Public Service Enterprise Group · Earnings release · 8-K Exhibit 99

Public Service Enterprise Group

Plaza

PSEG ANNOUNCES FIRST QUARTER 2026 RESULTS

$1.48 PER SHARE NET INCOME

$1.55 PER SHARE NON-GAAP OPERATING EARNINGS

T1Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share

(NEWARK, N.J. – May 5, 2026) Public Service Enterprise Group (NYSE: PEG) reported the following results for the first quarter 2026:

PSEG Consolidated (unaudited)

First Quarter Comparative Results

Income

Earnings Per Share

($ millions, except per share amounts)

Net Income

$

$

$

$

Reconciling Items

Non-GAAP Operating Earnings

$

$

$

$

Average Shares Outstanding (Diluted)

See Attachments 7 and 8 for a complete list of items excluded from Net Income in the

determination of non-GAAP Operating Earnings.

“PSEG delivered a solid operating and financial performance

to begin the year,” said Ralph LaRossa, PSEG’s chair, president and CEO. “T2Our teams across PSE&G and PSEG Power successfully responded to multiple extreme weather events during the first quarter. These included the worst winter

storm to hit our service territory in the past 30 years and several days of single digit temperatures that prompted our highest gas send-out since 2019. PSEG’s investments in critical energy

infrastructure and our dedicated workforce that worked tirelessly to restore service in frigid conditions proved to be the key factors in our ability to deliverbest-in-class storm response and reliability.”

“T3PSEG has

worked with the Governor’s Office and the New Jersey Board of Public Utilities to keep electric rates flat in 2026, in keeping with Governor Sherrill’s Executive Orders 1 & 2 addressing utility costs and generation supply. PSE&G

rates will also benefit from the update to reflect the latest Basic Generation Service auction results effective on June 1. On February 1st, we also kept our residential natural gas rate flat for

the remainder of the 2025-2026 winter heating season, providing our customers with the lowest gas bills in New Jersey and in the region. T4PSEG Nuclear also had a strong first quarter, supplying 8 TWh of reliable, carbon-free baseload energy to New

Jersey and the grid.”

1

LaRossa added, “T5We continue to execute on our long-term strategy to grow PSEG’s non-GAAP Operating Earnings by a compound annual rate of 6% to 8% through 2030 – without the need to issue new equity or sell assets – which remains a core differentiator from our peers.”

PSEG Results by Segment (unaudited)

First Quarter Comparative Results

($ millions)

PSE&G Net Income/Non-GAAP Operating Earnings

$

$

PSEG Power & Other Net Income

Total PSEG Net Income

$

$

PSEG Power & Other Non-GAAP Operating

Earnings

$

$

Total PSEG Non-GAAP Operating Earnings

$

$

PSE&G’s results for the first quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and

Transmission; the seasonality of gas demand during the winter months; and the continued, gradual increase in the number of electric and gas customers. These results were partially offset by higher operation and maintenance costs as well as higher

depreciation and interest expense related to incremental investments.

PSEG Power & Other results for the quarter reflect higher realized prices

and lower operation and maintenance costs, partly offset by lower generating volume and the absence of zero emission certificates.

###

PSEG will host a conference call to review its first quarter 2026 results, earnings guidance, and other matters with the financial community at

11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events

Media Relations:

Investor Relations:

DL-ENT-pseg.communications@pseg.com

PSEG-IR-GeneralInquiry@pseg.com

About PSEG

Public

Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey’s largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural

gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it’s safer and delivered more

reliably than ever. PSEG is a member of the S&P 500 Index and has been named

2

to the Dow Jones Best-in-Class North America Index for 18 consecutive years. PSEG’s businesses include Public

Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and

analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Operating Earnings is a non-GAAP financial measure that differs from Net Income. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT),Mark-to-Market (MTM) accounting and other material infrequent items.

