8-K
CONNECTICUT LIGHT & POWER CO (CNTHP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2025
| Commission<br><br> <br>File Number | Registrant; State of Incorporation<br><br> <br>Address; and Telephone Number | I.R.S. Employer<br><br> <br>Identification No. |
|---|---|---|
| 1-5324 | EVERSOURCE ENERGY<br><br> <br>(a Massachusetts<br> voluntary association)<br><br> <br>300<br> Cadwell Drive<br><br> <br>Springfield,<br> Massachusetts 01104<br><br> <br>Telephone: (800)<br> 286-5000 | 04-2147929 |
| 0-00404 | THE CONNECTICUT LIGHT AND POWER COMPANY<br><br> <br>(a Connecticut<br> corporation)<br><br> <br>107<br> Selden Street<br><br> <br>Berlin,<br> Connecticut<br> 06037-1616<br><br> <br>Telephone: (800)<br> 286-5000 | 06-0303850 |
| 1-02301 | NSTAR ELECTRIC COMPANY<br><br> <br>(a Massachusetts<br> corporation)<br><br> <br>800<br> Boylston Street<br><br> <br>Boston,<br> Massachusetts<br> 02199<br><br> <br>Telephone: (800)<br> 286-5000 | 04-1278810 |
| 1-6392 | PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE<br><br> <br>(a New<br> Hampshire corporation)<br><br> <br>Energy<br> Park<br><br> <br>780<br> North Commercial Street<br><br> <br>Manchester,<br> New<br> Hampshire 03101-1134<br><br> <br>Telephone: (800)<br> 286-5000 | 02-0181050 |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
|---|---|---|---|
| ¨ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| --- | --- | ||
| ¨ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| --- | --- | ||
| ¨ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||
| --- | --- | ||
| Securities registered pursuant to Section 12(b) of the Act: | |||
| --- | --- | --- | --- |
| Registrant | Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on<br><br> <br>which registered |
| Eversource Energy | Common<br> Shares, $5.00 par value per share | ES | New<br> York Stock Exchange |
| The Connecticut Light and Power Company | None | N/A | N/A |
| NSTAR Electric Company | None | N/A | N/A |
| Public Service Company of New Hampshire | None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
| Emerging growth<br><br> <br>company | |
|---|---|
| Eversource Energy | ¨ |
| The Connecticut Light and Power Company | ¨ |
| NSTAR Electric Company | ¨ |
| Public Service Company of New Hampshire | ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Eversource Energy | ¨ |
|---|---|
| The Connecticut Light and Power Company | ¨ |
| NSTAR Electric Company | ¨ |
| Public Service Company of New Hampshire | ¨ |
| Document Type | 8-K |
| --- | --- |
| Document Period End Date | 2025-11-04 |
| Amendment Flag | false |
| CIK | 0000023426 |
| THE CONNECTICUT LIGHT_Written communications | ¨ |
| THE CONNECTICUT LIGHT_Soliciting material pursuant to | ¨ |
| THE CONNECTICUT LIGHT_Pre-commencement communications pursuant | ¨ |
| THE CONNECTICUT LIGHT_Pre-commencement communications pursuant | ¨ |
| Document Type | 8-K |
| Document Period End Date | 2025-11-04 |
| Amendment Flag | false |
| CIK | 0000013372 |
| NSTAR ELECTRIC_Written communications | ¨ |
| NSTAR ELECTRIC_Soliciting material pursuant to | ¨ |
| NSTAR ELECTRIC_Pre-commencement communications pursuant | ¨ |
| NSTAR ELECTRIC_Pre-commencement communications pursuant | ¨ |
| CIK | 0000315256 |
| Public Service Company_Written communications | ¨ |
| Document Type | 8-K |
| Document Period End Date | 2025-11-04 |
| Amendment Flag | false |
| Public Service Company_Soliciting material pursuant to | ¨ |
| Public Service Company_Pre-commencement communications pursuant | ¨ |
| Public Service Company_Pre-commencement communications pursuant | ¨ |
| Section 2 | Financial Information |
| --- | --- |
| Item 2.02 | Results of Operations and Financial Conditions. |
| --- | --- |
On November 4, 2025, Eversource Energy issued a news release announcing its unaudited results of operations for the third quarter and first nine months ended September 30, 2025, and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial report are attached as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference thereto.
