Slide 1: Debt Offering Investor Presentation
DEBT OFFERING INVESTOR PRESENTATION Q3 2026 A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada. The final base shelf prospectus, any applicab
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: Offering Summary
OFFERING SUMMARY Issuer: Fortis Inc. Security: Junior Subordinated Notes Format: SEC Registered and Canadian Prospectus Qualified (MJDS) Expected Security Ratings (S / F)(1): BBB (Stable) / BBB- (Stable); 50% equity treatment Size: $USD Benchmark Tenors: 30.5 NC 5.25-years & 30.5 NC 10.25-years Coup
Slide 4: Speakers
SPEAKERS • Joined Fortis in September 2021 • Appointed EVP, CFO in June 2018 • Responsible for corporate strategy and • Responsible for financial strategy, capital business development, capital markets planning, reporting, and investor relations activity and enterprise-wide banking relationships • P
Slide 5: Fortis at a Glance
FORTIS AT A GLANCE TSX/NYSE: FTS OUR VISION & STRATEGY: A Premium North American Utility Delivering a Cleaner Energy Future 100% 95% regulated utility assets Transmission & distribution assets 9 regulated utilities Strong investment-grade in Canada, U.S. & the Cayman Islands credit ratings with stab
Slide 6: Credit Highlights
CREDIT HIGHLIGHTS Diverse, High-Quality Constructive Regulatory Safe, Reliable & Strong Balance Sheet and Regulated Utility Portfolio Frameworks Affordable Service Investment Grade Ratings • Large-scale portfolio of nine • Constructive regulators with the • Safety performance consistently • Investme
Slide 7: Organizational Structure
ORGANIZATIONAL STRUCTURE Issuing Entity TSX/NYSE: FTS U.S. Electric & Gas Western Canadian Other Electric Electric & Gas ITC Investment UNS Central Holdings (~80%) Energy Hudson FortisBC Energy Caribbean Utilities (~60%) ITC Holdings FortisBC Electric Tucson Electric Power Newfoundland Power FortisO
Slide 8: Regulatory Framework: 100% Regulated Assets
REGULATORY FRAMEWORK: 100% REGULATED ASSETS Key Regulatory Frameworks • FERC Regulated: Forward-looking cost-based formula rates with annual Other true-up mechanism and ROE incentive adders Electric(1) FortisBC 8% • ACC & FERC Regulated: Historical cost-of-service regulation(2) with post-test Electr
Slide 9: Regulatory Update
REGULATORY UPDATE Transmission Incentives TEP General Rate Application Third PBR Term Decision Depreciation Study • In 2021, FERC issued a supplemental • In June 2025, TEP filed a general • In 2023, the AUC established the • In May 2026, the AUC approved the NOPR proposing to eliminate the rate appl
Slide 10: Regulatory Calendar
REGULATORY CALENDAR Q4 2026 April 2027 April 2028 December 2028 General Rate Application Annual Rate Adjustment Mechanism Annual Rate Adjustment Mechanism Third-Generation ACC order and new rates expected. UNS Gas first annual rate adjustment First annual rate adjustment expected Performance-Based R
Slide 11: Continued Focus on Safe & Reliable Service
CONTINUED FOCUS ON SAFE & RELIABLE SERVICE All-Injury Average Electricity Customer Frequency Rate(1) Outage Duration (Hours) 1.83 4.3 4.2 4.3 1.30 3.8 2.3 2.0 2.0 1.9 1.9 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 USA Bureau of Labor Statistics Fortis(2) Electricity Canada and U.S. Energy For
Slide 12: Wildfire & Climate Risk Mitigation
WILDFIRE & CLIMATE RISK MITIGATION Key Operational Activities Wildfire Exposure & Legal Landscape • PSPS programs in place at FortisAlberta, FortisBC and • Wildfire risk is concentrated at utilities in UNS Energy, with FortisAlberta and FortisBC each Alberta (FortisAlberta), British Columbia expandi
Slide 13: Focused on Affordability
FOCUSED ON AFFORDABILITY Affordability Spotlight Affordability Initiatives Through operational efficiency, disciplined capital planning, and innovation, Fortis utilities are finding better ways to reduce costs and support customer affordability 1. Cost discipline and rate impact Optimizing how we pl
Slide 14: Strong Liquidity
STRONG LIQUIDITY Key Highlights Credit Facilities • Raised $2.1B in long-term debt through YTD June 2026 mainly to refinance maturing debt and fund capital expenditures $5.8B $5.9B • Credit facilities used primarily to bridge financing needs and $1.8B maintain liquidity, with borrowings typically re
Slide 15: Balanced Approach to Funding
