Eversource Energy · Earnings release

Eversource

Energy Reports Second Quarter 2025 Results

HARTFORD,

Conn. and BOSTON, Mass. (July 31, 2025) – Eversource Energy (NYSE: ES) today reported earnings

of $352.7 million, or $0.96 per share, for the secondquarter of 2025, compared with earnings of $335.3 million, or $0.95per share, for the second quarter of 2024. For the first halfof 2025, Eversource Energy reported earnings of $903.5 million, or$2.45 per share, compared with earnings of $857.2 million, or $2.43per share, for the first half of 2024.

“Eversource

delivered solid operational and financial results in the second quarter, reflecting the dedication and expertise of our talented workforce,”

said Joe Nolan, Chairman, President, and Chief Executive Officer. “Our employees demonstrated exceptional commitment to our customers,

responding quickly to a series of weather events across our service territory. We strengthened our financial foundation by boosting cash

flow from operations and enhancing our balance sheet. Importantly, we continued to prioritize customer affordability while progressing

constructive regulatory outcomes that support our long-term investment strategy.”

G1The

company reaffirms its 2025 earnings projection of between $4.67 per share and $4.82 per share. It also reaffirms its 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 $208.0 million in the secondquarter of 2025 and $407.5 million in the first halfof 2025, compared with earnings of $189.0 million in the secondquarter of 2024 and $365.7 million in the first halfof 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 $161.5 million in the secondquarter of 2025 and $350.0 million in the first halfof 2025, compared with earnings of $149.7 million in the secondquarter of 2024 and $317.9 million in the first halfof 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 and depreciation.

Natural

Gas Distribution

Eversource

Energy’s natural gas distribution segment earned $35.3 million in the secondquarter of 2025 and $253.7 million in the first halfof 2025, compared with earnings of $27.1 million in the secondquarter of 2024 and $217.6 million in the first halfof 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 operations and maintenance, interest, depreciation and property tax expense.

Water

Distribution

Eversource

Energy’s water distribution segment earned $14.4 million in the secondquarter of 2025 and $17.9 million in the first halfof 2025, compared with earnings of $8.0 million in the second quarter

Improved results in both periods were due primarily to higher revenues and lower interest expense.

Eversource

Parent and Other Companies

Eversource

Energy parent and other companies had losses of $66.5 million in the secondquarter of 2025 and $125.6 million in the first halfof 2025, compared with losses of $38.5 million in the second quarter

The increased loss in both periods was due primarily to higher interest expense due to the absence of capitalized interest as a result

of the sale of our offshore wind projects.

Eversource

Energy Consolidated Earnings

The

following table reconciles consolidated GAAP earnings per share for the second quarter and first halfof 2025 and 2024:

Second

Quarter

First

Half

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 and depreciation, net of share dilution

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

Higher water distribution segment revenues and lower interest expense

Increased loss at parent and other companies due primarily to higher interest expense, net of share dilution

)

)

Reported GAAP EPS

$

$

Financial

results for the second quarter and first half of 2025and 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

)

)

)

)

)

)

Reported Earnings

$

$

$

$

$

$

Six months ended:

(in millions, except EPS)

Increase/

(Decrease)

Increase/

(Decrease)

Electric Transmission

$

$

$

$

$

$

Electric Distribution

Natural Gas Distribution

Water Distribution

Parent and Other Companies

)

)

)

)

)

)

Reported Earnings

$

$

$

$

$

$

Eversource

Energy has approximately 371 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

rima.hyder@eversource.com

Note: Eversource Energy will webcast a conference call with senior management on August 1, 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 under the Investors page.

1All

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 second quarter and first half of 2025and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized

under generally accepted accounting principles (non-GAAP), 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 includes a non-GAAP financial

measure referencing earnings and EPS excluding a loss on the sales of the offshore wind equity method investments and a loss on the pending

sale of the Aquarion water distribution business. 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 loss on the offshore wind equity method 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 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 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 offshore wind project as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for the

project; 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)and are updated

as necessary and available on Eversource Energy’s website at www.eversource.comand 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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