The information contained in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Securities and Exchange Commission (“SEC”) nor incorporated by reference in any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act of 1933, as amended (the “Securities Act”), unless specified otherwise.
| Section 7 | Regulation FD |
|---|---|
| Item 7.01 | Regulation FD Disclosure. |
| --- | --- |
On November 5, 2025, Eversource Energy will webcast a conference call with financial analysts during which senior management will discuss the company’s financial performance through the third quarter of 2025. The webcast will be accessible from the Investors section of the Eversource Energy website at www.eversource.com. Attached as Exhibit 99.3 and incorporated herein by reference are the slides to be discussed by Eversource Energy during the conference call.
The information contained in this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” with the SEC nor incorporated by reference into any registration statement filed by Eversource Energy or any subsidiary thereof under the Securities Act, unless specified otherwise.
| Section 9 | Financial Statements and Exhibits |
|---|---|
| Item 9.01 | Financial Statements and Exhibits. |
| --- | --- |
| Exhibit<br><br>Number | Description |
| --- | --- |
| 99.1 | News Release of Eversource Energy dated November 4, 2025. |
| 99.2 | Financial report for the three and nine months ended September 30, 2025. |
| 99.3 | November 5, 2025 presentation slides. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
[The remainder of this page left blank intentionally.]
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| EVERSOURCE ENERGYTHE CONNECTICUT LIGHT AND POWER COMPANYNSTAR ELECTRIC COMPANY <br><br>PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE <br><br>(Registrants) | ||
|---|---|---|
| November 4, 2025 | By: | /s/ Jay S. Buth |
| Jay S. Buth | ||
| Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
Eversource EnergyReports Third Quarter 2025 Results
**HARTFORD, Conn. and BOSTON, Mass. (November 4, 2025) –**Eversource Energy (NYSE: ES) today reported earnings of $367.5 million, or $0.99 per share, for the third quarter of 2025, compared with a loss of $(118.1) million, or $(0.33) per share, for the third quarter of 2024. Non-GAAP recurring earnings totaled $442.5 million^1^, or $1.19 per share^1^ in the third quarter of 2025, compared with $405.9 million^1^, or $1.13 per share^1^ in the third quarter of 2024.
For the first nine months of 2025, Eversource Energy reported earnings of $1,271.1 million, or $3.44 per share, compared with $739.1 million, or $2.08 per share, for the first nine months of 2024. Non-GAAP recurring earnings totaled $1.35 billion^1^, or $3.64 per share^1^, in the first nine months of 2025, and $1.26 billion^1^, or $3.56 per share^1^, in the first nine months of 2024.
“During the third quarter, the Eversource team once again delivered strong financial and operational results, executing well on our planned investments while also responding promptly and safely to storm events," said Eversource Chairman, President and CEO Joe Nolan. "In addition to the strong outlook from our regulated pipes-and-wires utility operations, we are focused on grid modernization for the near and longer time reliability needs while continuing to focus on energy affordability for all the customers and communities we serve and on working closely and constructively with our regulators during a time of extensive regulatory change at the state and federal levels."
As announced on October 14, 2025, results for the third quarter and first nine months of 2025 include an aggregate net after-tax loss of $75.0 million, or $0.20 per share for both periods, related to an increase in Eversource Energy's liability for expected future obligations to Global Infrastructure Partners as part of the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects, net of tax benefits associated with the tax losses on the sales of these projects. Results for the third quarter of 2024 and first nine months of 2024 include an aggregate net after-tax loss of $524.0 million, or $1.48 per share for both periods, related to Eversource Energy completing the sale of its offshore wind investments.
Eversource also announced on October 14 that it narrowed its earnings guidance for full year non-GAAP recurring earnings for 2025 to between $4.72 per share^1^ and $4.80 per share^1^, versus its original guidance range of $4.67 to $4.82 per share. Eversource also reaffirms its expected compound annual earnings per share growth rate within the range of 5 to 7 percent from a 2024 base of $4.57 per share^1^.
Electric Transmission
Eversource Energy’s transmission segment earned $185.5 million in the third quarter of 2025 and $593.0 million in the first nine months of 2025, compared with earnings of $174.9 million in the third quarter of 2024 and $540.6 million in the first nine months of 2024. Transmission segment results improved in both periods due primarily to continued investment in Eversource’s electric transmission system.
Electric Distribution
Eversource Energy’s electric distribution segment earned $221.6 million in the third quarter of 2025 and $571.6 million in the first nine months of 2025, compared with earnings of $203.5 million in the third quarter of 2024 and $521.3 million in the first nine months of 2024. Improved results in both periods were due primarily to higher revenues from base distribution rate increases at Eversource’s New Hampshire and Massachusetts electric businesses, and continued investments in our distribution system. The higher revenues were partially offset by higher property taxes, interest, depreciation and operations and maintenance (O&M).
