PSEG 2025 Annual Meeting Results:

Election of Directors: All nominees elected with significant support.

Advisory Vote on Executive Compensation: Approved with 93.39% in favor.

Supermajority Amendments: Failed, as they did not meet the 80% required vote threshold.

Ratification of Deloitte & Touche LLP: Approved with 91.29% in favor.

The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a $0.63 per share dividend on the outstanding common stock of the company for the second quarter of 2025.

All dividends for the second quarter are payable on or before June 30, 2025, to shareholders of record on June 9, 2025.

Public Service Enterprise Group Incorporated (PSEG) will host its first quarter 2025 earnings call at 11:00 a.m. ET on Wednesday, April 30, during which management will discuss first quarter financial results, financial guidance, capital investments, regulatory activities, and other important matters.

The audio webcast can be accessed at that time, along with accompanying presentation materials, on the Investor News and Events section of PSEG's Investor Relations website at https://investor.pseg.com.

Public Service Enterprise Group (PSEG) Completes $1 Billion Senior Notes Offering
Newark, NJ – March 10, 2025 – Public Service Enterprise Group Incorporated (NYSE: PEG) has successfully completed a public offering of $1 billion in senior notes, consisting of:

$600 million aggregate principal amount of 4.900% Senior Notes due 2030
$400 million aggregate principal amount of 5.400% Senior Notes due 2035
The offering was conducted under PSEG’s registration statement on Form S-3 (File No. 333-275509), which was previously filed with the U.S. Securities and Exchange Commission (SEC). The notes were issued under an Indenture dated November 1, 1998, between PSEG and U.S. Bank Trust Company, National Association, as successor trustee.

The underwriters for the transaction included:

Barclays Capital Inc.
Citigroup Global Markets Inc.
Goldman Sachs & Co. LLC
RBC Capital Markets, LLC
The offering was governed by an Underwriting Agreement, dated March 6, 2025, which outlined the terms of sale to the underwriters for resale to the public. The Underwriting Agreement and other key documents, including the Indenture and forms of the 2030 and 2035 Notes, have been filed as exhibits to PSEG’s Form 8-K submission.

Additionally, PSEG has filed as Exhibit 5 an opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation, confirming the legality of the Notes.

For more details, investors can review the full Prospectus Supplement dated March 6, 2025, and related filings incorporated into the SEC Registration Statement.

Public Service Enterprise Group (PSEG) reported full-year 2024 net income of $1.77 billion, or $3.54 per share, compared to $2.56 billion, or $5.13 per share, in 2023. Non-GAAP operating earnings for 2024 were $1.84 billion, or $3.68 per share, up from $1.74 billion, or $3.48 per share, in 2023.

For the fourth quarter of 2024, net income was $286 million, or $0.57 per share, compared to $546 million, or $1.10 per share, in the same period of 2023. Non-GAAP operating earnings for the quarter were $421 million, or $0.84 per share, compared to $271 million, or $0.54 per share, in the fourth quarter of 2023.

PSEG initiated 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a midpoint increase of approximately 9% over 2024 results. The company also extended its 5% to 7% non-GAAP operating earnings compound annual growth rate (CAGR) through 2029, supported by an increased capital spending plan of $22.5 billion to $26 billion for 2025-2029.

In 2024, PSEG achieved key strategic objectives, including settling its first electric and gas distribution base rate case in six years, securing approval for a $2.9 billion investment in energy efficiency programs, and investing $3.6 billion in regulated capital expenditures. The company also completed the installation of 2.2 million smart meters on time and on budget.

PSEG Nuclear benefited from the start of the nuclear production tax credit in January, contributing to financial stability. PSE&G was recognized for customer satisfaction and service reliability, receiving the PA Consulting ReliabilityOne® Award for outstanding service in the Mid-Atlantic region for the 23rd consecutive year.

CEO Ralph LaRossa emphasized the company’s commitment to operational excellence and predictable earnings growth, stating that PSEG has now met or exceeded its non-GAAP operating earnings guidance for 20 consecutive years.

source: Public Service Enterprise Group, SEC Form 8-K, February 25, 2025.