On this page of StockholderLetter.com we present the latest annual shareholder letter from NEW JERSEY RESOURCES CORP — ticker symbol NJR. Reading current and past NJR letters to shareholders can bring important insights into the investment thesis.
ALWAYS ON ALWAYS READY 2025 ANNUAL REPORT
OUR COMMITMENT Over New Jersey Resources (NJR) is committed to enhancing our customers quality of life by meeting their expectations for reliability and value in an environmentally responsible way every day. THESE CORE VALUES DRIVE OUR COMMITMENT TO STAKEHOLDERS: 90 MILLION in customer savings and $18.4 million in utility gross margin1 achieved in fiscal 2025 through utility margin sharing programs2. Safe and Reliable Service Customer Satisfaction Sustainable Growth and Innovation Engaged and High-Performing Workforce Social Responsibility Superior Financial Performance TH 5 consecutive year NJR has outperformed its initial NFEPS3 guidance. Cover: Through its portfolio of transportation pipeline assets and salt cavern storage facilities, Storage and Transportation set new peak records for physical deliveries on Adelphia Gateway and summer withdrawals at Leaf River Energy Center, demonstrating the year-round importance of these assets to the energy grid.
ST 1 natural gas utility in New Jersey to install an innovative, retrofit carbonreduction system to reduce emissions and improve efficiency. Over 2,000 nonprofit and community organizations supported by NJR s commitment to volunteerism, community service and philanthropy. 98 MILLION a record fiscal year investment in energyefficiency through SAVEGREEN . 1
Financial Summary NE T F I NA NC I A L D I VI D E N DS E ARNI NGS PAI D PE R S H AR E PER S H A RE3 $3.29 $3.50 $2.95 $3.00 $2.50 $2.50 $2.00 $1.80 $1.75 $2.70 $1.50 $2.16 $1.45 $1.56 $1.68 $1.33 $1.25 $2.00 $1.00 $1.50 $0.75 $1.00 $0.50 $0.50 $0.25 $0.00 $0.00 2021 1 2022 2023 2024 Utility Gross Margin is defined as operating revenue less natural gas purchases, sales tax and regulatory rider expenses. This measure differs from gross margin as presented on a Generally Accepted Accounting Principles (GAAP) of the United States basis, as it excludes certain operations and maintenance expenses and depreciation and amortization. For further discussion and a reconciliation to GAAP of this non-GAAP financial measure, please see our fiscal 2025 Report on Form 10 10-K. -K. 2 NJNJG s Basic Gas Supply Service (BGSS) incentive margin sharing program utilizes off-system sales, capacity management, and storage optimization activities to generate additional revenue to help manage supply costs, provide customer savings and support utility gross margin. 3 Net financial earnings or NFE and net financial earnings per share or NFEPS are financial measures not calculated in accordance with GAAP as they exclude all unrealized and certain realized gains and losses associated with derivative instruments and net applicable tax adjustments. 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 NJR s investment. For further discussion and reconciliation to GAAP of this nonGAAP financial measure, see our fiscal 2025 Report on Form 10 10-K. -K. 4 As measured by the fewest leaks per mile of any natural gas utility in New Jersey. 2 5 2025 2021 According to the U.S. Census, Ocean County is ranked as the fastest growing county in New Jersey (2020 (2020-2025)) with a 4.35% growth rate. Morris County is 2025 ranked as the fourth fastest growing county over the same period. Information Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of Section 27 27A A of the Securities Act of 1933 1933,, as amended, Section 21 21E E of the Securities Exchange Act of 1934 1934,, as amended, and the Private Securities Litigation Reform Act of 1995 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. icipants Words such as anticipates anticipates, estimates estimates, esti expects, projects, j t may, will, i 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 report include, but are not limited to, certain statements regarding NJR s NFE and NFEPS guidance, future growth of NJNG s customer base, investment programs and infrastructure investments as well as its pipeline network, NJR s 2022 2023 2024 2025 environmental sustainability and clean energy goals, NJRCEV projects under construction, contract or exclusivity, expansion of our solar footprint, emissions reduction eduction strategies, strategies initiatives and targets, targets including includi retrofit technology, energy-efficiency solutions, including SAVEGREEN , the impacts or outcomes of the Adelphia Gateway rate case, Energy Services long-option strategy