Natural Gas Distribution
Eversource Energy’s natural gas distribution segment had a loss of $(16.8) million in the third quarter of 2025 and earnings of $236.9 million in the first nine months of 2025, compared with a loss of $(30.2) million in the third quarter of 2024 and earnings of $187.4 million in the first nine months of 2024. Improved results in both periods were due primarily to the base distribution rate increases at Eversource’s Massachusetts gas businesses, effective November 1, 2024, to recover continued investment in our natural gas infrastructure. The higher revenues were partially offset by higher interest, depreciation and property tax expense, and additionally for the nine-month period higher O&M.
Water Distribution
Eversource Energy’s water distribution segment earned $18.9 million in the third quarter of 2025 and $36.8 million in the first nine months of 2025, compared with earnings of $23.7 million in the third quarter of 2024 and $37.1 million in the first nine months of 2024. Lower results in the third quarter were due primarily to higher O&M and depreciation expense.
Eversource Parent and Other Companies
Eversource Energy parent and other companies, excluding the net losses from offshore wind noted above, earned $33.3 million^1^ in the third quarter of 2025 and had losses of $(92.2) million^1^ in the first nine months of 2025, compared with earnings of $34.0 million^1^ in the third quarter of 2024 and losses of $(23.3) million^1^ in the first nine months of 2024. The increased loss in the first nine months was due primarily to higher interest expense due to the absence of capitalized interest as a result of the sale of our offshore wind investments, partially offset by a lower effective tax rate.
Eversource Energy Consolidated Earnings
The following table reconciles consolidated GAAP earnings per share for the third quarter and first nine months of 2025 and 2024:
| Third<br> <br>Quarter | First<br> <br>Nine Months | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | Reported GAAP EPS | $ | (0.33 | ) | $ | 2.08 | |
| Higher electric transmission segment earnings in 2025, net of share dilution | 0.01 | 0.08 | |||||
| Higher electric distribution segment revenues, partially offset by higher property taxes, interest, depreciation and O&M, net of share dilution | 0.03 | 0.08 | |||||
| Higher natural gas distribution segment revenues, partially offset by higher interest, depreciation and property taxes, and higher year-to-date O&M, net of share dilution | 0.04 | 0.11 | |||||
| Lower third quarter water distribution segment earnings from higher O&M and higher depreciation | (0.02 | ) | — | ||||
| Increased loss at parent and other companies due primarily to higher interest expense, partially offset by a lower effective tax rate | — | (0.19 | ) | ||||
| Losses on Offshore Wind | 1.26 | 1.28 | |||||
| 2025 | Reported GAAP EPS | $ | 0.99 | $ | 3.44 |
Financial results for the third quarter and first nine months of 2025 and 2024 for Eversource Energy’s business segments and parent and other companies are noted below:
| Three months ended: | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions, except EPS) | September 30, 2025 | September 30, 2024 | Increase/<br> <br>(Decrease) | 2025 EPS ^1^ | 2024 EPS ^1^ | Increase/<br> <br>(Decrease) | ||||||||||||
| Electric Transmission | $ | 185.5 | $ | 174.9 | $ | 10.6 | $ | 0.50 | $ | 0.49 | $ | 0.01 | ||||||
| Electric Distribution | 221.6 | 203.5 | 18.1 | 0.60 | 0.57 | 0.03 | ||||||||||||
| Natural Gas Distribution | (16.8 | ) | (30.2 | ) | 13.4 | (0.05 | ) | (0.09 | ) | 0.04 | ||||||||
| Water Distribution | 18.9 | 23.7 | (4.8 | ) | 0.05 | 0.07 | (0.02 | ) | ||||||||||
| Parent and Other Companies ^1^ | 33.3 | 34.0 | (0.7 | ) | 0.09 | 0.09 | — | |||||||||||
| Losses on Offshore Wind | (75.0 | ) | (524.0 | ) | 449.0 | (0.20 | ) | (1.46 | ) | 1.26 | ||||||||
| Reported Earnings | $ | 367.5 | $ | (118.1 | ) | $ | 485.6 | $ | 0.99 | $ | (0.33 | ) | $ | 1.32 | ||||
| Nine months ended: | ||||||||||||||||||
| (in millions, except EPS) | September 30, 2025 | September 30, 2024 | Increase/<br><br><br><br>(Decrease) | 2025 EPS ^1^ | 2024 EPS ^1^ | Increase/<br><br><br><br>(Decrease) | ||||||||||||
| Electric Transmission | $ | 593.0 | $ | 540.6 | $ | 52.4 | $ | 1.60 | $ | 1.52 | $ | 0.08 | ||||||
| Electric Distribution | 571.6 | 521.3 | 50.3 | 1.55 | 1.47 | 0.08 | ||||||||||||
| Natural Gas Distribution | 236.9 | 187.4 | 49.5 | 0.64 | 0.53 | 0.11 | ||||||||||||
| Water Distribution | 36.8 | 37.1 | (0.3 | ) | 0.10 | 0.10 | — | |||||||||||
| Parent and Other Companies ^1^ | (92.2 | ) | (23.3 | ) | (68.9 | ) | (0.25 | ) | (0.06 | ) | (0.19 | ) | ||||||
| Losses on Offshore Wind | (75.0 | ) | (524.0 | ) | 449.0 | (0.20 | ) | (1.48 | ) | 1.28 | ||||||||
| Reported Earnings | $ | 1,271.1 | $ | 739.1 | $ | 532.0 | $ | 3.44 | $ | 2.08 | $ | 1.36 |
Eversource Energy has approximately 375 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.6 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.
