May 20 – 23, 2023 AGA Financial Forum Fort Lauderdale, FL

1 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 presentation 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 and 2023 Q2, our capital plan, projected cash flows, customer and service territory growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, announced charitable endowment, project pipeline through Fiscal 2027, total expected shareholder return projections, CEV revenue and service projections, SREC Hedging strategies and Asset Management Agreements, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, environmental social and governance efforts, 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 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.

2 1 Forward-Looking Statements and Non-GAAP Measures 2 Contents 3 FY 2023 Second Quarter and First Half Review 4 Fiscal 2023 Second Quarter and Year-to-Date Summary 5 Fiscal 2023 NFEPS Guidance of $2.62 to $2.721 6 Capital Plan 7 Capital Plan Table 8 Fiscal 2023 Q2 and YTD NFE by Business Unit 9 Review of Fiscal 2023 Q2 and YTD NFE Changes 10 Projected Cash Flows 11 Investment Grade Profile 12 Well Positioned in a Rising Interest Rate Environment Contents 1) NFEPS guidance was re-affirmed on May 4, 2023 and is not being updated at this time. 13 General Business Overview 14 NJR’s Business Portfolio 15 New Jersey Natural Gas (NJNG): Attractive Service Territory 16 NJNG: Capital Expenditures and Customer Growth 17 NJNG: Supportive Regulatory Construct 18 NJNG: SAVEGREEN 19 NJNG: Most Environmentally Sound Natural Gas Delivery System in NJ 20 Clean Energy Ventures (CEV): Milestone Projects 21 CEV: Profitable Operations Since 2009 Driven by Stable Revenue Model 22 CEV: SREC Hedging Strategy Stabilizes Revenue 23 CEV: Growing Capacity with a Robust Pipeline 24 Storage and Transportation (S&T): Overview 25 Energy Services: Overview 26 Energy Services Long Option Strategy: Proven Track Record of Success 27 Energy Services: Asset Management Agreements (AMAs) 28 NJR: Aligned with New Jersey’s Clean Energy Policy 29 NJR: Environmental, Social and Governance Efforts 30 NJR: Committed to Building Shareholder Value Through Dividends 31 NJR: Total Expected Shareholder Return 32 Appendix 33 Reconciliation of NFE and NFEPS to Net Income 34 Other Reconciliation of Non-GAAP Measures 35 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations for FY2022 36 Shareholder and Contact Information

3 FY 2023 Second Quarter and First Half Review 3 FY 2023 Second Quarter and First Half Review 4 Fiscal 2023 Second Quarter and Year-to-Date Summary 5 Fiscal 2023 NFEPS Guidance of $2.62 to $2.721 6 Capital Plan 7 Capital Plan Table 8 Fiscal 2023 Q2 and YTD NFE by Business Unit 9 Review of Fiscal 2023 Q2 and YTD NFE Changes 10 Projected Cash Flows 11 Investment Grade Profile 12 Well Positioned in a Rising Interest Rate Environment

4 Fiscal 2023 Second Quarter and Year-to-Date Summary Consistent Performance throughout Winter Period Continued Execution Throughout Unique Period of Historically Warm Weather Conditions A reconciliation from NFE to net income can be found in the Appendix. Q2 FY 2021 included unusually high net financial earnings at Energy Services due to increased natural gas price volatility related to the extreme weather during February 2021. NJNG Higher utility gross margin Announces bill credit and rate decrease for residential and small commercial customers following period of lower gas prices CEV Placed ~53MW into service since FYE 2022 Project pipeline of ~740MW (under construction, contract, or exclusivity) through Fiscal 2027 S&T Stable NFEPS contribution from Leaf River Energy Center and Adelphia Gateway Continuing to explore organic expansion opportunities Energy Services Derived significant value for pipeline capacity during brief periods of strong demand $0.88 Second Quarter NFEPS1,2 $1.77 $1.36 $1.16 2Q20 2Q21 2Q22 YTD NFEPS 2Q23 $1.27 $2.24 $2.04 $2.30 6 Mos. 2020 6 Mos. 2021 6 Mos. 2022 6 Mos. 2023

