Fortis Inc. · TSX:FTS
Fortis — Investor Presentation (November 2025)
45 slides from Fortis's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION NOVEMBER 2025
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: Fortis at a Glance
FORTIS AT A GLANCE TSX/NYSE: FTS OUR VISION & STRATEGY: A Premium North American Utility Delivering a Cleaner Energy Future 94% 100% transmission and distribution assets Regulated utility assets 9 regulated utilities $5.6 billion in Canada, U.S., and Caribbean 2026F capital expenditures 9,600 $44.7
Slide 4: Our Common Ground
OUR COMMON GROUND Provision of Safe Sustainable Growth Good Governance & Reliable Service Fortis Ranked #1 of 215 S&P/TSX companies Priority #1 Focused on Execution in The Globe & Mail 2024 Board Games • Health and safety of our employees, customers • Operational Excellence • Utilities operate withi
Slide 5: Delivering Safe & Reliable Service
DELIVERING SAFE & RELIABLE SERVICE All-Injury Average Electricity Customer Frequency Rate(1) Outage Duration (Hours) 1.70 1.51 4.3 4.2 3.8 3.3 2.3 1.9 2.0 2.0 1.9 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Fortis USA Bureau of Labor Statistics Electricity Canada and U.S. Energy Fortis(2) (202
Slide 6: Maintaining Customer Affordability
MAINTAINING CUSTOMER AFFORDABILITY Key Areas of Focus • Preventative maintenance and innovative practices to reduce costs Controllable Operating Costs per Customer ▪ Grid-enhancing technologies ▪ Using AI for vegetation management and inspections • Prioritization of capital investment based on opera
Slide 7: Five-Year Plan at a Glance
FIVE-YEAR PLAN AT A GLANCE Capital Rate Base Dividend Expenditures Growth Growth $28.8B 7% 4-6% 2026-2030 5-Year Annual Dividend Growth Capital Plan CAGR Guidance Extended to 2030 $2.8B 50 bps 4% Over Prior Over Prior Increase in Q4 2025 Capital Plan Plan Dividend Continued Focus on Customer Afforda
Slide 8: 2026-2030 Capital Plan Driven by Transmission Investments
2026-2030 CAPITAL PLAN DRIVEN BY TRANSMISSION INVESTMENTS $1.0B ($0.9B) +$0.6B $28.8B Incremental Capital Drivers +$2.0B +$0.1B Transmission Generation(1) Other Foreign (2) ITC New interconnections, MISO LRTP and baseline reliability projects & Distribution Regulated Exchange $26.0B Utilities UNS Hi
Slide 9: Supports Average Annual Rate Base Growth of 7%
HIGHLY EXECUTABLE, LOW-RISK CAPITAL PLAN SUPPORTS AVERAGE ANNUAL RATE BASE GROWTH OF 7% Capital Plan Consolidated By Asset Type Rate Base Capital Plan ↑ $16B or 7% CAGR • 100% Regulated Capital $57.9B Distribution • 21% Major Capital Projects Transmission 46% 5-Year 31% $41.9B • 63% U.S., 35% Canada
Slide 10: ITC – Robust FERC Transmission Buildout Underway
ITC – ROBUST FERC TRANSMISSION BUILDOUT UNDERWAY Current five-year capital plan of $9.8B supporting ~8% rate base CAGR with opportunities beyond 2030 for MISO LRTP Tranche 2.1 2026-2030 Opportunities Above and Capital Plan Beyond the Plan • Infrastructure Investments • MISO LRTP Tranche 2.1 For proj
Slide 11: UNS Energy – New Era of Electricity Demand Approaching
UNS ENERGY – NEW ERA OF ELECTRICITY DEMAND APPROACHING Current five-year capital plan of $5.6B supports ~7% rate base CAGR with tangible opportunities incremental to the five-year plan associated with retail load growth 2026-2030 Opportunities Above and Potential Retail Load Growth Capital Plan Beyo
Slide 12: FortisBC – Natural Gas Infrastructure in Focus
FORTISBC – NATURAL GAS INFRASTRUCTURE IN FOCUS Current five-year capital plan of $4.9B supports ~6% rate base CAGR with potential opportunities beyond the plan within the 2030 timeframe for Tilbury LNG Expansion 2026-2030 Opportunities Above and Capital Plan Beyond the Plan • Reliability & Integrity
Slide 13: Above and Beyond the Plan
