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false 0000072741 8-K 2025-11-04 false 0000023426 ¨ ¨ ¨ ¨ 8-K 2025-11-04 false 0000013372 ¨ ¨ ¨ ¨ 0000315256 ¨ 8-K 2025-11-04 false ¨ ¨ ¨ 0000072741 2025-11-04 2025-11-04 0000072741 es:TheConnecticutLightAndPowerCompanyMember 2025-11-04 2025-11-04 0000072741 es:NstarElectricCompanyMember 2025-11-04 2025-11-04 0000072741 es:PublicServiceCompanyOfNewHampshireMember 2025-11-04 2025-11-04 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2025

 

Commission

File Number

Registrant; State of Incorporation

Address; and Telephone Number

I.R.S. Employer

Identification No.

     
1-5324

EVERSOURCE ENERGY

(a Massachusetts voluntary association)

300 Cadwell Drive

Springfield, Massachusetts 01104

Telephone: (800) 286-5000  

04-2147929
     
0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY

(a Connecticut corporation)

107 Selden Street

Berlin, Connecticut 06037-1616

Telephone: (800) 286-5000  

06-0303850
     
1-02301

NSTAR ELECTRIC COMPANY

(a Massachusetts corporation)

800 Boylston Street

Boston, Massachusetts 02199

Telephone: (800) 286-5000

04-1278810
     
1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

(a New Hampshire corporation)

Energy Park

780 North Commercial Street

Manchester, New Hampshire 03101-1134

Telephone: (800) 286-5000  

02-0181050

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:
Registrant Title of each class

Trading

Symbol(s)

Name of each exchange on

which registered

Eversource Energy

Common Shares, $5.00 par value per share

ES New York Stock Exchange
The Connecticut Light and Power Company None N/A N/A
NSTAR Electric Company None N/A N/A
Public Service Company of New Hampshire None N/A N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

 

Emerging growth

company

Eversource Energy ¨
The Connecticut Light and Power Company ¨
NSTAR Electric Company ¨
Public Service Company of New Hampshire ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Eversource Energy ¨
The Connecticut Light and Power Company ¨
NSTAR Electric Company ¨
Public Service Company of New Hampshire ¨

 

 

 

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Document Period End Date 2025-11-04
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THE CONNECTICUT LIGHT_Soliciting material pursuant to ¨
THE CONNECTICUT LIGHT_Pre-commencement communications pursuant ¨
THE CONNECTICUT LIGHT_Pre-commencement communications pursuant ¨
Document Type 8-K
Document Period End Date 2025-11-04
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CIK 0000013372
NSTAR ELECTRIC_Written communications ¨
NSTAR ELECTRIC_Soliciting material pursuant to ¨
NSTAR ELECTRIC_Pre-commencement communications pursuant ¨
NSTAR ELECTRIC_Pre-commencement communications pursuant ¨
CIK 0000315256
Public Service Company_Written communications ¨
Document Type 8-K
Document Period End Date 2025-11-04
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Section 2 Financial Information

 

Item 2.02 Results of Operations and Financial Conditions.

 

On November 4, 2025, Eversource Energy issued a news release announcing its unaudited results of operations for the third quarter and first nine months ended September 30, 2025, and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial report are attached as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference thereto.

 

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) nor incorporated by reference in any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act of 1933, as amended (the “Securities Act”), unless specified otherwise.

 

Section 7 Regulation FD

 

Item 7.01 Regulation FD Disclosure.

 

On November 5, 2025, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the third quarter of 2025. The webcast will be accessible from the Investors section of the Eversource Energy website at www.eversource.com. Attached as Exhibit 99.3 and incorporated herein by reference are the slides to be discussed by Eversource Energy during the conference call.

 

The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the SEC nor incorporated by reference into any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act, unless specified otherwise.