5 Utility Non- Utility New Jersey Natural Gas 48% - 53% CEV 18% - 20% S&T 4% - 8% Home Services 0%-1% Energy Services 20% - 25% Fiscal 2023 NFEPS Guidance of $2.62 to $2.721 $1.74 $2.16 $2.62 - $2.72 FY2020A FY2021A FY 2022A FY2023E $2.252 $2.50 $2.472 Net Financial Earnings per Share NFEPS guidance was re-affirmed on May 4, 2023 and is not being updated at this time. NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021 7-9% LONG-TERM ANNUAL GROWTH1 Fiscal 2023 NFEPS Guidance by Segment Guidance Raised by $0.20 in Q1 FY2023; Represents 8.1% Increase from Midpoint of FY 2023 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 15.3% NFEPS CAGR THROUGH FY2023E YTD 2023 NFEPS $2.30

6 Capital Plan1 1) 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% $362 $499 $335 $400 - $430 $400 - $440 $124 $89 $145 $100 - $200 $140 - $280 $43 $124 $142 $20 - $28 $2 - $8 FY2020A FY2021A FY2022A FY2023E FY2024E NJNG CEV S&T

7 1Q FY2023A 2Q FY2023A YTD FY2023A FY2022A FY2023E FY2024E Near Real Time Return? New Jersey Natural Gas New Customer $13 $18 $31 $54 $54 - $58 $56 - $60 Yes Maintenance & Integrity $27 $28 $55 $104 $109 - $113 $161 - $176 Cost of Removal / Other $9 $10 $19 $42 $36 - $40 $36 - $40 Facilities $9 $12 $21 $7 $31 - $34 $2 - $4 IT $14 $14 $28 $42 $65 - $69 $46 - $50 IIP $9 $9 $18 $32 $32 - $36 $26 - $30 Yes RNG & P2G - - - $1 $25 - $28 $25 - $28 SAVEGREEN $11 $13 $24 $53 $48 - $52 $48 - $52 Yes $91 $104 $195 $335 $400 - $430 $400 - $440 Clean Energy Ventures Sunlight Advantage $2 $3 $5 $13 $9 - $13 $10 - $14 Commercial Solar $42 $16 $58 $132 $91 - $187 $130 - $266 $44 $19 $63 $145 $100 - $200 $140 - $280 Storage and Transportation Adelphia Gateway $12 $3 $15 $124 $12 - $16 $2 - $6 Leaf River $1 $3 $4 $18 $8 - $12 $0 - $2 $13 $6 $19 $142 $20 - $28 $2 - $8 Total $148 $129 $277 $622 $520 - $658 $542 - $728 Capital Plan Table1,2 ($ in Millions) 1) 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 2) The sum of actual amounts may not equal due to rounding

8 Fiscal 2023 Q2 and YTD NFE by Business Unit ($ in 000s) (Thousands) Three Months Ended March 31, Six Months Ended March 31, 2023 2022 Change 2023 2022 Change New Jersey Natural Gas $100,697 $102,783 $(2,086) $155,361 $153,863 $1,498 Clean Energy Ventures $(9,379) $(6,491) $(2,888) $(12,961) $(13,312) $351 Storage and Transportation $2,450 $4,625 $(2,175) $8,693 $7,587 $1,106 Energy Services $21,125 $29,940 $(8,815) $73,658 $47,507 $26,151 Home Services and Other $(2,583) $(651) $(1,932) $(2,157) $331 $(2,488) Total $112,310 $130,206 $(17,896) $222,594 $195,976 $26,618 NFEPS $1.16 $1.36 $(0.20) $2.30 $2.04 $0.26

