Eversource Energy (ES) 10-K risk factor changes: FY2025 vs FY2024

[removed: Cyberattacks,] [added: Cyber events,] including acts of war or terrorism, targeted directly on or indirectly affecting our systems or the systems of third parties on which we rely, could severely impair operations, negatively impact our business, lead to the disclosure of confidential information and adversely affect our reputation.

Cyberattacks that seek to exploit potential vulnerabilities in the utility industry and seek to disrupt electric, natural gas and water transmission and distribution systems are increasing in [removed: sophistication,] [added: sophistication including artificial intelligence,] magnitude and frequency.

A successful cyberattack [removed: on the information] [added: or other significant cyber event affecting] technology systems that control our transmission, distribution, natural gas and water systems or other assets could impair or prevent us from managing these systems and facilities, operating our systems effectively, or properly managing our data, networks and programs.

The breach [added: or failure] of certain information [added: or operational] technology systems could adversely affect our ability to correctly record, process and report financial information.

A major cyber [removed: incident] [added: event] could result in significant expenses to investigate and to repair system damage or security breaches and could lead to litigation, fines, other remedial action, heightened regulatory scrutiny and damage to our reputation.

We deploy substantial technologies to system and application security, encryption and other measures to protect our computer systems and infrastructure from unauthorized access or [removed: misuse.][added: misuse and to detect and respond to cyber events.]

Specifically, regarding vulnerabilities, we patch systems timely where patches are available to [removed: deploy,] [added: deploy] and have technologies that detect exploits of vulnerabilities and proactively block the exploit when it happens.

We maintain cyber insurance to cover damages, potential ransom and defense costs related to breaches of [removed: networks] [added: network] or operational technology, but it may be insufficient in limits and coverage exclusions to cover all losses.

[removed: Any such cyberattacks] [added: If our assets were physically damaged and were not recovered in a timely manner, it] could result in [added: a] loss of service to [removed: customers and] [added: customers,] a significant decrease in revenues, [added: significant expense to repair system damage, costs associated with governmental actions in response to such attacks and liability claims, all of] which could have a material adverse impact on our financial position, results of [removed: operations,] [added: operations] and cash flows.

Cyber intrusions, security breaches, theft or loss of this information by cybercrime or otherwise could lead to the release of critical operating information or confidential Company, customer or employee information, which could adversely affect our business operations or adversely impact our [removed: reputation,] [added: reputation] and could result in significant costs, fines and litigation.

We employ system controls to prevent the dissemination of certain confidential information and [removed: periodically] train employees on phishing risks.

We maintain cyber insurance to cover damages, costs related to a system disruption, potential ransom and defense costs arising from unauthorized disclosure of, or failure to protect, private information, as well as costs for notification to, or [removed: for credit monitoring of, customers, employees and other persons in the event of a breach of private information.]

This insurance covers amounts paid to address a network attack or the disclosure of personal [removed: information,] [added: information] and costs of a qualified forensics firm to determine the cause, source and extent of a network attack or to investigate, examine and analyze our network to find the cause, source and extent of a data breach, but it may be insufficient to cover all losses.

Our electric, natural [removed: gas] [added: gas,] and water [added: utility] companies are [added: subject to regulation by federal and state agencies and each is] required to engage in regulatory approval proceedings as a part of the process of establishing the terms and rates for [removed: their respective services.][added: service.]

Established rates are [removed: also] subject to subsequent prudency reviews by state regulators, whereby various portions of rates could be adjusted, subject to refund or disallowed, including cost recovery mechanisms.

The ultimate outcome and timing of regulatory rate proceedings or challenges to certain provisions in our distribution tariffs could have a significant effect on our ability to recover costs [removed: timely] [added: timely,] or at [removed: all] [added: all,] or earn an adequate return.

The inability to recover a significant amount of [removed: operating] [added: such] costs [removed: in a timely manner or at all] could have an adverse effect on our [removed: credit ratings,] financial position, results of [removed: operations,] [added: operations] and cash flows.

These [removed: actions would have an adverse effect on] [added: factors could adversely affect] our [removed: credit ratings,] financial position, results of [removed: operations,] [added: operations] and cash flows.

The FERC has jurisdiction over our transmission [removed: costs] [added: cost] recovery and our allowed [removed: ROEs.][added: ROEs on transmission investments.]

If FERC changes its methodology on developing [removed: ROEs, there] [added: ROEs or eliminates certain transmission incentives, it] could [removed: be a negative] [added: negatively] impact [removed: on] our [added: financial position,] results of operations and cash flows.

Additionally, [removed: certain] outside parties have filed four complaints against transmission-owning electric companies within [removed: ISO-NE] [added: ISO-NE,] alleging that our allowed ROEs are unjust and unreasonable.

An adverse decision in any of these four complaints could adversely affect our financial position, results of [removed: operations,] [added: operations] and cash flows.

[removed: A FERC decision approving this proposal] [added: Adverse outcomes, including reductions in allowed rate of return, disallowance of costs or delays in rate adjustment,] could adversely affect our financial position, results of [removed: operations,] [added: operations] and cash flows.

[added: Further,] FERC's policy has encouraged competition for transmission [removed: projects, even within existing service territories of electric companies,] [added: projects] as it looks to expand the transmission system to accommodate state and federal policy [removed: goals to utilize more renewable energy resources] as well as to enhance reliability and resilience for extreme weather [removed: events.][added: events while lowering costs.]

Implementation of FERC's [removed: goals, including within our service territories,] [added: goals] may expose us to competition for construction of transmission projects, [added: which could result in being exposed to cost caps or a reduced ROE in order to win a project bid,] additional regulatory [removed: considerations,] [added: considerations] and potential delay with respect to future transmission projects, which may adversely affect our results of operations and lower rate base growth.

Changes in tax laws, as well as the potential tax effects of business decisions [added: or other actions by the federal government such as Presidential executive orders] could negatively impact our business, financial position, results of [removed: operations,] [added: operations] and cash flows.

[removed: Because utility companies, including our] [added: Our] electric, natural gas and water utility [removed: subsidiaries, have] [added: subsidiaries serve] large customer [removed: bases, they] [added: bases and] are subject to adverse publicity [removed: focused on the safety and] [added: regarding service safety,] reliability [removed: of their distribution services] and [removed: the speed with which they are able to respond] [added: response times] to [removed: electric] outages, [removed: natural gas] leaks [removed: and similar interruptions caused by storm damage] or other [removed: unanticipated events,] [added: interruptions,] including those related to [added: storms or] climate change.

[removed: Significant cost increases, as well as any] [added: High customer bills or] failure to meet [removed: customer] energy [removed: requirements,] [added: needs] could [removed: negatively impact the] [added: reduce customer] satisfaction [removed: of our customers and our customers’ ability to pay their utility bills, which could have an adverse impact on] [added: adversely affecting] our business, reputation, financial position, results of operations, and cash flows.

Addressing [removed: any] adverse publicity, regulatory [removed: scrutiny or enforcement] [added: actions] or [removed: other] legal proceedings is [removed: time consuming] [added: costly] and [removed: expensive and, regardless of the factual basis for the assertions being made,] [added: time-consuming and] can [removed: have a negative] [added: negatively] impact [removed: on the reputation of our business, on the] [added: employee] morale and [removed: performance of our employees and on our] relationships with [removed: respective] regulators, customers and counterparties.

The direct and indirect effects of negative [removed: publicity, and the demands of responding to and addressing it,] [added: publicity] may [removed: have a material adverse effect on] [added: materially affect] our financial position, results of operations, and cash flows.

Our subsidiaries’ operations are [added: also] subject to extensive and increasing federal, state and local environmental statutes, rules and regulations that govern, among other things, water quality (including treatment of PFAS (Per- and Polyfluoroalkyl Substances) and lead), water discharges, the management of hazardous material and solid waste, and air emissions including greenhouse gases.

The costs of compliance with existing legal requirements [removed: or legal requirements not yet adopted] may increase in the future.

Although we have recorded liabilities for known environmental obligations, these costs can be difficult to estimate due to uncertainties [removed: about] [added: such as] the extent of contamination, remediation alternatives, the remediation levels required by state and federal agencies, [added: change in environmental regulations,] and the financial ability of other potentially responsible parties.

An increase in such costs, unless promptly recovered, could have an adverse impact on our business and our financial position, results of [removed: operations,] [added: operations] and cash flows.

As the requirement for credits [removed: increase] [added: increases] and outpace the renewable energy coming online, we may be required to pay higher prices and make alternative compliance payments to the states.

Variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects no longer owned by Eversource and the inability to monetize investment tax credits [removed: and investment tax credit adders] could have an adverse impact on our financial position, results of operations, and cash flows.

Our future obligations under the sale terms primarily include a capital expenditure overrun sharing obligation, an obligation to maintain GIP’s internal rate of return through the construction period for each project, and obligation for other future [removed: costs.][added: costs prior to commercial operation.]

Post-closing purchase price adjustment payments [removed: will be made] [added: are owed] following the commercial operation of Revolution Wind.

Factors that could increase the post-closing adjustment payments owed to GIP include the ultimate cost of construction and [added: timing and] extent of cost overruns for Revolution Wind, delays in [removed: construction,] [added: construction such as from federal governmental stop work orders, damage to equipment, and weather conditions,] which would [added: also] impact the economics associated with the purchase price adjustment, and Revolution Wind’s eligibility for federal investment tax credits (ITCs) at a [removed: lower] value [added: lower] than assumed and included in the purchase price.

New information that becomes available or future developments that arise as [added: the] construction [added: of Revolution Wind] progresses [removed: and as cost estimates are reviewed and revised] could result in increased costs of the project that would ultimately be owed to GIP.

Cybersecurity Risks:

In addition to intentional attacks, we also face risks from other cybersecurity events, such as software defects, misconfigurations, system integration failures and problematic third-party software or firmware updates that can cause widespread outages or disruptions even in the absence of a deliberate attack.

We have instituted safeguards to protect our technology systems and assets; however, we cannot guarantee that our security efforts will prevent or deter cyberattacks.

for credit monitoring of, customers, employees and other persons in the event of a breach of private information.

We are increasingly integrating artificial intelligence (AI) into our operations, and while these technologies offer operational benefits, they also introduce significant risks that could adversely impact our business and results of operations.

We deploy AI tools and models in areas such as weather forecasting, grid planning, asset management, customer service and internal support functions.

This deployment is overseen by an internal governance and oversight committee, which has established policies and procedures and reviews and approves the use of AI throughout the organization.

AI systems may produce inaccurate, biased or otherwise unreliable forecasts or recommendations due to flawed algorithms, limited training data or unforeseen conditions which could result in service disruptions, regulatory penalties and reputational harm.

Evolving AI regulations may impose new compliance and reporting obligations or restrict usage and stakeholders may raise concerns about transparency, bias, and accountability.

Despite implementing a governance framework and policies and controls in place related to AI use, including human oversight of critical decisions and outputs, these risks could negatively affect operations, expose us to litigation or regulatory penalties or fines, increase costs and impair our ability to meet customer expectations, which could have a material adverse impact on our financial position, results of operations, and cash flows.

Rate Regulation, Cost Recovery and Affordability

Our regulated companies are entitled to charge rates that are sufficient to recover prudently incurred costs and a reasonable return on investment on invested capital.

Regulatory decisions may require us to cancel, delay, or reduce planned investments or incur costs we cannot recover.

Rates are subject to prudency reviews, refunds or disallowances and may not align with the timing of costs incurred.

Customer affordability concerns, driven by volatility in energy supply costs, evolving public policy mandates and inflationary pressures, may limit our ability to recover costs or fund infrastructure upgrades.

Regulators may respond by imposing stricter cost recovery standards, delaying or denying rate increases or cost recovery or requiring alternative funding mechanisms increasing financial uncertainty.

Heightened political and public scrutiny of rate-setting processes may also lead to additional compliance obligations or reputational risk.

State-Level Risks

State commissions regulate rates, operations, accounting and certain financing activities.

Rates are set in comprehensive base rate proceedings based on an analysis of invested capital, expenses and other factors, subject to periodic review and adjustments.

Regulatory proceedings typically involve multiple parties who have differing concerns and can challenge our current or future rates, and these proceedings can be contentious, lengthy, and subject to appeal.

Regulatory commissions may challenge the reasonableness or prudency of operating expenses (including storm restoration costs) incurred or capital investments made by our regulated operating companies and deny the full recovery of cost of service in rates.

We have incurred significant storm restoration costs that are not yet approved by the regulatory commissions, and though we believe those costs were prudently incurred, it is possible that some amount may be disallowed.

Regulators may also impose penalties or reduce allowed returns, which would adversely affect our financial condition.

Additionally, catastrophic events at other utilities could lead to new requirements that increase costs.

We continue to monitor the evolving regulatory environment in Connecticut, including changes in the composition of PURA, which may affect our electric, natural gas and water businesses in that state.

Regulatory approval is also required for certain dispositions of property and plant, mergers and consolidations and issuances of long-term securities, and construction and operation of facilities.

Failure to obtain required approvals on a timely basis, or at all, could result in increased costs, the postponement or cancellation of planned transactions or projects, changes in financing strategies, and an adverse effect on our financial condition, results of operations, and ability to implement our business strategy.

Federal-Level Risks

From time to time, various matters are pending before FERC relating to transmission rates, incentives, interconnections and transmission planning.

Depending on the outcome, any of these matters could materially impact our results of operations and financial

condition.

New processes and planning frameworks, including ISO-NE’s Longer-Term Transmission Planning (LTTP) competitive solicitation process and advisory role as asset condition reviewer, introduce uncertainty around project timing, scope and cost recovery.

Competitive solicitations for certain transmission projects may require us to compete against non-incumbent developers, rather than relying on traditional cost-of-service recovery.

