Fortis Inc. · TSX:FTS
Fortis — Q3 2026 Earnings Presentation
40 slides from Fortis's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Earnings Conference Call
Q3 2026 EARNINGS CONFERENCE CALL November 3, 2026 1
Slide 2: Forward-Looking Information
FORWARD-LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looki
Slide 3: David Hutchens and Jocelyn Perry
David Hutchens Jocelyn Perry President and Chief Executive Officer, EVP and Chief Financial Officer, Fortis Inc. Fortis Inc. 3
Slide 4: Q3 2026 Business Highlights
Q3 2026 BUSINESS HIGHLIGHTS Delivered Safe & Reliable Service Top Quartile Safety and Reliability Relative to Industry Peers Capital Expenditures of $4.2B Through YTD September Annual Capital Forecast of $6.0B, increased from $5.6B Q3 2026 Actual & Adjusted EPS of $0.92 Compared to Adjusted EPS of $
Slide 5: Third Quarter & Year-to-Date Results
THIRD QUARTER & YEAR-TO-DATE RESULTS Third Quarter Year-to-Date Adjusted EPS ↑ $0.06 Adjusted EPS $0.06 $2.69 ↑ $0.05 $2.63 $2.57 $0.06 $0.92 $0.87 $0.81 Q3 2025 Disposition of Q3 2025 Q3 2026 YTD 2025 Disposition of YTD 2025 YTD 2026 Actual EPS FortisTCI Adjusted EPS Actual & Actual EPS FortisTCI A
Slide 6: Q3 2026 Adjusted EPS Drivers
Q3 2026 ADJUSTED EPS DRIVERS Q3 2026 EPS reflects $0.02 dilution associated with the 2025 dispositions(1) $0.02 ($0.01) ($0.01) ($0.01) $0.01 $0.02 $0.03 $0.92 $0.87 Q3 2026 Adjusted EPS $0.05 compared to Q3 2025 Q3 2025 U.S. U.S. Western Other Corporate & Foreign Weighted Q3 2026 Adjusted Basic EPS
Slide 7: Year-to-Date September 2026 Adjusted EPS Drivers
YEAR-TO-DATE SEPTEMBER 2026 ADJUSTED EPS DRIVERS YTD September 2026 EPS reflects $0.05 dilution associated with the 2025 dispositions(1) $0.03 ($0.01) $0.07 ($0.03) ($0.03) ($0.04) $0.07 $2.69 $2.63 YTD 2026 Adjusted EPS $0.06 compared to YTD 2025 YTD 2025 U.S. Western U.S. Other Corporate & Foreign
Slide 8: Regulatory Update
REGULATORY UPDATE Transmission Incentives TEP General Rate Application Third PBR Term Decision Depreciation Study • In 2021, FERC issued a supplemental • In October 2026, the ACC ALJ issued • In 2023, the AUC established the • In May 2026, the AUC approved the NOPR proposing to eliminate the a ROO r
Slide 9: Five-Year Plan at a Glance
FIVE-YEAR PLAN AT A GLANCE Capital Expenditures Rate Base Dividend Growth $32.2B 7.5% 4-6% 2027-2031 5-Year Annual Dividend Growth Guidance Capital Plan CAGR Extended to 2031 $3.4B 50 bps 4% Over Prior Plan Over Prior Plan Increase in Q4 2026 Dividend 9
Slide 10: 2027-2031 Capital Plan Driven by Transmission & LNG Investments
2027-2031 CAPITAL PLAN DRIVEN BY TRANSMISSION & LNG INVESTMENTS $3.4B Increase in 5-Year Capital Plan Incremental Capital Drivers $32.2B ITC - $1.7B MISO LRTP Tranche 2.1 projects, baseline reliability projects and interconnections $28.8B FortisBC - $1.0B Tilbury Phase 1B, Tilbury LNG Storage Tank E
Slide 11: Highly Executable, Low-Risk Five-Year Capital Plan Supports Rate Base Growth
HIGHLY EXECUTABLE, LOW-RISK FIVE-YEAR CAPITAL PLAN SUPPORTS RATE BASE GROWTH 100% Regulated Capital Geographic Diversity ✓ 62% U.S. Capital Plan Consolidated ✓ 36% Canada Rate Base ✓ 2% Cayman Islands $63.9B Transmission $58.9B Distribution $55.8B 47% 29% $52.4B $48.2B $45.3B $32.2B 2027-2031 Genera
Slide 12: Competitive Project in Iowa Awarded to ITC
COMPETITIVE PROJECT IN IOWA AWARDED TO ITC ~US$0.5B included in 2027-2031 Capital Plan Marshalltown – Lehigh – Sub T – Montezuma – East Adair (MARS) Project (No. 38 & 39) • Primarily located in ITC Midwest’s current footprint and connects to existing ITC assets • Projects consists of two new 345 kV
