Fortis Inc. · TSX:FTS
Fortis — Shareholder Meeting (May 2025)
44 slides from Fortis's shareholder meeting presentation, May 8, 2025
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS MAY 8, 2025
Slide 2: Voting Instructions
VOTING INSTRUCTIONS FORTIS
Slide 3: Question Instructions
QUESTION INSTRUCTIONS 3
Slide 4: Jo Mark Zurel, Chair of the Board
JO MARK ZUREL CHAIR OF THE BOARD 4
Slide 5: 2025 Annual Meeting of Shareholders
2025 ANNUAL MEETING OF SHAREHOLDERS 5
Slide 6: Meeting Participants
MEETING PARTICIPANTS DAVID HUTCHENS JOCELYN PERRY JIM REID President and Executive Vice President, Executive Vice President, Chief Executive Officer Chief Financial Officer Sustainability and Chief Legal Officer 6
Slide 7: Meeting Agenda
MEETING AGENDA MAY 8, 2025 Appointment of Scrutineers and Secretary Financial Statements Election of Directors Appointment of Auditors Approach to Executive Compensation Voting Results Management Presentation Question Period 7
Slide 8: Appointment of Scrutineers and Secretary
AGENDA Appointment of Scrutineers and Secretary APPOINTMENT OF Financial Statements SCRUTINEERS AND SECRETARY Election of Directors Appointment of Auditors Approach to Executive Compensation Voting Results Management Presentation Question Period 8
Slide 9: Presentation of Financial Statements for the Year Ended December 31, 2024
AGENDA Appointment of Scrutineers and Secretary PRESENTATION OF FINANCIAL STATEMENTS FOR THE YEAR Financial Statements ENDED DECEMBER 31, 2024 Election of Directors Appointment of Auditors Approach to Executive Compensation Voting Results Management Presentation Question Period 9
Slide 10: Voting Procedure
VOTING PROCEDURE FORTIS
Slide 11: Election of Directors
AGENDA ELECTION OF DIRECTORS Appointment of Scrutineers and Secretary Financial Statements Election of Directors Appointment of Auditors Jo Mark Zurel David G. Hutchens Tracey C. Ball Pierre J. Blouin Lawrence T. Borgard Maura J. Clark (Chair of the Board) Approach to Executive Compensation Voting R
Slide 12: Appointment of Auditors
AGENDA Appointment of Scrutineers and Secretary Financial Statements APPOINTMENT OF AUDITORS Election of Directors Appointment of Auditors Approach to Executive Compensation Voting Results Management Presentation Question Period 12
Slide 13: Advisory Vote on Approach to Executive Compensation
AGENDA Appointment of Scrutineers and Secretary ADVISORY VOTE ON APPROACH Financial Statements TO EXECUTIVE COMPENSATION Election of Directors Appointment of Auditors Approach to Executive Compensation Voting Results Management Presentation Question Period 13
Slide 14: Voting Results
AGENDA Appointment of Scrutineers and Secretary Financial Statements VOTING RESULTS Election of Directors Appointment of Auditors Approach to Executive Compensation Voting Results Management Presentation Question Period 14
Slide 15: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS MAY 8, 2025 15
Slide 16: Asking Questions
ASKING QUESTIONS FORTIS
Slide 17: Forward-Looking Information
FORWARD-LOOKING INFORMATION Fortis Inc. ("Fortis" or the "Corporation") includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995,
Slide 18: David Hutchens, President and CEO