Failure to secure projects through these processes could reduce transmission investment opportunities and associated incentives, adversely affecting our financial position, results of operations and cash flows.

Negative publicity can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes, such as stricter operational standards, vegetation management requirements, fines, penalties or other sanctions.

We also depend on third-party suppliers for power and natural gas.

Factors such as inflation, tariffs, geopolitical conflicts, rising energy demand, supply costs, and public policy charges contribute to high customer bills in New England.

In extreme cases, ISO-NE may require load shed if regional power capacity is insufficient.

Future legislative or regulatory changes are unpredictable, and we cannot ensure we are able to respond adequately.

Cybersecurity Threats and Attacks:

We have instituted safeguards to protect our information technology systems and assets.

The rates that our electric, natural gas and water companies charge their customers are determined by their state regulatory commissions.

These commissions also regulate the companies' accounting, operations, the issuance of certain securities and certain other matters.

The FERC regulates the transmission of electric energy, the sale of electric energy at wholesale, accounting, issuance of certain securities and certain other matters, including reliability standards through the NERC.

The regulatory process may be adversely affected by the political, regulatory and economic environment in the states in which we operate.

Under state and federal law, our electric, natural gas and water companies are entitled to charge rates that are sufficient to allow them an opportunity to recover their prudently incurred operating and capital costs and a reasonable rate of return on invested capital, to attract needed capital and maintain their financial integrity, while also protecting relevant public interests.

Each of these companies prepares and submits periodic rate filings with their respective state regulatory commissions for review and approval, which allows for various entities to challenge our current or future rates, structures or mechanisms and could alter or limit the rates we are allowed to charge our customers.

These proceedings typically involve multiple parties, including governmental bodies and officials, consumer advocacy groups, and various consumers of energy, who have differing concerns.

Any change in rates, including changes in allowed rate of return, are subject to regulatory approval proceedings that can be contentious, lengthy, and subject to appeal.

The federal, state and local political and economic environment currently has, and may in the future have, an adverse effect on regulatory decisions with negative consequences for us.

These regulatory decisions currently, and may in the future, require us to cancel, reduce, or delay planned development activities or other planned capital expenditures or investments or otherwise incur costs that we may not be able to recover through rates.

There can be no assurance that regulators will approve the recovery of all costs incurred by our electric, natural gas and water companies, including costs for construction, operation and maintenance, and storm restoration.

Changes to rates may occur at times different from when costs are incurred.

Additionally, catastrophic events at other utilities could result in our regulators and legislators imposing additional requirements that may lead to additional costs for the companies.

In addition to the risk of disallowance of incurred costs, regulators may also impose downward adjustments in a company’s allowed ROE as well as assess penalties and fines.

We continue to experience challenges related to the regulatory environment in Connecticut with respect to our electric distribution, natural gas, and water businesses.

S&P recently downgraded the credit ratings of Eversource and its regulated utilities as a result of the challenging regulatory environment in Connecticut.

The FERC also has jurisdiction over our transmission rate incentives such as the regional transmission organization (RTO) participation ROE incentive adder, CWIP in rate base incentive and the abandoned plant incentive.

If the FERC changes its policies regarding these incentives, there could be a negative impact on our financial position, results of operations, and cash flows.

Additionally, the FERC issued a Supplemental Notice of Proposed Rulemaking (NOPR) on Transmission Incentives that proposes to eliminate the existing RTO ROE incentive adder for utilities that have been participating in an RTO for more than three years.

Adverse publicity of this nature could harm our reputation and the reputation of our subsidiaries; may make state legislatures, utility commissions and other regulatory authorities less likely to view us in a favorable light; and may cause us to be subject to less favorable legislative and regulatory outcomes, legal claims or increased regulatory oversight.

Unfavorable regulatory outcomes can include more stringent laws and regulations governing our operations, such as reliability and customer service quality standards or vegetation management requirements, as well as fines, penalties or other sanctions or requirements.

Further, we rely upon purchased power and purchased natural gas supply from third parties to meet customers’ energy requirements.

Due to a variety of factors, including the inflationary economic environment, geo-political conflicts, increased customer energy demand, the cost of energy supply, and public benefit charges assessed by our regulators, customer bills in New England remain high.

We also may be required to implement rolling blackouts by ISO-NE, the region’s independent grid operator if enough capacity is not available in the area to meet peak demand needs.

We are unable to predict future legislative or regulatory changes, initiatives or interpretations or other legal proceedings, and there can be no assurance that we will be able to respond adequately to such actions.

We completed the sales of our offshore wind investments in 2024.

The tax deductibility of the ITCs could be challenged.

Customers’ energy and water needs vary with weather conditions, primarily related to temperature and humidity.

For residential customers, heating and cooling represent their largest energy use.

For water customers, conservation measures imposed by the communities we serve could impact water usage.

The inability to recover a significant amount of such costs could have an adverse effect on our financial position, results of operations, and cash flows.

Water scarcity risk is heightened by multiple factors.

Our water systems include impounding dams and reservoirs and groundwater sources (e.g. wells and aquifers) of various sizes.

If our assets were physically damaged and were not recovered in a timely manner, it could result in a loss of service to customers, a significant decrease in revenues, significant expense to repair system damage, costs associated with governmental actions in response to such attacks, and liability claims, all of which could have a material adverse impact on our financial position, results of operations, and cash flows.

Many of our transmission projects are expected to alleviate identified reliability issues and reduce customers' costs.

Retaining key employees and maintaining the ability to attract new employees are important to both our operational and financial performance.

In addition, interest rates may increase in the future.

These factors include estimated investment returns, interest rates, discount rates, health care cost trends, benefit changes, salary increases and the demographics of plan participants.

The consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." Our discussion of fiscal year [removed: 2024] [added: 2025] compared to fiscal year [removed: 2023] [added: 2024] is included herein.

Unless expressly stated otherwise, for discussion and analysis of fiscal year [removed: 2022] [added: 2023] items and of fiscal year [removed: 2023] [added: 2024] compared to fiscal year [removed: 2022,] [added: 2023,] please refer to Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations,* in our combined [removed: 2023 [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072741/000007274124000005/es-20231231.htm)[Annual] [added: 2024 [Annual] Report on Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072741/000007274124000005/es-20231231.htm), which is incorporated herein by reference.

Our earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our earnings and EPS excluding losses [removed: on the sales and impairments of the] [added: associated with our previous] offshore wind [removed: equity method] investments, a loss on the pending sale of the Aquarion water distribution business, [added: and] a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently [removed: abandoned, and certain transaction and transition costs.][added: abandoned.]

We believe the impacts of the losses [removed: on the] [added: associated with our previous] offshore wind [removed: equity method] investments, the loss on the pending sale of the Aquarion water distribution business, [added: and] the loss on the disposition of land associated with an abandoned [removed: project, and transaction and transition costs] [added: project] are not indicative of our ongoing costs and performance.

- We earned [removed: $811.7 million,] [added: $1.69 billion,] or [removed: $2.27] [added: $4.56] per share, in [removed: 2024,] [added: 2025,] compared with [removed: a loss of $442.2] [added: $811.7] million, or [removed: $1.26] [added: $2.27] per share, in [removed: 2023.][added: 2024.]

Our 2024 results include an aggregate, net after-tax loss on the [removed: sales] [added: sale] of our offshore wind investments of $524.0 million, or $1.47 per [removed: share, and an after-tax loss resulting from the expected sale of Aquarion of $298.3 million, or $0.83 per] share.

Excluding these charges, our [added: 2025] non-GAAP earnings were [removed: $1.63] [added: $1.77] billion, or [removed: $4.57] [added: $4.76] per share, [removed: in 2024, compared with] [added: and our 2024] non-GAAP earnings of [removed: $1.52] [added: $1.63] billion, or [removed: $4.34] [added: $4.57] per [removed: share, in 2023.][added: share.]

- We project that we will earn within a [removed: 2025] [added: 2026] earning guidance range of between [removed: $4.67] [added: $4.80] per share and [removed: $4.82] [added: $4.95] per share.

We also project that our long-term EPS growth rate through [removed: 2029] [added: 2030] will be in a 5 to 7 percent range, using [removed: 2024] [added: 2025] non-GAAP EPS of [removed: $4.57] [added: $4.76] per share as the base year.

- Cash flows provided by operating activities totaled [removed: $2.16] [added: $4.11] billion in [removed: 2024,] [added: 2025,] compared with [removed: $1.65] [added: $2.16] billion in [removed: 2023.][added: 2024.]

Investments in property, plant and equipment totaled [removed: $4.48] [added: $4.16] billion in [removed: 2024,] [added: 2025,] compared with [removed: $4.34] [added: $4.48] billion in [removed: 2023.][added: 2024.]

- Cash totaled [removed: $26.7] [added: $135.4] million as of December 31, [removed: 2024,] [added: 2025,] compared with [removed: $53.9] [added: $26.7] million as of December 31, [removed: 2023.][added: 2024.]

Our available borrowing capacity under our commercial paper programs totaled [removed: $607.2 million] [added: $1.12 billion] as of December 31, [removed: 2024.][added: 2025.]

- In [removed: 2024,] [added: 2025,] we issued [removed: $4.50] [added: $2.94] billion of new long-term debt and we repaid [removed: $1.95] [added: $1.40] billion of long-term debt.

- In [removed: 2024,] [added: 2025,] we paid dividends totaling [removed: $2.86] [added: $3.01] per common share, compared with dividends of [removed: $2.70] [added: $2.86] per common share in [removed: 2023.][added: 2024.]

Our quarterly common share dividend payment was [removed: $0.715] [added: $0.7525] per share in [removed: 2024,] [added: 2025,] as compared to [removed: $0.675] [added: $0.715] per share in [removed: 2023.][added: 2024.]

On January [removed: 29, 2025,] [added: 27, 2026,] our Board of Trustees approved a common share dividend payment of [removed: $0.7525] [added: $0.7875] per share, payable on March 31, [removed: 2025] [added: 2026] to shareholders of record as of March [removed: 4, 2025.][added: 5, 2026.]

- We project to make capital expenditures of [removed: $24.17] [added: $26.51] billion from [removed: 2025] [added: 2026] through [removed: 2029,] [added: 2030,] of which we expect [removed: $10.22] [added: $11.24] billion to be in our electric distribution segment, [removed: $6.00] [added: $6.80] billion to be in our natural gas distribution segment, and [removed: $6.81] [added: $7.24] billion to be in our electric transmission segment.

We also project to invest [removed: $1.15] [added: $1.23] billion in information technology and facilities upgrades and enhancements.

Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion in cash, which [removed: includes] [added: included] approximately $1.6 billion for the equity and $800 million of net debt that will [added: either] be extinguished at [removed: closing.][added: closing or transferred to the buyer.]

Eversource plans to use the net proceeds from [removed: the pending] sale to pay down parent company debt.

[removed: - In the third quarter of] [added: On September 30,] 2024, Eversource completed the sale of its 50 percent ownership share in the [removed: Sunrise Wind project to Ørsted for adjusted proceeds of $152 million and completed the sale of its 50 percent ownership share in the] South Fork Wind and Revolution Wind projects to [removed: GIP for adjusted gross proceeds of $745 million.][added: GIP.]

Eversource recognized an aggregate [removed: net] after-tax loss on the sales of its offshore wind investments of $524 [removed: million.][added: million, which included a net $60 million increase in income tax expense including an increase in the valuation allowance for unused capital losses, in 2024.]

| | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | |

| Net Income/(Loss) Attributable to Common Shareholders (GAAP) | | | $ | [removed: 811.7] [added: 1,692.4] | | | | | $ | [removed: 2.27] [added: 4.56] | | | | | $ | [removed: (442.2)] [added: 811.7] | | | | | $ | [removed: (1.26)] [added: 2.27] | | | | | $ | [removed: 1,404.9] [added: (442.2)] | | | | | $ | [removed: 4.05] [added: (1.26)] | |

| Regulated Companies (Non-GAAP) | | | $ | [removed: 1,691.9] [added: 1,848.5] | | | | | $ | [removed: 4.73] [added: 4.98] | | | | | $ | [removed: 1,509.3] [added: 1,691.9] | | | | | $ | [removed: 4.31] [added: 4.73] | | | | | $ | [removed: 1,460.4] [added: 1,509.3] | | | | | $ | [removed: 4.21] [added: 4.31] | |

| Eversource Parent and Other Companies (Non-GAAP) | | | [removed: (57.9)] [added: (81.1)] | | | | | | [removed: (0.16)] [added: (0.22)] | | | | | | [removed: 8.4] [added: (57.9)] | | | | | | [removed: 0.03] [added: (0.16)] | | | | | | [removed: (40.5)] [added: 8.4] | | | | | | [removed: (0.12)] [added: 0.03] | | |

| Non-GAAP Earnings | | | $ | [removed: 1,634.0] [added: 1,767.4] | | | | | $ | [removed: 4.57] [added: 4.76] | | | | | $ | [removed: 1,517.7] [added: 1,634.0] | | | | | $ | [removed: 4.34] [added: 4.57] | | | | | $ | [removed: 1,419.9] [added: 1,517.7] | | | | | $ | [removed: 4.09] [added: 4.34] | |

| Losses on Offshore Wind [removed: Investments] (after-tax) (1) | | | [removed: (524.0)] [added: (75.0)] | | | | | | [removed: (1.47)] [added: (0.20)] | | | | | | [removed: (1,953.0)] [added: (524.0)] | | | | | | [removed: (5.58)] [added: (1.47)] | | | | | | [removed: —] [added: (1,953.0)] | | | | | | [removed: —] [added: (5.58)] | | |

| Loss on Pending Sale of Aquarion (after-tax) (2) | | | [removed: (298.3)] [added: —] | | | | | | [removed: (0.83)] [added: —] | | | | | | [removed: —] [added: (298.3)] | | | | | | [removed: —] [added: (0.83)] | | | | | | — | | | | | | — | | |

| Land Abandonment Loss and Other Charges (after-tax) (3) | | | — | | | | | | — | | | | | | [removed: (6.9)] [added: —] | | | | | | [removed: (0.02)] [added: —] | | | | | | [removed: —] [added: (6.9)] | | | | | | [removed: —] [added: (0.02)] | | |

[removed: (1)] In 2024, [removed: we recorded a loss on] [added: it related to] the [added: loss recorded for] sales of our [removed: offshore wind] equity method [added: offshore wind] investments.

