tm266711-3_424b3 - none

424B3 1 tm266711-3_424b3.htm 424B3 tm266711-3_424b3 - none - 8.5359221s

The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and we are not soliciting offers in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-286362

SUBJECT TO COMPLETION
PRELIMINARY PROSPECTUS SUPPLEMENT DATED FEBRUARY 23, 2026

PROSPECTUS SUPPLEMENT
(To Prospectus Dated February 20, 2026)

$ Junior Subordinated Notes, Series A, Due 2056

$ Junior Subordinated Notes, Series B, Due 2056

We are offering $ of our Junior Subordinated Notes, Series A, Due 2056 (the “Series A Junior Subordinated Notes”) and $ of our Junior Subordinated Notes, Series B, Due 2056 (the “Series B Junior Subordinated Notes” and, together with the Series A Junior Subordinated Notes, the “Junior Subordinated Notes”). The Series A Junior Subordinated Notes will bear interest (i) from and including the original issuance date to, but excluding (the “First Series A Reset Date”) at the rate of % per year and (ii) from and including the First Series A Reset Date, during each Reset Period (as defined herein), at a rate per year equal to the Five-year U.S. Treasury Rate (as defined herein) as of the most recent Reset Interest Determination Date (as defined herein), plus a spread of % to be reset on each Series A Reset Date (as defined herein); provided, that the interest rate during any Reset Period will not reset below % (which equals the initial interest rate on the Series A Junior Subordinated Notes).

The Series B Junior Subordinated Notes will bear interest (i) from and including the original issuance date to, but excluding (the “First Series B Reset Date”) at the rate of % per year and (ii) from and including the First Series B Reset Date, during each Reset Period (as defined herein), at a rate per year equal to the Five-year U.S. Treasury Rate (as defined herein) as of the most recent Reset Interest Determination Date (as defined herein), plus a spread of % to be reset on each Series B Reset Date (as defined herein); provided, that the interest rate during any Reset Period will not reset below % (which equals the initial interest rate on the Series B Junior Subordinated Notes).

Subject to our right to defer interest payments as described below, we will pay interest on each series of Junior Subordinated Notes semi-annually in arrears on and of each year, beginning , 2026. Each series of Junior Subordinated Notes will mature on , 2056.

We may defer interest payments on either or both series of the Junior Subordinated Notes on one or more occasions for up to 10 consecutive years per deferral period as described in this prospectus supplement. Deferred interest payments with respect to a given series of the Junior Subordinated Notes will accumulate additional interest at a rate equal to the interest rate then applicable to that series of Junior Subordinated Notes, to the extent permitted by law.

We may redeem the Junior Subordinated Notes at our option in the manner and at the redemption prices described under “Description of the Junior Subordinated Notes — Optional Redemption” beginning on page S-25 of this prospectus supplement. The Junior Subordinated Notes are not entitled to the benefit of any sinking fund.

Each series of the Junior Subordinated Notes is a new issue of securities with no established trading market. No series of Junior Subordinated Notes will be listed on any securities exchange or on any automated dealer quotation system.

Investing in the Junior Subordinated Notes involves risks. See “Risk Factors” on page S-11 of this prospectus supplement.

Public Offering
Price(1)

Underwriting
Discount

Proceeds, before
expenses, to us

Per Series A Junior Subordinated Note

Series A Junior Subordinated Notes Total

Per Series B Junior Subordinated Note

Series B Junior Subordinated Notes Total

(1)

Plus accrued interest, if any, from the date of original issuance.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the Junior Subordinated Notes in book-entry form through the facilities of The Depository Trust Company in New York, New York for the accounts of its participants, including Clearstream Banking, S.A. and Euroclear Bank SA/NV, on or about February , 2026.

Joint Book-Running Managers

	Barclays			BofA Securities			Citigroup
	J.P. Morgan			Morgan Stanley			MUFG

Co-Managers

Ramirez & Co., Inc.

Siebert Williams Shank

The date of this prospectus supplement is February , 2026.

	Page
ABOUT THIS PROSPECTUS SUPPLEMENT		S-1
DOCUMENTS INCORPORATED BY REFERENCE		S-2
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995		S-3
PROSPECTUS SUPPLEMENT SUMMARY		S-5
EVERSOURCE ENERGY		S-5
THE OFFERING		S-6
RISK FACTORS		S-11
USE OF PROCEEDS		S-16
SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION		S-17
CAPITALIZATION		S-18
DESCRIPTION OF THE JUNIOR SUBORDINATED NOTES		S-19
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES		S-29
UNDERWRITING		S-34
LEGAL OPINIONS		S-41
EXPERTS		S-41

	ABOUT THIS PROSPECTUS					1
	WHERE YOU CAN FIND MORE INFORMATION					2
	SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995					3
	RISK FACTORS					5
	THE REGISTRANTS					6
	USE OF PROCEEDS					8
	GENERAL DESCRIPTION OF THE SECURITIES WE MAY SELL					9
	GLOBAL SECURITIES					36
	PLAN OF DISTRIBUTION					40
	LEGAL OPINIONS					42
	EXPERTS					42

	Year Ended December 31,
(in thousands)	2025			2024			2023
Income Statement Data
Operating Revenues		$	13,547,244		$	11,900,809		$	11,910,705
Operating Expenses			10,558,655			9,492,100			9,511,370
Operating Income			2,988,589			2,408,709			2,399,335
Net Income / (Loss)			1,699,891			819,172			(434,721)

	As of December 31,
(in thousands)	2025			2024			2023
Balance Sheet Data
Total Assets		$	63,786,711		$	59,594,529		$	55,612,245
Rate Reduction Bonds(1)			324,072			367,282			410,492
Long-Term Debt(2)			28,265,381			26,704,777			24,413,463
Noncontrolling Interest – Preferred Stock of Subsidiaries			155,568			155,568			155,569
Common Shareholders’ Equity			16,197,271			15,039,387			14,173,892

	As of December 31, 2025
	Actual					As Adjusted
(Dollars in thousands)	$			%		$			%
Capitalization:
Long Term Debt(1)		$	28,265,381		61.3%		$			%
Notes Payable(2)			1,525,445		3.3
Noncontrolling Interests – Preferred Stock of Subsidiaries			155,568		0.3
Common Shareholders’ Equity			16,197,271		35.1
Total Capitalization		$	46,143,665		100.0%		$	0		0.0%

	Paid by Eversource Energy
Per Series A Junior Subordinated Note			%
Per Series B Junior Subordinated Note			%
Total		$

SEC Form 424B3 filed by Eversource Energy (D/B/A)