NewJersey Resources Corporation

Now I would like to turn the call over to Adam Pryor, Director of Investor Relations. Please go ahead, Adam.

Thank you. Welcome to New Jersey Resources Fiscal 2025 Third Quarter Conference Call and Webcast. I'm joined here today by Steve Westhoven, our President and CEO, Pat Migliaccio, our Senior Vice President and Chief Operating Officer of New Jersey Natural Gas, Roberto Bell, our Senior Vice President and Chief Financial Officer, as well as other members of our Senior Management Team. Certain statements in today's call contain estimates and other forward-looking statements within the meaning of the securities laws. We wish to caution listeners of this call that the current expectations, assumptions, and beliefs forming the basis of our forward-looking statements include many factors that are beyond our ability to control or estimate precisely. This could cause results to materially differ from our expectations as found on slide 2. These items can also be found in the forward-looking statement section of yesterday's earnings release, furnished on Form 8K and in our most recent Forms 10K and 10Q as filed with the SEC. We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. We will also be referring to certain non-GAAP financial measures, such as net financial earnings or NFE. We believe that NFE, net financial loss, utility gross margin, financial margin, adjusted funds from operations, and adjusted debt provide a more complete understanding of our financial performance. However, these non-GAAP measures are not intended to be a substitute for GAAP. Our non-GAAP financial measures are discussed more fully in item 7 of our 10-K. The slides accompanying today's presentation are available on our website and were furnished on our form 8-K filed yesterday. Steve will begin with this quarter's highlights beginning on slide four, followed by Pat, who will discuss New Jersey natural gas highlights, Roberto, who will review our financial results, and then we will open the call for your questions. With that said, I will turn the call over to our President and CEO, Steve Westhoven. Please go ahead, Steve.

Thanks, Adam, and good morning, everyone. Fiscal 2025 continues to be an excellent year for NJR, marked by disciplined execution and consistent performance across all segments. This quarter was no exception. NGR raised the lower end of its full-year guidance, increased CAPEX projections driven by utility investments, advanced projects through the CEV pipeline, and made regulatory progress while identifying multiple expansion opportunities at S&T. We reported robust investment at New Jersey Natural Gas under our Save Green program, investments that are delivering near real-time returns while helping customers manage their energy use. CEV placed 63 megawatts into service so far this year and will likely finish the year with close to a record amount of capacity placed into service, while also maintaining a project pipeline of investment options that remains diverse and flexible. In storage and transportation, we have reached a settlement in principle at the Adelphia Gateway rate case and expect resolution by the end of the year. At Leaf River, we continue to evaluate expansion opportunities that support future growth. Energy Services provides stability through fee-based performance from our asset management agreements. And finally, NJR Home Services was named a Top Route Pro Partner for the ninth consecutive year. This recognition is a testament to our entire team's dedication to service excellence and meeting our customers' home comfort needs with the installation of high quality and reliable equipment. Turn to slide five for more details on our guidance for the year. We are raising the lower end of our fiscal 2025 NFVPS guidance range by 5 cents to 320 to 330 per share. This reflects strong operating performance across our businesses and greater visibility into full year results. The revised range, which is above our long term 7 to 9% growth target, demonstrates our ability to execute through dynamic environments. On slide 6, We present our updated NFEPS guidance by segment. New Jersey Natural Gas remains the strongest contributor to NFEPS, benefiting from our recent rate case settlement and customer growth. CED is expected to contribute over 20% of our NFEPS this year, based on high performing operating assets and the monetization of the residential solar portfolio. We are slightly narrowing the range of contributions across our business lines, consistent with our practice as the year progresses. These updates reflect our performance and energy services and a modest change in the relative contributions from New Jersey Natural Gas and CEVA. Roughly 65% of our full year NFEPS is expected to come from utility operations, rising to over 70% when excluding the CEV gain related to the sale of a residential solar business. This shows how our platform is anchored in stable, reoccurring earnings. With that, I'll turn the call over to Pat to discuss New Jersey Natural Gas on slide seven. Pat. Thanks, Steve.