 

Section 9 Financial Statements and Exhibits

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit
Number
Description
99.1 News Release of Eversource Energy dated November 4, 2025.
99.2 Financial report for the three and nine months ended September 30, 2025.
99.3 November 5, 2025 presentation slides.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

[The remainder of this page left blank intentionally.]

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

  EVERSOURCE ENERGY
THE CONNECTICUT LIGHT AND POWER COMPANY
NSTAR ELECTRIC COMPANY
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
(Registrants)
   
   
November 4, 2025 By: /s/ Jay S. Buth
    Jay S. Buth
    Vice President, Controller and Chief Accounting Officer

 

 

 

 

 

EX-99.1 2 tm2530139d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

Eversource Energy Reports Third Quarter 2025 Results

 

HARTFORD, Conn. and BOSTON, Mass. (November 4, 2025) – Eversource Energy (NYSE: ES) today reported earnings of $367.5 million, or $0.99 per share, for the third quarter of 2025, compared with a loss of $(118.1) million, or $(0.33) per share, for the third quarter of 2024. Non-GAAP recurring earnings totaled $442.5 million1, or $1.19 per share1 in the third quarter of 2025, compared with $405.9 million1, or $1.13 per share1 in the third quarter of 2024.

 

For the first nine months of 2025, Eversource Energy reported earnings of $1,271.1 million, or $3.44 per share, compared with $739.1 million, or $2.08 per share, for the first nine months of 2024. Non-GAAP recurring earnings totaled $1.35 billion1, or $3.64 per share1, in the first nine months of 2025, and $1.26 billion1, or $3.56 per share1, in the first nine months of 2024.

 

“During the third quarter, the Eversource team once again delivered strong financial and operational results, executing well on our planned investments while also responding promptly and safely to storm events," said Eversource Chairman, President and CEO Joe Nolan. "In addition to the strong outlook from our regulated pipes-and-wires utility operations, we are focused on grid modernization for the near and longer time reliability needs while continuing to focus on energy affordability for all the customers and communities we serve and on working closely and constructively with our regulators during a time of extensive regulatory change at the state and federal levels."

 

As announced on October 14, 2025, results for the third quarter and first nine months of 2025 include an aggregate net after-tax loss of $75.0 million, or $0.20 per share for both periods, related to an increase in Eversource Energy's liability for expected future obligations to Global Infrastructure Partners as part of the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects, net of tax benefits associated with the tax losses on the sales of these projects. Results for the third quarter of 2024 and first nine months of 2024 include an aggregate net after-tax loss of $524.0 million, or $1.48 per share for both periods, related to Eversource Energy completing the sale of its offshore wind investments.

 

Eversource also announced on October 14 that it narrowed its earnings guidance for full year non-GAAP recurring earnings for 2025 to between $4.72 per share1 and $4.80 per share1, versus its original guidance range of $4.67 to $4.82 per share. Eversource also reaffirms its expected compound annual earnings per share growth rate within the range of 5 to 7 percent from a 2024 base of $4.57 per share1.

 

Electric Transmission

 

Eversource Energy’s transmission segment earned $185.5 million in the third quarter of 2025 and $593.0 million in the first nine months of 2025, compared with earnings of $174.9 million in the third quarter of 2024 and $540.6 million in the first nine months of 2024. Transmission segment results improved in both periods due primarily to continued investment in Eversource’s electric transmission system.

 

 


 

Electric Distribution

 

Eversource Energy’s electric distribution segment earned $221.6 million in the third quarter of 2025 and $571.6 million in the first nine months of 2025, compared with earnings of $203.5 million in the third quarter of 2024 and $521.3 million in the first nine months of 2024. Improved results in both periods were due primarily to higher revenues from base distribution rate increases at Eversource’s New Hampshire and Massachusetts electric businesses, and continued investments in our distribution system. The higher revenues were partially offset by higher property taxes, interest, depreciation and operations and maintenance (O&M).

