Eversource Energy ES · USD

SEGMENT INFORMATIONEversource is organized into the Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. The Electric Distribution segment consists of the rate-regulated distribution businesses of CL&P, NSTAR Electric and PSNH, and includes the results of NSTAR Electric's solar power facilities. The Electric Transmission segment consists of the rate-regulated electric transmission businesses of CL&P, NSTAR Electric and PSNH. The Natural Gas Distribution segment consists of the rate-regulated businesses of Yankee Gas, NSTAR Gas and EGMA. The Water Distribution segment consists of the rate-regulated business of Aquarion. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity, natural gas and water primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. The chief operating decision maker uses the net income of each reportable segment to evaluate return generated from assets and decide how to reinvest profits and allocate resources, to monitor budget-to-actual results, in the planning and forecasting process, in determining compensation achievement, and in benchmarking to Eversource’s peers. Eversource’s chief operating decision maker is its chief executive officer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

REVENUESRevenue is recognized when promised goods or services (referred to as performance obligations) are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. A five-step model is used for recognizing and measuring revenue from contracts with customers, which includes identifying the contract with the customer, identifying the performance obligations promised within the contract, determining the transaction price (the amount of consideration to which the company expects to be entitled), allocating the transaction price to the performance obligations and recognizing revenue when (or as) the performance obligation is satisfied. The following tables present operating revenues disaggregated by revenue source:For the Year Ended December 31, 2025Eversource(Millions of Dollars)ElectricDistributionNatural Gas DistributionElectric TransmissionWater DistributionOtherEliminationsTotalRevenues from Contracts with CustomersRetail Tariff SalesResidential $5,215.5 $1,474.9 $— $167.8 $— $— $6,858.2 Commercial 3,273.4 716.3 — 71.1 — (8.9)4,051.9 Industrial421.6 210.0 — 4.8 — (26.1)610.3 Total Retail Tariff Sales Revenues8,910.5 2,401.2 — 243.7 — (35.0)11,520.4 Wholesale Transmission Revenues— — 2,452.1 — — (1,786.8)665.3 Wholesale Market Sales Revenues1,004.7 184.0 — 4.4 — — 1,193.1 Other Revenues from Contracts with Customers88.3 5.8 14.4 2.6 1,732.7 (1,729.5)114.3 Total Revenues from Contracts with Customers10,003.5 2,591.0 2,466.5 250.7 1,732.7 (3,551.3)13,493.1 Alternative Revenue Programs17.2 40.8 (183.7)(15.0)— 171.2 30.5 Other Revenues18.9 3.0 0.5 1.2 — — 23.6 Total Operating Revenues$10,039.6 $2,634.8 $2,283.3 $236.9 $1,732.7 $(3,380.1)$13,547.2 For the Year Ended December 31, 2024Eversource(Millions of Dollars)ElectricDistributionNatural Gas DistributionElectric TransmissionWater DistributionOtherEliminationsTotalRevenues from Contracts with CustomersRetail Tariff SalesResidential $4,904.8 $1,129.1 $— $150.4 $— $— $6,184.3 Commercial 2,973.3 588.0 — 70.3 — (7.7)3,623.9 Industrial389.0 172.5 — 4.7 — (22.4)543.8 Total Retail Tariff Sales Revenues8,267.1 1,889.6 — 225.4 — (30.1)10,352.0 Wholesale Transmission Revenues— — 2,032.4 — — (1,529.3)503.1 Wholesale Market Sales Revenues658.9 161.9 — 4.2 — — 825.0 Other Revenues from Contracts with Customers92.2 5.1 13.9 3.8 1,701.3 (1,694.6)121.7 Total Revenues from Contracts with Customers9,018.2 2,056.6 2,046.3 233.