CONTACT:
Rima Hyder (Investor Relations)
rima.hyder@eversource.com
(781) 441-8062
William Hinkle (Media Relations)
william.hinkle@eversource.com
(603) 634-2228
| Note: Eversource Energy will webcast a conference call with senior management on November 5, 2025, beginning at 9 a.m. Eastern Time. The webcast and associated slides can be accessed through Eversource Energy’s website at www.eversource.com. |
|---|
^1^ All per-share amounts in this news release are reportedon a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The third quarterand first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally acceptedaccounting principles (non-GAAP) referencing earnings and EPS excluding losses associated with previous offshore wind investments. EPSby business is also a non-GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of eachbusiness by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each businessdo not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in EversourceEnergy’s assets and liabilities as a whole. Full year 2024 earnings discussion also includes a non-GAAP financial measure referencingearnings and EPS excluding a loss on the pending sale of the Aquarion water distribution business of $298.3 million and the aggregate loss on the sale of our offshore wind investments.
Eversource Energy uses these non-GAAP financial measures to evaluateand provide details of earnings results by business and to more fully compare and explain results without including these items. Thisinformation is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of futureperiods. Management believes the impacts of the losses on the previous offshore wind investments and the loss on the pending sale of theAquarion water distribution business are not indicative of Eversource Energy's ongoing costs and performance. Management views these chargesas not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Dueto the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believesthat the non-GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additionaland useful information to readers of this report in analyzing historical and future performance of the business. These non-GAAP financialmeasures should not be considered as alternatives to reported net income attributable to common shareholders or EPS determined in accordancewith GAAP as indicators of Eversource Energy's operating performance. Eversource Energy does not provide guidance for net income attributableto common shareholders or recurring EPS or a reconciliation of guidance for non-GAAP recurring earnings or non-GAAP recurring EPS to themost directly comparable GAAP measure because it is not able to predict with reasonable certainty the amount or nature of all items thatwill be included in our net income attributable to common shareholders or recurring EPS for the year ending December 31, 2025. Theseitems are uncertain, depend on many factors and could have a material impact on our net income attributable to common shareholders andrecurring EPS for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort.
This document includes statements concerning Eversource Energy’sexpectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth andother statements that are not historical facts. These statements are “forward-looking statements” within the meaning of theU. S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases suchas “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could”and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes todiffer materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations,estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptionsor projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by referenceto, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from thosecontained in our forward-looking statements, including, but not limited to cyberattacks or breaches, including those resulting in thecompromise of the confidentiality of our proprietary information and the personal information of our customers; the ability to qualifyfor investment tax credits and investment tax credit adders; variability in the costs and final investment returns of the RevolutionWind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the saleagreement for these projects; disruptions in the capital markets or other events that make our access to necessary capital more difficultor costly; changes in economic conditions, including impact on interest rates, tax policies, tariffs, and customer demand and paymentability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism,physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distributionsystems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-partysuppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in businessconditions, which could include disruptive technology or development of alternative energy sources related to our current or future businessmodel; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws,regulations, Presidential executive orders or regulatory policy, including compliance with environmental laws and regulations; changesin accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.
Other risk factors are detailed in Eversource Energy’s reportsfiled with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s websiteat www.eversource.com and on the SEC’s website at www.sec.gov and management encourages you to consult such disclosures.
