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Image source: The Motley Fool. Friday, July 31, 2026 at 9:00 a.m. ET Vice President of Investor Relations - Rima Hyder Chairman, President, and Chief Executive Officer - Joseph R. Nolan Jr. Executive Vice President, Chief Financial Officer, and Treasurer - John Moreira Vice President, Controller, and Chief Accounting Officer - Jay Buth Operator: Good day, everyone, and thank you for standing by. Welcome to Eversource Energy Second Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. You will then hear a message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. Now it is my pleasure to hand the conference to the Vice President of Investor Relations, Rima Hyder. Please proceed. Rima Hyder: Good morning, and thank you for joining us today on our second quarter 2020 earnings call. During this call, we will be referencing slides that are available on our website at eversource.com. As you can see on Slide 1, some of the statements made during this investor call may be forward looking. These statements are based on management's current expectations and are subject to risk and uncertainty. Which may cause the actual results to differ materially from forecast and projections. We undertake no obligation to update or revise any of these statements. Additional information about the various factors that may cause actual results to differ and our explanation of non GAAP measures and how they reconcile the GAAP results is contained within our news release, the slides we posted last night and in our most recent 10 Q and 10 ks. Speaking today will be Joe Nolan, our chairman, president, and chief executive officer and John Moreira, our Executive Vice President, CFO, and Treasurer. Joining us today is Jay Buth, our vice president, controller, and chief accounting officer. I will now turn the call over to Joe. Joseph R. Nolan Jr.: Thank you, Rima. Good morning, everyone, and thank you for joining us. Starting on Slide 4, as we complete the midpoint of the year, we are pleased with the terrific progress. we have made this quarter. Our team is focused on executing the priorities we have established over the past year. Including completing the sale of Aquarion, delivering strong operational performance and strengthening the balance sheet. At the same time, we are continuing to advance the investments needed to support safe reliable and more resilient electric and natural gas systems for our customers. As you can see on slide 5, we have several recent accomplishments. From an earnings perspective, we delivered second quarter recurring earnings per share of $0.87 in line with our expectations and we are reaffirming our long term EPS growth guidance of 5% to 7%. We have also delivered on maintaining a strong financial foundation. Which is a major focus for us. Our disciplined approach to capital allocation and balance sheet management continues to position us well to fund critical infrastructure investments. While preserving the financial flexibility needed to support long term growth. The recent Moody's change to our outlook from negative to stable is a testament to our consistent execution and commitment to strengthening our balance sheet and the sustainability of our financial strategy to support our long term growth. We continue to make progress. On key initiatives that will deliver higher growth for our business and further derisk our business profile. First, we completed the sale of Aquarion. Which resulted in net proceeds of $1.7 billion This sale was a significant milestone in furthering our strategic position as a pure play regulated pipes and wires utility. It allows us to optimize our portfolio by focusing on our core electric and natural gas operations across New England. While efficiently reinvesting capital for the benefit of our customers. Second, the Revolution Wind project continues to progress. Through advanced stages of construction and commissioning. As we do each quarter, we continue to evaluate our contingent liability. Associated with the sale of Revolution Wind. Based on revised cost projections, of total construction costs. Which included cost increases stemming from 2 stop work orders we recognized an after tax charge of $164 million. In the second quarter to increase this liability As Austin has previously stated, the project is on track to reach its commercial operation date later this year. Lastly, on the FERC ROE decision, we have taken multiple actions. To address this decision. Appealing to FERC as well as the DC Court of Appeals. We expect that FERC will make a decision on the prospective ROE by November 30. John will cover the process and the timeline for the court appeal. 1 thing is certain: now, more than ever, New England region needs more transmission investment and utilities need a predictable regulatory environment to attract long term capital. To fund these investments for the benefit of customers. Our investments in transmission have delivered billions of dollars in savings for customers over the years. By eliminating significant congestion costs for the region while also making the grid more resilient. We see ample need and opportunities for transmission infrastructure investment. To further alleviate overall costs for customers. In fact, as you can see on Slide 6, following a comprehensive evaluation of 6 bids, submitted in response to ISO New England's 2025 longer term transmission planning RFP, ISO New England has preliminarily selected the joint proposal submitted by Eversource and Avangrid as the preferred solution. This transmission project is designed to increase transmission capacity between Maine and New Hampshire. While strengthening the transmission interface between Northern and Southern New England. Eversource's share of the $2.2 billion project is approximately $700 million with an anticipated in service date of 2032. There are still significant steps ahead before a final solution is reached in the coming months. If this project is ultimately successful, it will greatly help address the affordability challenge facing New England by enabling increased supply and easing congestion costs. This would mark the second competitive transmission bid awarded to Eversource. Following the Boston 2028 solution study project in 2020. That project was successfully completed by Eversource ahead of schedule and under budget. As we have stated previously, incumbent utilities are uniquely positioned to deliver reliable, cost effective transmission solutions for the region. Leveraging their operational expertise existing infrastructure, and established relationships with stakeholders and communities. This is another example of our keen focus as a pure play pipes and wires utility. To deliver cost effective solutions that provide benefits to customers. Moving on to Connecticut regulatory front, on Slide 7. We received our final storm cost decision this week and are pleased that we can now proceed with securitization financing. To enable the recovery of these storm costs. Something we intend to execute on as soon as possible. We also filed our CLMP rate review earlier this month the first in almost a decade. Our proposal creates a sustainable path forward. That balances affordability with the investments needed to maintain and strengthen the electric system that Connecticut depends on. A safe, reliable, and resilient electric grid is the cornerstone of the state's economy and enables the achievement of many important goals. Including carbon reduction and electrification. The decision from this rate review will shape the state's electric infrastructure for the next decade. And prepare the state for future economic growth. Over the last 10 years, our customers in Connecticut have enjoyed increased reliability. As a direct result of our strategic investments in the electric system. Continued investment is needed. To maintain the level of affordable reliability and resiliency that customers have come to expect This includes addressing aging infrastructure, that is nearing the end of its useful life. Responding to more frequent and unpredictable severe weather events, and making the necessary upgrades to support the growing electric demand in the state. Since our last rate case in 2017, we have invested over 4 billion to improve and upgrade our electric distribution infrastructure serving our 1.3 million customers across 157 cities and towns in Connecticut. In our rate filing, we have clearly demonstrated how our Connecticut customers have directly benefited from the investments we have made. Nearly half of all power interruptions experienced by customers in 2025 were restored remotely in a matter of minutes. The average customer experience is 1 outage nearly every 2 years which is a 15% improvement since 2017. Additionally, we estimate that more than 1.5 million customer outages were avoided across Connecticut last year thanks to automated technology installed on the system. And lastly, through targeted initiatives such as system upgrades, and enhanced system operating training we have further improved our accuracy. In determining and communicating estimated times of restoration. During outages by 14% since 2017. Resulting in clearer, more consistent information available to customers. At the same time, we recognize that importance of keeping energy bills as manageable as possible and we are committed to working with our regulators and other stakeholders across our service territories to strike the right balance between investing in the future of energy system and delivering value for our customers, and the communities we serve. Affordability and reliability are connected. An electric system that is allowed to degrade becomes less reliable and over time, more expensive to maintain and fix. This balance between affordability and reliability can be accomplished through efficient operations rigorous cost control, and strategically investing to maximize long term customer value at the lowest reasonable cost. Our approach has been to make proactive, strategic investments that address aging infrastructure in a cost effective manner long before they fail. From a regional perspective, another area of focus for us is energy supply. Which remains the greatest challenge to affordability for customers. While we do not control or earn any profit from energy supply, we want to be an integral part of the conversation to lower cost for our customers. Bringing additional generation to the region is key to reducing energy supply costs for electric customers. Since last year, Eversource has directly supported 2.5 thousand MW of new generation coming into the region. Currently, 80% of this new generation is online. While this is a great step forward for the region, we know that we need more to support the growing electric demand across New England. In fact, if we want to capture economic opportunities around