See

Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating

Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition,non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and

quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend

on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues,

earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such

forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information

currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,”

“potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with

the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States

Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form8-K. These factors include, but are not limited to:

•

any inability to successfully develop, obtain regulatory approval for, or construct transmission and

distribution, and our nuclear generation projects;

•

significant resource adequacy challenges that present affordability and reliability concerns and that could cause

policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment

initiatives and programs;

•

the physical, financial and transition risks related to climate change, including risks relating to potentially

increased legislative and regulatory burdens, changing customer preferences and lawsuits;

•

any equipment failures, gas explosions, accidents, critical operating technology or business system failures,

natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our

customers;

•

any inability to recover the carrying amount of our long-lived assets;

•

disruptions or cost increases in our supply chain, including labor shortages;

•

any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;

•

the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational

or other systems;

•

failure to attract and retain a qualified workforce;

•

increases in the costs of equipment, materials, fuel, services and labor;

•

the impact of our covenants in our debt instruments and credit agreements on our business;

3

•

adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases

in funding requirements;

•

any inability to enter into or extend certain significant contracts;

•

T6development, adoption and use of Artificial Intelligence by us and our third-party vendors;

•

fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential

impacts on the economic viability of our generation units;

•

the ability to obtain adequate nuclear fuel supply;

•

changes in technology related to energy generation, distribution and consumption and changes in customer usage

patterns;

•

third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;

•

any inability to meet our commitments under forward sale obligations and Regional Transmission Organization

rules;

•

risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to

those to which nuclear generation plants that we operate are subject;

•

the impact of changes in state and federal legislation and regulations on our business, including

PSE&G’s ability to recover costs and earn returns on authorized investments;

•

PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its

capital investment may be lower than planned;

•

our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or

production tax credits;

•

adverse changes in and non-compliance with energy industry laws,

policies, regulations and standards, including market structures and transmission planning and transmission returns;

•

risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage

costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;

•

changes in or violation of federal, state and local environmental laws and regulations and enforcement;

•

delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and

•

changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or

developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to

place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to

time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of

1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website

at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage

at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and

is not part of this press release or the Form 8-K to which it is an exhibit.

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Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

PSEG

Eliminations

PSE&G

PSEG Power

& Other(a)

OPERATING REVENUES

$

$

)

$

$

OPERATING EXPENSES

Energy Costs

)

Operation and Maintenance

—

Depreciation and Amortization

—

Total Operating Expenses

)

OPERATING INCOME

—

Net Gains (Losses) on Trust Investments

)

—

—

)

Net Other Income (Deductions)

—

Net Non-Operating Pension and OPEB Credits

(Costs)

—

2

Interest Expense

)

—

)

)

INCOME BEFORE INCOME TAXES

—

Income Tax Expense

)

—

)

)

NET INCOME

$

$

—

$

$

Reconciling Items Excluded from Net

Income(b)

—

—

OPERATING EARNINGS (non-GAAP)

$

$

—

$

$

Earnings Per Share

NET INCOME

$

Reconciling Items Excluded from Net

Income(b)

OPERATING EARNINGS (non-GAAP)

$

PSEG

Eliminations

PSE&G

PSEG Power

& Other(a)

OPERATING REVENUES

$

$

)

$

$

OPERATING EXPENSES

Energy Costs

)

Operation and Maintenance

—

Depreciation and Amortization

—

Total Operating Expenses

)

OPERATING INCOME

—

Net Gains (Losses) on Trust Investments

8

—

—

8

Net Other Income (Deductions)

(1

)

Net Non-Operating Pension and OPEB Credits

(Costs)

—

(1

)

Interest Expense

)

1

)

)

INCOME BEFORE INCOME TAXES

—

Income Tax (Expense) Benefit

)

—

)

NET INCOME

$

$

—

$

$

Reconciling Items Excluded from Net

Income(b)

—

—

OPERATING EARNINGS (non-GAAP)

