Hydro One Limited · TSX:H
Hydro One — Q2 2026 Earnings Presentation
32 slides from Hydro One's earnings presentation, Aug 12, 2026
Slide 1: Investor Overview Second Quarter 2026
Investor Overview Second Quarter 2026
Slide 2: Hydro One Overview
Hydro One Overview • Ontario’s largest electricity transmission and distribution utility providing significant scale • Pure-play electric transmission and distribution company, with no generation • Business operates under a 5-year rate regulated Custom Incentive Rate Making Framework, providing stab
Slide 3: Why Invest In Hydro One
Why Invest In Hydro One • Largest transmission and distribution utility in Ontario, distributing electricity to nearly 1.5 million customers • Single jurisdiction with supportive regulatory environment • 99% of revenues are regulated over a 5-year regulatory period • Ontario is experiencing economic
Slide 4: Proven Executive Leadership Team
Proven Executive Leadership Team A leadership team with strong operational experience committed to executing Hydro One’s strategy Megan Telford President and CEO Ryan Teri Cassidy Renée Lisa Harry Gillian Docherty French McFarlane McKenzie Pearson Taylor Whitebread EVP, Capital EVP, Safety, Operatio
Slide 5: Our Corporate Strategy
Our Corporate Strategy Hydro One Investor Overview • 5
Slide 6: Providing Shareholder Value
Providing Shareholder Value A Growing and Sustainable Dividend Dividend History3 • Average annual dividend growth rate of ~6% • Attractive and growing dividend supported by stable, regulated cash flows and planned rate base growth 1.3924 0.13 1.3135 • Non-dilutive dividend reinvestment plan (DRIP) i
Slide 7: Sustainability at Hydro One
Sustainability at Hydro One Playing a vital role in energizing life for Ontarians At Hydro One, we are committed to transmitting and distributing electricity in a safe, and an environmentally and socially responsible manner to meet the needs of customers across Ontario
Slide 8: Sustainability at Hydro One
Sustainability at Hydro One 1 Target: 50% Target: by female 30% 2025, 100% executives Target: 50% Target: by 2025,30% 100%operations-driven GHG Target: net-zero by 2050, 30% Target: 5% of total spend with by 2030 & board by 2022 reduction by 2030, net zero by 2050 by 2030 reduction by 2030 Indigenou
Slide 9: Growth Opportunities
Growth Opportunities
Slide 10: Why Ontario
Why Ontario Ontario will need significant new electricity capacity to support the expected growth in demand through 20501 • Since 2018, Ontario has reindustrialized its economy by powering new investments, and Increased capital investments to enable the industries energy transition and enhance grid
Slide 11: Transmission Line Portfolio
Transmission Line Portfolio Significant portfolio of transmission lines expected to drive rate base growth 15 Portfolio of 15 13 1 Transmission Lines to support energy demand 8 and economic growth across Ontario 7 3 4 12 14 5 6 11 9 Note: Project routes shown are approximate and not exact. Hydro One
Slide 12: Transmission Line Portfolio
Transmission Line Portfolio Length Estimated In-service Project Name Location Type (KM) Cost ($M) Date Waasigan Transmission Line1 Northwestern Ontario 230 kV 360 1,140 2027 St. Clair Transmission Line1 Southwestern Ontario 230 kV 64 435 2027 Northeast Power Line Northeastern Ontario 500 kV 205 1,85
Slide 13: Distribution Business Opportunities
Distribution Business Opportunities Energizing life with reliable and sustainable power • Ontario’s electricity distribution business involves 50+ Local Distribution Companies (LDCs) that safely deliver power from transmission lines to over 5 million homes and businesses. • Energy demand continues t
Slide 14: LDC Consolidation Opportunities
LDC Consolidation Opportunities • Hydro One is the largest Local Distribution Company (LDC) in Ontario • Currently there are 52 LDCs in Ontario representing a Total Rate Base of approximately $26B1, of which the largest 10 LDCs account for approximately $23B1 • Hydro One has acquired more than 90 LD
Slide 15: Capital Plan
hyd 'Qhe Capital Plan
Slide 16: Capital Plan to support rate base growth
Capital Plan to $11.8 billion 2023 – 2027 JRAP Capital Plan support rate Agreement on ~$11.8 billion in capital expenditure reflects a balanced settlement for all stakeholders1 base growth ~6% Rate Base CAGR Rate base forecast to grow from $23.6 billion in 2022 to $32.5 billion in 2027 • Organic gro