data centers, and welcome them to the region, Additional generation and expansion of gas capacity is critical. Growing energy supply alongside demand will help moderate cost increases. Preserve system reliability, and ensure that all customers benefit from the growth rather than bearing the cost of constrained resources. This is why we support a comprehensive all of the above strategy to tackle energy affordability evaluating all opportunities. Including identifying new sources of energy supply into the region. Another highlight for us this quarter was the publication of our annual sustainability report. As shown on Slide 8. The report showcases our continued leadership in building a clean energy future fostering a workplace that prioritizes culture, engagement, protecting the environment, and supporting the communities we serve. Overall, we are encouraged by the significant progress we have made during the first half of the year, which is a result of our continued focus on execution on our key priorities. The strength of our operations, the dedication of our employees, and the discipline with which we are executing our strategy gives us confidence in our ability to deliver on our commitments for the balance of the year and continue creating long term value for our stakeholders. Let me now turn the call over to John to discuss our financial results and outlook as well as provide a regulatory update. John Moreira: Thank you, Joe, and good morning, everyone. This morning, I will review our second quarter 2020 earnings results. Provide an update on regulatory matters and discuss our balance sheet progress and financing plan. I will start with our first quarter results on Slide 10. Our GAAP earnings for the second quarter were $0.14 per share compared with GAAP earnings of $0.96 per share in the second quarter of 2020. GAAP results for the quarter were impacted by a noncash after tax charge of $111.4 million or $0.30 per share related to the carrying value of Aquarion Water Company as we have closed on the sale. The results also include an after tax charge of $164 million or $0.43 per share related to an increase in our estimated offshore wind contingent liability. Excluding these charges, our non GAAP or recurring earnings were $0.87 per share for the quarter. Compared with GAAP as well as non GAAP earnings of $0.96 per share in the second quarter of 2020. The decrease in recurring earnings over the prior year is primarily due to lower earnings in the Electric Transmission and Gas Distribution segments. Lower earnings in the transmission business were primarily driven by the base ROE rate reduction ordered by FERC back in March. Lower earnings in the gas distribution segment were impacted by a prior year benefit for recoverable expenses. These results were partially offset by increased earnings in the Electric Distribution segment thanks to higher electric distribution revenues. Our results in the parent and other segment were flat as compared to prior year. Moving on to a regulatory update on Slide 11. Let me start with the CL&P rate case filing we made on July 14. A rate request that balances affordability and reliability for our customers. This was the first general rate request for CL&P since 2017. The rate request calculates a revenue deficiency of $451 million. Reflecting a proposed ROE rate of 10.25%. The proposed increase would result in an 11% impact on the total customer bill. Approximately 90% of this revenue deficiency is related to capital investments future storm resiliency investments, storm restoration costs, depreciation, and taxes. Only 11% of the filed revenue deficiency is for increased O&M since our last rate increase. Compared to inflation, that is about $45 million in expenses that have been avoided for our customers. We are proud of how the filing demonstrates our commitment to cost control. Additionally, as Joe described, we have clearly demonstrated in this filing that we can deliver strong reliability benefits in an affordable manner. Our customers, and our regulators need to know that when we make investments in our system, those investments are being made to protect safety, improve reliability, and achieve state policy goals in the most efficient and cost effective way possible. The filing also proposes a multi year PBR mechanism that protects against future rate shocks. This PBR mechanism would provide gradual rate increases over time and ensure that customer bills reflect the fair cost of doing business. In the filing, we have included a plan for implementing AMI for Connecticut. With nearly $1 billion of capital investment, and $300 million of O&M expense. As detailed in our filing, AMI would deliver customer benefits in excess of this estimated cost. Lastly, I want to highlight the economic development and heat pump rates proposed in our filing. These rates were designed after years of working closely with Connecticut stakeholders and policymakers to align our rate design with customer needs and state policy. Moving briefly to New Hampshire. I want to mention the annual base rate adjustment that was approved on July 21. You will recall that as part of our New Hampshire rate case, we proposed a multiyear PBR plan. The July order approved an increase of approximately $24 million that will be effective August 1st. This is another example of how a well designed PBR mechanism can help moderate rates long term. Moving to Slide 12. I would like to update you on the FERC ROE decision. That was issued back in March. Which reduced the base transmission ROE rate and ordered a refund going back more than a decade. We have made several filings with FERC and with the courts challenging this decision. As part of these actions, we did receive approval from FERC to extend the refund until mid-2020. We have also escalated our challenge with a petition for review and a motion for a stay of the FERC decision with the DC Circuit Court of Appeals. In our June filings with the DC Circuit Court, we made multiple arguments. First, we argue that FERC exceeded its authority by ordering a refund for a period longer than 15 months allowed by the federal power act. Second, FERC failed to declare that either 11.14% or 10.57% rates unjust and unreasonable until March of this year. Third, that FERC denied Eversource and other New England transmission owners the opportunity for due process by delaying their decision for almost a decade. In response to a higher court order for remand. And lastly, we argue that FERC set a 9.57% ROE rate in a range previously found to be unjustly low. The DC Circuit Court will consider our arguments and FERC's actions over the next several months. Staying with the FERC topic on Slide 13, I would like to provide an update on the Section 205 filing we made with FERC on April 30. To determine the prospective ROE rate. As a reminder, our filing calculated the new base ROE rate of 11.39% by using FERC's existing ROE methodology and only updating it to reflect current market conditions. As required by law, FERC issued their order in response to our 205 filing on June 29, accepting and suspending tariff revisions and establishing a paper hearing procedure. FERC's order was in line with our expectations, suspending the implementation of the requested ROE rate for the maximum 5-month period allowed by law. Next steps in this process are that parties will file initial briefs by August 28th and reply briefs by September 28th. A new ROE rate is expected to go into effect on November 30th. Moving to Slide 14. For a financing update. We continue to focus on enhancements to our balance sheet condition. We are pleased that we have closed on the sale of Aquarion on June 30 generating a net cash benefit to Eversource of $1.7 billion These proceeds will be used to displace debt at the parent company. The closing of the Aquarion transaction leaves our balance sheet in a much stronger position, and we do not currently anticipate any changes to our financing plans as described on this slide. Our equity needs over the 5-year forecast period remain in the range of $800 million to $1.1 billion and we do not expect to issue any equity over the remainder of this year. We continue to consider a variety of debt and alternative financing solutions for our future needs. Including the securitization of deferred storm costs in both Connecticut and New Hampshire. Next, on Slide 15, I would like to share the latest affirmation of our financial strategy. Which is that our FFO to debt metrics remain solid. Our latest FFO to debt ratios as of June 30, 2026 are 14.3%, 15.7% for S and P and Moody's respectively. Consistent with our commitment these results are each over 100 basis points above the downgrade thresholds. We were also very pleased that Moody's changed Eversource's and NSTAR Electric's outlook from negative to stable. In recognition of what we have recently accomplished. These objective measures reflect the successful execution of our previously communicated financing strategy. Looking at Slide 16. We are encouraged by the final storm cost decision we received from PURA 2 days ago. Of the approximately $975 million that we requested, PURA approved approximately $870 million. Pure is deferring $60 million in storm costs pending the completion of a third party audit review and an audit, and $40 million in exclusions. Of the $870 million approved, approximately $200 million have already been recovered in rates. This results in approximately $670 million that is expected to be securitized. PURA did not approve the recovery of carrying charges that we requested. We are evaluating our options and next steps. With this final decision, we can now move ahead on the securitization process starting with filing our financing plan at PURA in early fall. After hearings and PURA's review, we expect to receive a final financing plan decision in the first quarter of next year. This will allow us to begin the rating agency review. File the SEC registration statement, and begin marketing. With those steps completed, we anticipate cash in the door approximately 1 year from now. Next, let me reaffirm our 5 year capital plan of $21.5 billion as shown on Slide 17. This reflects our 5 year utility infrastructure investments by segment through 2028. I do want to note that we have now highlighted the potential increase to our capital forecast from the announcement of ISO preliminary decision on the transmission RFP selection. As well as AMI in Connecticut. Turning to Slide 18. We reaffirm our non GAAP EPS guidance range of $4.52 to $4.72 per share for 2026. This guidance was revised in March, for the lower base ROE rate of 9.57% as well as the sale of Aquarion. Lastly, on Slide 19, we remain confident in our ability to deliver earnings growth towards the upper half of our long term target range of 5% to 7%. through 2028. Of note, this guidance currently assumes the 9.57% base