Financial Data and Key Metrics Changes - The company recognized a net after-tax non-recurring charge of $75 million, or $0.20 per share, related to offshore wind liability, which increased the estimated liability for future payments to GIP by approximately $285 million, offset by $210 million of tax benefits [16][17] - GAAP earnings for Q3 were $0.99 per share, compared to a loss of $0.33 per share in the same quarter last year, while non-GAAP recurring earnings were $1.19 per share, up from $1.13 per share year-over-year [17][18] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.01 per share due to higher revenues from continued investment in the transmission system [18] - Electric distribution earnings rose by $0.03 per share, reflecting distribution rate increases in New Hampshire and Massachusetts [18] - Natural gas segment earnings improved by $0.04 per share, primarily due to base distribution rate increases [18] - Water distribution earnings decreased by $0.02 per share due to higher O&M and depreciation expenses [19] Market Data and Key Metrics Changes - Year-to-date weather-normalized load growth was 2%, with a peak of over 12 gigawatts recorded this summer, the highest since 2013 [11] - The evolving electric demand landscape necessitates numerous transmission projects to improve regional reliability and address congestion [11] Company Strategy and Development Direction - The company is focused on executing key strategic initiatives to drive sustainable growth and strengthen its balance sheet [4] - There is a strong emphasis on infrastructure investments, with nearly $5 billion planned for the year [9] - The company is pursuing various transmission projects to support future growth, including the Cambridge Underground Substation [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment in Connecticut, highlighting opportunities for collaboration with the new PURA commissioners [5][7] - The company aims to deliver reliable, sustainable energy while maintaining affordability for customers through cost-effective investments and efficient operations [14] - The company reaffirmed its 2025 recurring earnings per share guidance to a range of $4.72-$4.80, with a long-term EPS growth rate of 5%-7% [25] Other Important Information - The company is on track to close the sale of Aquarion Water by the end of the year, with a final decision from PURA expected on November 19 [7][21] - The company has installed over 40,000 AMI meters in Massachusetts and completed the communication network deployment in the western portion of its service territory [10] Q&A Session Summary Question: Update on Yankee Gas and alternative resolution - Management indicated that the decision from PURA was better than the draft decision, and they will provide more information later [32] Question: NSTAR Gas PBR proposal denial - Management explained that the denial was due to a roll-in of GSEP and indicated plans to file a general rate case if necessary [35][36] Question: Regulatory updates and credit agency views - Management noted that credit agencies are in a wait-and-see mode regarding regulatory outcomes [42] Question: Land acquisition strategy - Management clarified that land acquisitions are for their own regulated business and strategic energy injection [60][61] Question: Timing for storm cost securitization resolution - Management expects a decision on storm cost securitization in the second or third quarter of the following year [72] Question: Completion of Revolution Wind project - Management reported significant progress, with 52 of 65 turbines installed and an improved project schedule [68] Question: Tax rate expectations - Management anticipates the tax rate to be in the low 20% for the current year, moving towards a more normal level in 2026 [92]

Financial Data and Key Metrics Changes - The company recognized a net after-tax non-recurring charge of $75 million, or $0.20 per share, related to offshore wind liability, which increased the estimated liability for future payments to GIP by approximately $285 million, offset by $210 million of tax benefits [16][17] - GAAP earnings for Q3 were $0.99 per share, compared to a loss of $0.33 per share in the same quarter last year, while non-GAAP recurring earnings were $1.19 per share, up from $1.13 per share year-over-year [17][18] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.01 per share due to higher revenues from continued investment in the transmission system [18] - Electric distribution earnings rose by $0.03 per share, reflecting distribution rate increases in New Hampshire and Massachusetts [18] - Natural gas segment earnings improved by $0.04 per share, primarily due to base distribution rate increases in Massachusetts [18] - Water distribution earnings decreased by $0.02 per share due to higher O&M and depreciation expenses [19] Market Data and Key Metrics Changes - Year-to-date weather-normalized load growth was reported at 2%, with a peak of over 12 gigawatts experienced this summer, the highest