 

Natural Gas Distribution

 

Eversource Energy’s natural gas distribution segment had a loss of $(16.8) million in the third quarter of 2025 and earnings of $236.9 million in the first nine months of 2025, compared with a loss of $(30.2) million in the third quarter of 2024 and earnings of $187.4 million in the first nine months of 2024. Improved results in both periods were due primarily to the base distribution rate increases at Eversource’s Massachusetts gas businesses, effective November 1, 2024, to recover continued investment in our natural gas infrastructure. The higher revenues were partially offset by higher interest, depreciation and property tax expense, and additionally for the nine-month period higher O&M.

 

Water Distribution

 

Eversource Energy’s water distribution segment earned $18.9 million in the third quarter of 2025 and $36.8 million in the first nine months of 2025, compared with earnings of $23.7 million in the third quarter of 2024 and $37.1 million in the first nine months of 2024. Lower results in the third quarter were due primarily to higher O&M and depreciation expense.

 

Eversource Parent and Other Companies

 

Eversource Energy parent and other companies, excluding the net losses from offshore wind noted above, earned $33.3 million1 in the third quarter of 2025 and had losses of $(92.2) million1 in the first nine months of 2025, compared with earnings of $34.0 million1 in the third quarter of 2024 and losses of $(23.3) million1 in the first nine months of 2024. The increased loss in the first nine months was due primarily to higher interest expense due to the absence of capitalized interest as a result of the sale of our offshore wind investments, partially offset by a lower effective tax rate.

 

 


 

Eversource Energy Consolidated Earnings

 

The following table reconciles consolidated GAAP earnings per share for the third quarter and first nine months of 2025 and 2024:

 

       

Third

Quarter

   

First

Nine Months

 
2024   Reported GAAP EPS   $ (0.33 )   $ 2.08  
    Higher electric transmission segment earnings in 2025, net of share dilution     0.01       0.08  
    Higher electric distribution segment revenues, partially offset by higher property taxes, interest, depreciation and O&M, net of share dilution     0.03       0.08  
    Higher natural gas distribution segment revenues, partially offset by higher interest, depreciation and property taxes, and higher year-to-date O&M, net of share dilution     0.04       0.11  
    Lower third quarter water distribution segment earnings from higher O&M and higher depreciation     (0.02 )      
    Increased loss at parent and other companies due primarily to higher interest expense, partially offset by a lower effective tax rate           (0.19 )
    Losses on Offshore Wind     1.26       1.28  
2025   Reported GAAP EPS   $ 0.99     $ 3.44  

 

Financial results for the third quarter and first nine months of 2025 and 2024 for Eversource Energy’s business segments and parent and other companies are noted below:

 

Three months ended:                                    
(in millions, except EPS)   September 30, 2025     September 30, 2024    

Increase/

(Decrease)

    2025 EPS 1     2024 EPS 1    

Increase/

(Decrease)

 
Electric Transmission   $ 185.5     $ 174.9     $ 10.6     $ 0.50     $ 0.49     $ 0.01  
Electric Distribution     221.6       203.5       18.1       0.60       0.57       0.03  
Natural Gas Distribution     (16.8 )     (30.2 )     13.4       (0.05 )     (0.09 )     0.04  
Water Distribution     18.9       23.7       (4.8 )     0.05       0.07       (0.02 )
Parent and Other Companies 1     33.3       34.0       (0.7 )     0.09       0.09        
Losses on Offshore Wind     (75.0 )     (524.0 )     449.0       (0.20 )     (1.46 )     1.26  
Reported Earnings   $ 367.5     $ (118.1 )   $ 485.6     $ 0.99     $ (0.33 )   $ 1.32  
                                                 
Nine months ended:                                                
(in millions, except EPS)   September 30, 2025     September 30, 2024    

Increase/

(Decrease)

    2025 EPS 1     2024 EPS 1    

Increase/

(Decrease)