ROE rate for transmission investments. As you can see on this slide, we have executed on many of our key initiatives. Through improved regulatory outcomes such as storm cost securitization in both Connecticut and New Hampshire the results of the CLMP rate case request in mid-2020 and the sale of Aquarion, we are confident in our ability to achieve a higher growth as we move forward. With that, I would like to turn the call back to the operator for Q and A. Operator: Thank you so much. To ask a question, please press star then the number 1 on your telephone and wait for your name to be announced. To remove yourself from the queue, please press the pound or hash key. 1 moment for our first question. It comes from Shar Pourreza with Wells Fargo. Please proceed. Shahriar Pourreza: Morning, guys. Joseph R. Nolan Jr.: Morning, Shar. Shahriar Pourreza: Morning, Joe. Joe, just on the storm cost, I mean, obviously, the carrying costs were denied in full at kind of material. I guess,, how does that compare against what you had embedded in the financing plan? I guess, what are the offsets? And next steps there? And just, I guess, what are the components of the $1.8 billion from storm cost securitization? Just in terms of how much is Connecticut versus New Hampshire? Thanks. John Moreira: Sure, Shar. This is John. Let me take the how are you? Let me take the storm decision, and we received a couple of days ago. I think it is important and, you know, for us, first and foremost, that we are very pleased to finally have a decision and more importantly, the number that we can move forward with securitization. Overall, when you read the decision, it is constructive. You know, certainly better than what we have seen from other rate decisions coming out of PURA. You know, however, we are a bit disappointed. With a couple of items, that we do not really, you know, agree with. Things like the $63 million that they deferred, really does not make sense to us. And certainly the carrying charge. We continue to review the decision and really assess our options as I stated in my formal remarks. But once again, it is we are encouraged that we finally have a number that we can forward and get nearly $700 million in the door a year from now. As it relates to the carrying charge specifically, I do want to mention we only include things in our forecast that we have a high degree of conviction. And more importantly, we have not recognized $1 of these retro retroactive, carrying charges. So in 1 would conclude that in our financing plan, because we do not have a high level of degree of conviction that we have not assumed that we would get the retroactive piece. But we think that we continue to be entitled to it, and we will assess our next steps as it relates to the carrying charge. Shahriar Pourreza: Got it. Perfect. And then just the last thing is on the rate case. I mean, Joe, obviously, it is a pretty sizable ask at Connecticut Light & Power. and PURA's posture in the storm decision, cost decision was not great. I guess, what is your read on how PURA approaches a filing of this size, especially kind of an election year? it is early, but I guess how informed were stakeholders prefiling Were they surprised? I mean, I guess, what is giving you confidence they are going to do the right thing? Joseph R. Nolan Jr.: Yeah, you know, it is obviously, it is a large ask, but the fact of the matter is, we have not filed a distribution rate change since 2017. I am very proud of the reliability metrics, the investments that we have made down there. In Connecticut. And I think that will stand up in this proceeding. You know, as John had mentioned, only 11% of the deficiency is coming from O&M. So you will see how seriously we are taking cost controls. We feel very good about the investments. We think that our regulators will feel good about the investments. The other 90% of the deficiency is CapEx, resiliency, taxes, depreciation. it is nothing that is optional. it is about keeping the lights on and getting fair cost recovery. Not investing in the system, as you know, would be far more expensive. So, as I said earlier, I am very optimistic. You know, it is encouraging what is happening at PURA. If you look at the past 6 months of decisions, whether it is around Yankee, whether it is around storm cost recovery, They are a very engaged regulatory body. All 5 of them are on the bench. All 5 of them are engaged. All 5 of them are asking very good questions. So we feel very good that we will get a fair hearing in Connecticut. I think that they are going to see that the money that was spent, the money we are seeking, in rates is, you know, prudent. And, you know, I am very confident that we will be treated very fairly in Connecticut. Connecticut just looking at the history over the past 6 months, it is very encouraging. And, you know, keep in mind, as I tell folks, it is an election year. it is an election year in Massachusetts, election year here in Connecticut. And, with that comes an additional amount of press and drama. But the fact of the matter is we will stick to the facts. We will stick to our record. We will stick to what we have done, and we are very proud of that effort. Shahriar Pourreza: Okay. Perfect. Appreciate it, guys. Have a good morning. Joseph R. Nolan Jr.: Thank you. Analyst: Thank you. Operator: Our next question comes from Davenport with Goldman Sachs. Please proceed. Joseph R. Nolan Jr.: Good morning, Carly. Carly Davenport: Good morning. Thanks for taking the questions. Maybe to start on the New England transmission opportunity that you highlighted, what are the next milestones that we should watch there to derisk that potential investment to the point that, you know, you would consider rolling that into the baseline? Would that just be the Q4 call, or is there anything we should watch there? Joseph R. Nolan Jr.: Yeah. I think the third quarter call, you will have some good insight. You know, we are expecting stakeholder comments on August 14th on the preliminary recommendations. Then in August and September, ISO New England, they will review it. They are going to respond to the stakeholders. And we currently anticipate a publication of a final recommendation in September. So we should be in a good position for the third quarter call to give you more updates, and that will allow us to roll that into the plan. John Moreira: Yep. And, Carly, I am sure you are going to have a follow-up question. I am sure everyone is wondering how much of that 700 million will be rolled into our current 5 year forecast. Taking us through 2030. You should think of it as probably half, 50%, of that CapEx will incur during that forecast period. Carly Davenport: Got it. Okay. that is great. Super clear. Thank you for that. And then maybe just on the incremental revolution charge this quarter, can you just expand a bit on the kind of drivers that, I guess, were unknown relative to last quarter? And then any kind of risk that you see around cost slipping incrementally relative to this update? Joseph R. Nolan Jr.: Sure. You know, we have been watching this very closely in terms of the remaining charges associated with Revolution Wind. As we had mentioned, the 2 stop work orders, led us to lose that vessel, and that vessel needed to get remobilized in order to finish the job. I am very encouraged by many factors associated with Revolution Wind. First of all, we have every component needed, to install it. The remaining pieces of the installation are very straightforward. there is no uncertainty around it. We are delivering over 300 MW of capacity right now to the ISO New England grid, and we are ramping up. We are heading towards 704 number. So I feel good about it. But, you know, the fact of the matter is the project is nearly complete. It has an in-service date of 2026. And we are going to finish this and get it over the goal line. So I do feel very good that, with the number that we have captured to date, and I do not I do not see any other types of risk that worry me or going to keep me up at night, Carly. Feel very good about it. We are going to bring this in. And I am very proud of the work that was done. And, obviously, we could not control the shutdowns. But we just wanted to capture that and make sure that we are upfront about our charges. Carly Davenport: Understood. Great. Thank you so much for the color. Operator: 1 moment for our next question, please. It comes from Nick Woods with Bank of America. Please proceed. Joseph R. Nolan Jr.: Good morning, Nick. Analyst: Good morning, guys. Hey. How's it going? John Moreira: Hey. I guess just going back to offshore wind a little bit. Can you give us a sense of like how much of the project is completed at this point? Yeah. I thought I thought I saw maybe I maybe I did not see it correctly, but I did not see a percentage completion figure this time. So I just want to get a sense where we are at in terms of that. We will start from there. Sure. Yeah. So the project is over 95%, not actually 97%, complete. So we are really in the final you know, we are in the 5-yard line to get over the goal. So we feel very good about that. Got it. Thanks for that. And then just touching on the FERC order, we-- there are several processes as you guys highlighted. That are running kind of in parallel. You mentioned before that ultimately, you would want, an ALJ to be, you know, appointed and get a overall global resolution to all these outstanding dockets. But has that view changed? Or what do you guys expect from all this? Hey, Nick. This is John. So the process is pretty much in line with what we were expecting. With the exception that there was no administrative judge appointed to work with the parties. But as you know, in any proceeding, settlement is always on the table. I think FERC is very what we like about it is FERC wants to accelerate this paper hearing to have a reasonable rate going into effect on November 30th. Which is very quickly. And I think once we have that and we see the rate, and I you know, I think, that could potentially, know, get parties to reengage and hopefully look at a global settlement. Great. Appreciate the time. Thank you so much. Thank you. Analyst: Thank you. Operator: Our next question comes from Sophie Karp with KeyBanc. Go ahead, Sophie. Joseph R. Nolan Jr.: Good morning, Sophie. Sophie Karp: Hi. Good morning. Thanks for the time. I am just I have heard you guys say now that bunch of overhangs and I guess uncertainties are getting--you get them, have them in the rearview mirror. Have you given any thought to maybe revising your long term growth targets at least, you know, having them. So you are 1 of the few peers that do not explicitly have a rate based growth target in your materials. Things like that. So is there a path here now to higher precision and disclosures? John Moreira: Hey, Sophie. This is John. So, I mean, we give