New Jersey Resources Corporation (NJR): Marketing Mix Analysis [Dec-2025 Updated]

You're looking for a clear, concise breakdown of New Jersey Resources Corporation's (NJR) marketing mix, the four P's, grounded in their fiscal 2025 performance and strategy. Honestly, for a diversified utility holding company, the P's look a little different, but we can map their core value proposition and market position perfectly. We see their strategy balancing the stability of regulated gas distribution-where rates are set by the BPU-with aggressive growth in non-regulated areas like their commercial solar portfolio, which reached 479 MW in service as of September 30, 2025. Let's map out exactly how their Product offerings, Place of operation across the continent, Promotion efforts like the $98 million invested in SAVEGREEN® in FY25, and their Price structure, including the authorized regulated return on common equity of 9.60 percent, define their market footing as we head into late 2025.

New Jersey Resources Corporation (NJR) - Marketing Mix: Product

The product offerings from New Jersey Resources Corporation (NJR) are segmented across its primary businesses, delivering essential energy services and infrastructure solutions to distinct customer bases.

New Jersey Natural Gas (NJNG) Distribution

The core product is the regulated distribution of natural gas within New Jersey. As of the fiscal year-end September 30, 2025, New Jersey Natural Gas serviced approximately 589,000 customers across Monmouth, Ocean, Morris, Middlesex, Sussex, and Burlington counties. This utility segment's stability is supported by infrastructure investments, including the five-year, $150 million Infrastructure Investment Program (IIP) which began in fiscal 2021. Furthermore, the SAVEGREEN® energy efficiency program saw a record investment of $98 million in fiscal 2025.

Clean Energy Ventures (CEV) Solar Generation

The product here is low-carbon energy solutions derived from owned and operated solar projects. As of September 30, 2025, Clean Energy Ventures had approximately 479 MW of commercial solar capacity in service across multiple states, including New Jersey. This represents a record year for deployment, with 93 megawatts (MW) of new commercial solar capacity placed in service during fiscal 2025.

Storage and Transportation (S&T) Midstream Assets

New Jersey Resources Corporation offers midstream services through its ownership of key natural gas assets. These products involve storage capacity and transportation services for local distributors, producers, electric generators, and wholesale marketers.

• Leaf River Energy Center: Submitted an application to the Federal Energy Regulatory Commission (FERC) on October 31, 2025, to increase its certificated natural gas storage capacity by 17.6 BCF.
• Adelphia Gateway Pipeline: Reached a settlement in principle with customers on June 26, 2025, and received the FERC order approving the settlement on November 4, 2025.

The Storage and Transportation segment is projected to more than double its net financial earnings by 2027.

Energy Services

This segment provides physical natural gas and customized energy solutions across North America, managing a portfolio of transportation and storage assets. For the full fiscal year 2025, this business reported Net Financial Earnings (NFE) of $34.9 million.

Home Services

Home Services delivers comfort products and maintenance contracts directly to residential customers in New Jersey. The offerings include HVAC systems, water heaters, standby generators, and service contracts. For the second quarter of fiscal 2025, this segment reported a net financial loss of $(0.7) million.

The product portfolio breakdown across the main operating segments for fiscal 2025 is detailed below:

The company also highlighted a record investment of $98.0 million in the SAVEGREEN® energy-efficiency program during fiscal 2025.

New Jersey Resources Corporation (NJR) - Marketing Mix: Place

The distribution strategy for New Jersey Resources Corporation (NJR) is defined by its dual focus: a highly regulated local utility footprint and a geographically diverse, non-regulated asset portfolio. This structure ensures product availability across different customer needs and regulatory environments.

The core regulated service territory for the Natural Gas Distribution segment, New Jersey Natural Gas (NJNG), is concentrated in six counties across New Jersey. As of June 30, 2025, NJNG serviced approximately 588,000 customers within this defined area. The company continues to invest in this regulated base, with a record investment under the SAVEGREEN® energy efficiency program of $98 million in fiscal 2025.

The non-regulated Clean Energy Ventures (CEV) segment extends its reach significantly beyond New Jersey. As of September 30, 2025, CEV had approximately 479 MW of commercial solar capacity in service across seven states: New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, Indiana, and Michigan. This segment placed a record 93 megawatts (MW) of in-service capacity in fiscal 2025, the highest annual installed capacity in its history.

The Energy Services and Storage & Transportation (S&T) segment is designed for continental reach. NJR Energy Services (NJRES) manages assets and provides services across the continental U.S. and Eastern Canada. This includes pipeline capacity and storage facilities strategically located across the Gulf Coast, Eastern Seaboard, Southwest, Mid-continent, and Eastern Canada.

Physical infrastructure is central to the S&T segment's distribution capability. This includes ownership in key assets like the Leaf River Energy Center and a 50% equity ownership in the Steckman Ridge natural gas storage facility. Furthermore, Leaf River submitted an application to the Federal Energy Regulatory Commission (FERC) on October 31, 2025, to increase its certificated natural gas storage capacity by 17.6 BCF. Adelphia Gateway, LLC, another key asset, received FERC approval for its settlement on November 4, 2025.

The accessibility of services is augmented by digital channels. New Jersey Resources Corporation provides digital customer service portals and mobile apps for billing and service requests, supporting the 588,000 NJNG customers. Nationally, 80% of high-performing service organizations provide a self-service solution, a benchmark NJR aims to meet or exceed.

Here's a breakdown of the geographic and capacity footprint for the non-regulated segments as of late fiscal 2025:

NJNG's regulated distribution network is anchored by its service area, which includes the following counties:

• Burlington
• Middlesex
• Monmouth
• Morris
• Ocean
• Sussex

New Jersey Resources Corporation (NJR) - Marketing Mix: Promotion

Promotion for New Jersey Resources Corporation (NJR) centers on communicating value through regulatory filings, investor narratives, and direct customer programs that underscore sustainability and infrastructure reliability.

