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- **$5B Capital Growth Plan**: 2026-2030 investment to drive 7-9% NFEPS growth, 60% for utility NJ Natural Gas.
- **S&T Doubling by 2027**: Leaf River expansion to 55 Bcf capacity, 70% increase in working gas.
- **CEV 50% Capacity Expansion**: Solar + storage pipeline secured through safe harboring.
- **Affordability Focus**: Natural gas cheapest residential fuel, with 30% cost savings via energy efficiency programs.

**【CEO Summary Section】**
- Fiscal 2025 results exceeded initial guidance, with NFEPS of $3.03-$3.18 for 2026, maintaining a 7-9% long-term growth rate.
- $5 billion capital investment over 5 years (60% for utility NJ Natural Gas), supporting high single-digit rate base growth through 2030.
- Storage & Transportation (S&T) NFE expected to double by 2027, driven by Leaf River expansion and contract upgrades.
- Clean Energy Ventures (CEV) to expand capacity by 50% over 2 years, with 93 MW new solar in 2025.

**【CFO Financial Commentary】**
- Fiscal 2025 CapEx: $850 million, with 64% for utility, 36% for non-utility businesses.
- 5-year CapEx outlook: $4.8-5.2 billion (40% increase vs. prior 5 years), 70% utility contribution in 2026.
- Adjusted FFO/adjusted debt ratio ~20%, no block equity needed.

**【Q&A Highlights】**
- Leaf River: Working gas capacity to expand 70% by 2028, with signed contracts for all expansions.
- CEV: 50% capacity growth via safe-harbored projects, targeting 2026-2027 deployment.
- S&T: Earnings to double by 2027, with Leaf River recontracting driving $0.20/dekatherm rates vs. prior $0.09.
- Affordability: Natural gas cheapest residential fuel, with NJ Natural Gas investing in energy efficiency programs reducing customer costs by up to 30%.


New Jersey Resources Corporation (NJR) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NJR

NJR fundamentals

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