Slide 17: Constructive Rate Regulator
Constructive Rate Regulator Ontario Energy Board (OEB) is a consistent, independent regulator with a transparent rate-setting process • Transmission and Distribution businesses rate-regulated by the OEB with ROE of 9.36% through 2027 • Deemed debt / equity ratio of 60% / 40% for both transmission an
Slide 18: Focused Productivity & Efficiency
Focused Productivity & Efficiency Paving New Paths in Productivity Savings ($M) 2025 254.3 2024 149.5 2023 113.9 2022 373.6 2021 343.9 Generated productivity savings of $254.3 2020 286.0 IPO to 2022 million in 2025 comprised of $68.9 million in 2019 202.3 (Pre-JRAP) OM&A and $185.4 million in capita
Slide 19: Financial Update
hyd 'Qhe Financial Update
Slide 20: Financial Growth Expectations
Financial Growth Expectations Hydro One’s financial expectations for current rate period (2023 -2027) －6% to 8% CAGR in EPS －6% CAGR in Rate Base －6% Average Annual Dividend Growth Historical and Projected Rate Base Growth1 ($M) Historical and Projected Earnings per Share Growth2 ($) 32,484 30,431 $
Slide 21: Liquidity & Funding
Liquidity & Funding Fully funded growth model through 2027 supported by ample liquidity and active fixed income issuance program Significant available liquidity ($M)1,2 Strong investment grade debt ratings (long-term/short-term/outlook) Fully funded capital program 250 Hydro One Limited (HOL) Hydro
Slide 22: Hydro One's Sustainable Financing Framework Overview
Hydro One’s Sustainable Financing $7.8 billion Green Grid Socio-Economic Framework Overview Proceeds raised under program Transmission and Distribution Investments Enable the Benefits Greening of the Overall Grid Procurement from Indigenous Businesses and access to essential services Under the Frame
Slide 23: Appendix
Appendix
Slide 24: Financial Summary
Financial Summary Second Quarter Year To Date (millions of dollars, except EPS) 2026 2025 % Change 2026 2025 % Change Revenues Transmission 667 622 7.2% 1,331 1,258 5.8% Distribution 1,619 1,434 12.9% 3,589 3,195 12.3% Distribution Revenues (net of purchased power)1 548 535 2.4% 1,094 1,076 1.7% Oth
Slide 25: JRAP – Segmented Regulatory Construct
JRAP – Segmented Regulatory Construct Distribution Transmission OEB Approved1 OEB Approved1 2023-2027 2023-2027 Rebasing Year 2023 2023 Custom Revenue Cap Index (RCI) by Component (%) Custom Revenue Cap Index (RCI) by Component (%) (A) Inflation Adjustment Factor (A) Inflation Adjustment Factor (B)
Slide 26: Balanced Debt Maturity Profile
Balanced Debt Maturity Profile • Investment grade balance sheet with one of lowest debt costs in utility sector • Balanced debt maturity profile Debt maturity schedule ($M) Weighted-average coupon rate of long-term debt: 4.2% Hydro One Limited Hydro One Inc. Hydro One Inc. Sustainability1 Hydro One
Slide 27: Organizational Structure
Organizational Structure Acronym Solutions Inc. Non-rate-regulated business Hydro One Limited Public company Hydro One Networks Inc. Hydro One Inc. Rate-regulated business (99% of revenue) Public debt issuer Hydro One Remote Communities Inc. Hydro One Investor Overview • 27
Slide 28: Capital Market Overview
Capital Market Overview Approximate Ownership Equity Index Inclusions Approximate Geographic of Public Float1 Dispersion of Public Float1 S&P/TSX Composite S&P/TSX Composite FTSE All-World Index Dividend Index (Canada) 30% 36% S&P/TSX 60 Index S&P/TSX Composite MSCI World (Canada) 41% High Dividend
Slide 29: Independent Board of Directors
Independent Board of Directors Melissa Sonberg Perrin Beatty David Hay Debbie (Deb) Hutton Stacey Mowbray Chair of the Board Chair of Human of Directors Resources Committee Director since 2018 Director since 2026 Director since 2018 Director since 2026 Director since 2020 Mark Podlasly Michael W. Re
Slide 30: Regulatory Stakeholders
Regulatory Stakeholders Who: Provincial Government, Ministry of Energy What: Policy, legislation, regulations Who: Ontario Energy Board What: Independent electric utility price and service quality regulation Who: Independent Electricity System Operator What: Wholesale power market rules, intermediar
Slide 31: Disclaimers
Disclaimers Forward Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (collectively, “forward-looking information”). Statements
Slide 32: Contact
Contact Wassem Khalil Director, Investor Relations Wassem.Khalil@HydroOne.com (416) 345-5943 HydroOne.com/InvestorRelations HydroOne.com