Energy Efficiency Program Promotion

The SAVEGREEN® energy efficiency program serves as a primary promotional vehicle, directly communicating customer benefits and NJR's commitment to decarbonization. This program received significant communication focus following regulatory approvals.

• SAVEGREEN® investment in fiscal 2025 reached a record $98.0 million for customer upgrades.
• The new SAVEGREEN® program, effective January 1, 2025, through June 30, 2027, is authorized for a total investment of $385.6 million.
• Year-to-date fiscal 2025 investment in SAVEGREEN® reached $72.9 million as of June 30, 2025.
• The first quarter of fiscal 2025 saw $18.6 million invested in the SAVEGREEN® program.

Investor Relations Communications

Investor relations communications consistently promote the strength derived from NJR's diversified business model, which balances regulated utility stability with growth assets. The narrative emphasizes consistent performance against guidance.

Here's the quick math on the full-year fiscal 2025 financial results that underpin this promotional messaging:

The company highlighted achieving the high end of its fiscal 2025 NFEPS guidance range of $3.20 to $3.30 per share. This marked the fifth consecutive year NJR outperformed its initial annual NFEPS guidance. The utility segment, New Jersey Natural Gas (NJNG), represented approximately 65% of total NFEPS for fiscal 2025.

Community Engagement and Branding

Community branding efforts are heavily tied to the SAVEGREEN® program and broader sustainability goals, often framed around commitments like 'Conserve to Preserve®' to resonate with public interest in environmental stewardship and energy affordability. The promotion focuses on tangible customer impact.

• NJNG served approximately 589,000 customers as of September 30, 2025.
• The utility segment's rate base is projected to grow at a 7-9% Compound Annual Growth Rate (CAGR) through 2030.

Strategic Communications on Infrastructure Investment

Strategic communications highlight capital deployment into physical assets to ensure safety and reliability, often using the Infrastructure Investment Program (IIP) as a concrete example of regulatory compliance and long-term investment.

The IIP is a five-year, $150 million accelerated recovery program that began in fiscal 2021. During fiscal 2025, NJNG invested $40.0 million under the IIP. This compares to $24.0 million spent in the first nine months of fiscal 2025. NJNG submitted a filing on July 25, 2025, to extend the IIP through June 30, 2026.

Public Filings and Regulatory Updates

Public filings and regulatory updates serve as a formal channel to promote ongoing capital expenditure plans, which support the long-term growth narrative. The total capital expenditure plan for fiscal 2025 was $752.5 million, including accruals. NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030.

The breakdown of NJNG's fiscal 2025 capital expenditures included $40.0 million for the IIP, and this utility spending represented over 60% of the total investment. The company's Adjusted Funds From Operations to Adjusted Debt ratio was 21.2% in fiscal 2025, exceeding the target range of 19-20%.

New Jersey Resources Corporation (NJR) - Marketing Mix: Price

You're looking at how New Jersey Resources Corporation (NJR) structures the money customers pay across its regulated and non-regulated businesses. It's a mix of regulatory oversight and market agility. The pricing strategy for the core utility, New Jersey Natural Gas (NJNG), is fundamentally different from the merchant-facing Energy Services segment.

For the regulated utility business, pricing is not a free-for-all; it's a structured negotiation with the regulator. Utility pricing is set by the New Jersey Board of Public Utilities (BPU), which has a statutory mandate to ensure services are at reasonable rates. This structure was recently updated following a base rate case settlement.

Regulated base rates for NJNG increased by $157.0 million annually, effective November 21, 2024. This settlement, approved by the BPU, followed an initial request in January 2024 for a $222.6 million increase. The final approved rate structure includes an overall rate of return on rate base of 7.08 percent. Furthermore, the authorized regulated return on common equity (ROE) is set at 9.60 percent, maintained with a common equity ratio of 54.0 percent.

The regulated rate base itself saw a significant adjustment, increasing by 29% to $3.245 billion from $2.523 billion. The composite depreciation rate was also updated to 3.21%. To give you a snapshot of the regulatory parameters that underpin NJNG's pricing:

Now, for the non-regulated side, New Jersey Resources Corporation's Energy Services pricing is market-driven, which means it actively leverages natural gas price volatility. This segment's performance, driven by strategies like Asset Management Agreements, directly impacts the company's overall earnings guidance, as seen when strong winter performance led to a fiscal 2025 NFEPS guidance raise. This is where the company captures financial margin when prices swing.

The Storage & Transportation (S&T) segment's pricing structure is also distinct. Rates for this segment are subject to Federal Energy Regulatory Commission (FERC) approval. For example, Adelphia Gateway, LLC, a part of S&T, filed a general Section 4 rate case with FERC on September 30, 2024, with an anticipated resolution by the end of 2025. This shows a separate, federal regulatory layer influencing pricing for specific infrastructure assets.

Here are the key regulatory and market influences on New Jersey Resources Corporation's pricing:

• Regulated delivery rates are approved by the BPU.
• Non-regulated Energy Services pricing capitalizes on natural gas price volatility.
• S&T segment rates require FERC approval for changes.
• The company's market capitalization as of November 14, 2025, stood at $4.7B.
• NJNG added 8,079 new customers in fiscal 2024, contributing to utility gross margin.

If onboarding takes 14+ days, churn risk rises, but for NJR, regulatory lag is the real near-term risk to consistent pricing recovery.

Finance: draft 13-week cash view by Friday.