$

$

—

$

$

Earnings Per Share

NET INCOME

$

Reconciling Items Excluded from Net

Income(b)

OPERATING EARNINGS (non-GAAP)

$

(a)

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b)

See Attachments 7 and 8 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

DEBT

Commercial Paper and Loans

$

$

Long-Term Debt*

Total Debt

STOCKHOLDERS’ EQUITY

Common Stock

Treasury Stock

)

)

Retained Earnings

Accumulated Other Comprehensive Loss

)

)

Total Stockholders’ Equity

Total Capitalization

$

$

*

Includes current portion of Long-Term Debt

Attachment 3

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

Three Months Ended March 31,

Cash Flows From Operating Activities

Net Income

$

$

Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities

Net Cash Provided By (Used In) Operating Activities

Net Cash Provided By (Used In) Investing Activities

)

)

Net Cash Provided By (Used In) Financing Activities

)

Net Change in Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

Cash, Cash Equivalents and Restricted Cash at End of Period

$

$

Attachment 4

Public Service Electric & Gas Company

Retail Sales

(Unaudited)

Electric Sales

Sales (millions kWh)

Three Months

Ended

Change vs.

Residential

6%

Commercial & Industrial

3%

Other

(4%)

Total

4%

Gas Sold and Transported

Sales (millions therms)

Three Months

Ended

Change vs.

Firm Sales

Residential Sales

6%

Commercial & Industrial

3%

Total Firm Sales

5%

Non-Firm Sales*

Commercial & Industrial

Total Non-Firm Sales

Total Sales

7%

*

Contract Service Gas rate included in non-firm sales

Weather Data*

Three Months

Change vs.

Ended

Degree Days - Actual

8%

Degree Days - Normal

*

Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each

day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to

normal are based on twenty years of historic data.

Attachment 5

Nuclear Generation Measures

(Unaudited)

GWh Breakdown

Three Months Ended

Nuclear - NJ

Nuclear - PA

Attachment 6

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

Three Months Ended March 31,

Weighted Average Common Shares Outstanding (millions)

Basic

Diluted

Stock Price at End of Period

$

$

Dividends Paid per Share of Common Stock

$

$

Dividend Yield

%

%

Book Value per Common Share

$

$

Market Price as a Percent of Book Value

%

%

Attachment 7

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items

Three Months Ended March 31,

($ millions, Unaudited)

Net Income

$

$

(Gain) Loss on Nuclear Decommissioning Trust (NDT)

Fund Related Activity, pre-tax

6

)

(Gain) Loss onMark-to-Market (MTM), pre-tax(a)

Income Taxes related to Operating Earnings (non-GAAP)reconciling items(b)

)

)

Operating Earnings (non-GAAP)

$

$

PSEG Fully Diluted Average Shares Outstanding (in millions)

($ Per Share Impact -

Diluted, Unaudited)

Net Income

$

$

(Gain) Loss on NDT Fund Related Activity, pre-tax

)

(Gain) Loss on MTM, pre-tax(a)

Income Taxes related to Operating Earnings (non-GAAP)reconciling items(b)

)

)

Operating Earnings (non-GAAP)

$

$

(a)

Includes the financial impact from positions with forward delivery months.

(b)

Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an

additional 20% trust tax on income (loss) from qualified NDT Funds.

Attachment 8

PSEG Power & Other Operating Earnings(non-GAAP) Reconciliation

Reconciling Items

Three Months Ended

($ millions, Unaudited)

Net Income

$

$

(Gain) Loss on NDT Fund Related Activity, pre-tax

6

)

(Gain) Loss on MTM, pre-tax(a)

Income Taxes related to Operating Earnings (non-GAAP)reconciling items(b)

)

)

Operating Earnings (non-GAAP)

$

$

PSEG Fully Diluted Average Shares Outstanding (in millions)

(a)

Includes the financial impact from positions with forward delivery months.

(b)

Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an

additional 20% trust tax on income (loss) from qualified NDT Funds.