For further information, see "Business Development and Capital Expenditures – [removed: Offshore Wind Business"] [added: Aquarion Sale Status and Regulatory Denial"] included in this *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

For further information, see "Business Development and Capital Expenditures – [removed: Pending] [added: Aquarion] Sale [removed: of Aquarion"] [added: Status and Regulatory Denial"] included in this *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

| Net Income - Regulated Companies (GAAP) | | | $ | [removed: 1,393.6] [added: 1,848.5] | | | | | $ | [removed: 3.90] [added: 4.98] | | | | | $ | [removed: 1,509.3] [added: 1,393.6] | | | | | $ | [removed: 4.31] [added: 3.90] | | | | | $ | [removed: 1,460.4] [added: 1,509.3] | | | | | $ | [removed: 4.21] [added: 4.31] | |

| Electric Distribution | | | $ | [removed: 631.7] [added: 667.1] | | | | | $ | [removed: 1.77] [added: 1.80] | | | | | $ | [removed: 608.0] [added: 631.7] | | | | | $ | [removed: 1.74] [added: 1.77] | | | | | $ | [removed: 592.8] [added: 608.0] | | | | | $ | [removed: 1.71] [added: 1.74] | |

| Electric Transmission | | | [removed: 724.6] [added: 776.7] | | | | | | [removed: 2.03] [added: 2.09] | | | | | | [removed: 643.4] [added: 724.6] | | | | | | [removed: 1.84] [added: 2.03] | | | | | | [removed: 596.6] [added: 643.4] | | | | | | [removed: 1.72] [added: 1.84] | | |

| Natural Gas Distribution | | | [removed: 291.0] [added: 360.5] | | | | | | [removed: 0.81] [added: 0.97] | | | | | | [removed: 224.8] [added: 291.0] | | | | | | [removed: 0.64] [added: 0.81] | | | | | | [removed: 234.2] [added: 224.8] | | | | | | [removed: 0.67] [added: 0.64] | | |

| Water Distribution, excluding Loss on Pending Sale (Non-GAAP) | | | [removed: 44.6] [added: 44.2] | | | | | | 0.12 | | | | | | [removed: 33.1] [added: 44.6] | | | | | | [removed: 0.09] [added: 0.12] | | | | | | [removed: 36.8] [added: 33.1] | | | | | | [removed: 0.11] [added: 0.09] | | |

| Net Income - Regulated Companies (Non-GAAP) | | | $ | [removed: 1,691.9] [added: 1,848.5] | | | | | $ | [removed: 4.73] [added: 4.98] | | | | | $ | [removed: 1,509.3] [added: 1,691.9] | | | | | $ | [removed: 4.31] [added: 4.73] | | | | | $ | [removed: 1,460.4] [added: 1,509.3] | | | | | $ | [removed: 4.21] [added: 4.31] | |

Our 2025 results include an aggregate, net after-tax charge resulting from our previous offshore wind investments of $75.0 million, or $0.20 per share.

These 2025 and 2024 charges were recorded within Eversource Parent and Other Companies.

Our 2024 results also include an after-tax loss resulting from the expected sale of Aquarion of $298.3 million, or $0.83 per share.

This 2024 charge was recorded within the Water Distribution segment.

- On May 30, 2025, we entered into an equity distribution agreement pursuant to which we may offer and sell up to $1.2 billion of our common shares from time to time through an “at-the-market” (ATM) equity offering program.

In 2025, we issued 7,130,134 common shares, which resulted in proceeds of $465.4 million, net of issuance costs.

*Regulatory Developments:*

- On July 25, 2025, the NHPUC issued its decision in the PSNH distribution rate case and approved a permanent rate increase of $100.7 million, effective August 1, 2025, inclusive of the temporary rate increase that went into effect in August 2024.

The order established an authorized regulatory ROE of 9.5 percent with a 50 percent common equity ratio for PSNH’s capital structure.

The NHPUC approved an alternative regulatory framework that authorizes formulaic annual revenue adjustments on August 1st of 2026, 2027 and 2028.

- On November 3, 2025, EGMA, NSTAR Electric, and the Massachusetts Office of the Attorney General reached a joint settlement agreement that resolved outstanding issues in multiple open Pension Adjustment Mechanism (PAM) dockets and open Resiliency Tree Work (RTW) dockets at NSTAR Electric and allows recovery of transaction and integration costs related to Eversource’s acquisition of EGMA.

The settlement agreement was approved by the DPU on December 1, 2025.

The settlement resulted in a net pre-tax benefit to earnings of $64.8 million on the Eversource income statement in the fourth quarter of 2025.

- On November 5, 2025, PURA issued a final decision in the Yankee Gas distribution rate case that included a distribution rate increase of $95.7 million, which excluded a previously recorded non-firm margin rate credit of $13.5 million to be refunded annually over three years, effective November 1, 2025.

The final decision also established an authorized net regulatory ROE of 9.32 percent and a 53 percent common equity ratio for Yankee Gas’ capital structure.

Yankee Gas filed motions to request PURA reconsider the disallowances of certain capitalized overhead costs, certain computational errors, and other issues identified in its final decision.

A final decision on the reconsideration is expected from PURA by March 15, 2026.

- On November 19, 2025, PURA denied an application to approve the sale of the Aquarion Water Company, finding that the transaction did not meet managerial suitability and responsibility requirements due to concerns with governance and oversight structure over Aquarion and its consumer advocate.

On January 15, 2026, the Connecticut Superior Court issued a decision on the appeal of PURA’s denial, sustaining the appeal and remanding back to PURA.

- On December 30, 2025, NSTAR Gas and the Massachusetts Office of the Attorney General reached a joint settlement agreement that allowed for the reinstatement of a rate base reset of $45.0 million increase to base distribution rates effective January 1, 2026 and for continuation of NSTAR Gas’ PBR program through November 1, 2030.

The settlement agreement also required NSTAR Gas to provide credits to customers and a concession to the Office of the Attorney General, among other items.

The DPU approved the settlement agreement on January 16, 2026.

The settlement agreement resulted in a pre-tax charge to earnings of $12.2 million in the fourth quarter of 2025.

- On January 30, 2026, the New Hampshire Department of Energy filed a notice of appeal with the New Hampshire Supreme Court challenging certain aspects of the PSNH distribution rate case decision approved by the NHPUC on July 25, 2025, including the alternative regulatory framework and the revenue requirement.

On February 6, 2026, the Office of the Consumer Advocate filed a notice of cross-appeal challenging other aspects of the rate case decision.

Eversource is currently evaluating the appeals.

(1) In 2025, we recorded a pre-tax charge of $284 million associated with increasing our offshore wind contingent liability for expected future payments under the terms of the 2024 sale agreement with Global Infrastructure Partners (GIP) for the South Fork Wind and Revolution Wind projects, offset by expected tax benefits from the offshore wind sale of $209 million.

In 2024, we recorded a pre-tax loss on the sales of our offshore wind investments of $464 million and a $60 million increase in income tax expense, resulting in an after-tax loss of $524 million.

The impact of higher shares outstanding resulted in $0.17 earnings per share dilution in 2025, as compared to 2024.

| Net Income - Regulated Companies (GAAP) | | | $ | 1,848.5 | | | | | $ | 4.98 | | | | | $ | 1,393.6 | | | | | $ | 3.90 | | | | | $ | 1,509.3 | | | | | $ | 4.31 | |

Earnings also benefited from a lower effective tax rate and the impact of the PSNH rate case decision in July 2025.

Those earnings increases were partially offset by higher interest expense, higher operations and maintenance expense, higher property tax expense, higher depreciation expense, and a charge for customer credits at NSTAR Electric as a result of the joint settlement agreement approved in Massachusetts on December 1, 2025.

Those earnings increases were partially offset by higher operations and maintenance expense, higher depreciation expense, higher interest expense, the impact of the NSTAR Gas settlement agreement in December 2025, higher property tax expense, and the impact of the Yankee Gas rate case decision in November 2025.

Excluding these charges, Eversource parent and other companies losses increased $23.2 million due to higher interest expense from the absence in 2025 of capitalized interest as a result of the sale of our offshore wind projects in the third quarter of 2024 and higher interest costs from short-term debt, partially offset by the allowed recovery of previously expensed acquisition-related and integration costs of EGMA as part of the joint settlement agreement approved in Massachusetts on December 1, 2025.

Eversource recorded a contingent liability relating to expected future payments to GIP as part of the sale of the South Fork Wind and Revolution Wind projects.

As part of the definitive agreement with GIP, Eversource is responsible for certain post-closing purchase price adjustments.

This obligation includes an expected cost overrun sharing obligation, an expected obligation to maintain GIP’s internal rate of return, and an obligation for other future costs prior to commercial operation.

In the third quarter of 2025, Eversource received an updated report from GIP on the construction status of Revolution Wind, which included revised projections of total construction costs.

The revised cost projections reflected known and quantifiable cost increases, including those associated with the impacts of damage to the wind turbine installation vessel, insurance costs, tariff impacts, and costs incurred as a result of the stop-work order for Revolution Wind received on August 22, 2025 from the Bureau of Ocean Energy Management that halted all offshore wind construction activities through September 22, 2025.

Based on those developments, Eversource recognized a pre-tax charge of $284.0 million in the third quarter of 2025 as a result of the aggregate impact of these items to increase the liability for purchase price adjustments associated with the offshore wind projects.

Our 2023 results included after-tax impairment charges on our offshore wind investments of $1.95 billion, or $5.58 per share.

Our 2023 results also included after-tax land abandonment and other charges of $6.9 million, or $0.02 per share.

*Strategic Developments:*

- On January 27, 2025, Eversource entered into a definitive agreement to sell Aquarion.

The sale is subject to regulatory and other approvals and is expected to close in late 2025.

Eversource recorded a contingent liability of $365 million, reflecting its estimate of the future obligations under the GIP sale terms, which include an expected cost overrun sharing obligation, expected obligation to maintain GIP’s internal rate of return, and obligation for other future costs.

Eversource does not have any ongoing financial obligations associated with Sunrise Wind.

| Transaction and Transition Costs (after-tax) (4) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15.0) | | | | | | (0.04) | | |

(4) Transaction costs in 2022 primarily include costs associated with the transition of systems as a result of our purchase of the assets of Columbia Gas of Massachusetts (CMA) on October 9, 2020 and integrating the CMA assets onto Eversource’s systems.

Those earnings increases were partially offset by higher operations and maintenance expense primarily driven by higher employee benefit costs, higher interest expense, higher depreciation expense, the absence of a prior year benefit at PSNH related to the establishment of a new regulatory tracking mechanism that allowed for the recovery of previously incurred operating expenses associated with poles acquired on May 1, 2023, higher property tax expense, and a higher effective tax rate.

Earnings also benefited from lower operations and maintenance expense, the absence of a prior year unfavorable regulatory adjustment resulting from NSTAR Gas’ GSEP reconciliation filing, and a lower effective tax rate.

The impacts of PURA’s rate case decision on March 15, 2023 were recorded beginning in March 2024 as a result of the State of Connecticut Superior Court’s decision on the rate case appeal on March 25, 2024.

The impacts primarily include a reduction to depreciation expense to reflect lower depreciation rates ordered by PURA in its final decision, partially offset by lower authorized revenues.

Results for 2023 also include a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned and other charges recorded of $6.9 million.

Excluding these charges, Eversource parent and other companies earnings decreased by $66.3 million due primarily to higher interest expense and the absence of a benefit in 2023 from the liquidation of Eversource parent’s equity method investment in a renewable energy fund, partially offset by the absence of a charitable contribution made in 2023 with a portion of the proceeds from the liquidation, and a lower effective tax rate.

Eversource is currently in the process of selling its Aquarion water distribution business.

As a result of the CL&P long-term debt issuance in January 2024, $207.3 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified to Long-Term Debt on Eversource parent’s balance sheet as of December 31, 2023.

As a result of the CL&P long-term debt issuance in January 2024, $207.3 million of CL&P’s intercompany borrowings were reclassified to Long-Term Debt on CL&P’s balance sheet as of December 31, 2023.

On January 28, 2025, Yankee Gas submitted an application to PURA requesting authorization to issue up to $360 million in long-term debt through December 31, 2026.

| Eversource Parent Series DD Senior Notes | | | 5.00 | | % | | | | 350.0 | | | | | | January 2024 | | | | | | January 2027 | | | | | | Repaid short-term debt | | |

| Eversource Parent Series EE Senior Notes | | | 5.50 | | % | | | | 650.0 | | | | | | January 2024 | | | | | | January 2034 | | | | | | Repaid short-term debt | | |

| Eversource Parent Series GG Senior Notes | | | 5.95 | | % | | | | 700.0 | | | | | | April 2024 | | | | | | July 2034 | | | | | | Repaid Series X Senior Notes and Aquarion’s 2014 Senior Notes at maturity and short-term debt | | |

| Eversource Parent Series L Senior Notes | | | 2.90 | | % | | | | (450.0) | | | | | | October 2024 | | | | | | October 2024 | | | | | | Paid at maturity | | |

| Yankee Gas Series X First Mortgage Bonds | | | 5.74 | | % | | | | 90.0 | | | | | | July 2024 | | | | | | July 2034 | | | | | | Repaid short-term debt, paid capital expenditures, working capital and repaid Series P bonds at maturity | | |

| EGMA Series E First Mortgage Bonds | | | 5.17 | | % | | | | 100.0 | | | | | | October 2024 | | | | | | November 2034 | | | | | | Refinanced existing indebtedness, paid capital expenditures and general corporate purposes | | |

| Aquarion Senior Notes | | | 4.00 | | % | | | | (360.0) | | | | | | August 2024 | | | | | | August 2024 | | | | | | Paid at maturity | | |

| Aquarion Water Company of Connecticut Senior Notes | | | 5.57 | | % | | | | 70.0 | | | | | | August 2024 | | | | | | September 2034 | | | | | | Repaid short-term debt, paid capital expenditures and general corporate purposes | | |

As a result of the CL&P long-term debt issuance in January 2025, $397.1 million of current portion of long-term debt was reclassified to Long-Term Debt on Eversource’s and CL&P’s balance sheets as of December 31, 2024.

