of $4.28–$4.40 per share, underpinned by a ~7% year-end 2025 rate base increase, hedged nuclear output (95% hedged for 2026), and disciplined $4.2 billion capital spending plan focused on infrastructure modernization and electrification. The company also raised its annualized dividend to $2.68 per share — the 15th consecutive annual increase — signaling confidence in cash flow sustainability and regulatory recovery mechanisms. With >90% of its planned $24–28 billion 2026–2030 capital program allocated to regulated investments, PSEG continues to emphasize predictable, rate-based growth without equity issuance or asset sales — a structural differentiator emphasized in its forward-looking commentary.