Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Q4 2025 Earnings Presentation
25 slides from Eversource Energy (d/b/a)'s earnings presentation, Feb 13, 2026
Slide 1: Eversource Energy Year End 2025 Earnings Report
YEAR END 2025 EARNINGS REPORT February 13, 2026 Eversource Energy Year End 2025 Earnings Report FEBRUARY 13, 2026
Slide 2: Safe Harbor Statement
YEAR END 2025 EARNINGS REPORT February 13, 2026 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 earnings discussion includes financial measures tha
Slide 3: Agenda
YEAR END 2025 EARNINGS REPORT February 13, 2026 Business Update 2025 Key Accomplishments Aquarion Water Sale 2026 Key Strategic Priorities Joe Nolan Agenda Chairman, President & CEO Financial Update 2025 Financial Results Regulatory Update Updated Investment & Financing Activity Earnin
Slide 4: Business Update
February 13, 2026 YEAR END 2025 EARNINGS REPORT YEAR END 2025 EARNINGS REPORT Business Joe Nolan Update CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER 3
Slide 5: Track Record of Financial Excellence & Delivering on Guidance Expectations
6.0% 3-Year Growth Rate YEAR END 2025 EARNINGS REPORT February 13, 2026 Track Record of Financial Excellence & Delivering on Guidance Expectations RECURRING NON-GAAP EPS DIVIDENDS PER SHARE $4.76 $4.57 $3.01 $4.34 $2.86 $4.09 $2.70 $3.86 $2.55 $2.41 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Slide 6: Strategic Accomplishments in 2025
YEAR END 2025 EARNINGS REPORT February 13, 2026 Strategic Accomplishments in 2025 Maintained top decile performance for reliability 7th consecutive year of top decile performance for MBI For the 7th year Multi-year track record of top decile performance for SAIDI Eversource was recognized in
Slide 7: Our Key Strategic Priorities for 2026
YEAR END 2025 EARNINGS REPORT February 13, 2026 Our Key Strategic Priorities for 2026 Deliver Top-Tier Maintain high reliability, enhance customer experience and ensure the safety of our Performance workforce Execute on Capital Robust capital investment plan of $26.5 billion through 2030 that is foc
Slide 8: Financial Update
February 13, 2026 YEAR END 2025 EARNINGS REPORT YEAR END 2025 EARNINGS REPORT Financial John Moreira Update EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER & TREASURER 7
Slide 9: 2025 vs. 2024 Financial Results
YEAR END 2025 EARNINGS REPORT February 13, 2026 2025 vs. 2024 Financial Results Full Year Full Year 4Q 2025 4Q 2024 Change Change 2025 2024 Electric Transmission $0.49 $0.50 $(0.01) $2.09 $2.03 $0.06 Electric Distribution 0.25 0.30 (0.05) 1.80 1.77 0.03 Natural Gas Distribution 0.33 0.28 0.05 0.97 0
Slide 10: 2026 – 2030 Projected Capital Infrastructure Investments
YEAR END 2025 EARNINGS REPORT February 13, 2026 2026 – 2030 Projected Capital Infrastructure Investments Represents $2.3 billion increase as compared to prior five-year forecast $27.8 Billion including Aquarion investments of $1.3 Billion $26.5 BILLION 2026-2030 * $6,000 $5,536 $5,500 $5,352 $5,379
Slide 11: $1.5 Billion Increase in 2026-2029 Infrastructure Investments Primarily in Electric Distribution
YEAR END 2025 EARNINGS REPORT February 13, 2026 $1.5 Billion Increase in 2026-2029 Infrastructure Investments Primarily in Electric Distribution $1,800 ~$1.5 Feb 2026 Plan* $1,600 Billion $75 $1,400 4% 27% $1,200 $523 26% $ in Millions $1,000 $800 $600 $696 43% $400 $200 Electric Transmission Electr
Slide 12: Projected Transmission Capital Expenditures
YEAR END 2025 EARNINGS REPORT February 13, 2026 Projected Transmission Capital Expenditures Massachusetts driving Transmission infrastructure needs Other concepts under $1,800 development $1,608 $1,600 $1,492 $1,507 $97 $85 $1,400 $1,360 $1,275 $291 $1,209 $1,200 $181 $275 $ In Millions $287 $1,000
Slide 13: Rate Base Growth Driven by Regulated Investments & Disciplined Capital Allocation
YEAR END 2025 EARNINGS REPORT February 13, 2026 Rate Base Growth Driven by Regulated Investments & Disciplined Capital Allocation Five-Year Capital Investment Program (2026E - 2030E) Rate Base Forecast IT & Facilities $49.3 billion * Natural Gas Electric 23% Distribution 5% Transmission 26% 27% $30.