enough information. We give you the annual CapEx. So you can certainly, calculate a rough number. But our rate base growth and we do give that number as to what historically it is been, you know, it is grown slightly over 8%, an 8% CAGR. So we do have that slide. Every year when we give forward looking guidance. So we just felt there was something that was not really needed. We do give enough color that someone could arrive at the annual rate base growth. I do not know if you are familiar with the slide that I am referring to, but we do give what is expected for a rate base by 2030 based on our CapEx. So we do have that in our deck. Sophie Karp: Right. Alright. In the k. Secondly, on, I guess, the AMIs, right, can you maybe talk a little bit about the timeline of the of the rollout there? And how will that reflect in rate base? John Moreira: Sure. Sure. So let me let me start off with the process that we are nearing the end in Massachusetts. it is really a 5-year journey. And as it relates to Connecticut, right now, we have included that proposal as I said in my formal remarks in the rate case. But we also, outside of the rate case, requested expedited decision to move forward hopefully this fall, because we do want to take advantage of some contractual pricing that we were able to lock down for the vendors that we use in Massachusetts. So we feel that getting the green light for us to proceed with AMI in Connecticut by this fall, customers in Connecticut would take it we would be able to take advantage of that pricing. So with that, I would say if we get the green light this fall, we would start the project, mobilize it next year. And, you know, 5 years later, it is when, you know, everything will be, wrapped up. So that $1 billion, some of that will fall into will fall beyond our forecast period given that time frame. Sophie Karp: Got you. Alright. Thank you very much. that is all for me. Joseph R. Nolan Jr.: Thank you. Analyst: Thank you. Operator: Our next question is from Anthony Crowdell with Mizuho. Please proceed. Joseph R. Nolan Jr.: Good morning, Anthony. Anthony Christopher Crowdell: Hey. Hey. John Moreira: Good morning, John. Joseph R. Nolan Jr.: Good morning, Joe. How's it going? Anthony Christopher Crowdell: Wonderful. Just 2 quick questions. 1 is I think on the FERC refund There was a decision out I do not know, a month or 2 ago in MISO I am just curious if that you know, strengthens your appeal argument or complicates your appeal argument, then I have a follow-up. John Moreira: Anthony, I would say no impact. Our facts and circumstances from a legal standpoint are quite different. Than the MISO decision. And, obviously, as you know, the MISO impact on the rate was a couple of basis points Here in New England, it is much greater. So, our legal position is different than the MISO, and we feel good about our legal position. And we just we have done everything we can as far as the motion for a stay, and we are waiting for the court to rule on that, which could come any day now. But, certainly, we are hoping to be before we commence any refunds, which we have not at this point initiated any of those refunds. At this at this time. Anthony Christopher Crowdell: Great. And then if I could just slide 15, you give a lot of clarity on the credit cushion. Just I am wondering if you guys have a targeted or a minimum, like, credit cushion that you operate in? And if the FERC refund was upheld, meaning you had to pay it back, I guess, would you use any other levers to maintain, like, the cushion you guys showed today or would you just use the balance sheet capacity that you have to maybe fund that refund? John Moreira: So, first and foremost, we stand with our guidance that we want to be 100 basis points above the downgrade thresholds and we have been very successful as you can see on that slide. So that is our priority. And I feel good about the forecasting of us achieving that steady state. As it relates to the refund, if we are in the position where we do have to refund it, refund the incremental $880 million, we would do that in a balanced manner. Anthony Christopher Crowdell: Great. that is all I had. Thanks for taking my questions. Thanks, Anthony. Thanks, Anthony. Joseph R. Nolan Jr.: You. Operator: 1 moment for our next question. It comes from David Pass with Wolfe. Please proceed. Joseph R. Nolan Jr.: Morning, David. Hey, David. Analyst: Good morning, guys. Just I just wanted to confirm on equity. So your now with Aquarium done and everything and all the orders you got in place, and assuming the securitization, as it stands today, what is it fair to say your equity is $800 million to $1.1 billion through 2030. Without any you know, setting aside for a refund. Is that is that the way that we just Correct. John Moreira: Okay. That slide does not assume that you would be in a position to refund. The FERC other than the 15-month refund that we have already accounted for and booked. Okay. And you said no more equity issuances for 2026. Correct. You correctly. That is that is that is correct. Got it. Alright. Thank you. And then just switching gears to your parent and other drag. Is it fair to say that the first half of this year is a good indicator or a good run rate if we wanted to do a full year for the 2020 parent company drag. And then how to think about that beyond 2026? Yeah. I mean, as you can see, year over year, we are pretty much flat. So I think we have more normalcy, if you will, at the parent and other. But once again, you know, the taxes is what can go back and forth a bit. So but I think to answer your question, I think it would be a good number if you model the kind of steady state going forward. You know, we do not have very much at the parent and other than taxes and interest. Analyst: Right. Okay. that is it. Thank you. Thank you, David. Operator: Thank you so much. And our next question is from Jeremy Bryan Tonet with JPMorgan. Please proceed. Joseph R. Nolan Jr.: Morning, Jeremy. Hey, Jeremy. Aidan Kelly: Hey, guys. This is actually Aidan Kelly on for Jeremy. Appreciate the time. John Moreira: Hey, Aidan. Aidan Kelly: Just yeah, just 1 quick clarifying question on my end. I think it was asked earlier in the call. But could you just break down the key assumptions that comprise the $1.8 billion estimate in storm proceeds in your plan? I guess beyond the $700 million from Connecticut, which we talked about, could you just quantify the cash flow drivers elsewhere across your jurisdictions? John Moreira: So let me start with what makes up the up to the 1.8 billion. So we talked about and we have it on the slide, the 700 million. That we will move forward with securitization from the Connecticut storm decision that just happened this week. So it is 700 million and we are sitting on about $450 million of New Hampshire storm costs that we are waiting for the final tranche to be approved. that is about $450 million. So we have included that in this slide as an update because now we have the legislation in hand. And then, the difference between those 2 items the $1.8 billion would be the carrying charges as it pertains to the Connecticut storms. As I have mentioned, we are reviewing the decision and looking at our options and next steps So we feel that there is a path forward for us to seek recovery of that. It would certainly be within our 5 year period. So we have included that in there as well. So that is the composition of the $1.8 billion. Aidan Kelly: Great. that is very helpful. Thanks, John. I will leave it there. John Moreira: Okay. Analyst: Thank you. Operator: Thank you. And our last question comes from Julien Dumoulin-Smith with Jefferies. Please proceed. Joseph R. Nolan Jr.: Morning, Julien. Hey, Julien. Analyst: Hi. Good morning, team. Sorry to disappoint you. This is actually Tanner James on for Julien. I just wanted to follow-up on that AMI filing in Connecticut. Particularly relating to the benefit cost analysis prepared. That analysis details a slightly positive nominal net benefit that turns negative on an NPV basis. Can you just provide some details regarding the proposal and prospects for implementation given the negative NPV of net benefit? Thanks. John Moreira: Yeah. Sure. I think the primary driver is-- Let me step back. You know, this docket has been open for multitude of years. If we had approval then we had the green light to move forward with that, the cost benefit analysis would have been much, much stronger and positive. But because we have not been able to get to a place where we would feel comfortable in making the investment, without having the assurance that we have recovery, we have not done so. And you know, we have updated the analysis, and the costs have gone higher. So the benefits really have not changed, Now the cost component has changed, and that is why we are really close. Over time, we think it is the right thing to do, and we will give customers the tools that they need to manage their energy consumption. And we think that brings a lot of value to the table. Understood. Thanks. And maybe following up on the long term EPS guidance. I noticed the disclosure with the earnings report projects cumulative 5% to 7% EPS CAGR through 2030. Could you just provide an update regarding how you might view either the linearity or the shaping of the earnings profile or if there are other factors to consider regarding targeted EPS growth? Sure. I did state in my formal remarks that we see the trajectory of growth rate between now and 2030 moving towards the upper half. So 1 would imply and I also gave a bit more color that says by 2028 is when you can see that growth happening to put us in the upper half of that 5% to 7%. You would conclude that on a sustainable basis that 2028, 2029, and 2030 to get us to the upper half by the end of 2028. So that is the trajectory that we are out there with. Analyst: Great. Thank you very much. Appreciate it. Sure thing. Have a good day. Operator: Thank you so much. And this concludes our Q&A session, and I will pass it back to Joe Nolan for final remarks. Joseph R. Nolan Jr.: Thank you for joining us today. We are pleased with our progress year to date. We remain confident about our execution momentum into the second half of the year. With a strengthened balance sheet, robust 5 year capital plan, and ample opportunities for investment, we are well positioned for higher growth. Operator, this ends today's call. Thank you all for joining us. Operator: Thank you. And this concludes today's conference. Thank you for participating, and you may now disconnect. Before you buy stock in Eversource Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Eversource Energy wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Eversource Energy (ES) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Eversource Energy reported past second-quarter 2026 results showing sales of US$2,903.19 