9 Fiscal 2023 YTD Fiscal 2023 Q2 Review of Fiscal 2023 Q2 and YTD NFE Changes ($ in Millions) 1) A reconciliation of these non-GAAP measures can be found in the Appendix 2) The sum of 2Q23 and YTD 2023 actual amounts may not equal to total due to rounding Fiscal 2Q22 – Consolidated NFE ($ in millions) $ 130.2 NJNG $ (2.1) Utility Gross Margin1 $ 1.3 O&M $ (5.5) Depreciation & Amortization (D&A) $ (2.0) Interest expense, AFUDC, Income Tax $ 4.1 Clean Energy Ventures $ (2.9) Revenue $ 2.6 D&A and Interest Expense $ (3.1) Other $ (2.4) Storage & Transportation $ (2.2) Revenue $ 7.5 D&A and Interest Expense $ (7.7) AFUDC & Other $ (2.0) Energy Services $ (8.8) Financial Margin1 $ (4.9) Interest Expense, Income Tax and Other $ (3.9) Home Services and Other $ (1.9) Fiscal 2Q23 – Consolidated NFE ($ in millions)2 $ 112.3 Fiscal 2022 YTD – Consolidated NFE ($ in millions) $ 196.0 NJNG $ 1.5 Utility Gross Margin1 $ 22.5 O&M $ (18.7) Depreciation & Amortization (D&A) $ (4.0) Interest expense, AFUDC, Income Tax $ 1.7 Clean Energy Ventures $ 0.4 Revenue $ 5.2 D&A and Interest Expense $ (3.9) Other $ (0.9) Storage & Transportation $ 1.1 Revenue $ 22.2 D&A and Interest Expense $ (16.1) AFUDC & Other $ (5.0) Energy Services $ 26.2 Financial Margin1 $ 39.2 Interest Expense, Income Tax and Other $ (13.0) Home Services and Other $ (2.5) Fiscal 2023 YTD – Consolidated NFE ($ in millions)2 $ 222.6

10 Projected Cash Flows ($ in Millions) 1) Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations) 2) 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 $34 - $36 $17 - $19 Debt Proceeds/Other $379 $244 - $341 $165 - $310 Total Financing Activities $394 $278 - $377 $182 - $329

11 17.4% 18.1% 17-18% 17-18% 18% 20% 16% 14.3% 14% 12% 10% 8% 6% 4% 2% 0% FY2020A FY2021A FY2022A FY2023E FY2024E Investment Grade Profile 1) 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 Strong Credit Ratings Supported by Stable Cash Flows

12 Well Positioned in a Rising Interest Rate Environment ($ in Millions) 1) Term debt only(excludes short-term debt of $187.7 million, capital leases of $35 million and solar financing obligations of $185 million). Group 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 Debt1 Maturity Schedule as of March 31, 2023 $70 $50 $50 $50 $11 $10 $47 $10 $41 $55 $100 $125 $100 $125 $125 $100 $125 $100 $75 $50 $50 $100 $100 $110 $100 $150 $130 $120 $130 $130 $50 $- $20 $40 $60 $80 $100 $120 $140 $160 NJNG NJR Weighted Average of Maturity ~15.8

General Business Overview 13 13 General Business Overview 14 NJR’s Business Portfolio 15 New Jersey Natural Gas (NJNG): Attractive Service Territory 16 NJNG: Capital Expenditures and Customer Growth 17 NJNG: Supportive Regulatory Construct 18 NJNG: SAVEGREEN 19 NJNG: Most Environmentally Sound Natural Gas Delivery System in New Jersey 20 Clean Energy Ventures (CEV): Milestone Projects 21 CEV: Profitable Operations Since 2009 Driven by Stable Revenue Model 22 CEV: SREC Hedging Strategy Stabilizes Revenue 23 CEV: Growing Capacity with a Robust Pipeline 24 Storage and Transportation (S&T): Overview 25 Energy Services: Overview 26 Energy Services Long Option Strategy: Proven Track Record of Success 27 Energy Services: Asset Management Agreements (AMAs) 28 NJR: Aligned with New Jersey’s Clean Energy Policy 29 NJR: Environmental, Social and Governance Efforts 30 NJR: Committed to Building Shareholder Value Through Dividends 31 NJR: Total Expected Shareholder Return

14 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 over 574,000 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 Demonstrated leadership as a premier energy infrastructure and environmentally- forward thinking company 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 Recognized as a Top 20 Ruud® National Pro Partner™ for 6 Consecutive Years

Population1 thousands 620 630 644 655 470 490 509 536 510 580 637 644 2000 Census 2010 Census 2020 Census 2029 Projected Ocean Morris Monmouth New Jersey Natural Gas (NJNG): Attractive Service Territory Affluent Customer Base Strategically Located between New York and Philadelphia 15 1. Sources: US Census Bureau for 2000, 2010 and 2020 actuals. N.J. Department of Labor for 2029 projections. MORRIS OCEAN NEW YORK CITY MONMOUTH • Asbury Park Toms River 1,600 1,700 1,790 1,835 Parsippany Strategic Value Attractive service territory Constructive regulation Regulatory incentives Infrastructure investments Disciplined Execution Safe, reliable service High customer satisfaction Growth Opportunities Growing customer base Annual recovery of infrastructure expenditures Investment in rate base projects PHILADELPHIA