since 2013 [11] - The company is on track to invest nearly $5 billion in transmission and distribution infrastructure this year [9] Company Strategy and Development Direction - The company is focused on executing key strategic initiatives to drive sustainable growth and strengthen its balance sheet [4] - There is a strong emphasis on infrastructure investments to maintain a reliable and resilient grid, accommodating new sources of generation to meet increasing electric demand [6][10] - The company is pursuing numerous transmission projects to address evolving electric demand and improve regional reliability [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the constructive shift in Connecticut's regulatory landscape, which is expected to facilitate collaboration on regulatory initiatives [5][7] - The company aims to deliver reliable, sustainable energy while keeping costs manageable and partnering with customers to ensure affordability [14] - The company reaffirmed its 2025 recurring earnings per share guidance to a range of $4.72-$4.80, with a longer-term EPS growth rate of 5%-7% [25] Other Important Information - The company has made significant progress on the Revolution Wind project, with Ørsted reporting that 52 of the 65 turbines are installed [67] - The company is actively working on storm cost recovery, with 98% of deferred storm costs either under review or already in rates [24] Q&A Session Summary Question: Update on Yankee Gas and alternative resolution - Management indicated that the decision from PURA was better than the draft decision, and they will provide more information later [32][33] Question: NSTAR Gas PBR proposal denial - Management explained that the denial was due to a roll-in of GSEP and indicated plans to file a general rate case if necessary [36] Question: Regulatory updates and credit agency views - Management noted that credit agencies are in a wait-and-see mode regarding regulatory outcomes [42] Question: Land acquisition strategy - Management clarified that land acquisitions are for their own regulated business and strategic energy injection [60] Question: Timing for storm cost securitization resolution - Management expects a decision on storm cost securitization in the second or third quarter of the following year [71] Question: Tax rate expectations - Management anticipates the tax rate to be in the low 20% for the current year, moving towards a more normal level in 2026 [91] Question: Completion of Revolution Wind project - Management reported significant progress and expects to improve the project schedule [67] Question: End of the Revolution Wind project agreement with Ørsted - Management stated that the end of the agreement will be at the Commercial Operation Date (COD) [100]

Financial Data and Key Metrics Changes - The company recognized a net after-tax non-recurring charge of $75 million, or $0.20 per share, related to offshore wind liability, which increased the estimated liability for future payments to GIP by approximately $285 million, offset by $210 million of tax benefits [16][17] - GAAP earnings for Q3 2025 were $0.99 per share, compared to a loss of $0.33 per share in Q3 2024, while non-GAAP recurring earnings for Q3 2025 were $1.19 per share, up from $1.13 per share in the prior year [17] - The FFO to debt ratio was 12.7% as of Q2 2025, reflecting an improvement of over 300 basis points from December 2024, and is expected to exceed 13% for Q3 2025 [22][23] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.01 per share due to higher revenues from continued investment in the transmission system [18] - Electric distribution earnings rose by $0.03 per share, reflecting distribution rate increases in New Hampshire and Massachusetts [18] - Natural gas segment earnings improved by $0.04 per share, primarily due to base distribution rate increases in Massachusetts [18] - Water distribution earnings decreased by $0.02 per share due to higher O&M and depreciation expenses [19] Market Data and Key Metrics Changes - Year-to-date weather-normalized load growth was 2%, with a peak of over 12 gigawatts recorded this summer, the highest since 2013 [11] - The company is experiencing robust load growth driven by electrification of transportation and heating, decarbonization initiatives, and economic expansion across manufacturing and commercial sectors [10] Company Strategy and Development Direction - The company is focused on executing key strategic initiatives to drive sustainable growth and strengthen its balance sheet [4] - There is a strong emphasis on infrastructure investments, with nearly $5 billion planned for the year, and a five-year capital plan of $24.2 billion [9][21] - The company is pursuing numerous transmission projects to accommodate increasing electric demand and improve regional reliability [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment in Connecticut, highlighting opportunities for collaboration with the new PURA commissioners [5][6] - The company aims to deliver reliable, sustainable