Financial Data and Key Metrics Changes - In Q3 2025, the company reported an EPS of $0.06 per share compared to a net financial loss of $0.09 per share in the previous year, marking a significant turnaround [20] - Year-to-date NFE reached $313.4 million or $3.13 per share, an increase of nearly 55% year-over-year, driven by higher utility margins and improved performance across various segments [20][21] Business Line Data and Key Metrics Changes - New Jersey Natural Gas remains the strongest contributor to NFEPS, benefiting from a recent rate case settlement and customer growth [8] - Clean Energy Ventures (CED) is expected to contribute over 20% of NFEPS this year, supported by high-performing operating assets and the monetization of the residential solar portfolio [8] - The Save Green program saw a capital projection increase of over 30%, with expected investments rising to $90 million to $95 million, driven by growing adoption of efficient HVAC systems [10][11] Market Data and Key Metrics Changes - The company serves approximately 588,000 customers, with over 90% being residential, primarily in economically vibrant counties experiencing solid population growth [9] - The storage and transportation segment is positioned to serve growing energy demand, with favorable market conditions for storage [17] Company Strategy and Development Direction - The company raised the lower end of its fiscal 2025 NFEPS guidance range to $3.20 to $3.30 per share, reflecting strong operating performance and greater visibility into full-year results [6][7] - The capital plan for fiscal 2025 and 2026 ranges from $1.3 billion to $1.6 billion, aligning with a long-term NFEPS growth target of 7% to 9% [21] - The company emphasizes a disciplined capital deployment strategy focused on utility infrastructure, clean energy investments, and optimizing storage and transportation capabilities [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing environments and allocate capital effectively to meet evolving customer needs [25][26] - The company is optimistic about the resolution of the Adelphia Gateway rate case and expects to file an offer of settlement with FERC soon [17][32] Other Important Information - The company maintains a strong balance sheet with $825 million of credit capacity across its facilities, supporting its capital plan and working capital needs [24] - The Save Green program is highlighted as a key strategic advantage, providing benefits to customers while supporting decarbonization goals [11][61] Q&A Session Summary Question: Impact of Adelphia rate case settlement in 2026 - Management indicated that details are still under negotiation and will be shared once finalized [31][32] Question: CEV's 131 megawatt target relative to initial expectations - Management clarified that the target reflects projects nearing construction and expressed confidence in achieving capital targets despite market dynamics [33][34] Question: Timeline for Leaf River expansion decision - Management expects to narrow down the expansion details in the coming months, with a focus on customer needs and regulatory approvals [40][52] Question: Strength of Storage and Transportation segment - Management attributed strong performance to a robust natural gas market and increased demand for infrastructure [41] Question: Higher CapEx in Save Green program - Management noted strong demand for energy-efficient systems and effective program execution as key drivers for increased CapEx [60] Question: Future dividend considerations - Management stated that dividend increases will align with historical growth rates and past performance [54] Question: Interest in gas infrastructure growth projects - Management confirmed ongoing investments in reliability and infrastructure to support customer growth [64]

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2024 was $127.6 million, up from $107.5 million in 2023, marking more than a doubling over the past two years [9] - The company anticipates total annual EBITDA of approximately $323 million, combining 2024 results with $195 million of incremental locked-in annual EBITDA under executed contracts [10] - The target for annual EBITDA is estimated to exceed $400 million, significantly higher than the previous target of just over $300 million [11] Business Line Data and Key Metrics Changes - Transtar reported Q4 revenue of $43.3 million and adjusted EBITDA of $19.4 million, compared to $44.8 million and $21.1 million in Q3 [26] - Jefferson generated $21.2 million in revenue and $11.1 million in adjusted EBITDA in Q4, up from $19.7 million and $11.8 million in Q3, excluding a one-time asset sale gain [29] - Long Ridge's EBITDA in Q4 was $9.9 million, down from $11.1 million in Q3, due to a planned maintenance outage [34] Market Data and Key Metrics Changes - The company is pursuing more new business opportunities than at any time since its spin-off, indicating a strong pipeline for growth [10] - The M&A market is described as the most active in years, with discussions on six opportunities representing well over $100 million of annual EBITDA [16][28] Company Strategy and Development Direction - The company plans to focus on substantial growth in 2025, with specific initiatives at Long Ridge, Repauno, and Jefferson [11][12][14] - Long Ridge's recent transactions are expected to enhance earnings significantly, allowing the company to capture 100% of the value creation [22] - The company is evaluating multiple products and counterparties at Jefferson, including crude oil, natural gas liquids, and renewables [41][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving substantial growth in 2025, driven by new contracts and business opportunities [11][12] - The anticipated increase in capacity payments and demand for power from hyperscalers is expected to positively impact Long Ridge's financials [36] - Management remains optimistic about the potential for M&A opportunities and the ability to finance acquisitions through debt markets [90] Other Important Information - The company has received approval for $300 million of tax-exempt debt, providing access to low-cost, long-term capital for construction projects [14] - The refinancing of corporate bonds and existing preferred stock is planned for the second quarter, aimed at reducing fixed charges and increasing cash flow [25][58] Q&A Session Summary Question: Expansion on new deals at Jefferson - Management is negotiating various products including crude oil, natural gas liquids, and renewables, with significant potential for growth [41][46] Question: Timing for Long Ridge's $160 million EBITDA - The full impact of the $160 million EBITDA from Long Ridge will be reflected in Q3, with partial contributions in Q1 and Q2 [48][50] Question: Update on Repauno permits and Phase 3 potential - Permits for the underground cavern are expected by the end of Q1, with Phase 3 potentially generating an incremental $100 million of EBITDA [62][64] Question: Transtar's organic growth target - Management remains confident in achieving a 15% organic growth rate, supported by anticipated increases in production levels [66][69] Question: M&A activity and financing - The company is evaluating several M&A opportunities and expects to announce a transaction within the next three months, with financing planned through debt markets [72][90]