All such factors are difficult to predict and contain uncertaintiesthat may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place unduereliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as requiredby federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflectevents or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
Exhibit 99.2
EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
(Unaudited)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (Thousands of Dollars, Except Share Information) | 2025 | 2024 | 2025 | 2024 | ||||||
| Operating Revenues | $ | 3,220,625 | $ | 3,063,224 | $ | 10,177,048 | $ | 8,929,321 | ||
| Operating Expenses: | ||||||||||
| Purchased Power, Purchased Natural Gas and Transmission | 1,049,254 | 917,858 | 3,208,337 | 2,995,245 | ||||||
| Operations and Maintenance | 518,341 | 510,439 | 1,473,349 | 1,437,826 | ||||||
| Depreciation | 395,388 | 366,145 | 1,160,563 | 1,060,650 | ||||||
| Amortization | 108,246 | 243,957 | 672,798 | 127,495 | ||||||
| Energy Efficiency Programs | 173,104 | 148,054 | 565,945 | 506,821 | ||||||
| Taxes Other Than Income Taxes | 287,610 | 264,371 | 817,931 | 740,414 | ||||||
| Total Operating Expenses | 2,531,943 | 2,450,824 | 7,898,923 | 6,868,451 | ||||||
| Operating Income | 688,682 | 612,400 | 2,278,125 | 2,060,870 | ||||||
| Interest Expense | 318,065 | 300,576 | 912,107 | 822,640 | ||||||
| Losses on Offshore Wind | 284,000 | 464,019 | 284,000 | 464,019 | ||||||
| Other Income, Net | 85,830 | 112,555 | 273,536 | 318,870 | ||||||
| Income/(Loss) Before Income Tax (Benefit)/Expense | 172,447 | (39,640 | ) | 1,355,554 | 1,093,081 | |||||
| Income Tax (Benefit)/Expense | (196,982 | ) | 76,537 | 78,849 | 348,309 | |||||
| Net Income/(Loss) | 369,429 | (116,177 | ) | 1,276,705 | 744,772 | |||||
| Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 | ||||||
| Net Income/(Loss) Attributable to Common Shareholders | $ | 367,549 | $ | (118,057 | ) | $ | 1,271,066 | $ | 739,133 | |
| Basic Earnings/(Loss) Per Common Share | $ | 0.99 | $ | (0.33 | ) | $ | 3.44 | $ | 2.09 | |
| Diluted Earnings/(Loss) Per Common Share | $ | 0.99 | $ | (0.33 | ) | $ | 3.44 | $ | 2.08 | |
| Weighted Average Common Shares Outstanding: | ||||||||||
| Basic | 371,914,953 | 359,520,518 | 369,299,065 | 354,483,338 | ||||||
| Diluted | 372,262,732 | 359,817,657 | 369,619,180 | 354,744,846 |
The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
Exhibit 99.3
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT November 5, 2025 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Safe Harbor Statement 1 All per - share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The third quarter and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non - GAAP ) referencing earnings and EPS excluding losses associated with previous offshore wind investments. EPS by business is also a non - GAAP financial measure and is calculated by dividing the net income attributable to common shareho lders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and lia bilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Full year 2024 earnings discussion also includes a non - GAAP financial measure referencing earnings and EPS excluding a loss on the pending sale of the Aquarion water distribution business of $298.3 million. Eversource Energy uses these non - GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Mana gem ent believes the impacts of the losses on the previous offshore wind investments and the loss on the pending sale of the Aquarion water distribution business are not indicative of Eversource Energy's ongoing costs and performa nce . Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non - GAAP presentation is a more meaningful representation of Eversource Energy's financial performance and provides additional and use ful information to readers of this report in analyzing historical and future performance of the business. These non - GAAP financial measures should not be considered as alternatives to reported net income attributable to common shareho lders or EPS determined in accordance with GAAP as indicators of Eversource Energy's operating performance. Eversource Energy does not provide guidance for net income attributable to common shareholders or recurring EPS or a reconciliation of guidance for non - GAAP recurring earnings or non - GAAP recurring EPS to the most directly comparable GAAP measure because it is not able to predict with reasonable certainty the amount or nature of all item s t hat will be included in our net income attributable to common shareholders or recurring EPS for the year ending December 31, 2025. These items are uncertain, depend on many factors and could have a material impact on our net income a ttributable to common shareholders and recurring EPS for the year ending December 31, 2025, and therefore cannot be made available without unreasonable effort. This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, as sumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward - looking statements” within the meaning of the U. S. federal securities laws. Ge nerally, readers can identify these forward - looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” an d other similar expressions. Forward - looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward - looking statements. Forward - looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accord ing ly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our fo rwa rd - looking statements, including, but not limited to cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; the ability t o q ualify for investment tax credits and investment tax credit adders; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post - closing adjus tment under the terms of the sale agreement for these projects; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact o n i nterest rates, tax policies, tariffs, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid d ist urbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandar d p erformance of third - party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of al ter native energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations, Presidential executive or ders or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforese en factors. Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They ar e updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov and management encourages you to consult such disclosures. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual res ult s, many of which are beyond our control. You should not place undue reliance on the forward - looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities la ws, Eversource Energy undertakes no obligation to update any forward - looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipat ed events.