Slide 13: ITC - Robust Transmission Growth Continues
Opportunities Above and ITC - ROBUST TRANSMISSION GROWTH CONTINUES Beyond the Plan: MISO LRTP Tranche 2.1 • ROFR projects in Michigan / Minnesota and Iowa system upgrades (US$2.9–$3.4B) Capital Plan Rate Base • MARS competitive project in Iowa (US$0.5B) Customer Connections 10,000 MW+ of IT, General
Slide 14: UNS Energy – Powering Arizona's Next Wave of Growth
UNS ENERGY – POWERING ARIZONA’S NEXT WAVE OF GROWTH Opportunities Above and Beyond the Plan: Load Growth for New and Existing Customers Driven by customers in data centers, manufacturing, and mining sectors, etc.; 800 MW of new Capital Plan Rate Base generation could require incremental investment (
Slide 15: IRPs Support Least-Cost & High-Growth Options
IRPs SUPPORT LEAST-COST & HIGH-GROWTH OPTIONS TEP’s IRP Average TEP BASE CASE IRP System Cost per kWh (US¢/kWh) 160 MW 400 MW 730 MW 300 MW 800 MW 15.76 15.52 15.19 2027 2029 2030 2031 2034 – 2041 Springerville New 400 MW Solar + 14.31 80 MW Solar + 200 MW Solar + 80 MW Storage 200 MW Storage gas co
Slide 16: FortisBC – Natural Gas & LNG Infrastructure in Focus
FORTISBC – NATURAL GAS & LNG INFRASTRUCTURE IN FOCUS Opportunities Above and Beyond the Plan: Tilbury LNG Expansion • Tilbury 1B • Tilbury LNG Storage Tank Capital Plan Rate Base • Tilbury Phase 2 LNG Expansion ($2-$4B) Regional Transmission Pipeline IT, General & Expansion Other 13% 7.9% CAGR Custo
Slide 17: Tilbury LNG Facilities at a Glance
TILBURY LNG FACILITIES AT A GLANCE Pre- 2027– Beyond Total In- Tilbury Phase 2 LNG Expansion 2027 2031 2031 Project Service Status: Environmental Approval Received ($ Billions) Spend Capital Capital Cost Date Tilbury Pacific (subject to FID & permitting) Marine Jetty Status: Approved Tilbury Phase 1
Slide 18: Robust Growth Pipeline Beyond the Plan
ROBUST GROWTH PIPELINE BEYOND THE PLAN ITC • LRTP Tranche 2.1 • LRTP Tranche 2.1 MARS Project • Customer Connections • Future MISO LRTP/ MTEP & SPP ITP Projects UNS Energy • TEP Load Growth (e.g., data centers and other large load customers) • Integrated Resource Plan Investments • Transmission Inve
Slide 19: Focused on Affordability – Key Initiatives
FOCUSED ON AFFORDABILITY – KEY INITIATIVES Central Hudson ITC Midwest and TEP TEP FortisBC Established O&M savings targets Beneficial load growth Capital optimization LNG projects drive supports affordability supports affordability real savings for customers Tilbury 1A Facility & 1B Expansion Centra
Slide 20: A Balanced Approach to Funding Growth
A BALANCED APPROACH TO FUNDING GROWTH FUNDING PLAN LARGELY CONSISTENT WITH PRIOR FIVE-YEAR PLAN Capital structure expected to remain consistent over planning period Net Debt(1) Equity Funding Plan 32% • Equity funding over next five years predominantly supported by DRIP 5-Year • Assumes DRIP partici
Slide 21: Funding Plan Supports Investment-Grade Credit Ratings
FUNDING PLAN SUPPORTS INVESTMENT-GRADE CREDIT RATINGS Credit Ratings (1) & Outlooks S&P Fitch FFO/Debt FFO Leverage A-(2) BBB+ A (low) 12.3% >12.0% Stable Stable Stable <6.2x 5.9x Key Credit Strengths 2027-2031F Avg. 2027-2031F Avg. Geographic and regulatory Strong business risk profile Rating Agenc
Slide 22: Dividend Guidance Supported by Long-Term Growth Strategy
DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY 4% Dividend Increase in Q4 2026 53 Years of Consecutive Increases in Dividends Paid 4-6% Annual Dividend Growth Guidance through 2031 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 26F 22
Slide 23: Why Invest in Fortis?
