CONNECTICUT LIGHT & POWER CO

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

ES$69.49-0.5%Stored close · as of Nov 9, 2026

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Contents

Condensed Statements of Cash Flows

	For the Nine Months Ended September 30,
(Thousands of Dollars)	2025	2024
Operating Activities:
Net Income	$429,511	$401,844
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	322,815	301,968
Deferred Income Taxes	(84,604)	149,682
Uncollectible Expense	16,105	11,432
Pension, SERP, and PBOP Income, Net	(10,551)	(9,199)
Regulatory Over/(Under) Recoveries, Net	78,426	(80,598)
Amortization of Regulatory Assets/(Liabilities), Net	529,240	(73,583)
Cost of Removal Expenditures	(44,989)	(46,118)
Other	33,904	(41,726)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	626	(134,987)
Taxes Receivable/Accrued, Net	77,239	167,119
Accounts Payable	(150,690)	(148,366)
Other Current Assets and Liabilities, Net	(69,230)	(107,303)
Net Cash Flows Provided by Operating Activities	1,127,802	390,165
Investing Activities:
Investments in Property, Plant and Equipment	(657,416)	(759,006)
Net Cash Flows Used in Investing Activities	(657,416)	(759,006)
Financing Activities:
Cash Dividends on Common Stock	(430,000)	(247,600)
Cash Dividends on Preferred Stock	(4,169)	(4,169)
Capital Contributions from Eversource Parent	—	300,000
Issuance of Long-Term Debt	400,000	650,000
Decrease in Notes Payable to Eversource Parent	(280,000)	(322,000)
Other Financing Activities	(4,892)	(8,516)
Net Cash Flows (Used in)/Provided by Financing Activities	(319,061)	367,715
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash	151,325	(1,126)
Cash and Restricted Cash - Beginning of Period	2,109	12,243
Cash, Cash Equivalents and Restricted Cash - End of Period	$153,434	$11,117

(Thousands of Dollars)	As of September 30, 2025	As of December 31, 2024
ASSETS
Current Assets:
Cash	$18,558	$911
Receivables, Net (net of allowance for uncollectible accounts of $117,780 and $114,910 as of September 30, 2025 and December 31, 2024, respectively)	665,964	614,563
Accounts Receivable from Affiliated Companies	211,456	82,921
Unbilled Revenues	48,283	59,079
Materials, Supplies and REC Inventory	189,111	220,621
Regulatory Assets	912,343	902,770
Prepayments and Other Current Assets	55,051	72,986
Total Current Assets	2,100,766	1,953,851
Property, Plant and Equipment, Net	14,910,449	14,037,828
Deferred Debits and Other Assets:
Regulatory Assets	1,117,130	1,204,337
Prepaid Pension and PBOP	766,906	724,661
Other Long-Term Assets	253,297	154,571
Total Deferred Debits and Other Assets	2,137,333	2,083,569
Total Assets	$19,148,548	$18,075,248
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$479,000	$504,782
Long-Term Debt – Current Portion	244,597	250,000
Accounts Payable	487,385	534,868
Accounts Payable to Affiliated Companies	163,623	153,672
Obligations to Third Party Suppliers	158,615	163,711
Regulatory Liabilities	543,194	436,312
Other Current Liabilities	157,570	202,197
Total Current Liabilities	2,233,984	2,245,542
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	2,050,260	2,005,439
Regulatory Liabilities	1,670,310	1,643,079
Other Long-Term Liabilities	398,444	377,462
Total Deferred Credits and Other Liabilities	4,119,014	4,025,980
Long-Term Debt	5,644,983	4,844,920
Preferred Stock Not Subject to Mandatory Redemption	43,000	43,000
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	3,888,842	3,788,842
Retained Earnings	3,218,867	3,127,105
Accumulated Other Comprehensive Loss	(142)	(141)
Common Stockholder's Equity	7,107,567	6,915,806
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$19,148,548	$18,075,248

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Thousands of Dollars)	2025	2024	2025	2024
Operating Revenues	$1,129,537	$1,077,523	$3,012,688	$2,870,206
Operating Expenses:
Purchased Power and Transmission	334,104	335,335	868,765	817,988
Operations and Maintenance	195,958	189,012	538,461	526,263
Depreciation	113,018	104,623	330,364	301,831
Amortization of Regulatory Assets, Net	29,714	51,187	97,433	120,814
Energy Efficiency Programs	97,735	73,255	205,431	222,218
Taxes Other Than Income Taxes	84,637	74,758	236,661	205,818
Total Operating Expenses	855,166	828,170	2,277,115	2,194,932
Operating Income	274,371	249,353	735,573	675,274
Interest Expense	69,087	60,783	183,714	164,896
Other Income, Net	47,074	47,489	141,082	143,024
Income Before Income Tax Expense	252,358	236,059	692,941	653,402
Income Tax Expense	59,230	51,510	163,709	151,273
Net Income	$193,128	$184,549	$529,232	$502,129