BALANCED APPROACH TO FUNDING Cash from Operations (1) Key Highlights 59% • Consistent capital structure expected over 5-Year planning period Capital Plan $28.8B • Equity funding reflects Corporation's DRIP at current participation levels and ESPP 2026-2030 • Funding plan supports existing investment
Slide 16: Dividend Track Record
DIVIDEND TRACK RECORD 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 16
Slide 17: Conclusion
CONCLUSION Focused on Executing Long-Term Strategy Including Maintaining a Strong Credit and Business Risk Profile Credit Profile Business Risk Profile • Funding plan supports capital investments • Diversified, low-risk regulatory utility portfolio • Strong liquidity • 100% regulated utility assets
Slide 18: Appendix
APPENDIX PORTIS. i
Slide 19: Table of Contents
TABLE OF CONTENTS Subsidiary Overviews 20-25 2026-2030 Capital Plan by Business Unit 26 Major Capital Projects 27 2025-2030 Rate Base by Business Unit 28 Long-Term Debt Maturities 29 Preference Shares 30 Our Sustainability Strategy 32 Glossary 33 19
Slide 20: ITC Overview
ITC OVERVIEW FERC REGULATED ELECTRIC TRANSMISSION UTILITY 26,000 km $14.6 billion (1) Lines of transmission 2026F rate base Assets in 8 U.S. States 23,502 MW Michigan and Iowa key states Peak demand 900 Fortis owns 80.1% dedicated employees Interest in ITC FERC Rate Regulated 10.73-11.41% Allowed Co
Slide 21: UNS Energy Overview
UNS ENERGY OVERVIEW VERTICALLY INTEGRATED ELECTRIC AND GAS UTILITY 23,400 km $8.9 billion of electric T&D lines 2026F rate base 5,200 km 3,443 MW of natural gas T&D lines Generating Capacity 738,000 ACC & FERC Regulated electric and gas customers Cost of service/historical test year & FERC formula t
Slide 22: Central Hudson Overview
CENTRAL HUDSON OVERVIEW ELECTRIC AND GAS T&D UTILITY 15,400 km 1,300 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 23: FortisBC Overview
FORTISBC OVERVIEW GAS LDC AND INTEGRATED ELECTRIC UTILITY 51,700 km 2,800 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 199,000 9.65% Gas 45% electric
Slide 24: FortisAlberta Overview
FORTISALBERTA OVERVIEW ELECTRIC DISTRIBUTION UTILITY 91,100 km $4.8 billion distribution lines 2026F rate base 85% 615,000 of revenue derived from customers fixed-billing determinants 2,749 MW AUC Regulated peak demand performance-based rate-setting (PBR) 9.02% 37% 1,300 Allowed Equity dedicated emp
Slide 25: Other Electric Overview
OTHER ELECTRIC OVERVIEW ELECTRIC T&D UTILITIES 23,200 km Four of electric T&D lines regulated electric utilities(1) 477,000 Equity investment customers In Wataynikaneyap Partnership 1,400 Cost of Service dedicated employees regulation with future test year $3.7 billion 8.60%- 40%- 2026F rate base 9.
Slide 26: 2026-2030 Forecasted Capital Plan by Business Unit
2026-2030 FORECASTED CAPITAL PLAN BY BUSINESS UNIT Capital Plan(1) 2026-2030 ($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 2,5
Slide 27: Major Capital Projects
MAJOR CAPITAL PROJECTS 2026- Expected ($Millions) 2025A 2030F Completion Date ITC Major Capital MISO LRTP Tranche 1(1) 173 1,812 2030 Projects 21% MISO LRTP Tranche 2.1(2) 8 529 Post-2030 Big Cedar Load Expansion 172 394 2028 $28.8B UNS Energy TEP Transmission Project - 608 2029 Springerville Natura
Slide 28: 2025-2030 Forecasted Rate Base by Business Unit
2025-2030 FORECASTED RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($BILLIONS) 2025A 2026F 2027F 2028F 2029F 2030F 2030 Independent Electric Transmission (1) ITC 13.9 14.6 15.9 17.1 18.4 19.8 8.1% U.S. Electric & Gas UNS Energy 8.4 8.9 9.6 10.2 11.0 11.5 7.2% Central Hudson 3.7 4.0 4.2 4.4 4.7
Slide 29: Long-Term Debt Maturities
LONG-TERM DEBT MATURITIES 10-Year Debt Maturities $2.5 $2.0 $1.5 billions $1.0 $0.5 $0.0 (1) 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F Regulated Utilities ITC Holdings Fortis Inc. Note: U.S. dollar-denominated debt translated at June 30, 2026 USD:CAD closing foreign exchange rate o
Slide 30: 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 31: 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 32: Glossary
GLOSSARY ACC Arizona Corporation Commission ITCTransmission International Transmission Company AI artificial intelligence KM Kilometer(s) AMI advanced metering infrastructure LDC local distribution company ARAM annual rate adjustment mechanism LNG liquefied natural gas ATM at-the-market equity progr