In 2023, no shares were issued under this agreement.

Eversource completed the program in October 2024.

| Eversource | | | $ | 1,113.5 | | | | | $ | 1,044.2 | | | | | $ | 982.4 | | | | | $ | 872.3 | | | | | $ | 764.4 | | | | | $ | 6,793.6 | | | | | $ | 11,570.4 | |

In June 2024, Moody’s revised the outlook from stable to negative for CL&P citing a weaker financial profile and a challenging Connecticut regulatory environment.

In December 2024, S&P downgraded the ratings for Eversource parent and its subsidiaries primarily due to S&P's negative assessment of the Connecticut regulatory construct for Eversource’s Connecticut utilities.

These credit ratings and outlook changes reflect higher regulatory risk in Connecticut with the regulatory construct and adverse regulatory developments, including recent rate orders and the passage of Senate Bill 7, negatively impacting the credit quality of Eversource and its subsidiaries.

| 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Basic Business | | | $ | 267.8 | | | | | $ | 202.4 | | | | | $ | 68.6 | | | | | $ | 538.8 | | | | | $ | 175.2 | | | | | $ | 16.8 | | | | | $ | 730.8 | |

| Aging Infrastructure | | | 199.9 | | | | | | 245.1 | | | | | | 70.8 | | | | | | 515.8 | | | | | | 562.3 | | | | | | 137.6 | | | | | | 1,215.7 | | |

| Load Growth and Other | | | 90.7 | | | | | | 177.0 | | | | | | 31.3 | | | | | | 299.0 | | | | | | 66.4 | | | | | | 0.9 | | | | | | 366.3 | | |

| Total Distribution | | | $ | 558.4 | | | | | $ | 624.5 | | | | | $ | 170.7 | | | | | $ | 1,353.6 | | | | | $ | 803.9 | | | | | $ | 155.3 | | | | | $ | 2,312.8 | |

Pending Sale of Aquarion: In early 2024, Eversource initiated an exploratory assessment of the potential sale of the Aquarion water distribution business.

The Finance [added: and Risk Management] Committee of the Board of Trustees is responsible for oversight of the Company's ERM program and enterprise-wide risks as well as specific risks associated with insurance, credit, financing, investments, pensions and overall system security including cyber security.

The findings of the ERM process are periodically discussed with the Finance [added: and Risk Management] Committee of our Board of Trustees, as well as with other Board Committees or the full Board of Trustees, as appropriate, including reporting on how these issues are being measured and managed.

As of December 31, [removed: 2024,] [added: 2025,] all of our long-term debt was at a fixed interest rate.

As of December 31, [removed: 2024,] [added: 2025,] our regulated companies held collateral (letters of credit or cash) of [removed: $15] [added: $21.3] million from counterparties related to our standard service contracts.

As of December 31, [removed: 2024,] [added: 2025,] Eversource had [removed: $21.4] [added: $38.6] million of cash posted with ISO-NE related to energy transactions.

For [removed: further information,] [added: information regarding the sale status of Aquarion, regulatory denial and subsequent appeal,] see "Business Development and Capital Expenditures – [removed: Pending] [added: Aquarion] Sale [removed: of Aquarion"] [added: Status and Regulatory Denial"] in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

For [removed: more information,] [added: information on capital expenditures and projects during 2025, as well as projected capital expenditures by business,] see "Business Development and Capital [removed: Expenditures – Offshore Wind Business"] [added: Expenditures"] in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

As of December 31, [removed: 2024,] [added: 2025,] CL&P furnished retail franchise electric service to approximately [removed: 1.30] [added: 1.32] million customers in 157 cities and towns in Connecticut.

For those customers who do not choose a competitive energy supplier, CL&P purchases power on behalf of, and passes the related [removed: cost] [added: cost,] without [removed: mark-up] [added: mark-up,] through [removed: to,] [added: to] those customers under standard service (SS) rates for customers with less than 500 kilowatts of demand (residential customers and small and medium commercial and industrial customers), and supplier of last resort service (LRS) rates for customers with 500 kilowatts or more of demand (larger commercial and industrial customers).

CL&P charges customers only the amount that it pays generators for producing electricity and does not earn a [removed: profit] [added: return] on the cost of electricity.

CL&P is required by [added: both state legislation and] regulation to purchase electric generation from Millstone and Seabrook under PURA-approved PPAs entered [removed: into] in 2019.

The net cost or net sales amount is recovered from, or refunded to, customers in the non-bypassable component of the FMCC [removed: rate with no company profit.][added: rate.]

For further information, see "Regulatory Developments and Rate Matters - Connecticut" in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations.* [added: Aquarion’s Massachusetts base distribution rates were established in a 2018 DPU-approved rate case.]

During [removed: 2024,] [added: 2025,] CL&P supplied approximately [removed: 45] [added: 50] percent of its customer load at SS or LRS rates while the other [removed: 55] [added: 50] percent of its customer load had migrated to competitive energy suppliers.

In terms of the total number of CL&P customers, this equates to [removed: 21] [added: 19] percent being on competitive supply, while [removed: 79] [added: 81] percent remain with SS or LRS.

Currently, CL&P has full requirements supply contracts in place for 100 percent of its SS load for the first half of [removed: 2025.][added: 2026.]

For the second half of [removed: 2025,] [added: 2026,] CL&P has [removed: 50] [added: 60] percent of its SS load under full requirements supply contracts and intends to purchase an additional [removed: 50] [added: 40] percent of full requirements.

None of the SS load for [removed: 2026] [added: 2027] has been procured.

[removed: CL&P obtained a full requirements supply contract] for its LRS load through March [removed: 2025] [added: 2026] and intends to purchase 100 percent of full requirements for LRS for the remainder of [removed: 2025.][added: 2026.]

As of December 31, [removed: 2024,] [added: 2025,] NSTAR Electric furnished retail franchise electric service to approximately [removed: 1.58] [added: 1.62] million customers in 159 cities and towns in eastern and western Massachusetts, including Boston, Cape Cod, Martha's Vineyard and the greater Springfield metropolitan area.

NSTAR Electric charges customers only the amount that it pays generators for producing electricity and does not earn a [removed: profit] [added: return] on the cost of electricity.

For [removed: further information, see "Regulatory Developments] [added: information regarding short-term] and [removed: Rate Matters - Massachusetts"] [added: long-term debt agreements, see "Liquidity"] in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations.*][added: Operations,* Note 8, "Short-Term Debt," and Note 9, "Long-Term Debt," of the Combined Notes to Financial Statements.]

NSTAR Electric will not be required to pay a SQ charge for its [removed: 2024] [added: 2025] performance as the company achieved results at or above target for all of its SQ metrics in [removed: 2024.][added: 2025.]

As approved by the DPU, NSTAR Electric enters into supply contracts for basic service for approximately [removed: 26] [added: 20] percent of its residential and [removed: 14] [added: 15] percent of its small commercial and industrial (C&I) customers twice per year for twelve-month terms.

NSTAR Electric enters into supply contracts for basic service for [removed: three] [added: two] percent of its large C&I customers every three months.

During [removed: 2024,] [added: 2025,] NSTAR Electric supplied approximately [removed: 14] [added: 12] percent of its overall customer load at basic service rates.

The remaining [removed: 86] [added: 88] percent of its overall customer load was served either by municipal aggregation or competitive supply.

As of December 31, [removed: 2024,] [added: 2025,] PSNH furnished retail franchise electric service to approximately [removed: 544,000] [added: 549,000] retail customers in 206 cities and towns in New Hampshire.

PSNH charges customers only the amount that it pays generators for producing electricity and does not earn a [removed: profit] [added: return] on the cost of electricity.

[removed: It also includes a] customer charge to collect the cost of providing service to a customer; such as the installation, maintenance, reading and replacement of meters and maintaining accounts and records.

- A Regulatory Reconciliation Adjustment (RRA) that reconciles the difference between certain estimated and actual costs included in base distribution rates, including costs related to regulatory assessments, [removed: vegetation management program expenses,] property tax expenses, [removed: storm cost amortization updated for] the [removed: actual cost of long-term debt] [added: New Start Arrearage Forgiveness Program,] and [removed: lost base revenues related to net metering.][added: unrecovered storm costs in excess of the Major Storm Cost Reserve, once approved.]

Distribution Rate [removed: Case and Settlement Agreement:] [added: Case:] PSNH's distribution rates were established in a [removed: 2020] [added: July 2025] NHPUC-approved rate [removed: case settlement agreement] [added: case,] with rates effective [removed: January] [added: August] 1, [removed: 2021.][added: 2025.]

PSNH does not own any generation assets and as approved by the NHPUC, purchases energy supply from a variety of competitive suppliers for its energy service customers through requests for proposals issued twice per year, for six-month terms, for approximately [removed: 58] [added: 56] percent of its residential and small C&I customers and for [removed: 15] [added: 18] percent of its large C&I customers.

As required by the NHPUC, PSNH purchased [removed: 12.5] [added: 50] percent of its residential and small C&I customer load [added: and 100 percent of its medium C&I and large C&I customer load] through direct wholesale market participation for the second half of [removed: 2024.][added: 2025.]

During [removed: 2024,] [added: 2025,] PSNH supplied approximately [removed: 58] [added: 56] percent of its customer load at default energy service rates while the other [removed: 42] [added: 44] percent of its customer load had migrated to competitive energy suppliers.

At the end of [removed: 2024,] [added: 2025,] our estimated transmission rate base was approximately [removed: $10.8] [added: $11.3] billion, including approximately [removed: $4.4] [added: $4.6] billion at CL&P, $4.4 billion at NSTAR Electric, and [removed: $2.0] [added: $2.3] billion at PSNH.

On August 9, 2022, the Court issued a decision vacating these MISO [added: ROE] FERC decisions and remanded to FERC to reopen the proceedings.

NSTAR Gas distributes natural gas to approximately [removed: 315,000] [added: 306,000] customers in 59 communities in central and eastern Massachusetts.

EGMA distributes natural gas to approximately [removed: 332,000] [added: 335,000] customers in 66 communities throughout Massachusetts.

Yankee Gas distributes natural gas to approximately [removed: 254,000] [added: 256,000] customers in 85 cities and towns in Connecticut.

Our natural gas businesses provide [removed: firm] [added: uninterruptible (or firm)] natural gas sales and transportation service to eligible retail customers who require a continuous natural gas supply throughout the year, such as residential customers who rely on natural gas for heating, hot water and cooking needs, as well as commercial and industrial customers who rely on natural gas for space heating, hot water, cooking and commercial and industrial [removed: applications.][added: applications and who choose to purchase natural gas from our natural gas businesses.]

Total throughput (sales and transportation) in [removed: 2024] [added: 2025] was approximately [removed: 69.0] [added: 69.9] Bcf for NSTAR Gas, [removed: 54.8] [added: 56.6] Bcf for EGMA, and [removed: 59.5] [added: 61.6] Bcf for Yankee Gas.

All NSTAR Gas and EGMA retail customers have the ability to choose to purchase gas from [removed: third party] [added: third-party] marketers under the Massachusetts Retail Choice program.

NSTAR Gas, EGMA and Yankee Gas do not earn a [removed: profit] [added: return] on the cost of purchased gas.

NSTAR Gas and EGMA [removed: have the ability to] offer interruptible transportation and [removed: interruptible] natural gas sales service to high volume commercial and industrial customers.

For more information, see Note 13G, "Commitments and Contingencies – Offshore Wind Sale and Contingent Liability," in the accompanying Item 8, *Financial Statements and Supplementary Data*.

CL&P does not earn any return from these PPAs.

A summary of CL&P's retail revenues, grouped by customer bill rate components described above, are as follows:

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | For the Years Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| CL&P *(Millions of Dollars)* | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | Increase/ (Decrease) | | | | | | Return Included in Customer Rates | | |

| Retail Tariff Sales Revenues | | | Amount | | | | | | % | | | | | | Amount | | | | | | % | | | | | | | | | | | | | | |

| Supply | | | $ | 1,050.0 | | | | | 25 | | % | | | | $ | 1,094.1 | | | | | 29 | | % | | | | $ | (44.1) | | | | | pass through costs; no return | | |

| Local Delivery | | | 1,425.1 | | | | | | 34 | | % | | | | 1,354.5 | | | | | | 35 | | % | | | | 70.6 | | | | | | includes return on investments | | |

| Public Benefits | | | 959.3 | | | | | | 23 | | % | | | | 709.5 | | | | | | 19 | | % | | | | 249.8 | | | | | | pass through costs; required by legislation and regulation | | |

| Transmission | | | 721.0 | | | | | | 17 | | % | | | | 664.6 | | | | | | 17 | | % | | | | 56.4 | | | | | | includes return on investments | | |

| Total Retail Tariff Sales Revenues | | | $ | 4,155.4 | | | | | | | | | | | $ | 3,822.7 | | | | | | | | | | | $ | 332.7 | | | | | | | |

CL&P obtained a full requirements supply contract

It also includes a

Additionally, the RRA recovers approved rate case expense, as well as historical amounts for New Start and Fee Free program costs.