16 NJNG: Capital Expenditures and Customer Growth Strong Trend of Favorable Customer Growth ~$195M 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 The sum of YTD Fiscal 2023 actual amounts may not equal to total due to rounding Facilities included in “Other” ~37% of capital expenditures earning a near real-time return Added 4,064 new customers YTD in fiscal 2023 compared to 3,579 in YTD fiscal 2022 Timing of Next Rate Case Filing Expected in Fiscal 2024 YTD Fiscal 2023 Capital Expenditures1,2 The SAVEGREEN Project®, received the 2023 ENERGY STAR Partner of the Year Award from the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE). On March 30, 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of $31.4 million through June 30, 2023, resulting in a $3.5 million revenue increase, with a proposed effective date of October 1, 2023 530 539 548 558 564 569 575 500 510 520 530 540 550 560 570 NJNG Customers (in thousands) 580 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 YTD FY2023 SAVEGREEN $24 IIP $18 New Customer $31 Maintenance $55 Cost of Removal/Other $393 IT $28

NJNG: Supportive Regulatory Construct Strong and Stable Utility Gross Margin Profile Insulated from volume and commodity volatility Mitigates regulatory lag Aligned with environmental goals Stable Rate Case Results Decoupled Rates for majority of customers Rate case results are stable Current ROE of 9.60% with a common equity ratio of 54% Full recovery of plant investments to date Rate cases are settled (generally not litigated) Resolution of cases have been timely Last case filed in March 2021 and rates effective on December 1, 2021 Volume risk due to weather or energy conservation mitigated through the Conservation Incentive Program (CIP). This decoupling mechanism allows NJNG to earn a fix margin per customer1. NJNG’s natural gas commodity price is a pass-through cost the Basic Gas Supply Service (BGSS) program Minimization of Regulatory Lag Margin Sharing Incentives Investments in customer growth and Infrastructure Investment Program (IIP) earn real-time recovery or accelerated recovery through annual mechanisms Through the SAVEGREEN program, energy efficiency investments also have an annual cost recovery mechanism that accelerate recovery of investments and returns Like other utilities, NJNG contracts for supply and transportation to meet customer needs NJNG’s BPU-approved “BGSS Incentive Programs” allow temporary release of capacity or supply when not needed NJNG shares margin generated with customers (85% for customers/15% for NJNG) BGSS Incentive margin is not counted in NJNG’s ROE calculation for overearning 17 1. For residential and small commercial customers, which make the vast majority of NJNG’s customers.

NJNG: SAVEGREEN Provides Energy Efficiency and Earns Return One of the most successful residential energy-efficiency programs in N.J. Conducts home energy audits and provides various grants, incentives and financing alternatives designed to encourage installation of high-efficiency heating and cooling equipment ~80,000 customers reduced usage and saved money and more than $545 million generated in economic activity Current Program: SAVEGREEN 2020 During the current three-year SAVEGREEN program, NJNG expects to invest up to $259 million in energy efficiency alongside our customers, with projected usage reductions of up to 125 million therms of natural gas. This reduction equates to preventing the emissions of over 663,102 metric tons of CO2, the equivalent of taking 142,886 cars off the road for a year. Residential: Rebates and incentives for qualifying equipment replacement and comprehensive home energy measures and On-Bill Repayment Programs Multi-family: Assessments; installation of energy savings measures; equipment replacement; custom retrofits Commercial & Industrial: Energy-efficient equipment, whole- building energy improvements, retro-commissioning and energy management efforts Expanded Incentives: For low-to-moderate income customers NJNG’s The SAVEGREEN Project® is a ENERGY STAR® 2023 Partner of the Year! 18

19 1. As measured by leaks per mile $2.3 Billion Invested in natural gas delivery system infrastructure in last decade NJNG: Most Environmentally Sound Natural Gas Delivery System in New Jersey1 1st NJ natural gas utility to have completely removed 100% of all unprotected steel and cast iron from its system by December 2022 Continuous Improvement on Pending Leaks Lowest number of leaks- per-mile of any natural gas utility in the state

CEV has developed the two largest floating solar arrays in the United States Clean Energy Ventures (CEV): Milestone Projects Sayreville Floating Solar 4.4-MW floating solar system in Sayreville, New Jersey (Middlesex County), the first in the state Largest Floating Solar Array in the U.S. First in the State of New Jersey Canoe Brook 8.9MW floating solar system in Milburn, New Jersey (Essex County), the largest in the United States 20