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Thousands of Dollars)	2025	2024	2025	2024
Net Income	$193,128	$184,549	$529,232	$502,129
Other Comprehensive Income/(Loss), Net of Tax:
Changes in Funded Status of SERP Benefit Plan	(4)	(23)	(16)	(67)
Qualified Cash Flow Hedging Instruments	5	5	15	15
Other Comprehensive Income/(Loss), Net of Tax	1	(18)	(1)	(52)
Comprehensive Income	$193,129	$184,531	$529,231	$502,077

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Nine Months Ended September 30, 2025
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveLoss · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2025	200	$—		$3,788,842		$3,127,105		$(141)	$6,915,806
Net Income				167,175			167,175
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(436,000)			(436,000)
Capital Contributions from Eversource Parent			100,000				100,000
Other Comprehensive Loss					(2)		(2)
Balance as of March 31, 2025	200	—		3,888,842		2,857,790		(143)	6,746,489
Net Income				168,929			168,929
Dividends on Preferred Stock				(490)			(490)
Balance as of June 30, 2025	200	—		3,888,842		3,026,229		(143)	6,914,928
Net Income				193,128			193,128
Dividends on Preferred Stock				(490)			(490)
Other Comprehensive Income					1		1
Balance as of September 30, 2025	200	$—		$3,888,842		$3,218,867		$(142)	$7,107,567

	For the Nine Months Ended September 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome/(Loss) · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024	200	$—		$3,013,842		$3,136,612		$44	$6,150,498
Net Income				159,977			159,977
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(96,700)			(96,700)
Capital Contributions from Eversource Parent			300,000				300,000
Other Comprehensive Loss					(16)		(16)
Balance as of March 31, 2024	200	—		3,313,842		3,199,399		28	6,513,269
Net Income				157,603			157,603
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(297,200)			(297,200)
Other Comprehensive Loss					(18)		(18)
Balance as of June 30, 2024	200	—		3,313,842		3,059,312		10	6,373,164
Net Income				184,549			184,549
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(250,000)			(250,000)
Capital Contributions from Eversource Parent			75,000				75,000
Other Comprehensive Loss					(18)		(18)
Balance as of September 30, 2024	200	$—		$3,388,842		$2,993,371		$(8)	$6,382,205

	For the Nine Months Ended September 30,
(Thousands of Dollars)	2025	2024
Operating Activities:
Net Income	$529,232	$502,129
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	330,364	301,831
Deferred Income Taxes	12,724	55,795
Uncollectible Expense	22,176	27,746
Pension, SERP and PBOP Income, Net	(29,734)	(27,053)
Regulatory Over/(Under) Recoveries, Net	115,301	(155,869)
Amortization of Regulatory Assets, Net	97,433	120,814
Cost of Removal Expenditures	(53,517)	(39,590)
Other	(13,957)	(25,224)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(160,917)	(152,656)
Taxes Receivable/Accrued, Net	44,410	33,883
Accounts Payable	(44,814)	(83,599)
Other Current Assets and Liabilities, Net	(27,387)	14,030
Net Cash Flows Provided by Operating Activities	821,314	572,237
Investing Activities:
Investments in Property, Plant and Equipment	(1,210,112)	(1,074,260)
Net Cash Flows Used in Investing Activities	(1,210,112)	(1,074,260)
Financing Activities:
Cash Dividends on Common Stock	(436,000)	(643,900)
Cash Dividends on Preferred Stock	(1,470)	(1,470)
Issuance of Long-Term Debt	800,000	600,000
Capital Contributions from Eversource Parent	100,000	375,000
(Decrease)/Increase in Notes Payable	(25,782)	171,653
Other Financing Activities	(9,106)	(6,077)
Net Cash Flows Provided by Financing Activities	427,642	495,206
Net Increase/(Decrease) in Cash and Restricted Cash	38,844	(6,817)
Cash and Restricted Cash - Beginning of Period	9,023	22,785
Cash and Restricted Cash - End of Period	$47,867	$15,968