energy while maintaining affordability for customers through cost-effective investments and efficient operations [15] - Management reaffirmed a longer-term EPS growth rate of 5%-7% off the 2024 non-GAAP EPS base, driven by disciplined execution of the strategic plan [25] Other Important Information - The company has installed over 40,000 AMI meters in Massachusetts and completed the communication network deployment in the western portion of its service territory [10] - The company is expanding energy efficiency programs to provide incentives for residential and low-income customers [14] Q&A Session Summary Question: Update on Yankee Gas and alternative resolution - Management indicated that the decision from PURA was better than the draft decision, which is encouraging [26][27] Question: NSTAR Gas PBR proposal denial - The company filed a motion for reconsideration and intends to file a rate case due to the denial of the $160 million recovery proposal [28][29][30] Question: Regulatory environment and credit agency views - Credit agencies are in a wait-and-see mode regarding regulatory outcomes, focusing on collaborative efforts with the new commission [32] Question: Land acquisition strategy - The company is acquiring land for its regulated business to support energy injection and interconnections, not for data centers [34][35] Question: Revolution Wind project completion - The project is progressing well, with Ørsted reporting 85% completion, and the company expects to improve the project schedule [39] Question: Storm cost securitization timing - The company anticipates a decision on storm cost securitization in the second or third quarter of 2026 [40][41] Question: Tax rate expectations - The adjusted tax rate is expected to be in the low 20% range for this year, moving towards a more sustainable level in 2026 [46][47]

EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT November 5, 2025 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Safe Harbor Statement 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 princip ...

Core Viewpoint - Eversource Energy reported quarterly earnings of $1.19 per share, exceeding the Zacks Consensus Estimate of $1.12 per share, and showing a year-over-year increase from $1.13 per share [1][2] Financial Performance - The company achieved revenues of $3.22 billion for the quarter ended September 2025, which was 9.06% below the Zacks Consensus Estimate, but up from $3.06 billion a year ago [2] - Over the last four quarters, Eversource has surpassed consensus EPS estimates three times and topped revenue estimates twice [2] Stock Performance - Eversource shares have increased approximately 29.5% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [3] Future Outlook - The company's earnings outlook will be crucial for determining the sustainability of its stock price movement, with current consensus EPS estimates at $1.19 for the upcoming quarter and $4.75 for the current fiscal year [4][7] - The Zacks Rank for Eversource is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Utility - Electric Power industry, to which Eversource belongs, is currently ranked in the top 23% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Core Insights - Eversource Energy exceeded Wall Street profit expectations for the third quarter, driven by increased service rates [1] Financial Performance - The company reported higher profits compared to analysts' forecasts, indicating strong financial performance in the third quarter [1]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides details on Eversource Energy's Form 8-K filing and its common share listing [Registrant Details](index=1&type=section&id=Registrant%20Details) Eversource Energy (ES) filed a Form 8-K on October 14, 2025, detailing current events. The company's common shares are listed on the New York Stock Exchange - Eversource Energy (ES) filed a **Form 8-K** on **October 14, 2025**[2](index=2&type=chunk) Securities Registered | Title of each class | Trading Symbol | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Shares, $5.00 par value per share | ES | New York Stock Exchange | [Section 2 - Financial Information](index=2&type=section&id=Section%202%20-%20Financial%20Information) This section details Eversource Energy's Q3 2025 financial results and offshore wind liability update [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Eversource Energy issued a news release on October 14, 2025, providing an update on offshore wind liability, including unaudited financial information for the three months ended September 30, 2025. This information is attached as Exhibit 99.1 - Eversource Energy issued a news release on **October 14, 2025**, updating on offshore wind liability and unaudited **Q3 2025** financial information[5](index=5&type=chunk) - The news release is attached as Exhibit 99.1 and incorporated by reference, but the information is not deemed 'filed' with the SEC unless specified[5](index=5&type=chunk)[6](index=6&type=chunk) [Section 8 - Other