21 CEV: Profitable Operations Since 2009 Driven by Stable Revenue Model Majority of CEV revenue contracted through FY 2025; Merchant Power upside CEV Revenue Breakout (5-year Average FY2018-FY2022) CEV Cumulative NFE (in millions) $186 Million in NFE Over the Past 5 Years Majority of CEV revenue generated through Renewable Energy Certificate (SREC/TREC) sales Seasonality: FYQ4 is generally the highest revenue period SREC / TREC ~76% Solar Electricity Sales ~14% Sunlight Advantage ~10% $76 $108 $130 $147 $186 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2018 2019 2020 2021 2022

22 CEV: SREC Hedging Strategy Stabilizes Revenue Percent Hedged Average Price Current Price (EY) 98% $197 $215 89% $190 $205 71% $183 $192 1) 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 17% $154 $177 95% $203 $228 Percent Hedged Average Price Current Price (FY) 95% $194 $212 75% $190 $200 63% $182 $187 18% $154 $170 100% $204 $224 Over 95% hedged through Fiscal Year 2024 63% hedged through Fiscal Year 2026 Over 95% hedged through Energy Year 2024 71% hedged through Energy Year 2026 EY 2023 400 22 EY 2024 395 6 EY 2025 353 46 EY 2026 284 113 EY 2027 69 326 Thousands Based on Energy Year1, as of March 31, 2023 Hedged Unhedged 69 249 298 325 148 100 380 21 420 0 FY 2027 FY 2026 FY 2025 FY 2024 FY 2023 Thousands Based on Fiscal Year, as of March 31, 2023 Hedged Unhedged

23 387 ~440 11 91 370 268 0 200 400 600 800 1000 1200 In Service at 9/30/2022 In Service at 5/4/2023 FY2023 - FY2024E FY2025E-FY2026E FY2027E - In Service Under Construction Under Contract or Exclusivity CEV: Growing Capacity with a Robust Pipeline CEV owns and operates solar projects in New Jersey, Rhode Island, New York and Connecticut with approximately 440MW of capacity Total ~1.2 GW MWs Pipeline of ~740MW including projects under construction, contract, or exclusivity ~440MW of projects in-service ~56% of pipeline located in NJ ~44% located outside of NJ ~53MW New In-Service since FYE 2022 13.7%

24 Storage and Transportation (S&T): Overview Stable Contribution from Leaf River (storage), Steckman Ridge (storage), and Adelphia Gateway (transportation) 32.2 mmdth high deliverability salt cavern storage facility in southeastern Mississippi Acquired October 2019 100% owner & operator Serving Gulf Coast/Southeast the fastest growing natural gas market in North America with a growing reliance on regional supply imports 12.6 mmdth reservoir storage facility in southern PA. Placed in-service April 2009 50% ownership interest Serving the Northeast Region with a high dependence on storage and increasingly constrained pipeline capacity Portfolio of assets with “utility-like” stable earnings contribution 0.9 mmdth/d interstate pipeline from NE PA to greater Philadelphia area Acquired January 2020 / Placed in-service September 2022 100% owner & operator Serving the Northeast region, where targeted executable pipeline transportation options that bridge the existing constrained and difficult to expand pipeline grid are required to provide end use markets access to Appalachian supply to meet demand growth

25 Energy Services: Overview Managing a Diversified Portfolio of Physical Natural Gas Transportation and Storage Assets to Serve Customers Across North America; Secured Fee-based Revenue through Asset Management Agreements Asset Management Agreements De-risked Energy Services business by securing 10 years of contracted cash payments with minimal counterparty credit risk Long Option Strategy Proven track record of success over 27 years of existence leveraging natural gas market volatility to drive value Minimal long-term capital commitments and significant cash generation during outperformance years has significantly reduced NJR equity needs

26 $37.0 $47.3 $172.4 $55.4 $49.8 $121.6 $28.8 $10.0 $146.1 $94.8 $10.3 $19.3 $91.0 $79.7 $42.1 $21.9 $18.6 $60.4 $2.9 -$7.92 $71.1 $39.13 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Based on an annual Net Financial Earnings basis. A reconciliation of Financial Margin to Operating income can be found in the Appendix. Fiscal 2020 performance was a result of a unique combination of market conditions that included a key pipeline implementing a rare integrity testing program heading into winter and one of the warmest winters on record FY 2022 includes contribution from Asset Management Agreements $ in Millions Energy Services Long Option Strategy: Proven Track Record of Success Consistent Profitability(1) Since 1995 with Strong Financial Margins and NFE Average Financial Margin of ~$78M and NFE of ~$33M over the last 10 years Financial Margin NFE