million but net income falling to US$53.68 million, with basic earnings per share from continuing operations down to US$0.14. Despite the sharp earnings drop linked to one-time charges and pressures in its transmission and natural gas businesses, Eversource reaffirmed its 2026 earnings guidance, long-term 5–7% earnings growth target and a US$26.5 billion capital plan focused on New England grid investments. Next, we’ll examine how this weaker quarter, particularly the offshore wind-related liabilities, affects Eversource Energy’s previously outlined investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Eversource Energy, you need to believe in a regulated New England utility that can steadily earn a return on a large, ongoing grid investment program while managing regulatory and financing pressures. The weak second quarter, driven by offshore wind related liabilities and transmission items, highlights the near term risk around cost recovery and allowed returns, but the reaffirmed 2026 earnings guidance suggests management does not see this quarter alone as changing the central near term catalyst or the primary risk. The most relevant recent development alongside these results is ISO New England’s tentative selection of a US$2.2 billion transmission project involving Eversource, targeted for a 2032 in service date. If finalized, this project would sit squarely within the company’s US$26.5 billion capital plan and could become a key driver for regulated asset growth, though it also reinforces the existing risks around regulatory approvals, financing costs and timely cost recovery on large scale grid investments. Yet behind this reaffirmed plan, the risk that investors should be aware of is how offshore wind related liabilities could interact with... Read the full narrative on Eversource Energy (it's free!) Eversource Energy's narrative projects $15.0 billion revenue and $2.1 billion earnings by 2029. Uncover how Eversource Energy's forecasts yield a $74.08 fair value, in line with its current price. By contrast, the most pessimistic analysts were already assuming only about 1.1 percent annual revenue growth and US$2.1 billion of earnings by 2029, so this quarter’s setback could prompt you to question whether their more cautious view on long term margins and financing risks will gain traction or whether the reaffirmed guidance keeps the consensus narrative intact. Explore 4 other fair value estimates on Eversource Energy - why the stock might be worth as much as $74.08! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Eversource Energy research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Eversource Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Eversource Energy's overall financial health at a glance. Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters: Explore 25 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Find 52 companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ES. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Eversource Energy (ES) is back in focus after its second quarter 2026 earnings, which showed higher sales but a sharp drop in net income and earnings per share compared with the prior year period. See our latest analysis for Eversource Energy. Since those earnings were released on 30 July 2026, Eversource Energy’s share price has consolidated around US$71.95, with a 90 day share price return of 5.01% and a 1 year total shareholder return of 14.21%. This points to momentum that has cooled in the very near term but remains positive over a longer horizon. If you are reassessing utilities after Eversource Energy’s results, it can also be useful to see what else is moving in grid and transmission technology by scanning 36 power grid technology and infrastructure stocks The recent rebound leaves Eversource Energy trading only slightly below analyst targets, even after a quarter with heavy one off charges. Is the current discount a fair reflection of risk, or an opening that the market is overstating? The most followed narrative currently places Eversource Energy’s fair value at $74.08, a touch above the last close at $71.95. This frames the recent consolidation as a modest discount rather than a major disconnect. Read the complete narrative. Want to see what sits behind that earnings and cash flow story? The narrative leans on measured revenue expansion, firmer margins, and a future earnings multiple that is presented as anything but casual. Result: Fair Value of $74.08 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still pressure points that could unsettle this Eversource Energy narrative, including tougher regulatory outcomes in Connecticut and slower progress on planned asset sales. Find out about the key risks to this Eversource Energy narrative. The current narrative leans on earnings and analyst targets, but the SWS DCF model paints a stricter picture. On that cash flow view, Eversource Energy at $71.95 sits above an estimated value of $63.51, which points to an overvalued stock instead of a 2.9% discount. Which lens do you think fits your own assumptions best? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Eversource Energy for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 53 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With Eversource Energy presenting both supportive and cautious signals, it may be helpful to move quickly and weigh the evidence yourself. Start by reviewing the 4 key rewards and 2 important warning signs. If Eversource Energy has you rethinking your watchlist, do not stop here. Use the Simply Wall Street Screener to quickly spot fresh, data driven ideas across the market. Target dependable cash payers by scanning 7 dividend fortresses that focus on income strength alongside business resilience. Hunt for potential mispriced opportunities through 53 high quality undervalued stocks that combine quality fundamentals with valuation support. Prioritise capital preservation with 82 resilient stocks with low risk scores that highlight companies scoring well on financial strength and risk controls. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ES. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Eversource Energy ES reported second-quarter 2026 non-GAAP earnings of 87 cents per share, missing the Zacks Consensus Estimate of 88 cents by 1.14%. Earnings declined 9.4% from 96 cents reported in the year-ago quarter, reflecting pressure in its transmission and natural gas businesses. Revenues of $2.90 billion missed the Zacks Consensus Estimate of $3.14 billion by 7.63%. Total revenues also increased 2.3% from the year-ago figure of $2.84 billion. Eversource Energy price-consensus-eps-surprise-chart | Eversource Energy Quote Total operating expenses were $2.36 billion, up 8.6% year over year, including the charge associated with the Aquarion sale. The increase was primarily due to a 14.8% rise in purchased power, purchased natural gas and transmission expenses, a 2.8% increase in operations and maintenance costs, 9.9% growth in depreciation expense, a 28% jump in energy efficiency program costs and a 7.5% surge in taxes other than income taxes.Operating income declined 18.4% year over year to $540.9 million. Interest expenses amounted to $355.5 million, 21.3% higher than the prior-year level. Electric Transmission: Earnings totaled $183.7 million, down 11.7% from $208 million a year earlier. The decrease reflected the lower allowed return on equity ordered by the Federal Energy Regulatory Commission and higher interest expense, partly offset by continued transmission investment.Electric Distribution: Earnings increased 5.5% to $170.4 million. Higher base distribution rates in Massachusetts and New Hampshire and ongoing system investments more than offset increased interest, depreciation and property-tax expenses.Natural Gas Distribution: Earnings fell 15.9% to $29.7 million. The decline primarily reflected the absence of a prior-year benefit tied to previously expensed costs that were subsequently approved for recovery. Water Distribution: Earnings decreased to $11.6 million from $14.4 million due to higher operating and maintenance expenses and depreciation.Eversource Parent & Other Companies: The segment reported a loss of $66.3 million, narrower than the year-ago quarter’s reported loss of $66.5 million. Eversource Energy expects 2026 earnings in the range of $4.57-$4.72 per share. Management also maintained its long-term earnings growth target of 5-7% through 2030, using the adjusted 2026 guidance midpoint of $4.65 as the base. The Zacks Consensus Estimate for 2026 EPS is pegged at $4.64, slightly below the midpoint of the company's guided range. The company expects cash from operations of $23.6-$23.9 billion during 2026-2030. Eversource Eergy reaffirmed its five-year utility capital plan of $26.5 billion. Potential additions include part of the company's roughly $700 million share of a proposed New England transmission project and advanced-metering infrastructure investments in Connecticut. The preliminary transmission selection carries a total estimated cost of $2.2 billion and an expected 2032 in-service date.Eversource Energy expects to fund $7.0-$7.5 billion of its capital program through debt and alternative financing solutions, including hybrid securities, while minimizing common equity issuances. The company also intends to use the $1.7 billion in net proceeds from the completed Aquarion divestiture to repay parent-company debt.The company expects to distribute dividends of $6.7-$7.2 billion during 2026-2030. Eversource Energy currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Evergy EVRG is scheduled to report second-quarter 2026 results on Aug. 6, before the market opens. The Zacks Consensus Estimate for sales is pegged at $1.47 billion, which suggests a year-over-year increase of 2.63%.EVRG’s long-term (three to five years) earnings growth rate is 9.07%. The Zacks Consensus Estimate for 2026 earnings is pinned at $4.25 per share, which implies a year-over-year improvement of 10.97%.Consolidated Edison ED is slated to report second-quarter 2026 results on Aug. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 74 cents per share, which implies a year-over-year increase of 10.45%.ED’s long-term earnings growth rate is 6.32%. The Zacks Consensus Estimate for 2026 earnings is pinned at $6.09 per share, which implies a year-over-year improvement of 6.84%.Vistra VST is scheduled to report second-quarter 2026 results on Aug. 7, before the market opens. The Zacks Consensus Estimate for earnings is pegged at $2.02 per share, which implies year-over-year growth of 100%.VST's dividend yield is 0.92%. The Zacks Consensus Estimate for 2026 earnings is pinned at $9.39 per share, which implies a year-over-year improvement of 78.52%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eversource Energy (ES) : Free Stock Analysis Report Consolidated Edison Inc (ED) : Free Stock Analysis Report Vistra Corp. (VST) : Free Stock Analysis Report Evergy Inc. (EVRG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Recurring EPS: $0.87 per share for Q2 2026, in line with expectations. GAAP EPS: $0.14 per share for Q2 2026, compared to $0.96 per share in Q2 2025. Non-GAAP EPS: $0.87 per share for Q2 2026, compared to $0.96 per share in Q2 2025. Offshore Wind Contingent Liability Charge: After-tax charge of $164 million ($0.43 per share) in Q2 2026. Aquarion Sale Charge: Non-cash after-tax charge of $111.4 million ($0.30 per share) related to the carrying value of Aquarion Water Company. Aquarion Sale Proceeds: Net proceeds of $1.7 billion from the sale of Aquarion, closed on June 30. Electric Distribution Segment: Increased earnings driven by higher electric distribution revenues. Electric Transmission Segment: Lower earnings primarily due to the base ROE rate reduction ordered by FERC. Gas Distribution Segment: Lower earnings impacted by a prior year benefit for recoverable expenses. CLMP Rate Case: Revenue deficiency of $451 million, reflecting a proposed ROE rate of 10.25%, with an 11% impact on total customer bill. New Hampshire Base Rate Adjustment: Approved increase of approximately $24 million, effective August 1, 2026. Storm Cost Decision: PURA approved approximately $870 million of the $975 million requested; approximately $670 million expected to be securitized. FFO to Debt Ratios: 14.3% for S&P and 15.7% for Moody's as of March 31, 2026. 2026 Non-GAAP EPS Guidance: Reaffirmed range of $4.57 to $4.72 per share. Long-Term EPS Growth Guidance: Reaffirmed 5% to 7% growth target. Five-Year Capital Plan: Reaffirmed at $26.5 billion through 2030. Warning! GuruFocus has detected 10 Warning Signs with ES. Is ES fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Eversource Energy (NYSE:ES) completed the sale of Aquarion, generating $1.7 billion in net proceeds, strengthening its balance sheet and positioning as a pure-play regulated utility. The company reaffirmed its long-term EPS growth guidance of 5% to 7%, with confidence in achieving the upper half of this range by 2028. Moody's upgraded Eversource Energy (NYSE:ES)'s outlook from negative to stable, reflecting improved financial strength and execution. Eversource Energy (NYSE:ES) was preliminarily selected by ISO New England for a $2.2 billion transmission project, with its share at $700 million, enhancing growth opportunities. The company received a final storm cost decision in Connecticut, allowing securitization of approximately $670 million, with no equity issuance expected for the remainder of 2026. Eversource Energy (NYSE:ES) recognized an additional $164 million after-tax charge related to the Revolution Wind contingent liability due to cost increases from stop work orders. The FERC ROE decision reduced the base transmission ROE to 9.57%, negatively impacting earnings and requiring ongoing legal challenges. PURA denied recovery of carrying charges on storm costs in Connecticut, which Eversource Energy (NYSE:ES) is evaluating for appeal. The CLMP rate case filing requests a $451 million revenue deficiency, which would result in an 11% increase in customer bills, potentially facing regulatory and political hurdles. The AMI proposal in Connecticut has a negative NPV on a net benefit basis, raising concerns about its cost-effectiveness and approval prospects. Q: Can you break down the key assumptions that comprise the $1.8 billion estimate for storm proceeds in your plan, beyond the $700 million Connecticut figure?A: John Moreira (CFO): The $1.8 billion is composed of the $700 million from the Connecticut storm decision we received this week, approximately $450 million of New Hampshire storm costs awaiting final approval, and the difference is the carrying charges related to the Connecticut storms. We are reviewing the decision and looking at our options for recovery of the carrying charges, which we feel has a path forward within our five-year period. Q: On the storm cost decision, the carrying costs were denied in full. How does that compare against what you had embedded in the financing plan, and what are the components of the $1.8 billion from storm cost securitization?A: John Moreira (CFO): We are pleased to finally have a decision and a number to move forward with securitization, getting nearly $700 million in the door a year from now. We are disappointed with a couple of items, like the $63 million deferred and the carrying charge. Importantly, we have not recognized $1 of these retroactive carrying charges in our forecast because we didn't have a high degree of conviction. We continue to believe we are entitled to them and will assess our next steps. Q: On the New England transmission opportunity, what are the next milestones to de-risk that potential investment to the point you'd consider rolling it into the baseline?A: Jay Buth (Chief Accounting Officer): We expect stakeholder comments on August 14 on the preliminary recommendations, with ISO New England reviewing and responding in August and September. We anticipate a final recommendation in September, so we should be in a good position to give updates on the third quarter call. John Moreira (CFO) added that roughly 50% of the $700 million CapEx will incur during the current five-year forecast period through 2030. Q: Can you expand on the drivers of the incremental Revolution Wind charge this quarter and any risks around cost slipping incrementally?A: Jay Buth (Chief Accounting Officer): The two stop work orders led to losing a vessel that needed to be remobilized to finish the job. The project is over 97% complete, and we have every component needed to install it. The remaining installation pieces are straightforward with no uncertainty. We're delivering over 300 megawatts to the ISO New England grid and ramping toward the 704 number. We feel very good about the number captured to date and don't see other risks that would keep me up at night. Q: Regarding the FERC ROEs, you previously mentioned wanting an ALJ appointed for a global resolution. Has that view changed, and what do you expect from the parallel processes?A: John Moreira (CFO): The process is in line with expectations, except no administrative judge was appointed. Settlement is always on the table in any proceeding. FERC wants to accelerate the paper hearing to have a reasonable rate in effect by November 30th. Once we see that rate, it could potentially get parties to reengage and hopefully look at a global settlement. Q: Now that overhangs are in the rearview, have you considered revising long-term growth targets or providing more precision like a rate-based growth target?A: John Moreira (CFO): We provide enough information with annual CapEx to calculate a rough number. Our rate-based growth is growing slightly over an 8% CAGR, and we do have a slide every year showing expected rate base by 2030 based on our CapEx. We felt a separate disclosure wasn't really needed since we give enough color for someone to arrive at the annual rate-based growth. Q: Can you talk about the timeline for the AMI rollout in Connecticut and how it will reflect in rate base?A: John Moreira (CFO): We're nearing the end of a five-year journey in Massachusetts. For Connecticut, we've included the proposal in the rate case and also requested an expedited decision to move forward this fall to take advantage of contractual pricing locked down for vendors used in Massachusetts. If we get the green light this fall, we'd mobilize next year, and everything would be wrapped up five years later. Some of that billion dollars will fall beyond our forecast period. Q: Did the recent MISO FERC decision strengthen or complicate your appeal arguments?A: John Moreira (CFO): No impact. Our facts and circumstances from a legal standpoint are quite different than the MISO decision. The MISO impact on the rate was a couple of basis points, while in New England it's much greater. Our legal position is different, and we feel good about it. We've done everything possible with the motion for a stay and are waiting for the court to rule, hoping before we commence any refunds, which we have not initiated. Q: Do you have a targeted or minimum credit cushion, and if the FERC refund was upheld, would you use balance sheet capacity or other levers to maintain it?A: John Moreira (CFO): We stand with our guidance to be 100 basis points above downgrade thresholds, and we've been successful as shown on the slide. That's our priority, and I feel good about achieving that steady state. If we had to refund the incremental $880 million, we would do that in a balanced manner. Q: Regarding the AMI filing in Connecticut, the benefit-cost analysis turns negative on an NPV basis. Can you provide details on the proposal and prospects given the negative NPV?A: John Moreira (CFO): The primary driver is that this docket has been open for many years. If we had approvals earlier, the cost-benefit analysis would have been much stronger. Because we haven't had assurance of recovery, we haven't moved forward, and costs have gone significantly higher while benefits haven't changed. Over time, we think it's the right thing to do and will give customers tools to manage energy consumption, which brings a lot of value. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Eversource Energy? Here are five stocks we like better. Eversource’s recurring Q2 earnings fell to $0.87 per share from $0.96 a year earlier, primarily due to weaker electric transmission and gas distribution results. The company reaffirmed 2026 adjusted EPS guidance of $4.57–$4.72 and its long-term 5%–7% growth target. Eversource completed the $1.7 billion sale of Aquarion Water and plans to use the proceeds to reduce parent-company debt, but reported substantial charges tied to the sale and higher Revolution Wind liabilities. Revolution Wind is about 97% complete and remains on track for commercial operation later this year. The company is pursuing significant regulated investment opportunities, including a potential $2.2 billion New England transmission project and a Connecticut rate filing seeking a $451 million revenue increase. Eversource maintained its $26.5 billion five-year capital plan and said it does not expect to issue equity during the remainder of 2026. Why Elastic Could Be the Next AI Winner in 2026 Eversource Energy (NYSE:ES) reported second-quarter 2026 GAAP earnings of $0.14 per share, down from $0.96 per share a year earlier, as the company recorded charges tied to the completed sale of Aquarion Water Company and its remaining offshore-wind-related contingent liability. Excluding those items, recurring earnings were $0.87 per share for the quarter, compared with $0.96 per share in the second quarter of 2025. Chairman, President and Chief Executive Officer Joe Nolan said the result was in line with the company’s expectations. Eversource reaffirmed its 2026 non-GAAP earnings guidance of $4.57 to $4.72 per share and its long-term EPS growth target of 5% to 7%. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Buyback Boom: 3 Companies Betting Big on Themselves Chief Financial Officer John Moreira said the decline in recurring earnings from the prior-year period primarily reflected lower results in electric transmission and gas distribution. Transmission earnings were affected by the Federal Energy Regulatory Commission’s March decision reducing the base return on equity, while gas distribution results faced a comparison with a prior-year benefit related to recoverable expenses. Higher electric distribution revenue partly offset those pressures. Eversource completed the sale of Aquarion on June 30, generating $1.7 billion of net proceeds. Nolan said the transaction advances the company’s strategy to operate as a pure-play regulated electric and natural gas utility, with the proceeds slated to reduce parent-company debt. → Microsoft Just Flipped the AI Spending Narrative Overnight 3 Big Dividend Plays With Strong Earnings to Back Them The quarter’s GAAP results included a non-cash, after-tax charge of $111.4 million, or $0.30 per share, related to Aquarion’s carrying value at closing. The company also recorded an after-tax charge of $164 million, or $0.43 per share, to increase its estimated offshore wind contingent liability associated with its sale of Revolution Wind. Nolan said revised Revolution Wind construction-cost estimates included higher costs resulting from two stop-work orders. He said the project is approximately 97% complete, is currently delivering more than 300 megawatts to the ISO New England grid, and remains expected to reach commercial operation later this year. Nolan said the stop-work orders caused the project to lose a vessel that had to be remobilized, but he expressed confidence that the remaining installation work is straightforward. → Carrier Earnings Could Send the Stock to a New All-Time High ISO New England has preliminarily selected a joint Eversource and Avangrid proposal as its preferred solution in a longer-term transmission planning process. The approximately $2.2 billion project would expand capacity between Maine and New Hampshire and strengthen transmission between northern and southern New England. Eversource’s share is expected to be about $700 million, with an anticipated in-service date of 2032. Nolan said stakeholder comments are expected Aug. 14, followed by ISO New England’s review and a potential final recommendation in September. Moreira said roughly half of Eversource’s anticipated $700 million share could fall within the company’s current five-year capital forecast through 2030 if the project moves forward. The company continues to challenge FERC’s March decision that reduced the base transmission return on equity and ordered refunds extending back more than a decade. Moreira said FERC approved an extension delaying refunds until mid-2027, while Eversource has also petitioned the U.S. Court of Appeals for the D.C. Circuit for review and sought a stay. Eversource has separately filed for a prospective transmission ROE of 11.39%, based on FERC’s existing methodology and current market conditions. Briefs in that proceeding are due Aug. 28 and Sept. 28, and the company expects a new rate to take effect Nov. 30. Its current earnings outlook assumes a 9.57% base transmission ROE. Eversource’s Connecticut Light & Power unit filed its first general rate request since 2017 on July 14. The filing seeks to address a $451 million revenue deficiency and proposes a 10.25% ROE. The proposed increase would raise total customer bills by about 11%, according to Moreira. About 90% of the requested deficiency is tied to capital investment, storm resiliency, storm restoration costs, depreciation and taxes, while 11% relates to operating and maintenance costs, Moreira said. The filing also includes a proposed multiyear performance-based ratemaking mechanism, economic development and heat-pump rates, and a plan for advanced metering infrastructure. The AMI proposal includes nearly $1 billion of capital investment and $300 million in operating expense. Moreira said Eversource is seeking an expedited decision this fall and, if approved, could begin mobilizing the Connecticut project next year. He said full implementation would take about five years, with part of the capital spending falling outside the current forecast period. Connecticut regulators also issued a final storm-cost decision. Of roughly $975 million requested, the Public Utilities Regulatory Authority approved about $870 million, including approximately $200 million already recovered through rates. Eversource expects to securitize about $670 million. PURA deferred approximately $60 million pending a third-party audit and excluded about $40 million, while declining recovery of requested carrying charges. Moreira said Eversource is evaluating its options regarding the carrying charges. The company expects to submit its financing plan in early fall, receive a final financing decision in the first quarter of next year, and potentially receive securitization proceeds about a year from now. The company reaffirmed its $26.5 billion five-year capital plan through 2030, while identifying potential additions from the preliminary transmission selection and Connecticut AMI proposal. Eversource said its five-year equity needs remain $800 million to $1.1 billion and that it does not expect to issue equity during the remainder of 2026. Moreira said Eversource’s March 31 funds-from-operations-to-debt metrics were 14.3% under S&P’s methodology and 15.7% under Moody’s methodology, each more than 100 basis points above downgrade thresholds. Moody’s recently revised the outlooks for Eversource and NSTAR Electric to stable from negative. Management said it expects earnings growth to move toward the upper half of its 5% to 7% long-term target range by 2028, supported by regulatory outcomes, storm-cost securitization efforts, the Aquarion sale and planned utility investment. Eversource Energy (NYSE: ES) is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company's core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves. Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Eversource Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Completed the $1.7 billion sale of Aquarion Water Company, successfully transitioning to a pure-play regulated 'pipes and wires' utility model to focus on core electric and gas operations. Strengthened the financial foundation, evidenced by Moody's outlook upgrade to stable, driven by disciplined capital allocation and debt reduction at the parent company level. Attributed second quarter recurring earnings of $0.87 per share to higher electric distribution revenues, which helped offset impacts from the FERC base ROE rate reduction. Advanced the Revolution Wind project to over 95% completion, though a $164 million after-tax charge was recognized due to cost increases stemming from two stop-work orders. Positioned the company as a leader in regional transmission through the preliminary selection of a $2.2 billion joint project with Avangrid to increase capacity between Maine and New Hampshire. Filed the first Connecticut Light & Power rate review in nearly a decade, with 90% of the requested deficiency tied to essential capital investments and storm resiliency rather than O&M growth. Reaffirmed long-term EPS growth guidance of 5% to 7%, with management expecting performance to trend toward the upper half of that range by 2028. Maintained a $21.5 billion five-year capital plan through 2028, with potential upside from the ISO New England transmission selection and Connecticut AMI implementation. Anticipates a new transmission ROE rate will go into effect by November 30, 2026., following a paper hearing procedure to reflect current market conditions. Expects to receive cash proceeds from Connecticut storm cost securitization in approximately one year, following the filing of a financing plan in early fall. Projects that the Revolution Wind project remains on track to reach its commercial operation date in 2026, with most components already installed. Recognized a non-cash after-tax charge of $111.4 million related to the carrying value of Aquarion Water Company upon the closing of its sale. Recorded a $164 million after-tax charge to increase the offshore wind contingent liability, reflecting revised cost projections for the Revolution Wind project. Noted a $105 million gap in the Connecticut storm cost decision where PURA deferred $60 million pending audit and excluded $40 million., while also denying requested carrying charges. Flagged the ongoing legal challenge to the FERC ROE decision, arguing that the regulator exceeded its authority by ordering refunds for a period exceeding 15 months. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the denied retroactive carrying charges were not recognized in previous financial statements and were not embedded in the current financing plan due to a lack of high conviction. The company continues to believe it is entitled to these charges and is evaluating legal options while moving forward with the $670 million securitization process. Management expects a final recommendation from ISO New England in September, which would allow the project to be officially rolled into the capital plan by the third quarter call. Approximately 50% of Eversource's $700 million share of the project is expected to be spent within the current five-year forecast period through 2030. Management expressed high confidence in the current cost estimates, noting the project is over 95% complete and all necessary components are already on-site. The recent charge was specifically tied to the remobilization of vessels following stop-work orders, a factor management believes is now fully captured. Eversource is seeking an expedited decision this fall to leverage favorable contractual pricing established for its Massachusetts rollout. The $1 billion project is expected to be a five-year journey, with significant customer benefits despite recent inflationary pressures on equipment costs.