and portfolio of transportation and storage contracts, iinvestments t t iin infrastructure, low-carbon fuels and renewables and emerging technologies. Additional information and factors that could cause actual results to differ materially from NJR s expectations are contained in NJR s filings with the U.S. Securities and Exchange Commission (SEC), including NJR s Annual Report on Form 10 10-K -K and subsequent Quarterly Reports on Form 10 10-Q, -Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC s website, http://www.sec.gov. Information included in this report 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 eparation of management s discussion and analysi 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.
TO O U R SHAREOWN ERS New Jersey Resources (NJR) operates essential energy infrastructure assets that are always on and always ready to deliver for our customers. This is the bedrock of our company. Through our modernized pipeline networks, strategically located storage facilities and portfolio of solar assets operated by our team of more than 1,300 employees we provide the energy families and businesses depend on when they need it most. During the 2024-2025 winter, our steadfast commitment to be there for our customers was on full display as New Jersey experienced some of the coldest weather of the value to our shareowners. This marks our 30th consecutive last 10 years. Through the most bitter of these days, New year of dividend growth. Jersey Natural Gas (NJNG) managed two of its highest gas send-out days of the decade, ran its liquefied natural gas plants around the clock and served our nearly 589,000 customers with the energy they needed to stay warm and run their businesses without interruption. Through it all, our team helped customers manage their energy bills with our energy-saving and energy assistance programs. NJNG continued to strengthen its pipeline network while meeting the demand for natural gas in our service territory. The utility added more than 8,200 customers and invested over $330 million in safety and reliability, renewal and resiliency projects. This included the replacement of approximately 66 miles of vintage main. This steady and disciplined investment supports the integrity of its delivery system, which continues During this same period, our employees stepped up across to be the most environmentally sound in the state.4 NJR s subsidiaries. Our appliance service technicians at NJR Home Services (NJRHS) responded to a 14% year-overyear increase in service calls. Storage and Transportation (S&T) effectively met storage and pipeline customers energy demand, including three of the top six withdrawal days at Leaf River Energy Center. And NJR Energy Services (Energy Services) created value during periods of market volatility. TH 30 consecutive year of dividend growth. These consequential moments punctuate the core values that guide us as a lifeline energy provider: safety, reliability and affordability. We are advancing prudent, responsible investments in infrastructure that are the foundation of the energy future. We are innovating our operations and offerings to customers to reduce costs and emissions in practical ways. And we are committed to providing value for our shareowners. Our fiscal 2025 performance reflects these priorities. One of the defining factors of today s energy landscape is affordability. Since its inception in 2009, SAVEGREEN has helped more than 110,000 customers reduce their energy usage and costs while also lowering emissions. NJNG invested $98 million through SAVEGREEN the highest annual investment in energy efficiency in the company s history driven by the financial incentives provided In fiscal 2025, NJR achieved net financial earnings per share 3 for residential HVAC upgrades and the Direct Install program (NFEPS) of $3.29, compared with $2.95 per share last year, for small businesses. This included the deployment of new, surpassing our long-term growth target of 7 9%. We also cutting-edge technologies, such as gas heat pumps and increased our dividend to a rate of $1.90 per share for the hybrid heat. In fiscal 2025, over 130 customers completed next fiscal year, highlighting our commitment to returning or were in the process of completing the installation of new 3
 • shareholder letter icon 12/10/2025 Letter Continued (Full PDF)
 • stockholder letter icon 12/14/2023 NJR Stockholder Letter
 • stockholder letter icon 12/11/2024 NJR Stockholder Letter
 • stockholder letter icon More "Gas Utilities" Category Stockholder Letters
 • Benford's Law Stocks icon NJR Benford's Law Stock Score = 96