Events](index=2&type=section&id=Section%208%20-%20Other%20Events) This section outlines post-closing adjustments and increased contingent liability for offshore wind projects [Item 8.01 Other Events](index=2&type=section&id=Item%208.01%20Other%20Events) This section details the post-closing adjustments and increased contingent liability related to the sale of Eversource's interests in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners (GIP). Revised cost projections for Revolution Wind led to an expected $285 million increase in liability and a net after-tax charge of $75 million in Q3 2025 - Eversource sold its interests in the South Fork Wind and Revolution Wind projects to affiliates of Global Infrastructure Partners (GIP) on **September 30, 2024**[7](index=7&type=chunk) Offshore Wind Contingent Liability Evolution | Date | Liability Amount | | :--- | :--- | | September 30, 2024 (initial) | $365 million | | June 30, 2025 | $296 million | | Q3 2025 (expected increase) | +$285 million | | Q3 2025 (expected net after-tax charge) | $75 million | | Q3 2025 (expected EPS impact) | $0.20 per share | - The **$285 million** increase in liability is due to revised construction cost projections for Revolution Wind, reflecting damage to the installation vessel, insurance costs, and a stop-work order from BOEM[9](index=9&type=chunk) - The expected **$285 million** increase in liability will result in a net after-tax non-recurring charge of approximately **$75 million**, or **$0.20 per share**, in **Q3 2025**, partially offset by a **$210 million** federal tax benefit[11](index=11&type=chunk) - Revolution Wind project completion is still expected in the **second half of 2026**[10](index=10&type=chunk) [Non-GAAP Measures and Forward-Looking Statements](index=3&type=section&id=Non-GAAP%20Measures%20and%20Forward-Looking%20Statements) This section discusses the use of non-GAAP financial measures and outlines key forward-looking statement risks [Non-GAAP Financial Measures Disclosure](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Disclosure) Eversource uses non-GAAP financial measures to evaluate and present earnings results, excluding non-recurring items such as losses on offshore wind investments, the Aquarion water business sale, land disposition, and certain transaction costs. Management believes these exclusions provide a more meaningful representation of ongoing operating performance - Eversource uses non-GAAP financial measures to evaluate and provide details of earnings results by business, excluding specific non-recurring items[12](index=12&type=chunk) - Excluded items include losses on offshore wind equity method investments, the pending sale of the Aquarion water distribution business, disposition of land for the Northern Pass Transmission project, and certain transaction/transition costs[12](index=12&type=chunk) - Management believes these non-GAAP measures offer a more meaningful representation of financial performance by excluding items not indicative of ongoing costs and performance[12](index=12&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. Key risks include cyberattacks, ability to qualify for tax credits, variability in offshore wind project costs, capital market disruptions, economic conditions, regulatory actions, and extreme weather - The report includes forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially[13](index=13&type=chunk) - Key risk factors include cyberattacks, ability to qualify for investment tax credits, variability in offshore wind project costs (Revolution Wind and South Fork Wind), disruptions in capital markets, changes in economic conditions, and regulatory actions[13](index=13&type=chunk) - Eversource encourages readers to consult its SEC filings and website for detailed risk factor disclosures[14](index=14&type=chunk) [Section 9 - Financial Statements and Exhibits](index=5&type=section&id=Section%209%20-%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits filed with the Form 8-K, including the interactive data file [Item 9.01 Financial Statements and Exhibits](index=5&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits filed with the Form 8-K, specifically Exhibit 104, which is the Cover Page Interactive Data File embedded within the Inline XBRL document Exhibits Filed | Exhibit Number | Description | | :--- | :--- | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=6&type=section&id=Signature) This section confirms the official signing of the report by Eversource Energy's authorized officer [Registrant Signature](index=6&type=section&id=Registrant%20Signature) The report was duly signed on October 14, 2025, by Jay S. Buth, Vice President, Controller, and Chief Accounting Officer of Eversource Energy - The report was signed on **October 14, 2025**, by Jay S. Buth, Vice President, Controller and Chief Accounting Officer of Eversource Energy[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)