Eversource Energy (ES) came out with quarterly earnings of $0.87 per share, missing the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.14%. A quarter ago, it was expected that this New England power provider would post earnings of $1.59 per share when it actually produced earnings of $1.73, delivering a surprise of +8.81%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Eversource, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $2.9 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.63%. This compares to year-ago revenues of $2.84 billion. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Eversource shares have added about 11% since the beginning of the year versus the S&P 500's gain of 6.9%. While Eversource has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Eversource was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.02 on $3.49 billion in revenues for the coming quarter and $4.64 on $14.56 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the bottom 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Consolidated Edison (ED), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This utility is expected to post quarterly earnings of $0.74 per share in its upcoming report, which represents a year-over-year change of +10.5%. The consensus EPS estimate for the quarter has been revised 6.8% higher over the last 30 days to the current level. Consolidated Edison's revenues are expected to be $3.74 billion, up 4.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eversource Energy (ES) : Free Stock Analysis Report Consolidated Edison Inc (ED) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

HARTFORD, Conn. and BOSTON, July 30, 2026 (GLOBE NEWSWIRE) -- Eversource Energy (“Eversource” or the “Company”) (NYSE: ES) today reported GAAP earnings of $53.7 million, or $0.14 per share, for the second quarter of 2026, compared with GAAP and non-GAAP earnings of $352.7 million, or $0.96 per share, for the second quarter of 2025. Non-GAAP recurring earnings totaled $329.1 million1, or $0.87 per share1, in the second quarter of 2026. For the first half of 2026, Eversource reported GAAP earnings of $660.5 million, or $1.75 per share, compared with GAAP and non-GAAP earnings of $903.5 million, or $2.45 per share, for the first half of 2025. Non-GAAP recurring earnings totaled $979.8 million1, or $2.60 per share1, in the first half of 2026. GAAP results for the second quarter and first half of 2026 include a non-cash, after-tax charge of $111.4 million, or $0.30 per share, related to the sale of Aquarion Water Company on June 30, 2026 and an after-tax charge of $164.0 million, or $0.43 per share, related to an increase in Eversource's offshore wind contingent liability for expected future payments to Global Infrastructure Partners as part of the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects. GAAP results for the first half of 2026 include an after-tax charge of $43.9 million, or $0.12 per share, related to estimated refunds associated with the Federal Energy Regulatory Commission (FERC) decision of March 19, 2026, that reduced the return on equity (ROE) rate for New England transmission owners from 10.57% to 9.57%. “During the second quarter, we completed our strategic divestiture of Aquarion Water, further strengthening our balance sheet and positioning Eversource for continued success as a pure-play regulated electric and natural gas delivery company. This focused strategy has already created new opportunities, including our preliminary selection by ISO-NE to develop critical transmission infrastructure that will bring power from northern Maine to southern New England. We are very pleased that the incumbent utilities have been selected for this important project,” said Joe Nolan, Chairman, President and CEO. “As we enter the second half of the year, our priorities remain clear: operating safely and efficiently, delivering reliable service to our customers, executing on our strategic investments and maintaining the financial strength that supports long-term value creation,” said Nolan. The Company reaffirms its revised earnings guidance for 2026 non-GAAP recurring earnings of between $4.57 per share1 and $4.72 per share1, which includes the impact of the prospective reduction to the transmission ROE rate resulting from the March 2026 FERC order and the absence of Aquarion earnings in the second half of the year. It also reaffirms its cumulative long-term earnings per share growth rate within the range of 5 to 7 percent through 2030, using the adjusted 2026 non-GAAP earnings guidance midpoint of $4.65 per share1 as the base year. Eversource expects annual earnings growth towards the upper half of its long-term guidance by 2028. Electric Transmission Eversource Energy’s transmission segment, excluding the FERC ROE refund charge noted above, earned $183.7 million in the second quarter of 2026 and $408.0 million1 in the first half of 2026, compared with earnings of $208.0 million in the second quarter of 2025 and $407.5 million in the first half of 2025. Transmission segment results in both periods reflect the impact from the reduction to the allowed ROE mentioned above, as well as higher interest expense, partially offset by continued investment in Eversource’s electric transmission system. Electric Distribution Eversource Energy’s electric distribution segment earned $170.4 million in the second quarter of 2026 and $373.1 million in the first half of 2026, compared with earnings of $161.5 million in the second quarter of 2025 and $350.0 million in the first half of 2025. Improved results in both periods were due primarily to higher revenues from base distribution rate increases at Eversource’s Massachusetts and New Hampshire electric businesses, and continued investments in the Company’s distribution system. The higher revenues were partially offset by higher interest expense, depreciation, and property taxes. Natural Gas Distribution Eversource Energy’s natural gas distribution segment earned $29.7 million in the second quarter of 2026 and $325.1 million in the first half of 2026, compared with earnings of $35.3 million in the second quarter of 2025 and $253.7 million in the first half of 2025. Improved results in the first half were due primarily to base distribution rate increases at all of Eversource’s gas businesses, effective November 1, 2025, to recover continued investment in the Company’s natural gas infrastructure, partially offset by higher Operations and Maintenance (O&M), depreciation, property and income taxes, and interest expense. Lower results in the quarter were due primarily to the absence of a benefit in 2025 from previously expensed costs allowed for recovery. Water Distribution Eversource Energy’s water distribution segment, excluding the charge related to the sale of Aquarion noted above, earned $11.6 million1 in the second quarter of 2026 and $17.9 million1 in the first half of 2026, compared with earnings of $14.4 million in the second quarter of 2025 and $17.9 million in the first half of 2025. Lower results in the second quarter were due primarily to higher O&M and depreciation expense, partially offset by higher revenues. Eversource Parent and Other Companies Eversource Energy parent and other companies, excluding the increase in the offshore wind contingent liability noted above, had a loss of $66.3 million1 in the second quarter of 2026 and $144.3 million1 in the first half of 2026, compared with a loss of $66.5 million in the second quarter of 2025 and $125.6 million in the first half of 2025. Results in both periods were driven by higher interest expense and a higher effective tax rate. Eversource Energy Consolidated Earnings The following table reconciles consolidated GAAP earnings per share for the second quarter and the first half of 2026 and 2025: Financial results for the second quarter and the first half of 2026 and 2025 for Eversource Energy’s business segments and parent and other companies are noted below: Eversource Energy has approximately 377 million common shares outstanding and operates New England’s largest energy delivery system. It serves more than 4 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire. CONTACT:Rima Hyder (Investor Relations)[email protected](781) 441-8882 William Hinkle (Media Relations)[email protected](603) 634-2228 1 All per-share amounts in this news release 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 recognized under generally accepted accounting principles (non-GAAP) referencing 2026 earnings and EPS excluding a charge on the sale of the Aquarion water distribution business, a charge associated with increasing the offshore wind contingent liability, and a charge related to the March 2026 FERC decision in the FERC base ROE complaints. EPS by business is also a non-GAAP financial measure and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the loss on the sale of the Aquarion water distribution business, the charge associated with increasing our offshore wind contingent liability, and the charge related to the March 2026 FERC decision in the FERC base ROE complaints are not indicative of Eversource Energy's ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not indicators of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance. Eversource Energy does not provide a reconciliation of guidance from non-GAAP recurring earnings or non-GAAP recurring EPS to the most directly comparable GAAP measures because it is not able to predict with reasonable certainty the amount or nature of all items that will be included in Net Income Attributable to Common Shareholders or EPS for the year ending December 31, 2026. These items are uncertain, depend on many factors and could have a material impact on Net Income Attributable to Common Shareholders and EPS for the year ending December 31, 2026, and therefore cannot be made available without unreasonable effort. Eversource Energy makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of U. S. federal securities laws. Readers can generally identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause actual results or outcomes to differ materially from those contained in forward-looking statements, including, but not limited to cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely; unauthorized access to, and the misappropriation of, confidential and proprietary Company, customer, employee, financial or system operating information; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with laws and regulations, which may impact the cost of compliance and strategic initiatives of the Company; adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects; the ability to qualify for investment tax credits; extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns; physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric and natural gas distribution systems; ability or inability to commence and complete our major strategic development projects and opportunities; breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems; changes in levels or timing of capital expenditures, including unplanned expenditures and increased capital expenditure requirements; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; substandard performance of third-party suppliers and service providers, or counterparties not meeting their obligations; limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at investors.eversource.com and on the SEC’s website at www.sec.gov, and management encourages you to consult such disclosures. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.