Eversource Energy (ES) investor relations material

Executive summary

• Q2 2026 recurring EPS was $0.87, while GAAP EPS was $0.14 due to significant non-cash charges from the Aquarion sale, offshore wind contingent liability, and FERC ROE refund.

• Completed the sale of Aquarion, generating $1.7 billion in net proceeds, used to reduce parent debt and strengthen the balance sheet.

• Advanced major projects, including the Revolution Wind offshore wind project and a $2.2B ISO-NE transmission project, with commercial operation expected in 2026.

• Moody’s upgraded outlook to stable, and the company was recognized for ESG and veteran initiatives.

Financial highlights

• Q2 2026 GAAP EPS was $0.14, down from $0.96 in Q2 2025, reflecting $0.73/share in non-recurring charges; recurring EPS was $0.87, down from $0.96.

• Operating revenues rose to $2.90B in Q2 2026, driven by higher base distribution rates and tracked revenues.

• FFO-to-debt ratios as of March 31, 2026: 14.3% (S&P), 14.5%-15.7% (Moody’s), both over 100 bps above downgrade thresholds.

• Cash and equivalents were $1.82B as of June 30, 2026, reflecting Aquarion sale proceeds.

Outlook and guidance

• Reaffirmed 2026 non-GAAP recurring EPS guidance of $4.57–$4.72, reflecting lower base ROE and Aquarion sale.

• Long-term EPS growth target of 5%-7% through 2030, aiming for upper half of the range by 2028.

• Five-year capital plan of $26.5 billion, with majority funded by operations and potential increases from new projects.

• No equity issuances expected for the remainder of 2026; equity needs through 2030 remain $800M-$1.1B.