Eversource(US:ES)2025-08-04 18:07PART I – FINANCIAL INFORMATION Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements for Eversource Energy and its key subsidiaries for the period ended June 30, 2025 Eversource Energy and Subsidiaries Financials Eversource Energy reported increased net income and total assets for H1 2025, with a significant rise in net cash from operating activities to $2.1 billion Eversource Energy Condensed Consolidated Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Balance Sheet | | (vs. Dec 31, 2024) | | Total Assets | $60,956,100 | $59,594,529 | | Total Liabilities | $45,286,541 | $44,519,387 | | Total Common Shareholders' Equity | $15,665,791 | $15,039,387 | | Income Statement | | (vs. H1 2024) | | Operating Revenues | $6,956,423 | $5,866,097 | | Net Income Attributable to Common Shareholders | $903,517 | $857,190 | | Diluted EPS | $2.45 | $2.43 | | Cash Flow Statement | | (vs. H1 2024) | | Net Cash Flows Provided by Operating Activities | $2,097,904 | $962,026 | The Connecticut Light and Power Company (CL&P) Financials CL&P's H1 2025 net income increased to $294.9 million, driven by higher operating revenues and a substantial increase in cash from operations CL&P Condensed Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Balance Sheet | | (vs. Dec 31, 2024) | | Total Assets | $16,962,290 | $16,839,845 | | Total Liabilities | $10,436,324 | $10,275,963 | | Income Statement | | (vs. H1 2024) | | Operating Revenues | $2,673,357 | $2,085,914 | | Net Income | $294,877 | $269,954 | | Cash Flow Statement | | (vs. H1 2024) | | Net Cash Flows Provided by Operating Activities | $753,612 | $109,757 | NSTAR Electric Company Financials NSTAR Electric's H1 2025 net income rose to $336.1 million, supported by revenue growth and ongoing investment in property, plant, and equipment NSTAR Electric Condensed Consolidated Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Balance Sheet | | (vs. Dec 31, 2024) | | Total Assets | $18,728,993 | $18,075,248 | | Total Liabilities | $11,814,065 | $11,159,442 | | Income Statement | | (vs. H1 2024) | | Operating Revenues | $1,883,152 | $1,792,683 | | Net Income | $336,104 | $317,580 | | Cash Flow Statement | | (vs. H1 2024) | | Net Cash Flows Provided by Operating Activities | $393,610 | $341,373 | Public Service Company of New Hampshire (PSNH) Financials PSNH's net income grew significantly to $130.2 million in H1 2025, with cash from operations more than doubling due to improved performance PSNH Condensed Consolidated Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Balance Sheet | | (vs. Dec 31, 2024) | | Total Assets | $6,833,025 | $6,641,941 | | Total Liabilities | $4,096,029 | $3,935,139 | | Income Statement | | (vs. H1 2024) | | Operating Revenues | $651,114 | $613,427 | | Net Income | $130,194 | $99,800 | | Cash Flow Statement | | (vs. H1 2024) | | Net Cash Flows Provided by Operating Activities | $191,934 | $76,489 | Combined Notes to Condensed Financial Statements The notes detail accounting policies, regulatory assets, debt structure, contingencies, and the pending sale of the Aquarion water business - Total regulatory assets were $6.73 billion as of June 30, 2025, representing incurred costs probable of future recovery in customer rates80 - In H1 2025, the company's subsidiaries issued approximately $1.73 billion in new long-term debt to repay short-term debt and fund capital expenditures109 - Eversource has recorded a reserve of $39.1 million for the second FERC ROE complaint period, representing the difference between billed rates and a potential lower ROE131 - A contingent liability of $296 million was recorded as of June 30, 2025, related to post-closing obligations from the sale of offshore wind projects144 - Eversource agreed to sell its Aquarion water business for an enterprise value of approximately $2.4 billion, with assets and liabilities now classified as held for sale174 Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) Management discusses H1 2025 financial results, segment performance, and capital expenditures, reaffirming full-year EPS guidance and long-term growth targets Eversource Energy and Subsidiaries MD&A The company reaffirmed its 2025 EPS guidance of $4.67-$4.82, driven by rate increases and infrastructure investment, while progressing with the sale of its water business Earnings Per Share (EPS) by Business Segment | Segment | Q2 2025 EPS | Q2 2024 EPS | H1 2025 EPS | H1 2024 EPS | | :--- | :--- | :--- | :--- | :--- | | Electric Distribution | $0.44 | $0.42 | $0.95 | $0.90 | | Electric Transmission | $0.56 | $0.54 | $1.11 | $1.04 | | Natural Gas Distribution | $0.10 | $0.08 | $0.68 | $0.61 | | Water Distribution | $0.04 | $0.02 | $0.05 | $0.04 | | Total Regulated | $1.14 | $1.06 | $2.79 | $2.59 | - The company reaffirmed its 2025 EPS guidance of $4.67 to $4.82 and its long-term EPS growth rate projection of 5-7% through 2029189 - The NHPUC approved a permanent rate increase of $100.7 million for PSNH and established an authorized ROE of 9.5%, effective August 1, 2025188260 - The Greater Cambridge Energy Program, a major underground transmission project, was approved with a total estimated cost of $1.84 billion224 CL&P, NSTAR Electric, and PSNH MD&A All major electric utility subsidiaries reported increased earnings in H1 2025, driven by higher transmission earnings and base distribution rate increases - CL&P's H1 2025 earnings increased by $24.9 million, driven by higher transmission earnings and capital tracking mechanism revenues326 - NSTAR Electric's H1 2025 earnings increased by $18.5 million, primarily due to a base distribution rate increase and higher transmission earnings329 - PSNH's H1 2025 earnings increased by $30.4 million, largely due to a base distribution rate increase and higher transmission earnings330 - CL&P's operating cash flow for H1 2025 surged to $753.6 million from $109.8 million in H1 2024, mainly due to improved regulatory recoveries331 Quantitative and Qualitative Disclosures About Market Risk The company's exposure to market risk is minimal, as commodity costs are passed to customers and all long-term debt is at fixed rates - The company's regulated businesses have no material exposure to loss of future earnings from commodity price risk, as energy costs are passed on to customers335 - Interest rate risk is significantly mitigated as all of the company's long-term debt carried a fixed interest rate as of June 30, 2025336 Controls and Procedures Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal controls - Management concluded that the disclosure controls and procedures for Eversource and its reporting subsidiaries were effective as of June 30, 2025340 - No material changes to internal controls over financial reporting occurred during the quarter ended June 30, 2025341 PART II – OTHER INFORMATION Legal Proceedings The company reports no material legal proceedings or material changes to previously disclosed proceedings from its 2024 Form 10-K - There have been no material legal proceedings identified and no material changes with regard to legal proceedings previously disclosed in the 2024 Form 10-K343 Risk Factors The company states there have been no additional risk factors identified and no material changes to those previously disclosed in its 2024 Form 10-K - There have been no additional risk factors identified and no material changes to the risk factors previously disclosed in the 2024 Form 10-K344 Unregistered Sales of Equity Securities and Use of Proceeds The company purchased 2,920 of its own common shares during the quarter at an average price of $63.98 per share for its 401k plan Common Share Purchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 2 | $55.05 | | May 2025 | 0 | N/A | | June 2025 | 2,918 | $63.99 | | Total | 2,920 | $63.98 | Other Information No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025349 Exhibits This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and interactive data files