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Agenda Business Update ▪ Key Strategic Priorities ▪ Quarterly Highlights 2 Joe Nolan Chairman, President & CEO John Moreira EVP, CFO & Treasurer Financial Update ▪ Q3 2025 Financial Results ▪ Regulatory Update ▪ Balance Sheet & Credit Metrics
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Chairman, President & Chief Executive Officer Joe Nolan Business Update
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Aligned with providing reliable, resilient and affordable service for customers, while driving shareholder value Our Key Strategic Priorities for 2025 Building FY 2025 momentum to achieve long - term EPS growth of between 5% and 7% Fully Regulated Business Model Balance Sheet Health Energy Transition Focus on being a 100% regulated utility making investments in line with state policies keeping in mind customer reliability and affordability Continue to strengthen Balance Sheet and enhance FFO to Debt ratio Continue leading the energy transition in New England with ~ $2B in T&D energy investments through 2029 5 - Year Capital Plan Commence capital investment in ESMP within a robust capital plan of $24.2 billion through 2029 – with 60% of distribution capital investment in MA Sustainable Long - Term Growth 4
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 5 Progress Across Eversource A shift in the CT regulatory environment ▪ New commissioners at PURA ▪ Yankee Gas rate case and sale of Aquarion making headway Offshore wind construction progress ▪ Onshore substation substantially complete; overall project moving towards delivering much needed generation for New England ▪ Project significantly de - risked Financial and operational excellence ▪ Continued top decile reliability performance ▪ FFO to Debt ratio greatly improved Robust infrastructure investment ▪ On track to invest ~$5b in 2025 in transmission and distribution ▪ AMI project on track with over 40,000 meters installed in MA
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 6 Robust and Resilient Load Growth Provides Many Opportunities Load Growth Drivers Investment Opportunities Electrification New Substation Development Decarbonization Economic Expansion Growing Transmission Investment Opportunistic Land Acquisitions
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 7 Focused on Affordability Support for Customers ▪ Low - income discount rates ▪ Interconnecting new generation ▪ Recognized leadership in hardship program administration Efficiency and Transparency ▪ Expanded incentives for customers adopting efficient technologies ▪ AMI enabled insights to give customers greater control over their energy pocketbook Rate Design ▪ Smoothing high bills to avoid rate shocks ▪ Heat pump rate to align customer billing with emissions reduction
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Executive Vice President, Chief Financial Officer & Treasurer John Moreira Financial Update
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Third Quarter and Nine Months 2025 Financial Results 9 Change 9M 2024 9M 2025 Change 3Q 2024 3Q 2025 $0.08 $1.52 $1.60 $0.01 $0.49 $0.50 Electric Transmission 0.08 1.47 1.55 0.03 0.57 0.60 Electric Distribution 0.11 0.53 0.64 0.04 (0.09) (0.05) Natural Gas Distribution 0.00 0.10 0.10 (0.02) 0.07 0.05 Water Distribution (0.19) (0.06) (0.25) 0.00 0.09 0.09 Parent & Other (Non - GAAP) $0.08 $3.56 $3.64 $0.06 $1.13 $1.19 EPS (Non - GAAP) 1.28 (1.48) (0.20) 1.26 (1.46) (0.20) Losses on Offshore Wind Investments $1.36 $2.08 $3.44 $1.32 $(0.33) $0.99 Reported EPS (GAAP)
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Regulatory Progress Across Our Service Territories Connecticut ▪ Yankee Gas Rate Case Filing – Final Decision expected November 5, 2025 ▪ Sale of Aquarion – Final Decision expected November 19, 2025 ▪ RAM Decision adopting our proposals to mitigate rate shock Massachusetts ▪ EGMA Rate Base Reset – November 2024 rate increase of $77 million – November 2025 rate increase of $62 million ▪ NSTAR Gas PBR & Rate Base Reset – November 2025 $10 million PBR rate adjustment – Motion for reconsideration filed for Rate Base Roll - in ▪ NSTAR Electric PBR adjustment – January 2025 rate increase of $56 million New Hampshire ▪ Over $450 million in storm costs pending approval 10