ABOVE AND BEYOND THE PLAN 2026-2030 2031-2035 Opportunities Opportunities to Expand Growth to Extend Growth ITC ITC • Customer Connections • LRTP Tranche 2.1 • LRTP Tranche 2.1 Competitively Bid Projects UNS • Customer Connections • TEP Retail Load Growth • Future MISO LRTP Projects FortisBC UNS • T
Slide 14: Liquidity & Credit Ratings
LIQUIDITY & CREDIT RATINGS In Q3, issued $750M Hybrids at Fortis Inc. at 5.1% and completed asset disposition of FortisTCI • Proceeds used to repay Corporate credit facilities including term loan Credit Facilities Credit Ratings & Outlooks $6.3B $5.8B(1) $2.4B $1.9B A-(2) A (low) Stable Stable $3.9B
Slide 15: A Balanced Approach to Funding Growth
A BALANCED APPROACH TO FUNDING GROWTH CAPITAL STRUCTURE EXPECTED TO REMAIN CONSISTENT OVER PLANNING PERIOD Improving Cash Flow to Debt Metrics(3) Cash from Operations(1) 59% 12.4% 5-YR Avg. 12.0% Threshold 11.8% 5-Year Capital Plan Equity Funding Plan $28.8B Equity 11% • • Reflects Corporation’s DRI
Slide 16: Three-Year Look Back
THREE-YEAR LOOK BACK Adjusted EPS & Rate Base Adjusted Dividend Payout Ratio 41.5 $39.0B 3.5 $3.28 $37.0B 3.3 115.0% 36.5 $34.1B $3.09 $31.1B 3.1 105.0% 31.5 2.9 $2.78 26.5 2.7 $2.59 95.0% 21.5 2.5 85.0% 2.3 79.2% 16.5 78.1% 73.9% 2.1 75.0% 11.5 72.7% 1.9 65.0% 6.5 1.7 1.5 1.5 55.0% 2021 2022 2023 2
Slide 17: Total Shareholder Returns
TOTAL SHAREHOLDER RETURNS Cumulative 20-Year Total Shareholder Return Average Annual 571% Total Shareholder Returns 424% 1-Year 21.6% 348% 5-Year 10.2% 10-Year 10.5% 20-Year 10.0% 2005 2010 2015 2020 2025 Fortis S&P/TSX Composite Index S&P/TSX Capped Utilities Index Note: Cumulative and average
Slide 18: Dividend Guidance Supported by Long-Term Growth Strategy
DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY ~4% Dividend Increase in Q4 2025 52 Years of Consecutive Increases in Dividends Paid 4-6% Annual Dividend Growth Guidance through 2030 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 F 18
Slide 19: Why Invest in Fortis?
WHY INVEST IN FORTIS? Focused on Executing and Providing Safe, Reliable & Affordable Service Sustainable Low-Risk Growth • Strong Rate Base Growth • Strong Governance • Robust Transmission Pipeline • Regulatory & Geographic Diversity • Transparent Funding Plan • Constructive Regulatory Relationships
Slide 20: Appendix
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Slide 21: Table of Contents
TABLE OF CONTENTS ITC Holdings 22-23 UNS Energy 24-26 Central Hudson 27-28 FortisBC 29-30 FortisAlberta 31-32 Other Electric Utilities 33-34 2026-2030 Capital Plan by Business Unit 35 Major Capital Projects 36-37 2025-2030 Rate Base by Business Unit 38 Sensitivity Exposure & Hedging 39 Ongoing Regul
Slide 22: ITC Overview
ITC OVERVIEW FERC REGULATED ELECTRIC TRANSMISSION UTILITY 26,100 km $14.6 billion Lines of transmission 2026F rate base Assets in 8 U.S. States 22,683 MW Michigan and Iowa key states Peak demand ~800 Fortis owns 80.1% dedicated employees Interest in ITC FERC Rate Regulated 10.73-11.41% Allowed ROE C
Slide 23: ITC Capital Investment Overview
ITC CAPITAL INVESTMENT OVERVIEW Grid Security $4.4B Infrastructure Investments Rebuild, reliability, resiliency, system efficiencies, increased capacity, circuit overloads, pocket load growth New Interconnections $2.8B Major Capital Projects LRTP Tranches 1 & 2.1 and Big Cedar Load Expansion $9.8B I
Slide 24: UNS Energy Overview
UNS ENERGY OVERVIEW VERTICALLY INTEGRATED ELECTRIC AND GAS UTILITY 23,300 km $8.9 billion of electric T&D lines 2026F rate base 5,100 km 3,442 MW of natural gas T&D lines Generating Capacity 727,000 ACC & FERC Regulated electric and gas customers Cost of service/historical test year & FERC formula t
Slide 25: UNS Energy Capital Investment Overview
