Eversource Energy · Earnings release

Eversource Energy

Reports Third Quarter 2025 Results

HARTFORD, Conn. and BOSTON, Mass. (November 4, 2025) –Eversource Energy (NYSE: ES) today reported earnings of $367.5 million, or $0.99 per share, for the third quarter of 2025, compared

with a loss of $(118.1) million, or $(0.33) per share, for the third quarter of 2024. Non-GAAP recurring earnings totaled $442.5 million1,

or $1.19 per share1 in the third quarter of 2025, compared with $405.9 million1, or $1.13 per share1in the third quarter of 2024.

For the first nine months of 2025, Eversource Energy reported earnings

of $1,271.1 million, or $3.44 per share, compared with $739.1 million, or $2.08 per share, for the first nine months of 2024. Non-GAAP

recurring earnings totaled $1.35 billion1, or $3.64 per share1, in the first nine months of 2025, and $1.26 billion1,

or $3.56 per share1, in the first nine months of 2024.

“During the third quarter, the Eversource team once again delivered

strong financial and operational results, executing well on our planned investments while also responding promptly and safely to storm

events," said Eversource Chairman, President and CEO Joe Nolan. "In addition to the strong outlook from our regulated pipes-and-wires

utility operations, we are focused on grid modernization for the near and longer time reliability needs while continuing to focus on energy

affordability for all the customers and communities we serve and on working closely and constructively with our regulators during a time

of extensive regulatory change at the state and federal levels."

As announced on October 14, 2025, results for the third

quarter and first nine months of 2025 include an aggregate net after-tax loss of $75.0 million, or $0.20 per share for both periods,

related to an increase in Eversource Energy's liability for expected future obligations to Global Infrastructure Partners as part of

the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects, net of tax benefits associated with the tax losses

on the sales of these projects. Results for the third quarter of 2024 and first nine months of 2024 include an aggregate net after-tax

loss of $524.0 million, or $1.48 per share for both periods, related to Eversource Energy completing the sale of its offshore wind investments.

Eversource also announced on October 14 that it G1narrowed its earnings

guidance for full year non-GAAP recurring earnings for 2025 to between $4.72 per share1 and $4.80 per share1, versus

its original guidance range of $4.67 to $4.82 per share. Eversource also reaffirms its expected compound annual earnings per share growth

rate within the range of 5 to 7 percent from a 2024 base of $4.57 per share1.

Electric Transmission

Eversource Energy’s transmission segment earned $185.5 million

in the third quarter of 2025 and $593.0 million in the first nine months of 2025, compared with earnings of $174.9 million in the third

quarter of 2024 and $540.6 million in the first nine months of 2024. Transmission segment results improved in both periods due primarily

to continued investment in Eversource’s electric transmission system.

Electric Distribution

Eversource Energy’s electric distribution segment earned $221.6

million in the third quarter of 2025 and $571.6 million in the first nine months of 2025, compared with earnings of $203.5 million in

the third quarter of 2024 and $521.3 million in the first nine months of 2024. Improved results in both periods were due primarily to

higher revenues from base distribution rate increases at Eversource’s New Hampshire and Massachusetts electric businesses, and continued

investments in our distribution system. The higher revenues were partially offset by higher property taxes, interest, depreciation and

operations and maintenance (O&M).

Natural Gas Distribution

Eversource Energy’s natural gas distribution segment had a loss

of $(16.8) million in the third quarter of 2025 and earnings of $236.9 million in the first nine months of 2025, compared with a loss

of $(30.2) million in the third quarter of 2024 and earnings of $187.4 million in the first nine months of 2024. Improved results in both

periods were due primarily to the base distribution rate increases at Eversource’s Massachusetts gas businesses, effective November 1,

2024, to recover continued investment in our natural gas infrastructure. The higher revenues were partially offset by higher interest,

depreciation and property tax expense, and additionally for the nine-month period higher O&M.

Water Distribution

Eversource Energy’s water distribution segment earned $18.9 million

in the third quarter of 2025 and $36.8 million in the first nine months of 2025, compared with earnings of $23.7 million in the third

quarter of 2024 and $37.1 million in the first nine months of 2024. Lower results in the third quarter were due primarily to higher O&M

and depreciation expense.