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT $1,448 $1,328 $1,406 $1,392 $1,363 $1,334 $1,312 $1,772 $1,871 $1,965 $2,231 $2,143 $1,958 $1,918 $998 $1,023 $1,094 $1,164 $1,184 $1,259 $1,297 $162 $163 $213 $260 $256 $222 $222 $225 $227 $4,593 $4,645 $4,721 $5,009 $4,912 $4,776 $4,754 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 2023A 2024A 2025E 2026E 2027E 2028E 2029E Transmission Electric Distribution Natural Gas Distribution Water IT and Facilities $ In Millions $24.2 Billion 2025 - 2029 2025 – 2029 Projected Capital Expenditures for Core Businesses * 11 * The capital expenditure plan for 2025 to 2029 excludes investments in Eversource’s water business due to the pending sale o f A quarion and excludes Connecticut AMI. Potential for incremental investments during this forecast period of $1.5B - $2B
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Continued Progress Strengthening Balance Sheet & Credit Metrics Ratings Agency Downgrade Thresholds & FFO to Debt Results Q2 2025 improvement enhances credit cushion relative to downgrade thresholds and provides incremental financing flexibility and supports our credit metric s Moody's Baa2 / Negative (CFO Pre-W/C to Debt) S&P BBB / Stable (FFO to Debt) 9% 12% ES 12/31/2024 FFO to Debt Balance Sheet & Credit Rating Priorities: x Maintaining solid credit ratings x Track record of executing on FFO enhancement strategy (i.e., business dispositions, equity issuances, and regulatory recoveries) x Employing a balanced equity and debt funding plan to support capital structure targets and credit metrics ▪ $1.2 billion ATM issuance program to finance the capital investment program through 2029 ▪ DRSPP equity $600 million through 2029 x Constructive rate case outcomes and strategic priorities to further strengthen credit profile 12 12.7% ES 6/30/2025 FFO to Debt 14.6% Threshold: 13% Threshold: 12%
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Cash Flow Enhancement Drivers 13 $ in millions 2024 & 2025 x 2023 Under Recoveries $600 x South Fork Wind Tax Equity Investment $500 x Incremental Storm Cost Recovery $200 x Ørsted Sale Gross Proceeds $230 x GIP Sale Gross Proceeds $875 x ATM Equity Issuances $1,200 x Rate Increases $300 - $400 Sale of Water Business $1,600 Beyond 2025 Rate Increases Constructive Cost Recovery for Incremental Distribution Investment Deferred Storm Cost Recovery (98% of costs under review or currently in rates across three states) Storm Cost Securitization in CT O&M Cost Discipline Equity Issuances to Fund Capital Investments On track to enhance cash flows and strengthen balance sheet
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 2025 Parent Debt and Equity Issuances and Maturities 14 New Shares ▪ At - The - Market Equity Program for $1.2 billion Issued 7.1 million shares through September 2025 with net proceeds of $465 million. Treasury Shares ▪ Dividend reinvestment, employee equity programs continue with approximately 1.4 million shares issued through September 2025 Equity Issuances 2025 Maturities Maturity Size/Coupon Company Jan 15, 2025* $300M @ 3.15% Parent Aug 15, 2025* $300M @ 0.80% Parent * Paid at maturity 2026 Maturities Maturity Size/Coupon Company Mar 15, 2026 $250M @ 3.35% Parent May 15, 2026 $450M @ 4.75% Parent Aug 15, 2026 $300M @ 1.40% Parent 2025 Issuances Maturity Size/Coupon Company Dec 15, 2030 $600M @ 4.45% Parent
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT $2.81 $2.96 $3.11 $3.25 $3.45 $3.64 $3.86 $4.09 $4.34 $4.57 $4.72 - $4.80 2015A* 2016A 2017A 2018A 2019A* 2020A* 2021A* 2022A* 2023A* 2024A* 2025E* 2026E 2027E 2028E 2029E * Reflects non - GAAP results, excludes nonrecurring charges 15 Proven Track Record of Earnings and Dividend Performance
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Q&A 16
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT APPENDIX 17
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Eversource - A Pure Play Pipes and Wires Regulated Utility & the Largest in the New England Region 18 4.6M CUSTOMERS 3.4M Electric, 901k Gas, 248k Water 60K DISTRIBUTION MILES 19K Underground Lines 4.5K TRANSMISSION MILES $27B CURRENT MARKET CAPITALIZATION As of September 30, 2025 $31B 2024 RATE BASE (Excluding Water) $60B TOTAL ASSETS As of December 31, 2024 ~10,700 EMPLOYEES As of YE 2024 63.5 SYSTEM AVG MIN INTERRUPTION DURATION (SAIDI) 2024 21.2 AVG MONTHS BETWEEN INTERRUPTIONS (MBI) 2024 18