WHY INVEST IN FORTIS? SUSTAINABLE GROWTH LOW-RISK FOCUSED ON EXECUTING SAFE, WELL-RUN UTILITIES Strong Robust Transparent Regulatory Constructive Strong Rate Base Transmission Funding & Geographic Regulatory Governance Growth Pipeline Plan Diversity Relationships Investments to 4-6% Investment-Grade
Slide 24: Expected Earnings Release Dates
Expected Earnings Release Dates Q4 2026 – February 11, 2027
Slide 25: Appendix
DIX, no? FORTIS... APPENDIX
Slide 26: Non-U.S. GAAP Reconciliation
NON-U.S. GAAP RECONCILIATION YTD YTD ($MILLIONS, EXCEPT EPS) Q3 2026 Q3 2025 VARIANCE SEPT. 2026 SEPT. 2025 VARIANCE Adjusted Net Earnings Net Earnings 474 409 65 1,371 1,292 79 Adjusting item: Disposition of FortisTCI(1) - 32 (32) - 32 (32) Adjusted Net Earnings 474 441 33 1,371 1,324 47 Adjusted N
Slide 27: Third Quarter Results by Segment
THIRD QUARTER RESULTS BY SEGMENT Third Quarter Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES ADJUSTED ADJUSTED Q3 2026 ADJUSTMENT (1) Q3 2025 ADJUSTMENT (1) VARIANCE AND EPS) Q3 2026 Q3 2025 Regulated – Independent Electric Transmission ITC 167 - 167 149 - 14
Slide 28: Year-to-Date Results by Segment
YEAR-TO-DATE RESULTS BY SEGMENT Year-to-Date September Earnings Variance Analysis by Business Unit ADJUSTED ADJUSTED ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES YTD SEPT. YTD SEPT. ADJUSTMENT YTD SEPT. ADJUSTMENT YTD SEPT. VARIANCE AND EPS) 2026 (1) 2025 (1) 2026 2025 Regulated – Independent Electric
Slide 29: 2027-2031 Capital Plan by Business Unit
2027-2031 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2027-2031 ($MILLIONS) 2027F 2028F 2029F 2030F 2031F TOTAL Regulated – Independent Electric Transmission ITC 2,317 2,387 2,251 2,274 2,356 11,585 Regulated – U.S. Electric & Gas UNS Energy 1,068 1,006 1,659 1,123 763 5,619 Central Hudson 464 518 52
Slide 30: Major Capital Projects
MAJOR CAPITAL PROJECTS Total Estimated Pre-2027 2027-2031F Beyond 2031 Project Completion ($ Billions) Spend Capital Capital Cost Date Plan includes 11 major capital projects ITC MISO LRTP – Tranche 1 0.7 1.5 - 2.2 2030 ITC MISO LRTP – Tranche 2.1 (ROFR Awarded)(1) 0.1 1.1 3.9-4.6 5.1-5.8 Post-2031
Slide 31: Tilbury LNG Approvals Advancing Capital Investments at FortisBC
TILBURY LNG APPROVALS ADVANCING CAPITAL INVESTMENTS AT FORTISBC Tilbury Phase 1B Tilbury Phase 2 LNG Expansion • Federal and provincial environmental approvals received in September 2026 • Remaining permits and authorizations are required before construction can begin ✓ In July 2026, the Province of
Slide 32: 2026-2031 Rate Base by Business Unit
2026-2031 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($BILLIONS) 2026F 2027F 2028F 2029F 2030F 2031F 2031 Regulated – Independent Electric Transmission (1) ITC 14.8 15.7 17.3 18.9 20.4 21.9 8.6% Regulated – U.S. Electric & Gas UNS Energy 9.1 9.7 10.4 10.9 11.9 12.7 7.4% Central Hudson 4.0 4