(Thousands of Dollars)	As of September 30, 2025	As of December 31, 2024
ASSETS
Current Assets:
Cash	$1,810	$1,431
Receivables, Net (net of allowance for uncollectible accounts of $15,507 and $14,090 as of September 30, 2025 and December 31, 2024, respectively)	205,156	163,063
Accounts Receivable from Affiliated Companies	30,032	27,285
Unbilled Revenues	44,087	57,226
Materials, Supplies and REC Inventory	61,432	75,778
Regulatory Assets	118,896	173,267
Special Deposits	19,660	32,668
Prepayments and Other Current Assets	1,309	15,916
Total Current Assets	482,382	546,634
Property, Plant and Equipment, Net	5,401,185	5,089,943
Deferred Debits and Other Assets:
Regulatory Assets	865,073	892,411
Prepaid Pension and PBOP	103,081	91,005
Other Long-Term Assets	20,452	21,948
Total Deferred Debits and Other Assets	988,606	1,005,364
Total Assets	$6,872,173	$6,641,941
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$8,100	$131,100
Rate Reduction Bonds – Current Portion	43,210	43,210
Accounts Payable	161,101	226,074
Accounts Payable to Affiliated Companies	47,478	45,141
Obligations to Third Party Suppliers	35,417	1,314
Accrued Interest	31,941	29,062
Regulatory Liabilities	103,599	121,058
Other Current Liabilities	53,074	61,642
Total Current Liabilities	483,920	658,601
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	803,344	781,559
Regulatory Liabilities	409,842	394,982
Other Long-Term Liabilities	45,149	43,859
Total Deferred Credits and Other Liabilities	1,258,335	1,220,400
Long-Term Debt	2,030,819	1,732,066
Rate Reduction Bonds	280,862	324,072
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	1,973,134	1,898,134
Retained Earnings	845,103	808,668
Common Stockholder's Equity	2,818,237	2,706,802
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$6,872,173	$6,641,941

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Thousands of Dollars)	2025	2024	2025	2024
Operating Revenues	$351,219	$342,027	$1,002,332	$955,453
Operating Expenses:
Purchased Power and Transmission	67,796	44,828	187,072	169,761
Operations and Maintenance	73,755	68,981	211,760	207,336
Depreciation	44,049	38,865	125,820	114,401
Amortization of Regulatory (Liabilities)/Assets, Net	(2,178)	51,881	45,487	101,874
Energy Efficiency Programs	12,605	12,155	35,350	33,026
Taxes Other Than Income Taxes	27,835	24,041	80,832	71,821
Total Operating Expenses	223,862	240,751	686,321	698,219
Operating Income	127,357	101,276	316,011	257,234
Interest Expense	24,098	23,223	65,171	62,676
Other Income, Net	9,032	8,097	33,515	22,919
Income Before Income Tax Expense	112,291	86,150	284,355	217,477
Income Tax Expense	31,050	22,353	72,920	53,880
Net Income	$81,241	$63,797	$211,435	$163,597

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Nine Months Ended September 30, 2025
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2025	301	$—		$1,898,134	$808,668	$2,706,802
Net Income				66,279	66,279
Capital Contributions from Eversource Parent			75,000		75,000
Balance as of March 31, 2025	301	—		1,973,134	874,947	2,848,081
Net Income				63,915	63,915
Dividends on Common Stock				(175,000)	(175,000)
Balance as of June 30, 2025	301	—		1,973,134	763,862	2,736,996
Net Income				81,241	81,241
Balance as of September 30, 2025	301	$—		$1,973,134	$845,103	$2,818,237

	For the Nine Months Ended September 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024	301	$—		$1,698,134	$655,785	$2,353,919
Net Income				48,356	48,356
Capital Contributions from Eversource Parent			100,000		100,000
Balance as of March 31, 2024	301	—		1,798,134	704,141	2,502,275
Net Income				51,444	51,444
Dividends on Common Stock				(62,000)	(62,000)
Balance as of June 30, 2024	301	—		1,798,134	693,585	2,491,719
Net Income				63,797	63,797
Capital Contributions from Eversource Parent			100,000		100,000
Balance as of September 30, 2024	301	$—		$1,898,134	$757,382	$2,655,516

	For the Nine Months Ended September 30,
(Thousands of Dollars)	2025	2024
Operating Activities:
Net Income	$211,435	$163,597
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	125,820	114,401
Deferred Income Taxes	15,250	72,924
Uncollectible Expense	3,871	3,420
Pension, SERP and PBOP Income, Net	(6,679)	(6,614)
Regulatory Under Recoveries, Net	(8,466)	(198,781)
Amortization of Regulatory Assets, Net	45,487	101,874
Cost of Removal Expenditures	(21,249)	(29,473)
Other	(8,776)	335
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(12,479)	(36,877)
Taxes Receivable/Accrued, Net	(1,638)	28,721
Accounts Payable	(15,306)	(21,273)
Other Current Assets and Liabilities, Net	31,001	12,912
Net Cash Flows Provided by Operating Activities	358,271	205,166
Investing Activities:
Investments in Property, Plant and Equipment	(402,789)	(461,427)
Net Cash Flows Used in Investing Activities	(402,789)	(461,427)
Financing Activities:
Cash Dividends on Common Stock	(175,000)	(62,000)
Capital Contributions from Eversource Parent	75,000	200,000
Issuance of Long-Term Debt	300,000	300,000
Repayment of Rate Reduction Bonds	(43,210)	(43,210)
Decrease in Notes Payable to Eversource Parent	(123,000)	(143,700)
Other Financing Activities	(1,867)	(3,140)
Net Cash Flows Provided by Financing Activities	31,923	247,950
Net Decrease in Cash and Restricted Cash	(12,595)	(8,311)
Cash and Restricted Cash - Beginning of Period	37,243	35,004
Cash and Restricted Cash - End of Period	$24,648	$26,693

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