ES // Eversource Energy (D/B/A)

Utilities • Electric Utilities: Central

$67.90 ▲ +1.00 (+1.50%)

MKT CAP: $25.58B • VOL: 3.68M

52W L $63 52W H $77

ALTMAN Z

0.92 RISK

PIOTROSKI

5 / 9

ES // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

ES // Eversource Energy (D/B/A)

GROSS MARGIN

41.0%

OP MARGIN

22.1%

ROIC %

5.5%

MKT CAP

$25.58B

UPSTREAM INPUTS ──► ES OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
ES ★	Eversource Energy (D/B/A)	$67.90	$25.58B	41.0%	22.1%	5.5%	8.0x	+13.8%	SUBJECT ISSUER
NEE	NextEra Energy, Inc.	$83.71	$175.57B	—	31.8%	4.3%	26.6x	+7.5%	ES VS NEE <GO>
SO	Southern Company (The)	$93.71	$106.97B	41.0%	24.7%	6.9%	8.5x	+10.6%	ES VS SO <GO>
DUK	Duke Energy Corporation (Holding Company)	$127.39	$98.16B	41.0%	31.4%	5.2%	8.7x	+3.3%	ES VS DUK <GO>
CEG	Constellation Energy Corporation Common Stock	$262.38	$93.74B	41.0%	13.6%	13.4%	17.4x	+19.5%	ES VS CEG <GO>
WM	Waste Management Inc.	$233.45	$91.81B	40.4%	17.1%	13.7%	20.2x	+14.2%	ES VS WM <GO>