Slide 33: Sensitivity Exposure & Hedging
SENSITIVITY EXPOSURE & HEDGING Foreign Exchange ROE & Equity Ratio • Assumed USD:CAD FX rate of 1.35 for 2027-2031 Capital Plan ROE Equity +/- 25 bps +/- 100 bps • 65% of regulated earnings(1)/ 64% of capital plan in USD at U.S. & Cayman Islands utilities ITC $0.040 $0.035 • +/- $0.05 change in USD:
Slide 34: Our Sustainability Strategy
OUR SUSTAINABILITY STRATEGY GROUNDED IN BUSINESS FUNDAMENTALS SUSTAINABILITY PRIORITIES Integrating climate risk with Reducing emissions and Strengthening governance foundations business planning delivering cleaner energy and partnering with local communities 2026 Climate Resiliency Report • Achieve
Slide 35: Cleaner Energy, Delivered Safely, Reliably & Affordably
CLEANER ENERGY, DELIVERED SAFELY, RELIABLY & AFFORDABLY ~38% reduction in scope 1 GHG emissions since 2019 12,308 • GHG intensity of energy delivered has declined each year since 2019, reaching a record low in 2025 10,418 9,742 • Since 2019, coal generation declined 58% while 8,748 renewable generat
Slide 36: Q3 2026 Sales Trends
Q3 2026 SALES TRENDS CHANGE IN ENERGY Q3 2026 vs. Q3 2025 SALES SALES TRENDS N/A • Peak load up 7% mainly driven by warmer weather (1) • Higher average consumption, particularly by industrial and residential customers, as well +1% as customer growth, partially offset by the impact of milder weather;
Slide 37: Long-Term Debt Maturities
LONG-TERM DEBT MATURITIES 10-Year Debt Maturities $3.0 $2.5 $2.0 billions $1.5 $1.0 $0.5 $- 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F 2036F Regulated Utilities ITC Holdings Fortis Inc. Note: U.S. dollar-denominated debt translated at September 30, 2026 USD:CAD closing foreign exchange ra
Slide 38: Preference Shares
PREFERENCE SHARES CREDIT RATINGS Preference shares S&P P-2 Fitch BBB- Fixed & Floating Rate Reset Schedule Morningstar DBRS Pfd-2 (low) Stable outlook Perpetual capital with periodic rate resets EQUITY CREDIT TREATMENT S&P and Fitch assign 50% equity credit to Series I Series G Series K Series M Ser
Slide 39: Strong Investment-Grade Credit Ratings
STRONG INVESTMENT-GRADE CREDIT RATINGS Company Fortis Inc. A-(1) A (low) BBB+ -(2) ITC Holdings Corp. A-(1) - - Baa2 ITC Regulated Subsidiaries A+ - - A1 TEP A- - - A3 Central Hudson BBB+ - BBB+ Baa1 FortisBC Energy - A - A3 FortisBC Electric - A (low) - Baa1 FortisAlberta A- A (low) - Baa1 Newfound
Slide 40: Glossary
GLOSSARY GHG greenhouse gas ACC Arizona Corporation Commission IRP integrated resource plan ALJ Administrative Law Judge ITC Investment Holdings Inc., an indirect 80.1%-owned subsidiary of Fortis, together with its ITC subsidiaries, including International Transmission Company, Michigan Electric Tra