UNS ENERGY CAPITAL INVESTMENT OVERVIEW IT, General & Other $1.4B Energy Resources Expected natural gas, renewables and energy storage investments to support rising capacity demands and exit from coal Energy Resources $1.6B Distribution Infrastructure Grid resiliency and modernization $5.6B $1.9B Tra
Slide 26: Springerville Coal-Fired Generating Units to Be Converted to Natural Gas
SPRINGERVILLE COAL-FIRED GENERATING UNITS TO BE CONVERTED TO NATURAL GAS Overview • TEP announced that it plans to convert Committed to a Coal-Free Generation Mix by 2032 793 MW of coal-fired generation at the Springerville Generating Station to natural gas generation with similar capacity by 2030 2
Slide 27: Central Hudson Overview
CENTRAL HUDSON OVERVIEW ELECTRIC AND GAS T&D UTILITY 15,300 km ~1,200 of electric T&D lines dedicated employees 2,400 km $4.0 billion of natural gas T&D lines 2026F rate base New York State Public Service 315,000 electric customers Commission Regulated Cost of service on future test year 90,000 9.5%
Slide 28: Central Hudson Capital Investment Overview
CENTRAL HUDSON CAPITAL INVESTMENT OVERVIEW Transmission Infrastructure $1.6B Distribution Infrastructure Distribution automation and modernization $2.5B Distribution Infrastructure $600M IT, General & Other Building the workforce of the future Capital Plan 2026-2030 $300M Transmission Infrastructure
Slide 29: FortisBC Overview
FORTISBC OVERVIEW GAS LDC AND INTEGRATED ELECTRIC UTILITY 51,700 km ~2,700 of natural gas T&D lines dedicated employees 7,400 km $8.7 billion of electric T&D lines 2026F rate base 1.1 million BCUC Regulated natural gas customers Cost of service with incentive mechanisms 195,000 9.65% Gas 45% electri
Slide 30: FortisBC Capital Investment Overview
FORTISBC CAPITAL INVESTMENT OVERVIEW IT, General & Other $2.5B Reliability & Integrity Investments Ongoing maintenance and includes customer growth and general plant investments $1.3B LNG Projects & Renewable Gases AMI Project Tilbury 1B $4.9B LNG Tilbury LNG Storage Expansion Eagle Mountain Pipelin
Slide 31: FortisAlberta Overview
FORTISALBERTA OVERVIEW ELECTRIC DISTRIBUTION UTILITY 91,100 km $4.8 billion distribution lines 2026F rate base ~85% 603,000 of revenue derived from customers fixed-billing determinants 2,867 MW AUC Regulated peak demand performance-based rate-setting (PBR) 8.97% 37% ~1,300 Allowed Equity dedicated e
Slide 32: FortisAlberta Capital Investment Overview
FORTISALBERTA CAPITAL INVESTMENT OVERVIEW IT, General & Other $2.8B Distribution Infrastructure Safety and reliability of distribution assets, meter upgrades, pole management program, modernization $3.5B $700M IT, General & Other Capital Plan 2026-2030 Distribution Infrastructure 32
Slide 33: Other Electric Overview
OTHER ELECTRIC OVERVIEW ELECTRIC T&D UTILITIES 22,800 km Four of electric T&D lines regulated electric utilities(1) 473,000 Equity investment customers In Wataynikaneyap Partnership ~1,400 Cost of Service dedicated employees regulation with future test year $3.7 billion 8.89% 42.9% 2026F rate base A
Slide 34: Other Electric Capital Investment Overview
OTHER ELECTRIC CAPITAL INVESTMENT OVERVIEW IT, General & Other $1.1B Distribution Infrastructure Transmission $500M Generation Diversification $2.4B Infrastructure Capital Plan Distribution $500M Transmission Infrastructure Infrastructure 2026-2030 $300M IT, General & Other Generation Diversificatio
Slide 35: 2026-2030 Capital Plan by Business Unit
2026-2030 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2026-2030 ($MILLIONS) 2026F 2027F 2028F 2029F 2030F TOTAL Independent Electric Transmission ITC 1,874 1,898 2,008 2,083 1,980 9,843 U.S. Electric & Gas UNS Energy 1,281 1,014 940 1,413 983 5,631 Central Hudson 466 438 509 551 573 2,537 Total U.S.