As part of the NHPUC’s alternative regulatory framework, PSNH is authorized three formulaic annual revenue adjustments on August 1, 2026, 2027 and 2028.

PSNH is required to file its next base distribution rate case for effect in June 2029.

The alternative regulatory framework also contains an exogenous events recovery mechanism for certain unforeseen events out of PSNH’s control and exceeding a specified threshold, a performance metric, and an earnings sharing mechanism where PSNH would return 75 percent of all revenue back to customers that exceeds 25 basis points more than the authorized ROE of 9.5 percent.

Our natural gas businesses are engaged in the distribution and sale of natural gas to customers.

Interruptible transportation and interruptible natural gas sales service is offered to certain customers.

A Distribution Integrity Management Program (DIMP) reconciliation mechanism at Yankee Gas, which collects the cost of capital to replace aging infrastructure.

The DIMP is adjusted and reconciled annually, with any differences refunded to, or recovered from, customers.

On December 30, 2025, NSTAR Gas and the Massachusetts Office of the Attorney General reached a joint settlement agreement that allowed for the reinstatement of a rate base reset in base distribution rates effective January 1, 2026, for NSTAR Gas to not petition for a rate case with new rates effective December 1, 2026, and for continuation of NSTAR Gas’ PBR program through November 1, 2030.

The settlement agreement was approved by the DPU on January 16, 2026.

In December 2023, the DPU ordered that it would consider and, in some cases, require new processes and analysis for traditional natural gas investments, which may require significant changes to the LDC planning process and business models.

On April 2, 2024, the DPU ordered the LDCs to implement the inclusion of a Non-Gas Pipeline Alternatives (NPA) analysis on all project authorizations and that each LDC submit climate compliance plans every five years beginning April 1, 2025 that include performance metrics to promote the achievement of climate targets.

The climate compliance plan filings include the NPA frameworks, along with energy transitions plans including details on the management of embedded infrastructure investments and cost recovery.

Eversource along with the LDCs, have also contracted a consultant to model and investigate statewide cost recovery scenarios including under accelerated depreciation rates.

Eversource does not believe there is any indication of an inability to recover costs or risk of impairment of NSTAR Gas’ and EGMA’s natural gas assets at this time.

NSTAR Gas is required to pay approximately $1.6 million to customers in SQ charges as a result of not meeting certain customer service-related performance metrics in 2025, which was recorded as a regulatory liability as of December 31, 2025.

(defined as the average of the four coldest years in the last 30 years).

Distribution Rate Cases: Aquarion's Connecticut base distribution rates were established in a 2023 PURA-approved rate case, with updated decisions in 2024 and 2025.

In response, the LDCs submitted a Climate Compliance Plan in 2025 which is under review.

Acute risks are often exacerbated by chronic risks due to changes in precipitation patterns, extreme variability in weather patterns, rising mean temperatures, and/or rising sea levels.

In 2025, Eversource replaced its carbon neutrality goal with an expanded set of GHG reduction targets aiming to achieve a 45 percent reduction in both Scope 1 and 2 emissions by 2035 and to achieve net zero emissions by 2050 for both Scope 1 and 2 as well as Scope 3 emissions associated with customer energy use.

These targets rely on absolute emissions reductions as opposed to carbon offsets and put greater emphasis on the indirect emissions from our customers’ energy usage, thereby better aligning with, and supporting, the climate policies and regulations of the states where we operate.

Our Scope 3 emissions are our largest portion of our inventory as it includes emissions associated with customer energy use and are included in our net zero target.

While we have limited influence over this emissions source, the investments we make to the grid infrastructure that enables more clean energy to be interconnected overtime, will help reduce the carbon footprint of our service territory and our customers, while supporting regional goals addressing climate change.

We also influence Scope 3 emissions through our industry-leading energy efficiency programs and interconnection of customer-owned renewable generation sources (such as solar panels).

Eversource is currently in the process of selling its Aquarion water distribution business.

The SBC also has a component for the company to collect lost base revenue (LBR) from the implementation of energy efficiency measures.

LBR will remain a component of the SBC charge unless and until PSNH has a decoupling or other revenue adjustment mechanism approved by the NHPUC.

- A Pole Plant Adjustment Mechanism (PPAM) that recovers certain costs associated with poles acquired under a 2023 purchase agreement between PSNH and Consolidated Communications, including the operation and maintenance of poles, pole inspections, and vegetation management expenses incurred, beginning February 10, 2021 through April 30, 2023.

PSNH was permitted three step increases, effective January 1, 2021, August 1, 2021, and November 1, 2022 to reflect plant additions in calendar years 2019, 2020 and 2021, respectively.

On June 11, 2024, PSNH filed an application with the NHPUC for approval of a temporary annual base distribution rate increase effective August 1, 2024, which was approved by the NHPUC on July 31, 2024.

Also on June 11, 2024, PSNH filed an application with the NHPUC to request an increase in permanent base distribution rates, proposed to take effect August 1, 2025.

A decision by the NHPUC on permanent rates is expected by August 1, 2025.

PURA also approved step adjustments effective January 1, 2020 and January 1, 2021.

On November 12, 2024, Yankee Gas filed an application to amend its base distribution rates for effect on November 1, 2025.

A final decision by PURA is expected in October 2025.

Natural Gas Replacement

Massachusetts: Pursuant to Massachusetts legislation, in October of each year, NSTAR Gas and EGMA file GSEP Plans with the DPU for the following construction year.

The GSEP Program is designed to accelerate the replacement of certain natural gas distribution facilities in the system to less than 25 years.

The GSEP includes a tariff that provides NSTAR Gas and EGMA an opportunity to collect the costs for the program on an annual basis through a reconciling factor.

On April 30th each year, the DPU approves the GSEP rate recovery factor that goes into effect on May 1st.

Connecticut: Yankee Gas' December 2018 PURA-approved rate case settlement agreement included an accelerated pipeline replacement cost recovery program.

The GSI rate recovers accelerated pipeline replacement as well as other capital investment through an annual reconciliation.

Yankee Gas files its GSI reconciliation annually on March 1st for rates effective April 1st.

Distribution Rate Cases: On August 29, 2022, Aquarion Water Company of Connecticut (AWC-CT) filed an application with PURA to amend its existing rate schedules.

On March 15, 2023, PURA issued a final decision that rejected AWC-CT’s application with PURA, which was subsequently appealed by AWC-CT.

On March 25, 2024, the State of Connecticut Superior Court issued a decision on the appeal and on March 28, 2024, AWC-CT filed an appeal of the Connecticut Superior Court decision.

On July 31, 2024, PURA issued a final decision and increased AWC-CT’s approved revenue requirement by $0.1 million above the amount authorized in the March 15, 2023 decision, which was also subsequently appealed by AWC-CT.

Both appeals are pending.

Aquarion’s Massachusetts base distribution rates were established in a 2018 DPU-approved rate case.

For information on capital expenditures and projects during 2024, as well as projected capital expenditures by business, see "Business Development and Capital Expenditures" in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

For information regarding short-term and long-term debt agreements, see "Liquidity" in the accompanying Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations,* and Note 8, "Short-Term Debt," and Note 9, "Long-Term Debt," of the Combined Notes to Financial Statements.

Under the new administration there is uncertainty about the future of this funding and other clean energy policies, and the potential impact it may have on future projects.

In addition, the states we operate in may respond to the federal policy shift with enhancements to existing clean energy programs, creating additional opportunities.

- Conducting climate modeling to assess vulnerable regions and infrastructure in order to prioritize hazard mitigation projects;

Eversource set a GHG reduction goal in 2019 to reduce Scope 1 and 2 emissions from our operations and reach carbon neutrality by 2030.

We are also looking to introduce an expanded target that will place a greater emphasis on the indirect Scope 3 emissions from our customers’ energy use.

An expanded target that aligns with the climate policies and regulations of the states where we operate will be introduced in early 2025.

Leaders at all levels strive to create a workplace where our employees are engaged, empowered, advocate for the customer, work collaboratively, raise ideas for improvement and focus on delivering superior customer experience.

We use metrics such as Days Away Restricted Time (DART) and High Energy Field Observations, among others, to monitor safety performance.

Our DART safety performance was 0.76 in 2024, measured by days away, restricted or transferred per 100 workers, using the DART-OSHA method of measurement.

We are committed to merit-based hiring practices that emphasize recruiting the most qualified individuals, ensuring fairness and equal employment opportunity for all candidates, and we encourage our employees to embrace different perspectives and experiences in our workplace and within our communities.

Our Business Resource Groups provide our leaders with valuable feedback on the impact of our decisions on workforce engagement and job satisfaction.

Eversource's Board of Trustees also is committed to overseeing a high-performing and engaged workforce at Eversource.

The Board receives regular monthly progress updates on human capital and employee engagement activities.

For information regarding material lawsuits and proceedings, see [removed: [](#i184ea07dcc794a91967170698e8b08b9_229)[Note] [added: [](#i2aaab014f7ae49da89ca57f8ae19b469_229)[Note] 13, “Commitments and [removed: Contingencies,”](#i184ea07dcc794a91967170698e8b08b9_229)] [added: Contingencies,”](#i2aaab014f7ae49da89ca57f8ae19b469_229)] of the Combined Notes to Financial Statements.

| | | | [removed: ] [added: ] | | | | | |

| | | | For the fiscal year ended | | | December 31, [removed: 2024] [added: 2025] | | |

The aggregate market value of Eversource Energy's Common Shares, $5.00 par value, held by non-affiliates, computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of Eversource Energy's most recently completed second fiscal quarter (June 30, [removed: 2024)] [added: 2025)] was [removed: $20,096,384,968] [added: $23,590,442,517] based on a closing market price of [removed: $56.71] [added: $63.62] per share for the [removed: 354,371,098] [added: 370,802,303] common shares outstanding held by non-affiliates on June 30, [removed: 2024.][added: 2025.]

| Company - Class of Stock | | | Outstanding as of January 31, [removed: 2025] [added: 2026] | | | | | |

| Eversource Energy Common Shares, $5.00 par value | | | [removed: 366,785,030] [added: 375,496,611] | | | shares | | |

Portions of the Eversource Energy and Subsidiaries [removed: 2023] [added: 2024] combined Annual Report on Form 10-K and portions of the Proxy Statement relating to the Annual Meeting of Shareholders to be held on May [removed: 1, 2025,] [added: 6, 2026,] are incorporated by reference into Parts II and III of this Report.

| Eversource [removed: 2023] [added: 2024] Form 10-K | | | The Eversource Energy and Subsidiaries [removed: 2023] [added: 2024] combined Annual Report on Form 10-K as filed with the SEC | | |

| Moody's | | | Moody's Investors [removed: Services,] [added: Service,] Inc. | | |

[removed: 2024] [added: 2025] FORM 10-K ANNUAL REPORT

| Item 1. | | | [removed: [Business](#i184ea07dcc794a91967170698e8b08b9_19)] [added: [Business](#i2aaab014f7ae49da89ca57f8ae19b469_19)] | | | [removed: [2](#i184ea07dcc794a91967170698e8b08b9_19)] [added: [2](#i2aaab014f7ae49da89ca57f8ae19b469_19)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i184ea07dcc794a91967170698e8b08b9_22)] [added: Factors](#i2aaab014f7ae49da89ca57f8ae19b469_22)] | | | [removed: [16](#i184ea07dcc794a91967170698e8b08b9_22)] [added: [16](#i2aaab014f7ae49da89ca57f8ae19b469_22)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i184ea07dcc794a91967170698e8b08b9_25)] [added: Comments](#i2aaab014f7ae49da89ca57f8ae19b469_25)] | | | [removed: [22](#i184ea07dcc794a91967170698e8b08b9_25)] [added: [22](#i2aaab014f7ae49da89ca57f8ae19b469_25)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i184ea07dcc794a91967170698e8b08b9_28)] [added: [Cybersecurity](#i2aaab014f7ae49da89ca57f8ae19b469_28)] | | | [removed: [22](#i184ea07dcc794a91967170698e8b08b9_28)] [added: [22](#i2aaab014f7ae49da89ca57f8ae19b469_28)] | | |

| Item 2. | | | [removed: [Properties](#i184ea07dcc794a91967170698e8b08b9_31)] [added: [Properties](#i2aaab014f7ae49da89ca57f8ae19b469_31)] | | | [removed: [23](#i184ea07dcc794a91967170698e8b08b9_31)] [added: [23](#i2aaab014f7ae49da89ca57f8ae19b469_31)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i184ea07dcc794a91967170698e8b08b9_34)] [added: Proceedings](#i2aaab014f7ae49da89ca57f8ae19b469_34)] | | | [removed: [25](#i184ea07dcc794a91967170698e8b08b9_34)] [added: [26](#i2aaab014f7ae49da89ca57f8ae19b469_34)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i184ea07dcc794a91967170698e8b08b9_37)] [added: Disclosures](#i2aaab014f7ae49da89ca57f8ae19b469_37)] | | | [removed: [26](#i184ea07dcc794a91967170698e8b08b9_37)] [added: [26](#i2aaab014f7ae49da89ca57f8ae19b469_37)] | | |

| | | | [Information About Our Executive [removed: Officers](#i184ea07dcc794a91967170698e8b08b9_40)] [added: Officers](#i2aaab014f7ae49da89ca57f8ae19b469_40)] | | | [removed: [26](#i184ea07dcc794a91967170698e8b08b9_40)] [added: [26](#i2aaab014f7ae49da89ca57f8ae19b469_40)] | | |