 
Electric Transmission   $ 593.0     $ 540.6     $ 52.4     $ 1.60     $ 1.52     $ 0.08  
Electric Distribution     571.6       521.3       50.3       1.55       1.47       0.08  
Natural Gas Distribution     236.9       187.4       49.5       0.64       0.53       0.11  
Water Distribution     36.8       37.1       (0.3 )     0.10       0.10        
Parent and Other Companies 1     (92.2 )     (23.3 )     (68.9 )     (0.25 )     (0.06 )     (0.19 )
Losses on Offshore Wind     (75.0 )     (524.0 )     449.0       (0.20 )     (1.48 )     1.28  
Reported Earnings   $ 1,271.1     $ 739.1     $ 532.0     $ 3.44     $ 2.08     $ 1.36  

 

 


 

Eversource Energy has approximately 375 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.6 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

 

CONTACT:

Rima Hyder (Investor Relations)

rima.hyder@eversource.com

(781) 441-8062

 

William Hinkle (Media Relations)

william.hinkle@eversource.com

(603) 634-2228

 

Note: Eversource Energy will webcast a conference call with senior management on November 5, 2025, beginning at 9 a.m. Eastern Time.  The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com.

 

1 All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The third quarter and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non-GAAP) referencing earnings and EPS excluding losses associated with previous offshore wind investments. EPS by business is also a non-GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Full year 2024 earnings discussion also includes a non-GAAP financial measure referencing earnings and EPS excluding a loss on the pending sale of the Aquarion water distribution business of $298.3 million and the aggregate loss on the sale of our offshore wind investments. 

 

Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the impacts of the losses on the previous offshore wind investments and the loss on the pending sale of the Aquarion water distribution business are not indicative of Eversource Energy's ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance. Eversource Energy does not provide guidance for net income attributable to common shareholders or recurring EPS or a reconciliation of guidance for non-GAAP recurring earnings or non-GAAP recurring EPS to the most directly comparable GAAP measure because it is not able to predict with reasonable certainty the amount or nature of all items that will be included in our net income attributable to common shareholders or recurring EPS for the year ending December 31, 2025. These items are uncertain, depend on many factors and could have a material impact on our net income attributable to common shareholders and recurring EPS for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort.

 

 


 

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the U. S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; the ability to qualify for investment tax credits and investment tax credit adders; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, tariffs, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

 

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov and management encourages you to consult such disclosures.

 

All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

 

###

 

 

 

EX-99.2 3 tm2530139d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(Unaudited)

 

    For the Three Months Ended September 30,     For the Nine Months Ended September 30,  
(Thousands of Dollars, Except Share Information)   2025     2024     2025     2024  
Operating Revenues   $ 3,220,625     $ 3,063,224     $ 10,177,048     $ 8,929,321  
                                 
Operating Expenses:                                
Purchased Power, Purchased Natural Gas and Transmission     1,049,254       917,858       3,208,337       2,995,245  
Operations and Maintenance     518,341       510,439       1,473,349       1,437,826  
Depreciation     395,388       366,145       1,160,563       1,060,650  
Amortization     108,246       243,957       672,798       127,495  
Energy Efficiency Programs     173,104       148,054       565,945       506,821  
Taxes Other Than Income Taxes     287,610       264,371       817,931       740,414  
Total Operating Expenses     2,531,943       2,450,824       7,898,923       6,868,451  
Operating Income     688,682       612,400       2,278,125       2,060,870  
Interest Expense     318,065       300,576       912,107       822,640  
Losses on Offshore Wind     284,000       464,019       284,000       464,019  
Other Income, Net     85,830       112,555       273,536       318,870  
Income/(Loss) Before Income Tax (Benefit)/Expense     172,447       (39,640 )     1,355,554       1,093,081  
Income Tax (Benefit)/Expense     (196,982 )     76,537       78,849       348,309  
Net Income/(Loss)     369,429       (116,177 )     1,276,705       744,772  
Net Income Attributable to Noncontrolling Interests     1,880       1,880       5,639       5,639  
Net Income/(Loss) Attributable to Common Shareholders   $ 367,549     $ (118,057 )   $ 1,271,066     $ 739,133  
                                 
