Dear Shareholders,

In 2024, Eversource's dedicated team of more than 10,000 employees again excelled in delivering safe, reliable electricity, natural gas and water to our more than 4.6 million customers. We worked safely, met financial goals, increased our dividend, and executed on key strategic initiatives. I am very proud of our team's performance.

This past year, though not without challenges, brought wins and accomplishments throughout the business. On the strategic front, we completed our divestiture of offshore wind assets and announced the sale of Aquarion Water. These steps position Eversource as a pure-play, regulated "pipes and wires" utility company – the largest in New England – with tremendous opportunities for system investment. These strategic initiatives also enhanced our financial position and improved our risk profile.

We are forecasting a cumulative long-term earnings per share growth rate in the range of 5 to 7 percent through 2029. Also, we successfully raised $1 billion of equity to enhance our balance sheet condition, while raising our annualized dividend by 5.9 percent over 2023 to $2.86 per share to position Eversource as a sound choice for investors. The chart accompanying this letter displays our recent growth in recurring earnings per share and dividends per share.

Regulatory and legislative decisions enabled progress in important areas such as advancing the region's clean energy goals and planning for future load growth. Massachusetts passed a forward-looking climate bill that included infrastructure siting reforms, crucial to the clean energy transition. Massachusetts also approved our Electric Sector Modernization Plan, a comprehensive framework for the extensive system investments needed to enable clean energy and support the state's decarbonization and electrification goals.

We filed rate requests for our Connecticut natural gas and New Hampshire electric operations, which are under review. In New Hampshire, we received a productive decision on temporary rates while the rate request is being reviewed. We have also proposed Performance-Based Regulation in both states; this ratemaking model, which ties revenue to performance metrics, is successfully used in Massachusetts. We also have significant storm cost recovery filings under review in all three states. While we pursue recovery of prior investments, we recognize affordability as an important concern, and are involved in state dockets and discussions while offering customers a variety of assistance programs.

We continue to share our perspective with Connecticut regulatory and legislative stakeholders, as well as customers, to ensure they understand the need for a constructive regulatory climate. We worked with Connecticut leaders to advance clean energy solutions in a balanced manner and obtained constructive outcomes, such as a positive Rate Adjustment Mechanism decision that provided timely recovery of public benefit related charges.

In the clean energy space, our innovative networked geothermal pilot project in Framingham, Massachusetts, was commissioned. We received approval for projects combining solar energy and storage; completed Phase 1 of our Cape Cod Solution transmission project, which will enable clean energy interconnection; earned approval for our Greater Cambridge Energy Program, an innovative transmission and distribution program with resiliency and clean energy benefits; and made a strategic acquisition of a uniquely positioned property in Everett, Massachusetts, which has strong potential as a clean energy hub.

We continued to implement systems, both internal and external, to streamline operations and provide better, more convenient customer service. These include game-changing Advanced Metering Infrastructure, or "smart meters," in Massachusetts, which we are on schedule to begin installing by the end of 2025.

However, some operating challenges we faced in 2024 remain, and we are laser-focused on addressing them. Our total shareholder return has lagged our industry peers and the S&P 500, as uncertainty over the Connecticut regulatory environment, our risk associated with offshore wind asset sales and the need for balance sheet enhancement has affected our share price. We believe our renewed focus on regulated utility operations and our commitment to enhancing our balance sheet offer strong promise for the future, and we are working hard to execute on this strategy.

The offshore wind sector faced increasing supply and project costs challenges that led to project repricing and, in some cases, project cancellations across the industry, as well as impairment costs. While we faced some delays in selling our wind assets in an extremely tough market for renewables, we succeeded in completing this important strategic step.

Our commitment to human capital, community, customer service, and clean energy remains deep, and I will close by returning to highlights in those areas. We continued work on reducing emissions from operations, leading by example to support our states' decarbonization goals. We maintained strong ratings from sustainability evaluators and produced informative reports that summarized our accomplishments and commitments in this area. We continue to incorporate equity consideration into all our decisions and deepened our commitment through companywide training, taken by all employees.

Eversource held a successful slate of community signature events, benefiting worthy organizations in the places where we work and live. Employees and retirees provided strong support for our annual United Way campaign, as well as volunteer events.

Our commitment to our core values again earned national recognition from numerous external parties, including JUST Capital, Time, Newsweek, USA Today, the American Council for an Energy-Efficient Economy, and the U.S. Department of Labor.

I thank our employees for their hard work and dedication to our customers, as well as our investors, state and community partners. I also appreciate the continued positive collaboration of our union partners. I look forward to what we will accomplish in 2025.

Joe Nolan
Chairman, President, and Chief Executive Officer