Overview

• US regulated utility and nuclear operator's Q1 adjusted EPS rose, beating analyst expectations

• Q1 revenue increased yr/yr to $3.85 bln

• Results aided by strong winter gas demand and infrastructure investments, offset by higher costs

Outlook

• PSEG maintains 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share

• Company expects to grow non-GAAP operating earnings by 6% to 8% annually through 2030

• PSEG says electric and gas rates will remain flat in 2026

Result Drivers

• EXTREME WINTER WEATHER - Co said strong winter gas demand and storm response drove results, citing the worst winter storm in 30 years and record gas send-out since 2019

• INFRASTRUCTURE INVESTMENTS - Ongoing investments in energy efficiency, gas system modernization and transmission supported results, per co

• COST PRESSURES - Higher operation and maintenance costs, depreciation and interest expense from incremental investments partially offset gains

Company press release: ID:nPn5jmq7Ta

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 OPERATING Revenue		$3.85 bln
Q1 Adjusted EPS	Beat	$1.55	$1.44 (15 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Public Service Enterprise Group Inc is $91.00, about 13.1% above its May 4 closing price of $80.45

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 19 three months ago

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