Basic Earnings/(Loss) Per Common Share   $ 0.99     $ (0.33 )   $ 3.44     $ 2.09  
                                 
Diluted Earnings/(Loss) Per Common Share   $ 0.99     $ (0.33 )   $ 3.44     $ 2.08  
                                 
Weighted Average Common Shares Outstanding:                                
Basic     371,914,953       359,520,518       369,299,065       354,483,338  
Diluted     372,262,732       359,817,657       369,619,180       354,744,846  

 

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

 

 

 

EX-99.3 4 tm2530139d1_ex99-3.htm EXHIBIT 99.3

Exhibit 99.3

 

EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT November 5, 2025 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT

EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Safe Harbor Statement 1 All per - share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The third quarter and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non - GAAP ) referencing earnings and EPS excluding losses associated with previous offshore wind investments. EPS by business is also a non - GAAP financial measure and is calculated by dividing the net income attributable to common shareho lders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and lia bilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Full year 2024 earnings discussion also includes a non - GAAP financial measure referencing earnings and EPS excluding a loss on the pending sale of the Aquarion water distribution business of $298.3 million. Eversource Energy uses these non - GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Mana gem ent believes the impacts of the losses on the previous offshore wind investments and the loss on the pending sale of the Aquarion water distribution business are not indicative of Eversource Energy's ongoing costs and performa nce . Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and use ful information to readers of this report in analyzing historical and future performance of the business. These non - GAAP financial measures should not be considered as alternatives to reported net income attributable to common shareho lders or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance. Eversource Energy does not provide guidance for net income attributable to common shareholders or recurring EPS or a reconciliation of guidance for non - GAAP recurring earnings or non - GAAP recurring EPS to the most directly comparable GAAP measure because it is not able to predict with reasonable certainty the amount or nature of all item s t hat will be included in our net income attributable to common shareholders or recurring EPS for the year ending December 31, 2025. These items are uncertain, depend on many factors and could have a material impact on our net income a ttributable to common shareholders and recurring EPS for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, as sumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking statements” within the meaning of the U. S. federal securities laws. Ge nerally, readers can identify these forward - looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” an d other similar expressions. Forward - looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward - looking statements. Forward - looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accord ing ly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our fo rwa rd - looking statements, including, but not limited to cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; the ability t o q ualify for investment tax credits and investment tax credit adders; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post - closing adjus tment under the terms of the sale agreement for these projects; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact o n i nterest rates, tax policies, tariffs, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid d ist urbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandar d p erformance of third - party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of al ter native energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations, Presidential executive or ders or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforese en factors. Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They ar e updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov and management encourages you to consult such disclosures. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual res ult s, many of which are beyond our control. You should not place undue reliance on the forward - looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities la ws, Eversource Energy undertakes no obligation to update any forward - looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipat ed events.

 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Agenda Business Update ▪ Key Strategic Priorities ▪ Quarterly Highlights 2 Joe Nolan Chairman, President & CEO John Moreira EVP, CFO & Treasurer Financial Update ▪ Q3 2025 Financial Results ▪ Regulatory Update ▪ Balance Sheet & Credit Metrics EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Chairman, President & Chief Executive Officer Joe Nolan Business Update