27 Energy Services: Asset Management Agreements1 (AMAs) In December 2020, NJR announced its entry into a series of Asset Management Agreements (AMAs) with an investment grade public utility to release certain natural gas transportation contracts of Energy Services in exchange for fees of approximately $500 million payable in cash to Energy Services over 10 years. 1) 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 Revenue recognition from the AMA for FY2023 is expected to be $48.5 million, of which $20.0 million was recognized in fiscal Q1 2023 and $9.5 million was recognized in fiscal Q2 2023 NJR received this fiscal year’s cash payment of $73.5 million in fiscal Q1 2023 AMA YTD FY 2023 Contribution $239 $138 $124 $261 $240 FY 2022 - FY 2024 FY 2025 - FY 2031 FY 2032 Revenue Recognition Cash AMA Revenue Recognition and Cash Timeline

28 NJR: Aligned with New Jersey’s Clean Energy Policy NJR Environmental Initiatives Maximize energy efficiency and conservation SAVEGREEN Accelerate the use of renewable energy and distributed power resources CEV expansion Decarbonize New Jersey’s energy system Green Hydrogen & RNG 2019 The Energy Master Plan (EMP) established priorities for the use, management and development of energy in New Jersey 2023 EO 317 engages with stakeholders to develop plans that reduce emissions from the natural gas sector to levels that are consistent with achieving the State’s 50 percent reduction in greenhouse gas emissions

29 Environmental, Social and Governance Efforts Focus on Definable Accomplishments Social Established $20 million endowment fund for NJR’s charities to support continued community giving long into the future Robust structure and initiatives to promote DEI at NJR including Executive DEI Council to ensure accountability Employee-led Business Resource Groups (BRGs) bring together employees with common background to promote engagement and inclusiveness – 21% of NJR workforce belongs to one or more BRGs Achieved NJ operational emissions reductions over 55% since 2006 with goal of 60% by 2030 and net zero 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 Plans to invest up to $2 million over the next five years through its Coastal Climate Initiative, which has expanded to a multi-faceted environmental stewardship program First direct investment of these funds distributed to the Natural Resource Education Foundation in Waretown, NJ (New Jersey Resources Marks Earth Day 2023 with $50,000 Donation in Support of The Lighthouse Center) Environmental Continued progress on reporting and transparency as through publication of 14th consecutive sustainability report 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 NJR includes sustainability considerations in the performance metrics of our Commitment to Stakeholders. Actual results of these goals and metrics directly impact the compensation of corporate officers year-to-year and ensure accountability Governance 2022 Diversity, Equity and Inclusion Report NJR’s commitment to advancing diversity, equity and inclusion is essential to our progress in building a sustainable future

30 $1.02 $1.09 $1.17 $1.25 $1.33 $1.45 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 NJR: Committed to Building Shareholder Value Through Dividends Strong Track Record of Dividend Growth $1.56 FY 2023 Dividend (up 7.6%) 1) A reconciliation from NFE to net income can be found in the Appendix. Dividends per Share 7.3% DPS CAGR

31 Expect 7% - 9% NFEPS Growth Highest Long-Term Growth Rate Across LDC Peer Group Annualized dividend yield of 3.0%1 Dividend growth in line with long- term NFEPS growth expectations Net Zero by 2050 goal for New Jersey operations Working with state regulators toward New Jersey’s long-term clean energy goals NJR: Total Expected Shareholder Return The Clean Energy Future Starts at NJR Solid Long Term Growth Outlook Delivering Value to Shareholders Through Growth and Income NJR is a Premier Energy Infrastructure Company Growing Dividend 1) Based on dividend per share of $1.56 and closing share price of $51.32 on May 2, 2023 TOTAL EXPECTED SHAREHOLDER RETURN: ~10 - 12%

Appendix: Financial Statements and Additional Information 32 32 Appendix 33 Reconciliation of NFE and NFEPS to Net Income 34 Other Reconciliation of Non-GAAP Measures 35 Reconciliation of Adjusted Funds from Operations to Cash Flow from Operations for FY2022 36 Shareholder and Contact Information

