NEW JERSEY RESOURCES Business Summary

New Jersey Resources Corp (NJR) operates as an energy services holding company primarily generating revenue through regulated natural gas distribution, wholesale energy marketing, and renewable energy investments. The company’s core segment, New Jersey Natural Gas (NJNG), provides regulated utility services to nearly 600,000 customers, contributing approximately 65% of net financial earnings. Its diversified portfolio includes NJR Clean Energy Ventures, which manages a significant commercial solar portfolio; NJR Energy Services, focused on unregulated wholesale natural gas trading and asset management; and a Storage and Transportation segment overseeing midstream assets. NJR competes directly with mid-cap utility peers such as Atmos Energy (ATO), Avista (AVA), and Chesapeake Utilities (CPK), distinguishing itself through a unique blend of stable, rate-regulated utility income and high-margin, non-regulated energy infrastructure growth. Leadership is spearheaded by President and CEO Stephen D. Westhoven, a 30-year company veteran who rose through the engineering and energy services ranks to take the helm in 2018. The executive team includes Senior Vice President and CFO Roberto Bel, formerly of Thomson Reuters, and Patrick Migliaccio, who serves as COO of NJNG with a background in utility strategy and decarbonization. Following the January 2026 annual meeting, Thomas C. O’Connor succeeded Donald Correll as Board Chair, overseeing a governance team that includes notable directors such as Jane M. Kenny and Amy B. Mansue. Recent 2026 leadership restructuring also elevated Stephen Skrocki to Chief Risk Officer and Christopher D’Antuono to Principal Accounting Officer, reinforcing a management pedigree characterized by deep internal institutional knowledge and specialized financial expertise.