Slide 36: Major Capital Projects
MAJOR CAPITAL PROJECTS 2026- Expected ($ Millions) 2025F 2030F Completion Date ITC Major Capital MISO LRTP Tranche 1(1) 208 1,776 2030 Projects 21% MISO LRTP Tranche 2.1(2) 1 536 Post-2030 Big Cedar Load Expansion (NEW) 90 472 2028 $28.8B UNS Energy TEP Transmission Project (NEW) - 608 2029 Springer
Slide 37: Overview of New Major Capital Projects
OVERVIEW OF NEW MAJOR CAPITAL PROJECTS Project Description • Transmission upgrades to serve up to 1,600 MW of new data center load at the Big Cedar Industrial Center • Phase 1 requires transmission upgrades to support 800 MW of new load; targeted in-service date of 2027 Big Cedar Load Expansion • Ph
Slide 38: 2025-2030 Rate Base by Business Unit
2025-2030 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($BILLIONS) 2025F 2026F 2027F 2028F 2029F 2030F 2030 Independent Electric Transmission (1) ITC 13.7 14.6 15.9 17.1 18.4 19.8 8.1% U.S. Electric & Gas UNS Energy 8.2 8.9 9.6 10.2 11.0 11.5 7.4% Central Hudson 3.7 4.0 4.2 4.4 4.7 5.0 6.6% U
Slide 39: Sensitivity Exposure & Hedging
SENSITIVITY EXPOSURE & HEDGING Foreign Exchange ROE & Equity Ratio • Assumed USD:CAD FX rate of 1.35 for 2026-2030 Capital Plan ROE Equity +/- 25 bps +/- 100 bps • ~65% of regulated earnings(1)/ 65% of capital plan in USD at U.S. & Caribbean Utilities ITC $0.040 $0.035 • +/- $0.05 change in USD:CAD
Slide 40: Ongoing Regulatory Proceedings
ONGOING REGULATORY PROCEEDINGS Transmission Incentives In 2021, FERC issued a supplemental NOPR proposing to eliminate the 50-bps RTO adder for transmission owners that have been RTO members for longer than three years; the timing and outcome of this proceeding are unknown TEP General Rate Applicati
Slide 41: Our Sustainability Strategy
OUR SUSTAINABILITY STRATEGY GROUNDED IN BUSINESS FUNDAMENTALS SUSTAINABILITY PRIORITIES Integrating climate Reducing emissions and Strengthening Partnering with local risk with business advancing cleaner governance communities planning energy goals foundations • Conducted corporate-wide • Committed
Slide 42: Q3 2025 Sales Trends
Q3 2025 SALES TRENDS CHANGE IN Q3 2025 vs. Q3 2024 RETAIL ENERGY SALES TRENDS SALES N/A • Peak load up 2% primarily due to warmer weather in Michigan (1) +1% • Higher average use by industrial customers -3% • Lower average consumption by residential and C&I customers • Lower average consumption by C
Slide 43: Long-Term Debt Maturities
LONG-TERM DEBT MATURITIES 10-Year Debt Maturities $2.5 $2.0 $1.5 billions $1.0 $0.5 $- 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F Non-Regulated (1) Regulated Note: U.S. dollar-denominated debt translated at September 30, 2025 USD:CAD closing foreign exchange rate of 1.39. (1) Includ
Slide 44: Strong Investment-Grade Credit Ratings
STRONG INVESTMENT-GRADE CREDIT RATINGS Company Fortis Inc. A-(1) A (low) BBB+ Baa3 ITC Holdings Corp. A-(1) n/a n/a Baa2 ITC Regulated Subsidiaries A+ n/a n/a A1 TEP A- n/a n/a A3 Central Hudson BBB+ n/a BBB Baa1 FortisBC Energy n/a A n/a A3 FortisBC Electric n/a A (low) n/a Baa1 FortisAlberta A- A
Slide 45: Glossary
GLOSSARY ACC Arizona Corporation Commission ITC Investment Holdings Inc., an indirect 80.1%-owned subsidiary of Fortis, together with its subsidiaries, including International AMI Advanced Metering Infrastructure ITC Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC,