Eversource Energy (d/b/a) · NYSE:ES
Eversource Energy (d/b/a) — Q2 2026 Earnings Presentation
27 slides from Eversource Energy (d/b/a)'s earnings presentation, Jul 31, 2026
Slide 1: Eversource Energy Q2 2026 Earnings Report
Q2 2026 EARNINGS REPORT July 31, 2026 Eversource Energy Q2 2026 Earnings Report JULY 31, 2026
Slide 2: Safe Harbor Statement
Q2 2026 EARNINGS REPORT July 31, 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 that are not
Slide 3: Agenda
Q2 2026 EARNINGS REPORT July 31, 2026 Business Update Recent Highlights, incl ISO-NE LTTP RFP Execution Updates on Key Initiatives Connecticut Regulatory Developments Joe Nolan Agenda Chairman, President & CEO Financial Update Q2 2026 Financial Results Regulatory Update and FERC ROE Bala
Slide 4: Business Update
Q2 2026 EARNINGS REPORT Q2 2026 EARNINGSJuly 31, 2026 REPORT Business Joe Nolan Update CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER 3
Slide 5: Our Key Strategic Priorities for 2026
Q2 2026 EARNINGS REPORT July 31, 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 focused on In
Slide 6: Recent Highlights
Q2 2026 EARNINGS REPORT July 31, 2026 Recent Highlights Recurring EPS of $0.87 In line with revised guidance Completed Sale of Aquarion $1.7 billion cash realized Ratings Updates Moody’s outlook changed to stable Revolution Wind Project Expecting COD by year end, as Orsted has previously sta
Slide 7: ISO-NE Longer-Term Transmission Planning (LTTP) RFP
Q2 2026 EARNINGS REPORT July 31, 2026 ISO-NE Longer-Term Transmission Planning (LTTP) RFP July 22, 2026 Preliminary Preferred Solution New England States Committee on Electricity (NESCOE) initiated RFP ISO-NE issued RFP in March 2025 for interface and deliverability solutions Criteria include
Slide 8: Connecticut Regulatory Matters
Q2 2026 EARNINGS REPORT July 31, 2026 Connecticut Regulatory Matters CL&P Storm Cost Securitization – PURA final decision found vast majority of our storm costs prudent – Approved storm costs to be securitized providing rate relief to customers CL&P Rate Case Filing – Focused to move Connecticut
Slide 9: Latest Sustainability Report
Q2 2026 EARNINGS REPORT July 31, 2026 Latest Sustainability Report Published in May 2026 covering 2025 accomplishments and performance updates: Continued advancing climate commitment with ambitious near and long-term GHG emissions targets. – Achieved 28% reduction in operational emissions since 20
Slide 10: Financial Update
Q2 2026 EARNINGS REPORT Q2 2026 EARNINGSJuly 31, 2026 REPORT Financial John Moreira Update EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER & TREASURER 9
Slide 11: Second Quarter and First Half 2026 Financial Results
Q2 2026 EARNINGS REPORT July 31, 2026 Second Quarter and First Half 2026 Financial Results 2Q 2026 2Q 2025 Change 1H 2026 1H 2025 Change Electric Transmission (Non-GAAP) $0.49 $0.56 $(0.07) $1.08 $1.11 $(0.03) Electric Distribution 0.45 0.44 0.01 0.99 0.95 0.04 Natural Gas Distribution 0.08 0.10 (0.