Eversource Parent and Other Companies

Eversource Energy parent and other companies, excluding the net losses

from offshore wind noted above, earned $33.3 million1 in the third quarter of 2025 and had losses of $(92.2) million1in the first nine months of 2025, compared with earnings of $34.0 million1 in the third quarter of 2024 and losses of $(23.3)

million1 in the first nine months of 2024. The increased loss in the first nine months was due primarily to higher interest

expense due to the absence of capitalized interest as a result of the sale of our offshore wind investments, partially offset by a lower

effective tax rate.

Eversource Energy Consolidated Earnings

The following table reconciles consolidated GAAP earnings per share

for the third quarter and first nine months of 2025 and 2024:

Third

Quarter

First

Nine Months

Reported GAAP EPS

$

)

$

Higher electric transmission segment earnings in 2025, net of share dilution

Higher electric distribution segment revenues, partially offset by higher property taxes, interest, depreciation and O&M, net of share dilution

Higher natural gas distribution segment revenues, partially offset by higher interest, depreciation and property taxes, and higher year-to-date O&M, net of share dilution

Lower third quarter water distribution segment earnings from higher O&M and higher depreciation

)

—

Increased loss at parent and other companies due primarily to higher interest expense, partially offset by a lower effective tax rate

—

)

Losses on Offshore Wind

Reported GAAP EPS

$

$

Financial results for the third quarter and first nine months of 2025

and 2024 for Eversource Energy’s business segments and parent and other companies are noted below:

Three months ended:

(in millions, except EPS)

Increase/

(Decrease)

Increase/

(Decrease)

Electric Transmission

$

$

$

$

$

$

Electric Distribution

Natural Gas Distribution

)

)

)

)

Water Distribution

)

)

Parent and Other Companies 1

)

—

Losses on Offshore Wind

)

)

)

)

Reported Earnings

$

$

)

$

$

$

)

$

Nine months ended:

(in millions, except EPS)

Increase/

(Decrease)

Increase/

(Decrease)

Electric Transmission

$

$

$

$

$

$

Electric Distribution

Natural Gas Distribution

Water Distribution

)

—

Parent and Other Companies 1

)

)

)

)

)

)

Losses on Offshore Wind

)

)

)

)

Reported Earnings

$

$

$

$

$

$

Eversource Energy has approximately 375

million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.6

million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

CONTACT:

Rima Hyder (Investor Relations)

rima.hyder@eversource.com

William Hinkle (Media Relations)

william.hinkle@eversource.com

Note: Eversource Energy will webcast a conference call with senior management on November 5, 2025, beginning at 9 a.m. Eastern Time. The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com.

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 third quarter

and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally accepted

accounting principles (non-GAAP) referencing earnings and EPS excluding losses associated with previous offshore wind investments. 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. Full year 2024 earnings discussion also includes a non-GAAP financial measure referencing

earnings and EPS excluding a loss on the pending sale of the Aquarion water distribution business of $298.3 million and the aggregate loss on the sale of our offshore wind investments.

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 impacts of the losses on the previous offshore wind investments and the loss on the pending sale of the

Aquarion water distribution business 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 an indicator 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 guidance for net income attributable

to common shareholders or recurring EPS or a reconciliation of guidance for non-GAAP recurring earnings or non-GAAP recurring EPS to the

most directly comparable GAAP measure because it is not able to predict with reasonable certainty the amount or nature of all items that

will be included in our net income attributable to common shareholders or recurring EPS for the year ending December 31, 2025. These

items are uncertain, depend on many factors and could have a material impact on our net income attributable to common shareholders and

recurring EPS for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort.

This document includes statements concerning Eversource Energy’s

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 the

U. S. federal securities laws. Generally, readers can 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 our actual results or outcomes to differ materially from those

contained in our forward-looking statements, including, but not limited to cyberattacks or breaches, including those resulting in the

compromise of the confidentiality of our proprietary information and the personal information of our customers; the ability to qualify

for investment tax credits and investment tax credit adders; 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; 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; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism,

physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution

systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party

suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business

conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business

model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws,

regulations, Presidential executive orders or regulatory policy, including compliance with environmental laws and regulations; 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 www.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.

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