NJR Shareholder/Stockholder Letter Transcript:

ALWAYS ON
ALWAYS READY
2025 ANNUAL REPORT

OUR COMMITMENT
Over
New Jersey Resources (NJR)
is committed to enhancing our
customers    quality of life by meeting
their expectations for reliability
and value in an environmentally
responsible way   every day.
THESE CORE VALUES DRIVE OUR
COMMITMENT TO STAKEHOLDERS:

90
MILLION
in customer savings
and $18.4 million in
utility gross margin1
achieved in fiscal
2025 through utility
margin sharing
programs2.
    Safe and Reliable Service
    Customer Satisfaction
    Sustainable Growth and Innovation
    Engaged and High-Performing Workforce
    Social Responsibility
    Superior Financial Performance
TH
5
consecutive year NJR
has outperformed its
initial NFEPS3 guidance.
Cover: Through its portfolio of transportation pipeline assets and salt cavern storage facilities, Storage and Transportation
set new peak records for physical deliveries on Adelphia Gateway and summer withdrawals at Leaf River Energy Center,
demonstrating the year-round importance of these assets to the energy grid.

ST
1
natural gas utility in
New Jersey to install an
innovative, retrofit carbonreduction system to reduce
emissions and improve
efficiency.
Over
2,000
nonprofit and community organizations
supported by NJR   s commitment to
volunteerism, community service and
philanthropy.

98
MILLION
a record fiscal year
investment in energyefficiency through
SAVEGREEN  .
1

Financial Summary
NE T F I NA NC I A L
D I VI D E N DS
E ARNI NGS
PAI D PE R S H AR E
PER S H A RE3
$3.29
$3.50
$2.95
$3.00
$2.50
$2.50
$2.00
$1.80
$1.75
$2.70
$1.50
$2.16
$1.45
$1.56
$1.68
$1.33
$1.25
$2.00
$1.00
$1.50
$0.75
$1.00
$0.50
$0.50
$0.25
$0.00
$0.00
2021
1
2022
2023
2024
Utility Gross Margin is defined as operating
revenue less natural gas purchases, sales tax and
regulatory rider expenses. This measure differs
from gross margin as presented on a Generally
Accepted Accounting Principles (GAAP) of the
United States basis, as it excludes certain operations
and maintenance expenses and depreciation
and amortization. For further discussion and a
reconciliation to GAAP of this non-GAAP financial
measure, please see our fiscal 2025 Report on
Form 10
10-K.
-K.
2
NJNJG   s Basic Gas Supply Service (BGSS) incentive
margin sharing program utilizes off-system sales,
capacity management, and storage optimization
activities to generate additional revenue to help
manage supply costs, provide customer savings and
support utility gross margin.
3
Net financial earnings or NFE and net financial
earnings per share or NFEPS are financial measures
not calculated in accordance with GAAP as they
exclude all unrealized and certain realized gains and
losses associated with derivative instruments and
net applicable tax adjustments. 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 NJR   s investment. For further
discussion and reconciliation to GAAP of this nonGAAP financial measure, see our fiscal 2025 Report
on Form 10
10-K.
-K.
4
As measured by the fewest leaks per mile of any
natural gas utility in New Jersey.
2
5
2025
2021
According to the U.S. Census, Ocean County is ranked
as the fastest growing county in New Jersey (2020
(2020-2025)) with a 4.35% growth rate. Morris County is
2025
ranked as the fourth fastest growing county over the
same period.
Information Regarding Forward-Looking Statements   
This report contains forward-looking statements
within the meaning of Section 27
27A
A of the Securities
Act of 1933
1933,, as amended, Section 21
21E
E of the
Securities Exchange Act of 1934
1934,, as amended, and
the Private Securities Litigation Reform Act of 1995
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.
icipants Words such as    anticipates
   anticipates,          estimates
   estimates,   
   esti
   expects,       projects,   
j t           may,             will,   
i    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 report include, but are not limited
to, certain statements regarding NJR   s NFE and
NFEPS guidance, future growth of NJNG   s customer
base, investment programs and infrastructure
investments as well as its pipeline network, NJR   s
2022
2023
2024
2025
environmental sustainability and clean energy goals,
NJRCEV projects under construction, contract or
exclusivity, expansion of our solar footprint, emissions
reduction
eduction strategies,
strategies initiatives and targets,
targets including
includi
retrofit technology, energy-efficiency solutions,
including SAVEGREEN  , the impacts or outcomes
of the Adelphia Gateway rate case, Energy Services   
long-option strategy and portfolio of transportation
and storage contracts, iinvestments
t
t iin infrastructure,
low-carbon fuels and renewables and emerging
technologies.
Additional information and factors that could
cause actual results to differ materially from NJR   s
expectations are contained in NJR   s filings with the
U.S. Securities and Exchange Commission (SEC),
including NJR   s Annual Report on Form 10
10-K
-K and
subsequent Quarterly Reports on Form 10
10-Q,
-Q,
recent Current Reports on Form 8-K, and other
SEC filings, which are available at the SEC   s website,
http://www.sec.gov. Information included in this
report 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
eparation of management   s discussion and analysi
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.