Slide 12: CL&P Rate Case – Powering Connecticut's Future With a Focus on Affordability
Q2 2026 EARNINGS REPORT July 31, 2026 CL&P Rate Case – Powering Connecticut’s Future With a Focus on Affordability Filed July 14, 2026 First filing since 2017 $451 million base deficiency (excl. storms) ROE of 10.25% and ~54% Equity Proposed four-year rate plan with PBR Framework to support AMI impl
Slide 13: FERC ROE – Recent Actions Taken On The 2011 Section 206 Complaint
Q2 2026 EARNINGS REPORT July 31, 2026 FERC ROE – Recent Actions Taken On The 2011 Section 206 Complaint FERC approved motion to extend refund; now due mid-2027 March decision dismissed complaints 2, 3 and 4 Petition for Review and Motion for Stay filed with D.C. Circuit Court FERC ordered refund b
Slide 14: FERC ROE – Section 205 Filing to Set New ROE
Q2 2026 EARNINGS REPORT July 31, 2026 FERC ROE – Section 205 Filing to Set New ROE Section 205 filed April 30th Requesting 11.39% ROE FERC responded June 29th, established paper hearing process Briefs will be filed August 28th Reply Briefs will be filed September 28th Rates will be effective Novembe
Slide 15: Updated Financing Needs 2026-2030
Q2 2026 EARNINGS REPORT July 31, 2026 Updated Financing Needs 2026-2030 $1.5B hybrid offering closed $1.7B Aquarion cash closed Projected Cash Flows and Financing Activities February 2026 June 2026 Cash Uses Cash Sources Common Equity Common Equity $0.8 $0.8- – $1.1B $1.1B (2.0%) (3.2%) Debtand Debt
Slide 16: FFO to Debt Enhancement Strategy Stabilizes Results
Q2 2026 EARNINGS REPORT July 31, 2026 FFO to Debt Enhancement Strategy Stabilizes Results Outlook upgraded to stable S&P Moody’s from negative in early July 15.7% 14.2% 14.3% 14.5% December 2025 March 2026 December 2025 March 2026 230 Bps of Credit Cushion (12% Downgrade Threshold) 270 Bps of Credit
Slide 17: CL&P Storm Cost Decision and Securitization Schedule
Q2 2026 EARNINGS REPORT July 31, 2026 CL&P Storm Cost Decision and Securitization Schedule CL&P St orm Cos t D ec i s i on ( $M ) CL&P Sec u ri t i zat i on Sc hedu l e Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 $974.2 Requested Final Storm Cost Decision $(63.3) Deferred Prepare Filing $(41.5) Exclusions Financi
Slide 18: 2026 – 2030 Projected Capital Infrastructure Investments
Q2 2026 EARNINGS REPORT July 31, 2026 2026 – 2030 Projected Capital Infrastructure Investments Represents $2.3 billion increase as compared to prior five-year forecast $26.5 BILLION 2026-2030 * $6,000 $5,536 $5,500 $5,352 $5,379 Potential for incremental $5,175 $256 $5,072 $276 $219 investments duri
Slide 19: 2026 Revised non-GAAP EPS Guidance
Q2 2026 EARNINGS REPORT July 31, 2026 Key 2026 Earnings Drivers Transmission capital investments 2026 Revised Base rate changes in CT, MA and NH non-GAAP Capital recovery mechanisms EPS Guidance Controlled operations and maintenance expenses $4.57–$4.72* Original Guidance Higher depreciati
Slide 20: Earnings Expectations & Strategic Focus Areas to Support Future Growth
Q2 2026 EARNINGS REPORT July 31, 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 2027 & Beyond
Slide 21: Q&A
Q2 2026 EARNINGS REPORT July 31, 2026 Q&A 20
Slide 22: Appendix
Q2 2026 EARNINGS REPORT July 31, 2026 Appendix 21
Slide 23: Eversource - A Pure Play Regulated Utility & the Largest in the New England Region
Q2 2026 EARNINGS REPORT July 31, 2026 Eversource - A Pure Play Regulated Utility & the Largest in the New England Region 4.5K 59.9K 4.4M TRANSMISSION DISTRIBUTION MILES CUSTOMERS 3.5M Electric, 897K Gas MILES 19K Underground Lines (Excluding Water) $64B $34B $25B CURRENT MARKET TOTAL ASSETS 2025 RAT
Slide 24: Proven Track Record of Earnings Performance
Q2 2026 EARNINGS REPORT July 31, 2026 Proven Track Record of Earnings Performance 6% EPS 10-Year Growth Rate $4.76 $4.57 $4.57 -$4.72 $4.34 $4.09 $3.86 $3.64 $3.45 $3.11 $3.25 $2.96 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025A* 2026E* 2027E 2028E 2029E 2030E * Reflects non-GAAP
Slide 25: 2026 & 2027 Parent Debt and Equity Issuances and Maturities
Q2 2026 EARNINGS REPORT July 31, 2026 2026 & 2027 Parent Debt and Equity Issuances and Maturities 2026 JUNIOR SUBORDINATED NOTES ISSUANCES Company Size/Coupon Maturity Equity Issuances Parent $750M @ 6.10% Aug 15, 2056 Parent $750M @ 6.35% Aug 15, 2056 New Shares 2026 DEBT MATURITIES At-The-Market
Slide 26: Procedural Background: FERC's ISO-NE Transmission ROE Decision
Q2 2026 EARNINGS REPORT July 31, 2026 Procedural Background: FERC’s ISO-NE Transmission ROE Decision In March 2026, FERC finally issued a decision Procedural Timeline related to complaints against the ISO-NE 15-Year Period transmission owners ‒ Decision resulted in a reduction of the authorized ba
Slide 27: Eversource Recognition
Q2 2026 EARNINGS REPORT July 31, 2026 Eversource Recognition Named as one of America’s Climate Leaders The TIME America’s Best Companies Included as a constituent of the FTSE4Good For the 7th year in a row Eversource was by USA TODAY and Statista for the 3rd year in 2026 ranking identifies top-perfo
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