COMMITMENTS AND CONTINGENCIESA. Environmental MattersEversource, CL&P, NSTAR Electric and PSNH are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations.Environmental reserves are accrued when assessments indicate it is probable that a liability has been incurred and an amount can be reasonably estimated. The approach used estimates the liability based on the most likely action plan from a variety of available remediation options, including no action required or several different remedies ranging from establishing institutional controls to full site remediation and monitoring. These liabilities are estimated on an undiscounted basis and do not assume that the amounts are recoverable from insurance companies or other third parties. The environmental reserves include sites at different stages of discovery and remediation and do not include any unasserted claims.These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's and PSNH's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to required environmental remediation. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly.

LONG-TERM DEBTDetails of long-term debt outstanding are as follows:CL&P(Millions of Dollars)As of December 31,Interest Rate20252024First Mortgage Bonds: 2004 Series B due 20345.750 %130.0 130.0 2005 Series B due 20355.625 %100.0 100.0 2006 Series A due 20366.350 %250.0 250.0 2007 Series B due 20375.750 %150.0 150.0 2007 Series D due 20376.375 %100.0 100.0 2014 Series A due 2044 4.300 %475.0 475.0 2015 Series A due 20454.150 %350.0 350.0 2017 Series A due 20273.200 %500.0 500.0 2018 Series A due 20484.000 %800.0 800.0 2020 Series A due 20250.750 %— 400.0 2021 Series A due 20312.050 %425.0 425.0 2023 Series A due 20535.250 %500.0 500.0 2023 Series B due 20334.900 %300.0 300.0 2024 Series A due 20294.650 %350.0 350.0 2024 Series B due 20344.950 %300.0 300.0 2025 Series A due 20304.950 %400.0 — Total First Mortgage Bonds5,130.0 5,130.0 Less Amounts due Within One Year— (400.0)Current Portion Classified as Long-Term Debt (1)— 397.1 Unamortized Premiums and Discounts, Net12.4 14.3 Unamortized Debt Issuance Costs(32.3)(33.2)CL&P Long-Term Debt$5,110.1 $5,108.2 NSTAR Electric(Millions of Dollars)As of December 31,Interest Rate20252024Debentures: 2006 Debentures due 20365.750 %$200.0 $200.0 2010 Debentures due 20405.500 %300.0 300.0 2014 Debentures due 2044 4.400 %300.0 300.0 2015 Debentures due 20253.250 %— 250.0 2016 Debentures due 20262.700 %250.0 250.0 2017 Debentures due 20273.200 %700.0 700.0 2019 Debentures due 20293.250 %400.0 400.0 2020 Debentures due 20303.950 %400.0 400.0 2021 Debentures due 20513.100 %300.0 300.0 2021 Debentures due 20311.950 %300.0 300.0 2022 Debentures due 20524.550 %450.0 450.0 2022 Debentures due 20524.950 %400.0 400.0 2023 Debentures due 20285.600 %150.0 150.0 2024 Debentures due 20345.400 %600.0 600.0 2025 Debentures due 20304.850 %400.0 — 2025 Debentures due 20355.200 %700.0 — Total Debentures5,850.0 5,000.0 Notes: 2004 Senior Notes Series B due 20345.900 %50.0 50.0 2007 Senior Notes Series D due 20376.700 %40.0 40.0 2016 Senior Notes Series H due 20262.750 %50.0 50.0 Total Notes140.0 140.0 Less Amounts due Within One Year(300.0)(250.0)Unamortized Premiums and Discounts, Net(8.1)(14.0)Unamortized Debt Issuance Costs(36.3)(31.1)NSTAR Electric Long-Term Debt$5,645.6 $4,844.9 PSNH(Millions of Dollars)As of December 31,Interest Rate20252024First Mortgage Bonds: 2005 Series M due 20355.600 %$50.0 $50.0 2019 Series T due 2049 3.600 %300.0 300.0 2020 Series U due 20502.400 %150.0 150.0 2021 Series V due 20312.200 %350.0 350.

