Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Q1 2025 Earnings Presentation
19 slides from Eversource Energy (d/b/a)'s earnings presentation, May 2, 2025
Slide 1: Eversource Energy Q1 2025 Earnings Report
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT May 2, 2025
Slide 2: Safe Harbor Statement
EVERSOURCE ENERGY Q1 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 first quarters 2025 and 2024 earnings discussion includes
Slide 3: Agenda
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Business Update Financial & Operational Excellence The Future of Eversource Agenda Joe Nolan Chairman, President & CEO Financial Update Q1 2025 Financial Results Regulatory Update Balance Sheet & Credit Metrics John Moreira EVP, CFO & Treasurer 2
Slide 4: Business Update
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT MAY 2, 2025 Business Joe Nolan Update Chairman, President & Chief Executive Officer
Slide 5: Pure Play Pipes and Wires Regulated Utility Rate Base Growth 2023 to 2029
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Pure Play Pipes and Wires Regulated Utility Rate Base Growth 2023 to 2029* 2029 (Forecasted) 7% 2023 6% 21% 35% 35% 29% 37% 30% Transmission MA (D) CT (D) NH (D) Transmission MA (D) CT (D) NH (D) * The rate base amounts for 2023 and 2029 exclude investments
Slide 6: Investing in Our Customers
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Investing in Our Customers AMI in Massachusetts Installing network equipment in preparation for smart meter installation in the second half of 2025 – Enabling two-way communication with the most recent technology – Allowing customers to see energy usage an
Slide 7: Our Key Strategic Priorities for 2025
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Our Key Strategic Priorities for 2025 Fully Regulated Focus on being a 100% regulated utility making investments in line with state Business Model policies keeping in mind customer reliability and affordability 5-Year Capital Commence capital investing on ES
Slide 8: Financial Update
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT MAY 2, 2025 Financial John Moreira Update Executive Vice President, Chief Financial Officer & Treasurer
Slide 9: Q1 2025 vs. Q1 2024 Financial Results
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Q1 2025 vs. Q1 2024 Financial Results 1Q 2025 1Q 2024 Change Electric Transmission $0.54 $0.50 $0.04 Electric Distribution 0.51 0.48 0.03 Natural Gas Distribution 0.60 0.54 0.06 Water Distribution 0.01 0.01 0.00 Parent & Other (0.16) (0.04) (0.12) Reported E
Slide 10: Regulatory Progress
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Regulatory Progress New Hampshire PSNH filed a request for Rate Review in June 2024 – Final Decision expected in July for rates effective August 1, 2025 Massachusetts EGMA Rate Base Reset for rates effective November 1, 2024 – November 2024 rate increase
Slide 11: 2025 – 2029 Projected Capital Expenditures for Core Businesses
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT 2025 – 2029 Projected Capital Expenditures for Core Businesses* $24.2 Billion 2025-2029 $5,500 $5,009 $4,912 $5,000 $4,645 $4,721 $222 $222 $4,776 $4,754 Potential for incremental $4,593 $4,500 $213 $260 $256 $225 $227 investments during this $162 $163 $1,16
Slide 12: Strengthening Balance Sheet & Credit Metrics
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Strengthening Balance Sheet & Credit Metrics Ratings Agency Downgrade Thresholds & FFO to Debt Results Balance Sheet & Credit Rating Priorities: Maintaining solid credit ratings Threshold: 12% Threshold: 13% Track record of executing on FFO enhancement 1
Slide 13: Cash Flow Enhancement Drivers
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Cash Flow Enhancement Drivers $ in millions 2024 & 2025 Beyond 2025 2023 Under Recoveries $600 Rate Increases South Fork Wind Tax Equity Investment $500 Incremental Storm Cost Recovery $200 Constructive Cost Recovery for Incremental Distribution In
Slide 14: Proven Track Record of Earnings and Dividend Performance
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Proven Track Record of Earnings and Dividend Performance $4.67 $4.57 -$4.82 $4.34 $4.09 $3.86 $3.45 $3.64 $3.11 $3.25 $2.81 $2.96 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025E 2026E 2027E 2028E 2029E * Reflects non-GAAP results, ex
Slide 15: Appendix
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT APPENDIX 14
Slide 16: Eversource - A Pure Play Pipes and Wires Regulated Utility
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Eversource - A Pure Play Pipes and Wires Regulated Utility & the Largest in the New England Region 4.5K 60K 4.6M TRANSMISSION DISTRIBUTION MILES CUSTOMERS MILES 19K Underground Lines 3.4M Electric, 901k Gas, 248k Water $60B ~$30B $21B TOTAL ASSETS ESTIMATED
Slide 17: $1.9 Billion Increase in 2025-2028 Core Business Investments
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT $1.9 Billion Increase in 2025-2028 Core Business Investments Primarily in Transmission $2,000 ~$1.9 Billion $27 $1,800 Feb 2024 Plan* Feb 2025 Plan* $304 $1,600 5% 5% $1,400 26% 28% $1,200 $601 24% 25% $ in Millions $1,000 $800 $600 $923 44% 43% $400 $200 El
Slide 18: Rate Base Growth Driven by Regulated Businesses
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Rate Base Growth Driven by Regulated Businesses $41.9 billion* 23% * Rate base estimates exclude certain CWIP balances which $26.4 billion* totaled approximately $2.2 billion at 20% 43% the end of 2023 and are expected to increase to approximately $3.3 billi
Slide 19: 2025 Parent Debt and Equity Issuances and Maturities
EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT 2025 Parent Debt and Equity Issuances and Maturities 2025 Maturities Equity Issuances Company Size/Coupon Maturity Parent $300M @ 3.15% Jan 15, 2025 New Shares Parent $300M @ 0.80% Aug 15, 2025 $1.2 billion of equity, the majority of which, we expect to is
Eversource Energy (D/B/A) — Q1 2025 Earnings Presentation on 6ix