33 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 March 31, 2023 2022 Six Months Ended March 31, 2023 2022 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: $ 110,247 $ 96,035 $ 226,168 $ 207,347 42,022 (9,980) 1,155 (274) (40,169) 9,556 24,732 (5,877) 13,971 (3,320) (11,203) 2,662 (200) 50 — — (17,532) 4,167 12,769 (3,035) (200) 50 — — Net income Add: Unrealized loss (gain) on derivative instruments and related transactions Tax effect Effects of economic hedging related to natural gas inventory Tax effect Gain on equity method investment Tax effect NFE tax adjustment Net financial earnings 103 1,248 207 387 $ 112,310 $ 130,206 $ 222,594 $ 195,976 Weighted Average Shares Outstanding Basic Diluted 96,893 96,068 96,689 96,006 97,556 96,516 97,346 96,480 A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: $ 1.14 $ 1.00 $ 2.34 $ 2.16 $ $ $ $ 0.14 (0.03) (0.12) 0.03 $ 0.44 $ $ (0.10) $ $ 0.01 $ $ — $ (0.18) $ 0.04 $ 0.13 $ (0.03) $ (0.42) 0.10 0.26 (0.06) $ — $ 0.01 $ — $ — Basic earnings per share Add: Unrealized loss (gain) on derivative instruments and related transactions Tax effect Effects of economic hedging related to natural gas inventory Tax effect NFE tax adjustment Basic NFE per share $ 1.16 $ 1.36 $ 2.30 $ 2.04

Other Reconciliation of Non-GAAP Measures ($ in 000s) (Unaudited) Three Months Ended Six Months Ended March 31, March 31, 2023 2022 2023 2022 A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows: NJNG Utility Gross Margin Operating revenues $ 400,838 $ 463,812 $ 758,584 $ 738,584 NJNG's utility gross margin is defined Less: purchases, sales tax, and regulatory Natural gas purchases 158,694 215,223 343,465 339,817 rider expenses. This measure differs Operating and maintenance (1) 30,711 26,748 57,005 39,889 from gross margin as presented on a Regulatory rider expense 23,154 30,910 41,405 47,581 GAAP basis as it excludes certain Depreciation and amortization 25,319 23,344 50,209 46,237 operations and maintenance expense Gross margin 162,960 167,587 266,500 265,060 and depreciation and amortization. Add: Operating and maintenance (1) 30,711 26,748 57,005 39,889 Energy Services Financial Margin Depreciation and amortization 25,319 23,344 50,209 46,237 Financial margin removes the timing Utility gross margin $ 218,990 $ 217,679 $ 373,714 $ 351,186 differences associated with certain derivative and hedging transactions. A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows: Financial margin differs from gross Operating revenues $ 196,730 $ 412,645 $ 518,512 $ 781,889 margin as defined on a GAAP basis as it excludes certain operations and Less: maintenance expense and Natural Gas purchases 161,114 411,146 394,401 689,833 depreciation and amortization Operating and maintenance (1) 7,668 3,978 11,123 7,247 expenses as well as the effects of Depreciation and amortization 62 32 119 60 derivatives instruments on earnings. Gross margin 27,886 (2,511) 112,869 84,749 Add: Operating and maintenance (1) 7,668 3,978 11,123 7,247 Depreciation and amortization 62 32 119 60 Unrealized loss (gain) on derivative instruments and related transactions 13,795 40,446 (26,091) (45,201) Effects of economic hedging related to natural gas inventory (11,203) 1,155 12,769 24,732 Financial margin $ 38,208 $ 43,100 $ 110,789 $ 71,587 (1) Excludes selling, general and administrative expenses 34

35 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 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 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 Ratings’ credit metric adjustments 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)

36 Shareholder and Contact Information 1415 Wyckoff Road Wall, NJ 07719 (732) 938-1000 www.njresources.com Corporate Headquarters 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 Contact Information 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 3/14/2023 3/15/2023 4/3/2023 $0.39 12/13/2022 12/14/2022 1/3/2023 $0.39 9/23/2022 9/26/2022 10/3/2022 $0.391 6/14/2022 6/15/2022 7/1/2022 $0.3625 Online Information Website: www.njresources.com Investor Relations: LINK Follow us: 1) 7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share