SHORT-TERM DEBTShort-Term Debt - Borrowing Limits: The amount of short-term borrowings that may be incurred by CL&P and NSTAR Electric is subject to periodic approval by the FERC. Because the NHPUC has jurisdiction over PSNH's short-term debt, PSNH is not currently required to obtain FERC approval for its short-term borrowings. On December 12, 2025, the FERC granted authorization that allows CL&P to issue total short-term borrowings in an aggregate principal amount not to exceed $600 million outstanding at any one time, through December 31, 2027. On December 12, 2025, the FERC granted authorization that allows NSTAR Electric to issue total short-term borrowings in an aggregate principal amount not to exceed $655 million outstanding at any one time, through December 31, 2027. PSNH is authorized by regulation of the NHPUC to incur short-term borrowings up to 10 percent of net fixed plant plus an additional $60 million until further ordered by the NHPUC. As of December 31, 2025, PSNH's short-term debt authorization under the 10 percent of net fixed plant test plus $60 million totaled $572.9 million. CL&P's certificate of incorporation contains preferred stock provisions restricting the amount of unsecured debt that CL&P may incur, including limiting unsecured indebtedness with a maturity of less than 10 years to 10 percent of total capitalization. As of December 31, 2025, CL&P had $1.19 billion of unsecured debt capacity available under this authorization. Yankee Gas, NSTAR Gas and EGMA are not required to obtain approval from any state or federal authority to incur short-term debt.Short-Term Debt - Commercial Paper Programs and Credit Agreements: Eversource parent has a $2.00 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. Eversource parent, CL&P, PSNH, NSTAR Gas, Yankee Gas, EGMA and Aquarion Water Company of Connecticut are parties to a five-year $2.00 billion revolving credit facility. Effective October 11, 2025, the revolving credit facility’s termination date was extended for one additional year to October 11, 2030, pursuant to the extension provisions contained in the existing credit agreement. This revolving credit facility serves to backstop Eversource parent's $2.00 billion commercial paper program.NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt.

INCOME TAXESThe components of income tax expense are as follows: Eversource(Millions of Dollars)For the Years Ended December 31,202520242023Current Income Taxes: Federal$77.5 $(23.4)$75.8 State37.5 14.3 0.6 Total Current115.0 (9.1)76.4 Deferred Income Taxes, Net: Federal63.7 266.3 (0.9)State(36.4)169.6 86.3 Total Deferred27.3 435.9 85.4 Investment Tax Credits, Net(2.0)(2.1)(2.1)Income Tax Expense$140.3 $424.7 $159.7 For the Years Ended December 31, 202520242023(Millions of Dollars)CL&PNSTARElectricPSNHCL&PNSTAR ElectricPSNHCL&PNSTAR ElectricPSNHCurrent Income Taxes: Federal$191.1 $118.9 $57.3 $25.9 $65.9 $(1.7)$(10.8)$50.7 $(40.0)State70.9 37.2 23.5 (6.8)15.2 (5.2)(2.3)7.8 (20.0)Total Current262.0 156.1 80.8 19.1 81.1 (6.9)(13.1)58.5 (60.0)Deferred Income Taxes, Net: Federal(66.5)10.0 3.7 107.9 63.9 50.8 130.3 50.1 81.2 State(28.3)25.6 7.6 67.5 47.3 26.3 53.7 46.1 37.8 Total Deferred(94.8)35.6 11.3 175.4 111.2 77.1 184.0 96.2 119.0 Investment Tax Credits, Net— (1.7)— — (1.7)— — (1.7)— Income Tax Expense$167.2 $190.0 $92.1 $194.5 $190.6 $70.2 $170.9 $153.0 $59.0 A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: For the Year Ended December 31, 2025EversourceCL&PNSTAR ElectricPSNH(Millions of Dollars)AmountPercentAmountPercentAmountPercentAmountPercentIncome Before Income Tax Expense1,840.2 N/A$718.5 N/A$820.7 N/A$361.5 N/AU.S. Federal Statutory Income Tax Expense at 21%386.421 %150.9 21 %172.3 21 %75.9 21 %Tax Effect of Differences:State and Local Income Tax Effects, Net of Federal Impact (1)2.4 0.1 39.6 5.5 49.6 6.0 24.6 6.8 Federal Tax CreditsResearch and Development Tax Credits(22.6)(1.2)— — — — — — Changes in Valuation Allowances(241.6)(13.1)(6.2)(0.9)— — — — Nontaxable or Nondeductible Items:Depreciation(23.4)(1.3)2.5 0.3 (10.6)(1.3)(2.2)(0.6)EDIT Amortization(50.6)(2.7)(17.0)(2.4)(21.7)(2.6)(8.1)(2.2)Loss on Offshore Wind59.5 3.2 — — — — — — Other30.2 1.6 (2.6)(0.4)0.4 — 1.9 0.5 Income Tax Expense/Effective Tax Rate$140.3 7.6 %$167.2 23.3 %$190.0 23.2 %$92.1 25.5 %(1) State taxes in Connecticut (for CL&P), Massachusetts (for NSTAR Electric) and New Hampshire (for PSNH) made up the majority of the tax effects in this category for Eversource.Eversource maintains a valuation allowance recorded on deferred tax assets associated with the loss recorded from the offshore wind investments.

LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements as a lessee for the use of land, office space, service centers, vehicles, information technology, and equipment. These lease agreements are classified as either finance or operating leases and the liability and right-of-use asset are recognized on the balance sheet at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are recognized as lease expense on a straight-line basis over the lease term. Eversource determines whether or not a contract contains a lease based on whether or not it provides Eversource with the use of a specifically identified asset for a period of time, as well as both the right to direct the use of that asset and receive the significant economic benefits of the asset. Eversource has elected the practical expedient to not separate non-lease components from lease components and instead to account for both as a single lease component, with the exception of the information technology asset class where the lease and non-lease components are separated. The provisions of Eversource, CL&P, NSTAR Electric and PSNH lease agreements contain renewal options. The renewal options range from one year to twenty years. The renewal period is included in the measurement of the lease liability if it is reasonably certain that Eversource will exercise these renewal options. For leases entered into or modified after the January 1, 2019 implementation date of the leases standard under Topic 842, the discount rate utilized for classification and measurement purposes as of the inception date of the lease is based on each company's collateralized incremental interest rate to borrow over a comparable term for an individual lease because the rate implicit in the lease is not determinable. CL&P and PSNH entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not recognized as a lease liability on the balance sheet and are not reflected in the future minimum lease payments table below. Expense related to these contracts is included as variable lease cost in the table below. The expense and long-term obligation for these contracts are also included in Note 13B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. In 2024, these contracts at PSNH were terminated.

The Company’s policies, practices and technologies allow it to protect its information systems and operational assets from threats. The Board of Trustees and its Finance and Risk Management Committee and Audit Committee continue to provide substantial and focused attention to cyber and system security. The Finance 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 and Risk Management Committee. The reports focus on the changing threat landscape and the risks to the Company, describe Eversource’s cyber security drills and exercises, attempted and actual breaches on our systems, cyber incidents within the utility industry and around the world, and mitigation strategies. In addition, third-party experts of cyber security risks provide periodic assessments to the utility industry and the Company in particular to the Finance and Risk Management Committee. The Company regularly reviews and updates its cyber and system security programs, and the Finance 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.The Company has a robust Enterprise Risk Management Program that has identified cyber security as a top enterprise risk. The managing and monitoring of risks are the responsibility of the Company’s Risk Committee, which meets quarterly and is chaired by the Chief Financial Officer. Members include key leaders of the Company, including the Presidents of each operating business unit, the Chief Information Officer, Chief Customer Officer, Chief Accounting Officer and Chief Compliance Officer. The Company is committed to continuous monitoring and assessment of cyber security controls.