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT $ in Millions $1.9B or 10% Increase in 2025 - 2028 Core Business Investments Primarily in Transmission 19 26% 44% 25% 5% Feb 2024 Plan* Electric Transmission Electric Distribution Natural Gas Distribution IT and Facilities 28% 43% 24% 5% Feb 2025 Plan* Electric Transmission Electric Distribution Natural Gas Distribution IT and Facilities $923 $601 $304 $27 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Spending Increase from February 2024 Plan Electric Transmission Electric Distribution Natural Gas Distribution IT and Facilities ~$1.9 Billion * The charts above represent segment percentages of total investments for the years 2025 through 2028, the same four years represented by both plans. The water segment has been excluded from both plans due to the pending sale of Aquarion.
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT 37% 34% 43% 43% 20% 23% 2023 Rate Base Projected 2029 Rate Base $26.4 billion* $41.9 billion* * Rate base estimates exclude certain CWIP balances which totaled approximately $2.2 billion at the end of 2023 and are expected to increase to approximately $3.3 billion by the end of 2029 Rate Base Growth Driven by Regulated Businesses 20 Transmission Electric Distribution Natural Gas Distribution
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Pure Play Pipes and Wires Regulated Utility Rate Base Growth 2023 to 2029* 21 35% 30% 29% 6% 2023 Transmission MA (D) CT (D) NH (D) 35% 37% 21% 7% 2029 (Forecasted) Transmission MA (D) CT (D) NH (D) * The rate base amounts for 2023 and 2029 exclude investments in Eversource’s water business due to the pending sale of Aquarion .
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Eversource Recognition For the 5 th consecutive year received the HIRE Vets (Honoring Investments in Recruiting and Employing American Military Veterans) Gold Medallion Award — a federal - level recognition as an employer committed to veteran hiring, retention, and professional development. Named as one of America’s Climate Leaders by USA TODAY and Statista for the 3 rd year in a row. Ranked #1 among energy companies and utilities nationwide for the highest core emissions reduction year - over - year. Recognized for the 6 th year in a row in Newsweek’s list of America’s Most Responsible Companies based on our corporate social sustainability performance and reputation. Named the #1 utility and for the 6 th consecutive year included in the top 100 in Just Capital and CNBC’s list of America’s Most JUST Companies, a ranking of the most responsible publicly traded companies. The TIME World's Best Companies 2024 reinforces our reputation as a company that provides an exceptional workplace environment and employment opportunities. Included as a constituent of the FTSE4Good Index Series, designed to identify companies that demonstrate strong environmental, social and governance practices measured against globally recognized standards. Recognized in the 2024 Healthiest 100 Workplaces in America, an awards program created to honor people - first organizations that prioritize the well - being of their employee population. 22
EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Eversource Recognition For the 5 th consecutive year received the HIRE Vets (Honoring Investments in Recruiting and Employing American Military Veterans) Gold Medallion Award — a federal - level recognition as an employer committed to veteran hiring, retention, and professional development. Named as one of America’s Climate Leaders by USA TODAY and Statista for the 3 rd year in a row. Ranked #1 among energy companies and utilities nationwide for the highest core emissions reduction year - over - year. Recognized for the 6 th year in a row in Newsweek’s list of America’s Most Responsible Companies based on our corporate social sustainability performance and reputation. Named the #1 utility and for the 6 th consecutive year included in the top 100 in Just Capital and CNBC’s list of America’s Most JUST Companies, a ranking of the most responsible publicly traded companies. The TIME World's Best Companies 2024 reinforces our reputation as a company that provides an exceptional workplace environment and employment opportunities. Included as a constituent of the FTSE4Good Index Series, designed to identify companies that demonstrate strong environmental, social and governance practices measured against globally recognized standards. Recognized in the 2024 Healthiest 100 Workplaces in America, an awards program created to honor people - first organizations that prioritize the well - being of their employee population. 22