| Item 5. | | | [Market for the Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i184ea07dcc794a91967170698e8b08b9_43)] [added: Securities](#i2aaab014f7ae49da89ca57f8ae19b469_43)] | | | [removed: [26](#i184ea07dcc794a91967170698e8b08b9_43)] [added: [27](#i2aaab014f7ae49da89ca57f8ae19b469_43)] | | |

| Item 6. | | | [Removed and [removed: Reserved](#i184ea07dcc794a91967170698e8b08b9_46)] [added: Reserved](#i2aaab014f7ae49da89ca57f8ae19b469_46)] | | | [removed: [28](#i184ea07dcc794a91967170698e8b08b9_46)] [added: [28](#i2aaab014f7ae49da89ca57f8ae19b469_46)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i184ea07dcc794a91967170698e8b08b9_49)] [added: Operations](#i2aaab014f7ae49da89ca57f8ae19b469_49)] | | | [removed: [29](#i184ea07dcc794a91967170698e8b08b9_49)] [added: [29](#i2aaab014f7ae49da89ca57f8ae19b469_49)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i184ea07dcc794a91967170698e8b08b9_91)] [added: Risk](#i2aaab014f7ae49da89ca57f8ae19b469_91)] | | | [removed: [59](#i184ea07dcc794a91967170698e8b08b9_91)] [added: [60](#i2aaab014f7ae49da89ca57f8ae19b469_91)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i184ea07dcc794a91967170698e8b08b9_94)] [added: Data](#i2aaab014f7ae49da89ca57f8ae19b469_94)] | | | [removed: [60](#i184ea07dcc794a91967170698e8b08b9_94)] [added: [61](#i2aaab014f7ae49da89ca57f8ae19b469_94)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i184ea07dcc794a91967170698e8b08b9_283)] [added: Disclosure](#i2aaab014f7ae49da89ca57f8ae19b469_283)] | | | [removed: [145](#i184ea07dcc794a91967170698e8b08b9_283)] [added: [149](#i2aaab014f7ae49da89ca57f8ae19b469_283)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i184ea07dcc794a91967170698e8b08b9_283)] [added: Procedures](#i2aaab014f7ae49da89ca57f8ae19b469_283)] | | | [removed: [145](#i184ea07dcc794a91967170698e8b08b9_283)] [added: [149](#i2aaab014f7ae49da89ca57f8ae19b469_283)] | | |

| Item 9B. | | | [Other [removed: Information](#i184ea07dcc794a91967170698e8b08b9_283)] [added: Information](#i2aaab014f7ae49da89ca57f8ae19b469_283)] | | | [removed: [145](#i184ea07dcc794a91967170698e8b08b9_283)] [added: [149](#i2aaab014f7ae49da89ca57f8ae19b469_283)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i184ea07dcc794a91967170698e8b08b9_286)] [added: Governance](#i2aaab014f7ae49da89ca57f8ae19b469_286)] | | | [removed: [146](#i184ea07dcc794a91967170698e8b08b9_286)] [added: [150](#i2aaab014f7ae49da89ca57f8ae19b469_286)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i184ea07dcc794a91967170698e8b08b9_289)] [added: Compensation](#i2aaab014f7ae49da89ca57f8ae19b469_289)] | | | [removed: [146](#i184ea07dcc794a91967170698e8b08b9_289)] [added: [150](#i2aaab014f7ae49da89ca57f8ae19b469_289)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i184ea07dcc794a91967170698e8b08b9_292)] [added: Matters](#i2aaab014f7ae49da89ca57f8ae19b469_292)] | | | [removed: [146](#i184ea07dcc794a91967170698e8b08b9_292)] [added: [150](#i2aaab014f7ae49da89ca57f8ae19b469_292)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i184ea07dcc794a91967170698e8b08b9_295)] [added: Independence](#i2aaab014f7ae49da89ca57f8ae19b469_295)] | | | [removed: [147](#i184ea07dcc794a91967170698e8b08b9_295)] [added: [151](#i2aaab014f7ae49da89ca57f8ae19b469_295)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i184ea07dcc794a91967170698e8b08b9_298)] [added: Services](#i2aaab014f7ae49da89ca57f8ae19b469_298)] | | | [removed: [147](#i184ea07dcc794a91967170698e8b08b9_298)] [added: [151](#i2aaab014f7ae49da89ca57f8ae19b469_298)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i184ea07dcc794a91967170698e8b08b9_301)] [added: Schedules](#i2aaab014f7ae49da89ca57f8ae19b469_301)] | | | [removed: [149](#i184ea07dcc794a91967170698e8b08b9_301)] [added: [153](#i2aaab014f7ae49da89ca57f8ae19b469_301)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i184ea07dcc794a91967170698e8b08b9_304)] [added: Summary](#i2aaab014f7ae49da89ca57f8ae19b469_304)] | | | [removed: [149](#i184ea07dcc794a91967170698e8b08b9_304)] [added: [153](#i2aaab014f7ae49da89ca57f8ae19b469_304)] | | |

| [removed: [Signatures](#i184ea07dcc794a91967170698e8b08b9_316)] [added: [Signatures](#i2aaab014f7ae49da89ca57f8ae19b469_316)] | | | | | | [removed: E-[10](#i184ea07dcc794a91967170698e8b08b9_316)] [added: E-[10](#i2aaab014f7ae49da89ca57f8ae19b469_316)] | | |

References in this Annual Report on Form 10-K to "Eversource," the "Company," "we," [removed: "our,"] [added: "us,"] and [removed: "us"] [added: "our"] refer to Eversource Energy and its consolidated subsidiaries.

These statements are "forward-looking statements" within the meaning of [added: the] U.S. federal securities laws.

- the ability to qualify for investment tax [removed: credits and investment tax credit adders,][added: credits,]

- [added: 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, [added: tariffs] and customer demand and payment ability,

- [removed: 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,

- substandard performance of third-party suppliers and service providers, [added: or counterparties not meeting their obligations,]

| kWh | | | Kilowatt-Hours | | |

- 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,

- adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes,

- breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems,

| PPAM | | | Pole Plant Adjustment Mechanism | | |

- cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers,

The Board of Trustees and its Finance and [added: Risk Management Committee and] Audit [removed: Committees] [added: Committee] continue to provide substantial and focused attention to cyber and system security.

The Finance [added: and Risk Management] Committee of the Board of Trustees is responsible for oversight of the Company’s enterprise-wide risks, including risks associated with cyber and physical security, and the Company’s programs and practices to monitor and mitigate these risks.

Management prepares comprehensive cyber security reports that are discussed at each meeting of the Finance [added: and Risk Management] Committee.

In addition, third-party experts of cyber security risks provide periodic assessments to the utility industry and the Company in particular to the Finance [added: and Risk Management] Committee.

The Company regularly reviews and updates its cyber and system security programs, and the Finance [added: and Risk Management] Committee continues to enhance its robust oversight activities, including meetings with financial, information technology, legal and accounting management, other members of the Board, representatives of the Company’s independent registered public accounting firm, and outside advisors and experts in cyber security risks, at which cyber and system security programs and issues that might affect the Company’s financial statements and operational systems are discussed.

Members include key leaders of the Company, including the [added: Presidents of each operating business unit, the] Chief Information [added: Officer, Chief Customer Officer, Chief Accounting Officer and Chief Compliance] Officer.

As of December 31, [removed: 2024,] [added: 2025,] there were no cyber incidents that have materially affected or are reasonably likely to materially affect the Company, its business strategy, results of operations, or financial condition.

As of December 31, [removed: 2024,] [added: 2025,] Eversource and our electric operating subsidiaries owned the following:

| Number of substations owned | | | [removed: 455] [added: 458] | | | | | | [removed: 76] [added: 77] | | |

| Overhead lines (in circuit miles) | | | [removed: 40,595] [added: 40,650] | | | | | | [removed: 3,998] [added: 4,007] | | |

| Underground lines (in circuit miles) | | | [removed: 19,001] [added: 19,220] | | | | | | [removed: 459] [added: 460] | | |

| Number of substations owned | | | 157 | | | | | | [removed: 21] [added: 22] | | | | | | [removed: 174] [added: 175] | | | | | | 30 | | | | | | [removed: 124] [added: 126] | | | | | | 25 | | |

As of December 31, [removed: 2024,] [added: 2025,] NSTAR Electric owned the following solar power facilities:

As of December 31, [removed: 2024,] [added: 2025,] NSTAR Gas owned 21 active gate stations, [removed: 165] [added: 162] district regulator stations, and approximately [removed: 3,337] [added: 3,332] miles of natural gas main pipeline.

As of December 31, [removed: 2024,] [added: 2025,] EGMA owned 15 active gate stations, [removed: 178] [added: 168] district regulator stations, and approximately [removed: 5,021] [added: 5,040] miles of natural gas main pipeline.

As of December 31, [removed: 2024,] [added: 2025,] Yankee Gas owned 28 active gate stations, [removed: 197] [added: 189] district regulator stations, and approximately [removed: 3,530] [added: 3,526] miles of natural gas main pipeline.

As of December 31, [removed: 2024,] [added: 2025,] NSTAR Gas owned 0.65 miles of intrastate transmission natural gas pipeline.

As of December 31, [removed: 2024,] [added: 2025,] Aquarion owned and operated sources of water supply with a combined yield of approximately 135 million gallons per day; [removed: 3,817] [added: 3,861] miles of transmission and distribution mains; 10 surface water treatment plants; 37 dams; and 119 wellfields.

PSNH is also subject to certain regulatory oversight by the Maine Public Utilities Commission and the Vermont Public Utility [removed: Commission.][added: Commission in connection with facilities it owns in those states.]

Aquarion Water Company of Connecticut and The Torrington Water Company AWC-CT and The Torrington Water Company derive their rights and franchises to operate from special acts of the Connecticut General Assembly and subject to certain approvals, permits and consents of public authority and others prescribed by statute and by its charter, they have, with minor exceptions, [removed: solid] [added: valid] franchises free from burdensome restrictions and unlimited as to time, and are authorized to sell potable water in the towns (or parts thereof) in which water is now being supplied by AWC-CT and The Torrington Water Company.

| Transformer capacity (in kVa) | | | 48,310,570 | | | | | | 16,312,600 | | |

| Transformer capacity (in kVa) | | | 21,973,500 | | | | | | 3,184,000 | | | | | | 21,607,370 | | | | | | 8,688,000 | | | | | | 4,729,700 | | | | | | 4,440,600 | | |

| Overhead lines (in circuit miles) | | | 16,749 | | | | | | 1,684 | | | | | | 11,515 | | | | | | 1,272 | | | | | | 12,386 | | | | | | 1,051 | | |

| Underground lines (in circuit miles) | | | 6,989 | | | | | | 158 | | | | | | 10,052 | | | | | | 299 | | | | | | 2,179 | | | | | | 3 | | |

| Underground and overhead line transformers in service | | | 654,639 | | | | | | 295,913 | | | | | | 185,043 | | | | | | 173,683 | | |

| Aggregate capacity (in kVa) | | | 40,274,114 | | | | | | 17,201,091 | | | | | | 15,427,848 | | | | | | 7,645,175 | | |

| Transformer capacity (in kVa) | | | 48,055,400 | | | | | | 16,223,000 | | |

| Transformer capacity (in kVa) | | | 21,984,000 | | | | | | 3,184,000 | | | | | | 21,477,400 | | | | | | 8,688,000 | | | | | | 4,594,000 | | | | | | 4,351,000 | | |

| Overhead lines (in circuit miles) | | | 16,744 | | | | | | 1,674 | | | | | | 11,506 | | | | | | 1,272 | | | | | | 12,345 | | | | | | 1,052 | | |

| Underground lines (in circuit miles) | | | 6,932 | | | | | | 157 | | | | | | 9,940 | | | | | | 299 | | | | | | 2,129 | | | | | | 3 | | |

| Underground and overhead line transformers in service | | | 650,632 | | | | | | 294,777 | | | | | | 183,831 | | | | | | 172,024 | | |

| Aggregate capacity (in kVa) | | | 39,547,666 | | | | | | 16,931,978 | | | | | | 15,165,820 | | | | | | 7,449,868 | | |

The following sets forth the executive officers of Eversource Energy as of February [removed: 14, 2025.][added: 17, 2026.]

| Joseph R. Nolan, Jr. | | | | | | [removed: 61] [added: 62] | | | | | | Chairman of the Board, President, Chief Executive Officer and a Trustee | | |

| John M. Moreira | | | | | | [removed: 63] [added: 64] | | | | | | Executive Vice President, Chief Financial Officer and Treasurer | | |

| Gregory B. Butler | | | | | | [removed: 67] [added: 68] | | | | | | Executive Vice President and General Counsel | | |

| Paul Chodak III | | | | | | [removed: 61] [added: 62] | | | | | | Executive Vice President and Chief Operating Officer | | |

| Penelope M. Conner | | | | | | [removed: 61] [added: 62] | | | | | | Executive Vice President-Customer Experience and Energy Strategy | | |

| James W. Hunt, III | | | | | | [removed: 53] [added: 54] | | | | | | Executive Vice President-Corporate Relations and Sustainability and Secretary | | |

| Susan Sgroi | | | | | | [removed: 60] [added: 61] | | | | | | Executive Vice President-Human Resources and Information Technology | | |

| Jay S. Buth | | | | | | [removed: 55] [added: 56] | | | | | | Vice President, Controller and Chief Accounting Officer | | |

Previously, Mr. Nolan served as Executive Vice President-Strategy, Customer and Corporate Relations of Eversource Energy from February 5, 2020 until May 5, [removed: 2021, and as Executive Vice President-Customer and Corporate Relations of Eversource Energy from August 8, 2016 to February 5, 2020.][added: 2021.]

Previously, Mr. Chodak served as Executive Vice President – Generation of American Electric Power Company, Inc. [removed: (“AEP”)] [added: (AEP)] from January 1, 2019 until September 15, 2023, and as Executive Vice President – Utilities of AEP from January 1, 2017 until December 31, 2018.

Previously Mr. Hunt served as Senior Vice President-Communications, External Affairs and Sustainability of Eversource Service from December 17, 2019 until May 5, [removed: 2021 and as Senior Vice President-Regulatory Affairs and Chief Communications Officer of Eversource Service from October 3, 2016 until December 17, 2019.][added: 2021.]

Buth.* Mr. Buth has served as Vice President, Controller and Chief Accounting Officer of Eversource Energy since [removed: April 10, 2012.][added: June 9, 2009.]

As of January 31, [removed: 2025,] [added: 2026,] there were [removed: 27,747] [added: 26,445] registered common shareholders of our company on record.

As of the same date, there were a total of [removed: 366,785,030] [added: 375,496,611] shares outstanding.

The performance graph below illustrates a five-year comparison of cumulative total returns based on an initial investment of $100 in [removed: 2019] [added: 2020] in Eversource Energy common stock, as compared with the S&P 500 Stock Index and the EEI Index for the period [removed: 2019] [added: 2020] through [removed: 2024,] [added: 2025,] assuming all dividends are reinvested.

][added: YR Graph.jpg](https://www.sec.gov/Archives/edgar/data/72741/000162828026008461/es-20251231_g2.jpg)]

| | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

| Eversource Energy | | | $100 | | | $108 | | | $103 | | | $79 | | | $77 | | | $94 | | |

| EEI Index | | | $100 | | | $117 | | | $118 | | | $108 | | | $129 | | | $144 | | |

| S&P 500 | | | $100 | | | $129 | | | $105 | | | $133 | | | $166 | | | $196 | | |

| October 1 - October 31, 2025 | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| November 1 - November 30, 2025 | | | 638 | | | | | | 63.73 | | | | | | — | | | | | | — | | |

| December 1 - December 31, 2025 | | | 2,492 | | | | | | 67.43 | | | | | | — | | | | | | — | | |

| Total | | | 3,130 | | | | | | $ | 66.67 | | | | | — | | | | | | — | | |

| Eversource Energy | | | $100 | | | $104 | | | $113 | | | $107 | | | $82 | | | $80 | | |

| EEI Index | | | $100 | | | $99 | | | $116 | | | $117 | | | $107 | | | $127 | | |

| S&P 500 | | | $100 | | | $118 | | | $152 | | | $125 | | | $158 | | | $197 | | |

| October 1 - October 31, 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| November 1 - November 30, 2024 | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| December 1 - December 31, 2024 | | | 3,065 | | | | | | 57.39 | | | | | | — | | | | | | — | | |

| Total | | | 3,065 | | | | | | $ | 57.39 | | | | | — | | | | | | — | | |

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting were effective as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Eversource Energy and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control [removed: -] [added: —] Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control [removed: -] [added: —] Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 14, 2025,] [added: 17, 2026,] expressed an unqualified opinion on those financial statements.

We have audited the accompanying consolidated balance sheets of Eversource Energy and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, common shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedules listed in the Index at Item 15 of Part IV (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with [added: the] standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 14, 2025,] [added: 17, 2026,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

[removed: Investments in Unconsolidated Affiliates] [added: Offshore Wind Contingent Liability] – Impact of Offshore Wind Investment Divestiture - Refer to [removed: Note] [added: Notes] 6 [added: and 13G] to the Financial Statements

[removed: In the third quarter of] [added: *Offshore Wind Investments:* During] 2024, Eversource sold its [added: 50 percent ownership] interests in [added: each of North East Offshore and South Fork Class B Member, LLC and in doing so, sold its interests in] the Revolution Wind project, the South Fork Wind project, and the Sunrise Wind project.

[removed: Eversource’s offshore wind business continues to hold] [added: *Tax Equity Investment in South Fork Wind*: Eversource holds] a noncontrolling tax equity investment in [removed: the] South Fork Wind [removed: project] through a 100 percent ownership in [removed: the Class A shares of] South Fork Wind Holdings, [removed: LLC.][added: LLC Class A interests.]

As part of the sale, Eversource [added: and GIP] agreed to make certain post-closing purchase price adjustment [removed: payments, which could further] [added: payments that will] impact the final purchase price.

[removed: The Company] [added: As part of the sale, Eversource initially] recorded a [removed: liability of] $365 million [removed: reflecting its estimate of the future obligations under the sale terms, which] [added: liability for post-closing purchase price adjustment obligations,] primarily [removed: include a] [added: related to] cost overrun [removed: sharing obligation, an expected obligation to maintain] [added: sharing, maintaining] the buyer’s internal rate of [removed: return] [added: return,] and [removed: obligations for] other future costs.

- We tested the effectiveness of management’s controls over [removed: loss] [added: the contingent liability] considerations including the recording and disclosure of the loss on the offshore wind investments, including estimates and assumptions used to measure the loss.

- We evaluated management’s assumptions utilized in recording the [removed: loss] [added: contingent liability] on investments.

- We made inquiries of management and evaluated management’s analysis that supported the project forecast, the timing of the loss, and the assumptions made in the recording of the [removed: loss on investments, including the] contingent liability.

| (Thousands of Dollars) | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Cash | | | $ | [removed: 26,656] [added: 135,351] | | | | | $ | [removed: 53,873] [added: 26,656] | |

| Receivables, Net (net of allowance for uncollectible accounts of [removed: $556,164] [added: $580,539] and [removed: $554,455] [added: $556,164] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively) | | | [removed: 1,651,325] [added: 1,847,094] | | | | | | [removed: 1,431,531] [added: 1,651,325] | | |

| Unbilled Revenues | | | [removed: 242,169] [added: 275,108] | | | | | | [removed: 225,325] [added: 242,169] | | |

| Materials, Supplies, Natural Gas and REC Inventory | | | [removed: 594,568] [added: 491,592] | | | | | | [removed: 507,307] [added: 594,568] | | |

| Regulatory Assets | | | [removed: 2,189,660] [added: 1,975,083] | | | | | | [removed: 1,674,196] [added: 2,189,660] | | |

| Current Assets Held for Sale | | | [removed: 56,327] [added: —] | | | | | | [removed: —] [added: 56,327] | | |

| Prepayments and Other Current Assets | | | [removed: 315,368] [added: 352,958] | | | | | | [removed: 355,762] [added: 315,368] | | |

| Total Current Assets | | | [removed: 5,076,073] [added: 5,077,186] | | | | | | [removed: 4,247,994] [added: 5,076,073] | | |

| Property, Plant and Equipment, Net | | | [removed: 40,986,578] [added: 45,930,959] | | | | | | [removed: 39,498,607] [added: 40,986,578] | | |

| Regulatory Assets | | | [removed: 4,880,974] [added: 5,718,646] | | | | | | [removed: 4,714,970] [added: 4,880,974] | | |

| Goodwill | | | [removed: 3,571,333] [added: 4,233,767] | | | | | | [removed: 4,532,100] [added: 3,571,333] | | |

| Prepaid Pension and PBOP | | | [removed: 1,336,633] [added: 1,511,169] | | | | | | [removed: 1,028,207] [added: 1,336,633] | | |

| Marketable Securities | | | [removed: 320,272] [added: 317,101] | | | | | | [removed: 337,814] [added: 320,272] | | |

| Long-Term Assets Held for Sale | | | [removed: 2,611,145] [added: —] | | | | | | [removed: —] [added: 2,611,145] | | |

| Other Long-Term Assets | | | [removed: 642,869] [added: 17,661] | | | | | | [removed: 592,080] [added: 21,948] | | |

| Total Deferred Debits and Other Assets | | | [removed: 13,531,878] [added: 12,778,566] | | | | | | [removed: 11,865,644] [added: 13,531,878] | | |

| Total Assets | | | $ | [removed: 59,594,529] [added: 63,786,711] | | | | | $ | [removed: 55,612,245] [added: 59,594,529] | |

| Notes Payable | | | $ | [removed: 2,042,793] [added: 1,525,445] | | | | | $ | [removed: 1,930,422] [added: 2,042,793] | |

| Long-Term Debt – Current Portion | | | [removed: 1,003,150] [added: 1,392,948] | | | | | | [removed: 824,847] [added: 1,003,150] | | |

| Accounts Payable | | | [removed: 1,736,880] [added: 1,859,692] | | | | | | [removed: 1,869,187] [added: 1,736,880] | | |

| Accrued Interest | | | [removed: 341,558] [added: 380,231] | | | | | | [removed: 260,577] [added: 341,558] | | |

| Regulatory Liabilities | | | [removed: 632,282] [added: 1,264,609] | | | | | | [removed: 591,750] [added: 632,282] | | |

| Current Liabilities Held for Sale | | | [removed: 52,593] [added: —] | | | | | | [removed: —] [added: 52,593] | | |

| Other Current Liabilities | | | [removed: 868,491] [added: 894,219] | | | | | | [removed: 821,404] [added: 853,491] | | |

February 17, 2026

February 17, 2026

In 2024, Eversource sold its interests in the Revolution Wind, South Fork Wind, and Sunrise Wind projects, while retaining a noncontrolling tax equity investment in South Fork Wind through full ownership of Class A shares in South Fork Wind Holdings, LLC.

Subsequent to the sale, Eversource receives updated reports from project management on the construction status of Revolution Wind, which include revised projections of total construction costs.

The revised cost projections reflect known and quantifiable cost increases.

Based on 2025 developments and other available information, Eversource increased its contingent liability associated with the offshore wind projects in 2025 to reflect changes in cost estimates, expected timing of completion and other purchase price adjustments.

As of December 31, 2025, the contingent liability is $448.2 million and is recorded as a current liability on Eversource’s balance sheet, based upon the timing of expected payments to GIP.

February 17, 2026

| (Thousands of Dollars) | | | 2025 | | | | | | 2024 | | |

| Other Long-Term Assets | | | 997,883 | | | | | | 811,521 | | |

| Offshore Wind Contingent Liability - Current Portion | | | 448,158 | | | | | | 15,000 | | |

| Derivative Liabilities | | | 753,149 | | | | | | — | | |

| Offshore Wind Contingent Liability - Long-Term Portion | | | — | | | | | | 350,000 | | |

| Net Income | | | | | | | | | | | | 1,699,891 | | | | | | | | | 1,699,891 | | |

| Issuance of Common Shares - $5 par value | | | 7,130,134 | | | 35,651 | | | 435,298 | | | | | | | | | | | | 470,949 | | |

| Issuance of Treasury Shares | | | 1,678,694 | | | | | | 85,135 | | | | | | | | | 31,453 | | | 116,588 | | |

| Balance as of December 31, 2025 | | | 375,416,880 | | | $ | 1,914,273 | | $ | 9,937,878 | | $ | 4,504,983 | | $ | (20,507) | | $ | (139,356) | | $ | 16,197,271 | |

| Net Income/(Loss) | | | $ | 1,699,891 | | | | | $ | 819,172 | | | | | $ | (434,721) | |

| Depreciation | | | 1,568,578 | | | | | | 1,433,503 | | | | | | 1,305,840 | | |

| Amortization | | | 835,909 | | | | | | 342,864 | | | | | | (490,117) | | |

| Losses on Offshore Wind | | | 284,000 | | | | | | 464,019 | | | | | | 2,167,000 | | |

| Loss on Pending Sale of Aquarion | | | — | | | | | | 297,000 | | | | | | — | | |

| Other | | | (4,826) | | | | | | (108,365) | | | | | | (59,886) | | |

| Payments for Offshore Wind Contingent Liability | | | (200,842) | | | | | | — | | | | | | — | | |

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting were effective as of December 31, 2025.

February 17, 2026

February 17, 2026

| (Thousands of Dollars) | | | 2025 | | | | | | 2024 | | |

| Accrued Taxes | | | 165,362 | | | | | | 41,654 | | |

| Other Current Liabilities | | | 220,464 | | | | | | 193,040 | | |

| (Thousands of Dollars) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net Income | | | $ | 551,329 | | | | | $ | 512,598 | | | | | $ | 518,733 | |

| Net Income | | | | | | | | | | | | | | | | | | | | | 551,329 | | | | | | | | | | | | 551,329 | | |

| Balance as of December 31, 2025 | | | 6,035,205 | | | | | | $ | 60,352 | | | | | $ | 3,684,265 | | | | | $ | 2,934,877 | | | | | $ | 132 | | | | | $ | 6,679,626 | |

| (Thousands of Dollars) | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net Income | | | $ | 551,329 | | | | | $ | 512,598 | | | | | $ | 518,733 | |

| Depreciation | | | 432,763 | | | | | | 406,540 | | | | | | 376,904 | | |

| Amortization of Regulatory Assets/(Liabilities), Net | | | 649,691 | | | | | | 104,446 | | | | | | (500,367) | | |

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting were effective as of December 31, 2025.