Slide 14: Regulatory Progress
YEAR END 2025 EARNINGS REPORT February 13, 2026 Regulatory Progress Massachusetts PBR Increases Approved – $55M NSTAR Electric – $10M NSTAR Gas EGMA Cost to Achieve Settlement Approved – $62M Net settlement NSTAR Gas Rate Base Roll-in Approved – $45M increase – $12M one-time credit New Hampshi
Slide 15: Financing Needs 2026-2030
YEAR END 2025 EARNINGS REPORT February 13, 2026 Financing Needs 2026-2030 Projected Cash Flows and Financing Activities ($ BILLIONS) Cash Uses Cash Sources Common Equity $0.8 - $1.1B (2.0%) Majority of financing met through Debt and alternative cash from operations. financing solutions 2 $8.5 - $9.0
Slide 16: FFO : Debt Enhancement Strategy Resulted in >100 Bps of Cushion at Both Agencies
YEAR END 2025 EARNINGS REPORT February 13, 2026 FFO : Debt Enhancement Strategy Resulted in >100 Bps of Cushion at Both Agencies S&P Moody’s 14.3% 14.1% 11.1% 9.5% September 2024 September 2025 September 2024 September 2025 230 Bps of Credit Cushion (12% Credit Threshold) 110 Bps of Credit Cushion (
Slide 17: 2026 EPS Guidance
YEAR END 2025 EARNINGS REPORT February 13, 2026 Key 2026 Earnings Drivers Transmission capital investments Base rate changes in CT, MA and NH Capital recovery mechanisms 2026 EPS Controlled operations and maintenance expenses Guidance: $4.80–$4.95 Higher depreciation and property taxes H
Slide 18: Earnings Expectations & Strategic Focus Areas to Support Future Growth
YEAR END 2025 EARNINGS REPORT February 13, 2026 Earnings Expectations & Strategic Focus Areas to Support Future Growth Regulatory Outcomes & Strategic Upcoming Regulatory & Longer-Term Implications for Initiatives to Drive Earnings Growth Strategic Milestones (2026) Eversource (2027 & Beyond) in 202
Slide 19: Q&A
YEAR END 2025 EARNINGS REPORT February 13, 2026 Q&A 18
Slide 20: Appendix
YEAR END 2025 EARNINGS REPORT February 13, 2026 Appendix 19
Slide 21: Eversource - A Pure Play Regulated Utility & the Largest in the New England Region
YEAR END 2025 EARNINGS REPORT February 13, 2026 Eversource - A Pure Play Regulated Utility & the Largest in the New England Region 4.5K 59.9K 4.6M TRANSMISSION DISTRIBUTION MILES CUSTOMERS 3.5M Electric, 897K Gas, MILES 19K Underground Lines 249K Water $64B ~$35B $25B CURRENT MARKET TOTAL ASSETS EST
Slide 22: Proven Track Record of Earnings and Dividend Performance
YEAR END 2025 EARNINGS REPORT February 13, 2026 Proven Track Record of Earnings and Dividend Performance 6% EPS 10-Year Growth Rate $4.80 $4.57 $4.76 -$4.95 $4.34 $4.09 $3.64 $3.86 $3.25 $3.45 $2.96 $3.11 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025A* 2026E 2027E 2028E 2029E 2030
Slide 23: 2025 & 2026 Parent Debt and Equity Issuances and Maturities
YEAR END 2025 EARNINGS REPORT February 13, 2026 2025 & 2026 Parent Debt and Equity Issuances and Maturities 2025 DEBT ISSUANCES Company Size/Coupon Maturity Equity Issuances Parent $600M @ 4.45% Dec 15, 2030 New Shares 2025 DEBT MATURITIES At-The-Market Program for $1.2 billion issued 7.1 million
Slide 24: Transmission Rate Base Growth Projections
YEAR END 2025 EARNINGS REPORT February 13, 2026 Transmission Rate Base Growth Projections $16,000 $15,748 $14,680 $13,547 $2,796 $14,000 $12,763 $2,856 $12,171 $12,000 $11,572 $2,758 $10,771 $2,598 $2,512 $2,312 $10,000 $2,018 $7,736 $6,705 $8,000 $ In Millions $5,780 $5,237 $4,874 $4,668 $4,363 $6,
Slide 25: Eversource Recognition
YEAR END 2025 EARNINGS REPORT February 13, 2026 Eversource Recognition Named as one of America’s Climate Leaders For the 7th year in a row Eversource was Named the #1 utility and for the 6th consecutive by USA TODAY and Statista for the 3rd year recognized in Newsweek’s list of year included in the
Eversource Energy (D/B/A) — Q4 2025 Earnings Presentation on 6ix