Core Insights - Ford's Home Power Management system allows the F-150 Lightning electric pickup truck to provide electricity to homes, offering a solution for power outages and reducing electricity costs for homeowners [3][4][7]. Group 1: Home Power Management System - The system enables the F-150 Lightning to act as a backup power source during outages, capable of powering a home for approximately three days [6]. - Homeowners can save around $40 monthly on their power bills by utilizing the truck's stored energy instead of drawing from the grid during peak usage times [3][7]. - Ford estimates that regular use of the system can lead to annual savings of about $500 on electric bills [7]. Group 2: Smart Charging and Energy Rewards - The system allows for smart charging, where the truck can be recharged overnight when electricity rates are lower, optimizing energy costs [9]. - Ford is collaborating with various utilities to implement the Ford Energy Rewards program, compensating users for deferring charging during peak demand periods [11][12]. - A pilot program with DTE Energy is currently underway, where participants can share a portion of their F-150 Lightning's battery capacity with the utility [13]. Group 3: Market Position and Competitors - The vehicle-to-home (V2H) technology is not exclusive to Ford, as it is also available in models from Nissan, Kia, Tesla, and General Motors [14]. - Ford's decision to focus on the F-150 Lightning for this technology is due to its larger battery and the introduction of the Ford Charge Station Pro, which supports bi-directional charging [15][16].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest in AI technologies now [1][13] - The energy demands of AI technologies are highlighted as a critical concern, with data centers consuming energy equivalent to that of small cities, leading to potential crises in power supply [2][3] Investment Opportunity - A specific company is presented as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for supporting the anticipated surge in energy demand from AI data centers [3][7] - This company is characterized as a "toll booth" operator in the AI energy boom, benefiting from the increasing need for electricity as AI technologies expand [4][5] Market Position - The company is noted for its unique position in the market, being one of the few capable of executing large-scale engineering, procurement, and construction projects across various energy sectors, including nuclear energy [7][8] - It is described as debt-free and holding a significant cash reserve, which is nearly one-third of its market capitalization, providing a strong financial foundation [8][10] Growth Potential - The company also has a substantial equity stake in another AI-related venture, offering investors indirect exposure to multiple growth opportunities in the AI sector without the associated high premiums [9][10] - The stock is considered undervalued, trading at less than seven times earnings, which presents a compelling investment opportunity given its ties to the growing AI and energy markets [10][11] Industry Trends - The article discusses the broader trends of onshoring and increased U.S. LNG exports, driven by recent tariffs, which further position this company favorably within the energy landscape [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12]

Core Viewpoint - Eversource Energy is positioned for steadier growth due to an improving regulatory environment in Connecticut, leading to an upgrade from Bank of America to Buy with a price forecast increase to $85 from $73 [1][6]. Regulatory Environment - Connecticut is experiencing a positive regulatory reset following structural and leadership changes at the Public Utilities Regulatory Authority (PURA) [2]. - The implementation of Senate Bill 4, which expands PURA to five commissioners and allows for the securitization of storm costs, is seen as a significant turning point [3]. - The nomination of four new PURA commissioners by Governor Lamont, described as more balanced and technically experienced, indicates a shift towards stability in regulatory proceedings [4]. Near-Term Catalysts - Key near-term catalysts include the proposed decision on the Aquarion sale and the final order on Yankee Gas, with expectations that Eversource will re-market the segment if the sale is not approved [5]. - The clarity of the balance sheet is expected to unlock further rate base growth, with approximately $3 billion in deferred items being addressed [6]. Financial Projections - Bank of America has raised its earnings outlook for Eversource Energy, projecting 2026 earnings of $5.05 per share, an increase from $4.95, with 2027 and 2028 estimates also raised [6]. - The bank maintains a 5-7% EPS CAGR outlook through 2029, projecting gradual improvement in FFO-to-debt to 14.2% [7]. Valuation - The price forecast of $85 is based on a sum-of-the-parts (SOTP) valuation, applying 2027 average peer price-to-earnings multiples of 16.4x for the electric segment and 16.1x for natural gas, adjusted upward by 5% for expected earnings growth potential [8].