February 17, 2026

February 14, 2025

Upon sale, Eversource recorded a loss of approximately $524 million.

| Investments in Unconsolidated Affiliates | | | 168,652 | | | | | | 660,473 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance as of January 1, 2022 | | | 344,403,196 | | | $ | 1,789,092 | | $ | 8,098,514 | | $ | 5,005,391 | | $ | (42,275) | | $ | (250,878) | | $ | 14,599,844 | |

| Net Income | | | | | | | | | | | | 1,412,394 | | | | | | | | | 1,412,394 | | |

| Issuance of Common Shares - $5 par value | | | 2,165,671 | | | 10,828 | | | 189,077 | | | | | | | | | | | | 199,905 | | |

| Issuance of Treasury Shares | | | 949,724 | | | | | | 53,822 | | | | | | | | | 17,350 | | | 71,172 | | |

| Issuance of Treasury Shares for Acquisition of The Torrington Water Company | | | 925,264 | | | | | | 54,830 | | | | | | | | | 17,303 | | | 72,133 | | |

| Pension and PBOP Contributions | | | (5,915) | | | | | | (6,860) | | | | | | (83,148) | | |

| Customer Credits at CL&P related to PURA Settlement Agreement and Storm Performance Penalty | | | — | | | | | | — | | | | | | (72,041) | | |

| Payment in 2022 of Withheld Property Taxes | | | — | | | | | | — | | | | | | (78,446) | | |

| Other | | | (102,450) | | | | | | (53,026) | | | | | | (39,192) | | |

| Other Current Liabilities | | | 170,854 | | | | | | 127,703 | | |

| Balance as of January 1, 2022 | | | 6,035,205 | | | | | | $ | 60,352 | | | | | $ | 3,010,765 | | | | | $ | 2,228,133 | | | | | $ | 251 | | | | | $ | 5,299,501 | |

| Net Income | | | | | | | | | | | | | | | | | | | | | 532,920 | | | | | | | | | | | | 532,920 | | |

| Customer Credits related to PURA Settlement Agreement and Storm Performance Penalty | | | — | | | | | | — | | | | | | (72,041) | | |

| Renewable Portfolio Standards Compliance Obligations | | | 106,399 | | | | | | 116,010 | | |

| Balance as of January 1, 2022 | | | 200 | | | | | | $ | — | | | | | $ | 2,253,942 | | | | | $ | 2,718,576 | | | | | $ | 501 | | | | | $ | 4,973,019 | |

| Net Income | | | | | | | | | | | | | | | | | | | | | 492,428 | | | | | | | | | | | | 492,428 | | |

| Other Comprehensive Loss | | | | | | | | | | | | | | | | | | | | | | | | | | | (217) | | | | | | (217) | | |

| Pension Contributions | | | — | | | | | | — | | | | | | (15,000) | | |

| Payment in 2022 of Withheld Property Taxes | | | — | | | | | | — | | | | | | (76,311) | | |

| Other Current Liabilities | | | 92,018 | | | | | | 72,328 | | |

| Balance as of January 1, 2022 | | | 301 | | | | | | $ | — | | | | | $ | 1,088,134 | | | | | $ | 504,556 | | | | | $ | 23 | | | | | $ | 1,592,713 | |

| Net Income | | | | | | | | | | | | | | | | | | | | | 171,570 | | | | | | | | | | | | 171,570 | | |

| Capital Contributions from Eversource Parent | | | 200,000 | | | | | | 400,000 | | | | | | 210,000 | | |

Eversource completed its annual goodwill impairment assessment for each of its reporting units as of October 1, 2024, and performed an interim goodwill impairment test in the fourth quarter of 2024.

| Balance as of January 1, 2022 | | | $ | 226.1 | | | | | $ | 191.3 | | | | | $ | 417.4 | | | | | $ | 144.6 | | | | | $ | 36.7 | | | | | $ | 181.3 | | | | | $ | 43.3 | | | | | $ | 53.7 | | | | | $ | 97.0 | | | | | $ | 24.3 | |

| Uncollectible Expense | | | — | | | | | | 61.9 | | | | | | 61.9 | | | | | | — | | | | | | 15.6 | | | | | | 15.6 | | | | | | — | | | | | | 21.6 | | | | | | 21.6 | | | | | | 9.2 | | |

| Uncollectible Costs Deferred (1) | | | 77.8 | | | | | | 34.7 | | | | | | 112.5 | | | | | | 58.3 | | | | | | 1.2 | | | | | | 59.5 | | | | | | 1.5 | | | | | | 10.9 | | | | | | 12.4 | | | | | | 2.5 | | |

| Write-Offs | | | (21.3) | | | | | | (102.7) | | | | | | (124.0) | | | | | | (15.3) | | | | | | (23.0) | | | | | | (38.3) | | | | | | (1.1) | | | | | | (41.2) | | | | | | (42.3) | | | | | | (7.7) | | |

| Recoveries Collected | | | 1.8 | | | | | | 16.7 | | | | | | 18.5 | | | | | | 1.3 | | | | | | 5.9 | | | | | | 7.2 | | | | | | — | | | | | | 6.3 | | | | | | 6.3 | | | | | | 0.9 | | |

| RECs | | | 46.5 | | | | | | — | | | | | | 42.8 | | | | | | 3.7 | | | | | | 43.9 | | | | | | 0.3 | | | | | | 43.0 | | | | | | 0.6 | | |

| Total | | | $ | 594.6 | | | | | $ | 217.3 | | | | | $ | 220.6 | | | | | $ | 75.8 | | | | | $ | 507.3 | | | | | $ | 156.5 | | | | | $ | 173.8 | | | | | $ | 77.1 | |

For the year ended December 31, 2022, pre-tax income of $12.2 million associated with the renewable energy fund investment was included in Equity in Earnings of Unconsolidated Affiliates within Other Income, Net in the table above.

| Income Taxes | | | (69.6) | | | | | | 39.2 | | | | | | 77.9 | | |

| Other Regulatory Assets | | | 510.0 | | | | | | 58.5 | | | | | | 117.7 | | | | | | 3.7 | | | | | | 339.0 | | | | | | 22.7 | | | | | | 101.6 | | | | | | 8.0 | | |

As part of CL&P’s October 1, 2021 settlement agreement, CL&P agreed to freeze its current base distribution rates (including storm costs) until no earlier than January 1, 2024.

The equity return for PSNH was $22.5 million and $10.2 million as of December 31, 2024 and 2023, respectively.

Based on this evaluation under the framework in COSO, management concluded that internal controls over financial reporting at Eversource, CL&P, NSTAR Electric and PSNH were effective as of December 31, [removed: 2024.][added: 2025.]

Management, on behalf of Eversource, CL&P, NSTAR Electric and PSNH, evaluated the design and operation of the disclosure controls and procedures as of December 31, [removed: 2024] [added: 2025] to determine whether they are effective in ensuring that the disclosure of required information is made timely and in accordance with the Securities Exchange Act of 1934 and the rules and regulations of the SEC.

There have been no changes in internal controls over financial reporting for Eversource, CL&P, NSTAR Electric and PSNH during the quarter ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

During the quarter ended December 31, [removed: 2024,] [added: 2025,] none of the Company’s directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as such terms are defined under Item 408 of Regulation S-K.

No additional information is required to be disclosed under this item as of December 31, 2024, as this information has been previously disclosed in applicable reports on Form 8-K during the fourth quarter of 2024.

The information required by this Item 10 for Eversource Energy is incorporated herein by reference to certain information contained in the sections captioned “Election of Trustees,” and “Governance of Eversource Energy” plus related subsections, of Eversource Energy’s definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 21, 2025.][added: 27, 2026.]

The information required by this Item 11 for Eversource Energy is incorporated herein by reference to certain information contained in Eversource Energy's definitive proxy statement for solicitation of proxies, which is expected to be filed with the SEC on or about March [removed: 21, 2025,] [added: 27, 2026,] under the sections captioned “Compensation Discussion and Analysis,” plus related subsections, and “Compensation Committee Report,” plus related subsections following such Report.

In addition to the information below under "Securities Authorized for Issuance Under Equity Compensation Plans," incorporated herein by reference is the information contained in the sections "Securities Ownership of Certain Beneficial Owners" and "Common Share Ownership of Trustees and Management" of Eversource Energy's definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 21, 2025.][added: 27, 2026.]

The following table sets forth the number of Eversource Energy common shares issuable under Eversource Energy equity compensation plans, as well as their weighted exercise price, as of December 31, [removed: 2024,] [added: 2025,] in accordance with the rules of the SEC:

| Equity compensation plans approved by security holders | | | [removed: 1,579,634] [added: 1,749,624] | | | $— | | | [removed: 3,790,353] [added: 3,051,466] | | |

(1) Includes [removed: 715,442] [added: 731,181] common shares for distribution in respect of restricted share units, and [removed: 864,192] [added: 1,018,443] performance shares issuable at target, all pursuant to the terms of our Incentive Plans.

| Total | | | 1,749,624 | | | $— | | | 3,051,466 | | |

(3) As of December 31, 2025, there were no equity compensation plans not approved by security holders.

| Total | | | 1,579,634 | | | $— | | | 3,790,353 | | |

(3) Securities set forth in this table are authorized for issuance under compensation plans that have been approved by shareholders of Eversource Energy.

Incorporated herein by reference is the information contained in the sections captioned "Trustee Independence" and "Related Person Transactions" of Eversource Energy's definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 21, 2025.][added: 27, 2026.]

Incorporated herein by reference is the information contained in the section "Relationship with Principal Independent Registered Public Accounting Firm" of Eversource Energy's definitive proxy statement for solicitation of proxies, expected to be filed with the SEC on or about March [removed: 21, 2025.][added: 27, 2026.]

The aggregate fees billed to the Company and its subsidiaries by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, the Deloitte Entities), for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] totaled [removed: $7,454,414] [added: $7,048,414] and [removed: $7,070,914,] [added: $7,454,414,] respectively.

| Audit and Non-Audit Fees | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Audit Fees (1) | | | $ | [removed: 5,984,500] [added: 5,711,000] | | | | | $ | [removed: 5,310,000] [added: 5,984,500] | |

| Audit Related Fees (2) | | | [removed: 1,386,000] [added: 1,335,500] | | | | | | [removed: 1,759,000] [added: 1,386,000] | | |

| All Other Fees (3) | | | [removed: 83,914] [added: 1,914] | | | | | | [removed: 1,914] [added: 83,914] | | |

| TOTAL | | | $ | [removed: 7,454,414] [added: 7,048,414] | | | | | $ | [removed: 7,070,914] [added: 7,454,414] | |

(1) Audit Fees consisted of fees related to the audits of financial statements of Eversource Energy and its subsidiaries in the Annual Report on Form 10-K, reviews of financial statements in the Combined Quarterly reports on Form 10-Q of Eversource Energy and its subsidiaries, consultations with management, regulatory and compliance filings, system conversion quality assurance, out of pocket expenses, and audits of internal controls over financial reporting for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

(2) Audit Related Fees were incurred for procedures performed in the ordinary course of business in support of Eversource’s ATM equity offering program, certain regulatory filings, comfort letters, consents, and other costs related to registration statements and financials for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

(3) All Other Fees for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] related to an annual license for access to an accounting standards research tool.

During [removed: 2024,] [added: 2025,] all services described above were pre-approved by the Audit Committee or its Chair.

| | | | | | | | | | Eversource Energy (Parent) Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | S-1 | | |

| | | | | | | | | | Eversource Energy (Parent) Statements of Income for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | S-2 | | |

| | | | | | | | | | Eversource Energy (Parent) Statements of Comprehensive Income for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | S-2 | | |

| | | | | | | | | | Eversource Energy (Parent) Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | S-3 | | |

| | | | | | | II. | | | Valuation and Qualifying Accounts and Reserves for Eversource, CL&P, NSTAR Electric and PSNH for [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | S-4 | | |

AS OF DECEMBER 31, [removed: 2024] [added: 2025] AND [removed: 2023][added: 2024]

| | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Cash | | | $ | [removed: 1,083] [added: 200] | | | | | $ | [removed: 542] [added: 1,083] | |

| Accounts Receivable from Subsidiaries | | | [removed: 100,320] [added: 215,193] | | | | | | [removed: 60,191] [added: 100,320] | | |

| Notes Receivable from Subsidiaries | | | [removed: 2,051,400] [added: 1,592,100] | | | | | | [removed: 2,045,570] [added: 2,051,400] | | |

| Prepayments and Other Current Assets, Including Assets Held for Sale | | | [removed: 96,313] [added: 57,002] | | | | | | [removed: 103,735] [added: 96,313] | | |

| Total Current Assets | | | [removed: 2,249,116] [added: 1,864,495] | | | | | | [removed: 2,210,038] [added: 2,249,116] | | |

| Investments in Subsidiary Companies, at Equity | | | [removed: 20,080,215] [added: 21,413,181] | | | | | | [removed: 17,977,812] [added: 20,080,215] | | |

| Accumulated Deferred Income Taxes | | | [removed: 113,718] [added: 100,941] | | | | | | [removed: 10,131] [added: 113,718] | | |

| Goodwill | | | [removed: 3,231,811] [added: 3,550,070] | | | | | | [removed: 3,852,524] [added: 3,231,811] | | |

| Long-Term Assets Held for Sale | | | [removed: 335,393] [added: —] | | | | | | [removed: —] [added: 335,393] | | |

| Other Long-Term Assets | | | [removed: 24,582] [added: 26,700] | | | | | | [removed: 28,287] [added: 24,582] | | |

| Total Deferred Debits and Other Assets | | | [removed: 26,082,219] [added: 27,387,392] | | | | | | [removed: 24,165,254] [added: 26,082,219] | | |

| Total Assets | | | $ | [removed: 28,331,335] [added: 29,251,887] | | | | | $ | [removed: 26,375,292] [added: 28,331,335] | |

| Notes Payable | | | $ | [removed: 1,538,011] [added: 1,280,000] | | | | | $ | [removed: 1,564,575] [added: 1,538,011] | |

| Long-Term Debt - Current Portion | | | [removed: 600,000] [added: 1,002,439] | | | | | | [removed: 364,653] [added: 600,000] | | |

| Accounts Payable to Subsidiaries | | | [removed: 45,326] [added: 43,698] | | | | | | [removed: 38,051] [added: 45,326] | | |

| Accrued Interest | | | [removed: 168,748] [added: 169,516] | | | | | | [removed: 106,070] [added: 168,748] | | |

| Other Current Liabilities | | | [removed: 57,923] [added: 97,176] | | | | | | [removed: 41,268] [added: 57,923] | | |