TO O U R SHAREOWN ERS
New Jersey Resources (NJR) operates essential energy
infrastructure assets that are always on and always ready to
deliver for our customers. This is the bedrock of our company.
Through our modernized pipeline networks, strategically
located storage facilities and portfolio of solar assets     
operated by our team of more than 1,300 employees     we
provide the energy families and businesses depend on when
they need it most.
During the 2024-2025 winter, our steadfast commitment
to be there for our customers was on full display as New
Jersey experienced some of the coldest weather of the
value to our shareowners. This marks our 30th consecutive
last 10 years. Through the most bitter of these days, New
year of dividend growth.
Jersey Natural Gas (NJNG) managed two of its highest gas
send-out days of the decade, ran its liquefied natural gas
plants around the clock and served our nearly 589,000
customers with the energy they needed to stay warm and
run their businesses without interruption. Through it all, our
team helped customers manage their energy bills with our
energy-saving and energy assistance programs.
NJNG continued to strengthen its pipeline network while
meeting the demand for natural gas in our service territory.
The utility added more than 8,200 customers and invested
over $330 million in safety and reliability, renewal and resiliency
projects. This included the replacement of approximately
66 miles of vintage main. This steady and disciplined investment
supports the integrity of its delivery system, which continues
During this same period, our employees stepped up across
to be the most environmentally sound in the state.4
NJR   s subsidiaries. Our appliance service technicians at NJR
Home Services (NJRHS) responded to a 14% year-overyear increase in service calls. Storage and Transportation
(S&T) effectively met storage and pipeline customers    energy
demand, including three of the top six withdrawal days at
Leaf River Energy Center. And NJR Energy Services (Energy
Services) created value during periods of market volatility.
TH
30
consecutive year of dividend growth.
These consequential moments punctuate the core values
that guide us as a lifeline energy provider: safety, reliability
and affordability. We are advancing prudent, responsible
investments in infrastructure that are the foundation of the
energy future. We are innovating our operations and offerings
to customers to reduce costs and emissions in practical ways.
And we are committed to providing value for our shareowners.
Our fiscal 2025 performance reflects these priorities.
One of the defining factors of today   s energy landscape is
affordability. Since its inception in 2009, SAVEGREEN   has
helped more than 110,000 customers reduce their energy
usage and costs while also lowering emissions.
NJNG invested $98 million through SAVEGREEN       the
highest annual investment in energy efficiency in the
company   s history     driven by the financial incentives provided
In fiscal 2025, NJR achieved net financial earnings per share
3
for residential HVAC upgrades and the Direct Install program
(NFEPS) of $3.29, compared with $2.95 per share last year,
for small businesses. This included the deployment of new,
surpassing our long-term growth target of 7   9%. We also
cutting-edge technologies, such as gas heat pumps and
increased our dividend to a rate of $1.90 per share for the
hybrid heat. In fiscal 2025, over 130 customers completed
next fiscal year, highlighting our commitment to returning
or were in the process of completing the installation of new
3



shareholder letter icon 12/10/2025 Letter Continued (Full PDF)
 

NJR Stockholder/Shareholder Letter (NEW JERSEY RESOURCES CORP) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.