Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 EARNINGS CONFERENCE CALL November 4, 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: David Hutchens and Jocelyn Perry
David Hutchens Jocelyn Perry President and Chief Executive Officer, EVP and Chief Financial Officer, Fortis Inc. Fortis Inc.
Slide 4: Q3 2025 Business Highlights
Q3 2025 BUSINESS HIGHLIGHTS Delivered Safe & Reliable Service Top Quartile Safety and Reliability Relative to Industry Peers Capital Expenditures of $4.2B Through YTD September 2025 Capital Forecast Now $5.6B Q3 2025 Actual EPS of $0.81 & Adjusted EPS of $0.87 Compared to $0.85 in Q3 2024 Dispositio
Slide 5: 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 Capital Plan Increase in Q4 2025 Plan Dividend Continued Focus on Customer Afforda
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 12
Slide 13: Third Quarter and Year-to-Date Results
THIRD QUARTER AND YEAR-TO-DATE RESULTS Third Quarter Year-to-Date Adjusted EPS growth driven by strong regulated utility Adjusted EPS Adjusted EPS performance ↑ $0.02 ↑ $0.18 $0.06 $2.63 $2.57 $0.06 $0.87 $2.45 $0.85 $0.81 Q3 2024 Q3 2025 Disposition of Q3 2025 YTD 2024 YTD 2025 Disposition of YTD 2
Slide 14: Q3 2025 Adjusted EPS Drivers
Q3 2025 ADJUSTED EPS DRIVERS $0.01 ($0.03) $0.01 $0.02 ($0.02) $0.03 $0.87 $0.85 Q3 2025 Adjusted EPS $0.02 compared to Q3 2024 Q3 2024 U.S. U.S. Western Foreign Corporate & Weighted Q3 2025 Actual & Electric & Transmission Canadian Exchange(3) Other Average Adjusted Basic EPS Adjusted Basic EPS Gas
Slide 15: Year-to-Date September 2025 Adjusted EPS Drivers
YEAR-TO-DATE SEPTEMBER 2025 ADJUSTED EPS DRIVERS $0.06 ($0.04) ($0.04) $0.03 $0.03 $0.05 $0.09 $2.63 $2.45 YTD 2025 Adjusted EPS $0.18 compared to YTD 2024 YTD 2024 U.S. Western U.S. Other Foreign Corporate & Weighted YTD 2025 (3) Actual & Electric & Canadian Transmission Electric Exchange Other Ave
Slide 16: 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) Negative Stable $3.
Slide 17: 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 $28.8B Equity 11% • • Reflects Corporation’s DRI
Slide 18: Recent Regulatory Activity
RECENT REGULATORY ACTIVITY General Rate Application Enforcement Proceeding • In August 2025, the PSC approved a • In August 2025, the PSC issued an order three-year rate plan with retroactive which accepted a joint settlement application to July 1, 2025, including the agreement and concluded the enf
Slide 19: Why Invest in Fortis?
WHY INVEST IN FORTIS? Focused on Executing and Providing Safe, Reliable & Affordable Service Sustainable Low-Risk Growth • Strong Rate Base Growth • Strong Governance • Robust Transmission Pipeline • Regulatory & Geographic Diversity • Transparent Funding Plan • Constructive Regulatory Relationships
Slide 20: Expected Earnings Release Dates
Expected Earnings Release Dates Q4 2025 – February 12, 2026
Slide 21: Appendix
P< O Zz LU o oO <L FORTIS...
Slide 22: Non-U.S. GAAP Reconciliation
NON-U.S. GAAP RECONCILIATION YTD YTD ($MILLIONS, EXCEPT EPS) Q3 2025 Q3 2024 VARIANCE SEPT. 2025 SEPT. 2024 VARIANCE Adjusted Net Earnings Net Earnings 409 420 (11) 1,292 1,210 82 Adjusting item: Disposition of FortisTCI(1) 32 - 32 32 - 32 Adjusted Net Earnings 441 420 21 1,324 1,210 114 Adjusted Ne
Slide 23: Third Quarter Results by Segment
THIRD QUARTER RESULTS BY SEGMENT Third Quarter Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES ADJUSTED ADJUSTED Q3 2025 ADJUSTMENT (1) Q3 2024 ADJUSTMENT VARIANCE AND EPS) Q3 2025 Q3 2024(1) Regulated – Independent Electric Transmission ITC 149 - 149 138 - 138
Slide 24: Year-to-Date September Results by Segment
YEAR-TO-DATE SEPTEMBER RESULTS BY SEGMENT Year-to-Date September Earnings Variance Analysis by Business Unit ADJUSTED ADJUSTED ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES YTD SEPT. YTD SEPT. ADJUSTMENT YTD SEPT. ADJUSTMENT YTD SEPT. VARIANCE AND EPS) 2025 (1) 2024 (1) 2025 2024 Regulated – Independen
Slide 25: 2026-2030 Capital Plan by Business Unit
2026-2030 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2026-2030 ($MILLIONS) 2026F 2027F 2028F 2029F 2030F TOTAL Independent Electric Transmission ITC 1,874 1,898 2,008 2,083 1,980 9,843 U.S. Electric & Gas UNS Energy 1,281 1,014 940 1,413 983 5,631 Central Hudson 466 438 509 551 573 2,537 Total U.S.
Slide 26: Major Capital Projects
MAJOR CAPITAL PROJECTS 2026- Expected ($ 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 $28.8B UNS Energy TEP Transmission Project (NEW) - 608 2029 Springer
Slide 27: Overview of New Major Capital Projects
OVERVIEW OF NEW MAJOR CAPITAL PROJECTS Project Description • Transmission upgrades to serve up to 1,600 MW of new data center load at the Big Cedar Industrial Center • Phase 1 requires transmission upgrades to support 800 MW of new load; targeted in-service date of 2027 Big Cedar Load Expansion • Ph
Slide 28: 2025-2030 Rate Base by Business Unit
2025-2030 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: Glossary
GLOSSARY foreign exchange associated with the translation of U.S. dollar-denominated amounts. Foreign exchange is calculated by applying the change in the U.S.-to-Canadian dollar FX rates to the prior ACC Arizona Corporation Commission FX period U.S. dollar balance. AMI Advanced Metering Infrastruct