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Aligned with providing reliable, resilient and affordable service for customers, while driving shareholder value Our Key Strategic Priorities for 2025 Building FY 2025 momentum to achieve long - term EPS growth of between 5% and 7% Fully Regulated Business Model Balance Sheet Health Energy Transition Focus on being a 100% regulated utility making investments in line with state policies keeping in mind customer reliability and affordability Continue to strengthen Balance Sheet and enhance FFO to Debt ratio Continue leading the energy transition in New England with ~ $2B in T&D energy investments through 2029 5 - Year Capital Plan Commence capital investment in ESMP within a robust capital plan of $24.2 billion through 2029 – with 60% of distribution capital investment in MA Sustainable Long - Term Growth 4 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 5 Progress Across Eversource A shift in the CT regulatory environment ▪ New commissioners at PURA ▪ Yankee Gas rate case and sale of Aquarion making headway Offshore wind construction progress ▪ Onshore substation substantially complete; overall project moving towards delivering much needed generation for New England ▪ Project significantly de - risked Financial and operational excellence ▪ Continued top decile reliability performance ▪ FFO to Debt ratio greatly improved Robust infrastructure investment ▪ On track to invest ~$5b in 2025 in transmission and distribution ▪ AMI project on track with over 40,000 meters installed in MA

 


 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 6 Robust and Resilient Load Growth Provides Many Opportunities Load Growth Drivers Investment Opportunities Electrification New Substation Development Decarbonization Economic Expansion Growing Transmission Investment Opportunistic Land Acquisitions EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 7 Focused on Affordability Support for Customers ▪ Low - income discount rates ▪ Interconnecting new generation ▪ Recognized leadership in hardship program administration Efficiency and Transparency ▪ Expanded incentives for customers adopting efficient technologies ▪ AMI enabled insights to give customers greater control over their energy pocketbook Rate Design ▪ Smoothing high bills to avoid rate shocks ▪ Heat pump rate to align customer billing with emissions reduction EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Executive Vice President, Chief Financial Officer & Treasurer John Moreira Financial Update

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Third Quarter and Nine Months 2025 Financial Results 9 Change 9M 2024 9M 2025 Change 3Q 2024 3Q 2025 $0.08 $1.52 $1.60 $0.01 $0.49 $0.50 Electric Transmission 0.08 1.47 1.55 0.03 0.57 0.60 Electric Distribution 0.11 0.53 0.64 0.04 (0.09) (0.05) Natural Gas Distribution 0.00 0.10 0.10 (0.02) 0.07 0.05 Water Distribution (0.19) (0.06) (0.25) 0.00 0.09 0.09 Parent & Other (Non - GAAP) $0.08 $3.56 $3.64 $0.06 $1.13 $1.19 EPS (Non - GAAP) 1.28 (1.48) (0.20) 1.26 (1.46) (0.20) Losses on Offshore Wind Investments $1.36 $2.08 $3.44 $1.32 $(0.33) $0.99 Reported EPS (GAAP)

 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Regulatory Progress Across Our Service Territories Connecticut ▪ Yankee Gas Rate Case Filing – Final Decision expected November 5, 2025 ▪ Sale of Aquarion – Final Decision expected November 19, 2025 ▪ RAM Decision adopting our proposals to mitigate rate shock Massachusetts ▪ EGMA Rate Base Reset – November 2024 rate increase of $77 million – November 2025 rate increase of $62 million ▪ NSTAR Gas PBR & Rate Base Reset – November 2025 $10 million PBR rate adjustment – Motion for reconsideration filed for Rate Base Roll - in ▪ NSTAR Electric PBR adjustment – January 2025 rate increase of $56 million New Hampshire ▪ Over $450 million in storm costs pending approval 10 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT $1,448 $1,328 $1,406 $1,392 $1,363 $1,334 $1,312 $1,772 $1,871 $1,965 $2,231 $2,143 $1,958 $1,918 $998 $1,023 $1,094 $1,164 $1,184 $1,259 $1,297 $162 $163 $213 $260 $256 $222 $222 $225 $227 $4,593 $4,645 $4,721 $5,009 $4,912 $4,776 $4,754 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 2023A 2024A 2025E 2026E 2027E 2028E 2029E Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities $ In Millions $24.2 Billion 2025 - 2029 2025 – 2029 Projected Capital Expenditures for Core Businesses * 11 * The capital expenditure plan for 2025 to 2029 excludes investments in Eversource’s water business due to the pending sale o f A quarion and excludes Connecticut AMI. Potential for incremental investments during this forecast period of $1.5B - $2B

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Continued Progress Strengthening Balance Sheet & Credit Metrics Ratings Agency Downgrade Thresholds & FFO to Debt Results Q2 2025 improvement enhances credit cushion relative to downgrade thresholds and provides incremental financing flexibility and supports our credit metric s Moody's Baa2 / Negative (CFO Pre-W/C to Debt) S&P BBB / Stable (FFO to Debt) 9% 12% ES 12/31/2024 FFO to Debt Balance Sheet & Credit Rating Priorities: x Maintaining solid credit ratings x Track record of executing on FFO enhancement strategy (i.e., business dispositions, equity issuances, and regulatory recoveries) x Employing a balanced equity and debt funding plan to support capital structure targets and credit metrics ▪ $1.2 billion ATM issuance program to finance the capital investment program through 2029 ▪ DRSPP equity $600 million through 2029 x Constructive rate case outcomes and strategic priorities to further strengthen credit profile 12 12.7% ES 6/30/2025 FFO to Debt 14.6% Threshold: 13% Threshold: 12% EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Cash Flow Enhancement Drivers 13 $ in millions 2024 & 2025 x 2023 Under Recoveries $600 x South Fork Wind Tax Equity Investment $500 x Incremental Storm Cost Recovery $200 x Ørsted Sale Gross Proceeds $230 x GIP Sale Gross Proceeds $875 x ATM Equity Issuances $1,200 x Rate Increases $300 - $400 Sale of Water Business $1,600 Beyond 2025 Rate Increases Constructive Cost Recovery for Incremental Distribution Investment Deferred Storm Cost Recovery (98% of costs under review or currently in rates across three states) Storm Cost Securitization in CT O&M Cost Discipline Equity Issuances to Fund Capital Investments On track to enhance cash flows and strengthen balance sheet

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 2025 Parent Debt and Equity Issuances and Maturities 14 New Shares ▪ At - The - Market Equity Program for $1.2 billion Issued 7.1 million shares through September 2025 with net proceeds of $465 million. Treasury Shares ▪ Dividend reinvestment, employee equity programs continue with approximately 1.4 million shares issued through September 2025 Equity Issuances 2025 Maturities Maturity Size/Coupon Company Jan 15, 2025* $300M @ 3.15% Parent Aug 15, 2025* $300M @ 0.80% Parent * Paid at maturity 2026 Maturities Maturity Size/Coupon Company Mar 15, 2026 $250M @ 3.35% Parent May 15, 2026 $450M @ 4.75% Parent Aug 15, 2026 $300M @ 1.40% Parent 2025 Issuances Maturity Size/Coupon Company Dec 15, 2030 $600M @ 4.45% Parent EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.09 $4.34 $4.57 $4.72 - $4.80 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025E* 2026E 2027E 2028E 2029E * Reflects non - GAAP results, excludes nonrecurring charges 15 Proven Track Record of Earnings and Dividend Performance

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Q&A 16

 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT APPENDIX 17

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Eversource - A Pure Play Pipes and Wires Regulated Utility & the Largest in the New England Region 18 4.6M CUSTOMERS 3.4M Electric, 901k Gas, 248k Water 60K DISTRIBUTION MILES 19K Underground Lines 4.5K TRANSMISSION MILES $27B CURRENT MARKET CAPITALIZATION As of September 30, 2025 $31B 2024 RATE BASE (Excluding Water) $60B TOTAL ASSETS As of December 31, 2024 ~10,700 EMPLOYEES As of YE 2024 63.5 SYSTEM AVG MIN INTERRUPTION DURATION (SAIDI) 2024 21.2 AVG MONTHS BETWEEN INTERRUPTIONS (MBI) 2024 18 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT $ in Millions $1.9B or 10% Increase in 2025 - 2028 Core Business Investments Primarily in Transmission 19 26% 44% 25% 5% Feb 2024 Plan* Electric Transmission Electric Distribution Natural Gas Distribution IT and Facilities 28% 43% 24% 5% Feb 2025 Plan* Electric Transmission Electric Distribution Natural Gas Distribution IT and Facilities $923 $601 $304 $27 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Spending Increase from February 2024 Plan Electric Transmission Electric Distribution Natural Gas Distribution IT and Facilities ~$1.9 Billion * The charts above represent segment percentages of total investments for the years 2025 through 2028, the same four years represented by both plans. The water segment has been excluded from both plans due to the pending sale of Aquarion.

 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 37% 34% 43% 43% 20% 23% 2023 Rate Base Projected 2029 Rate Base $26.4 billion* $41.9 billion* * Rate base estimates exclude certain CWIP balances which totaled approximately $2.2 billion at the end of 2023 and are expected to increase to approximately $3.3 billion by the end of 2029 Rate Base Growth Driven by Regulated Businesses 20 Transmission Electric Distribution Natural Gas Distribution EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Pure Play Pipes and Wires Regulated Utility Rate Base Growth 2023 to 2029* 21 35% 30% 29% 6% 2023 Transmission MA (D) CT (D) NH (D) 35% 37% 21% 7% 2029 (Forecasted) Transmission MA (D) CT (D) NH (D) * The rate base amounts for 2023 and 2029 exclude investments in Eversource’s water business due to the pending sale of Aquarion .

 


 


EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Eversource Recognition For the 5 th consecutive year received the HIRE Vets (Honoring Investments in Recruiting and Employing American Military Veterans) Gold Medallion Award — a federal - level recognition as an employer committed to veteran hiring, retention, and professional development. Named as one of America’s Climate Leaders by USA TODAY and Statista for the 3 rd year in a row. Ranked #1 among energy companies and utilities nationwide for the highest core emissions reduction year - over - year. Recognized for the 6 th year in a row in Newsweek’s list of America’s Most Responsible Companies based on our corporate social sustainability performance and reputation. Named the #1 utility and for the 6 th consecutive year included in the top 100 in Just Capital and CNBC’s list of America’s Most JUST Companies, a ranking of the most responsible publicly traded companies. The TIME World's Best Companies 2024 reinforces our reputation as a company that provides an exceptional workplace environment and employment opportunities. Included as a constituent of the FTSE4Good Index Series, designed to identify companies that demonstrate strong environmental, social and governance practices measured against globally recognized standards. Recognized in the 2024 Healthiest 100 Workplaces in America, an awards program created to honor people - first organizations that prioritize the well - being of their employee population. 22

 


 

 

EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Eversource Recognition For the 5 th consecutive year received the HIRE Vets (Honoring Investments in Recruiting and Employing American Military Veterans) Gold Medallion Award — a federal - level recognition as an employer committed to veteran hiring, retention, and professional development. Named as one of America’s Climate Leaders by USA TODAY and Statista for the 3 rd year in a row. Ranked #1 among energy companies and utilities nationwide for the highest core emissions reduction year - over - year. Recognized for the 6 th year in a row in Newsweek’s list of America’s Most Responsible Companies based on our corporate social sustainability performance and reputation. Named the #1 utility and for the 6 th consecutive year included in the top 100 in Just Capital and CNBC’s list of America’s Most JUST Companies, a ranking of the most responsible publicly traded companies. The TIME World's Best Companies 2024 reinforces our reputation as a company that provides an exceptional workplace environment and employment opportunities. Included as a constituent of the FTSE4Good Index Series, designed to identify companies that demonstrate strong environmental, social and governance practices measured against globally recognized standards. Recognized in the 2024 Healthiest 100 Workplaces in America, an awards program created to honor people - first organizations that prioritize the well - being of their employee population. 22