DAVID HUTCHENS PRESIDENT AND CEO 18
Slide 19: Fortis Executive Team
FORTIS EXECUTIVE TEAM JOCELYN PERRY JIM REID GARY SMITH STUART LOCHRAY Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Chief Financial Officer Sustainability and Operations and Technology Strategy and Chief Legal Officer Business Development 19
Slide 20: Local Leadership
LOCAL LEADERSHIP 20
Slide 21: North American Leader in Energy Delivery
NORTH AMERICAN LEADER IN ENERGY DELIVERY 21
Slide 22: 3.5 Million Electricity and Natural Gas Customers
3.5 MILLION ELECTRICITY AND NATURAL GAS CUSTOMERS 22
Slide 23: Providing Strong Value
PROVIDING STRONG VALUE 23
Slide 24: Safety at Every Step
SAFETY AT EVERY STEP FORTIS
Slide 25: Building for the Future
THE FUTURE ‘BUILDING FOR 2 o a ©) nd
Slide 26: Customers and Affordability
CUSTOMERS AND AFFORDABILITY 26
Slide 27: 34% Reduction in GHG Emissions Since 2019
34% REDUCTION IN GHG EMISSIONS SINCE 2019 Note: References a reduction in Scope 1 GHG emissions. 27
Slide 28: Focused on Resilience and Preparedness
FOCUSED ON RESILIENCE AND PREPAREDNESS 28
Slide 29: Enhanced Wildfire Planning and Response
ENHANCED WILDFIRE PLANNING AND RESPONSE 29
Slide 30: Jocelyn Perry, Executive Vice President, CFO
JOCELYN PERRY EXECUTIVE VICE PRESIDENT CHIEF FINANCIAL OFFICER 30
Slide 31: 2024 Reported and Adjusted EPS
2024 REPORTED AND ADJUSTED EPS REPORTED EPS ADJUSTED EPS REPORTED EPS GREW BY $0.14 OVER 2023 $3.24 $3.28 $3.10 $3.09 ADJUSTED EPS GREW BY ~6% IN 2024 2023 2024 2023 2024 Note: Adjusted EPS is a non-U.S. GAAP financial measure. Refer to the appendix for the Non-U.S. GAAP reconciliation. 31
Slide 32: Q1 2025 Net Earnings of $499 Million or $1.00 per Common Share
Q1 2025 NET EARNINGS OF $499 MILLION OR $1.00 PER COMMON SHARE 32
Slide 33: Investing in the Future: Five-Year $26 Billion Capital Plan
CONSOLIDATED RATE BASE INVESTING IN THE FUTURE FIVE-YEAR $26 BILLION $53.0B CAPITAL PLAN $39.0B 2024A 2029F Note: U.S. dollar-denominated rate base converted at a foreign exchange rate of 1.37 for 2024 and 1.30 for 2025-2029. CAGR is calculated on a constant foreign exchange rate basis. 33
Slide 34: Balanced Approach to Funding Growth
BALANCED APPROACH TO FUNDING GROWTH Cash From Operations(1) Net Debt(3) 59% 30% $26B Capital Plan 2025-2029 Equity(2) 11% (1) Non-U.S. GAAP financial measure. Reflects cash from operating activities net of dividends and including customer contributions. (2) Reflects common shares issued under the Co
Slide 35: Poised for Growth
POISED FOR © GROWTH FORTIS
Slide 36: 51 Years of Consecutive Increases in Dividends Paid
51 YEARS OF CONSECUTIVE INCREASES IN DIVIDENDS PAID 4-6% ANNUAL DIVIDEND GROWTH GUIDANCE THROUGH 2029 73 76 79 82 85 88 91 94 97 00 03 06 09 12 15 18 21 24 36
Slide 37: Superior 20-Year Total Shareholder Returns
SUPERIOR 20-YEAR TOTAL SHAREHOLDER RETURNS Average Annual 616% Total Shareholder Returns 377% 1-Year 14.1% 368% 5-Year 6.1% 10-Year 8.4% 2004 2009 2014 2019 2024 20-Year 10.3% Fortis S&P/TSX Composite Index S&P/TSX Capped Utilities Index Note: Cumulative 20-year total shareholder return as at
Slide 38: Strength in People
STRENGTH IN PEOPLE 38
Slide 39: Delivering Value
DELIVERING VALUE 39
Slide 40: Question Period
QUESTION PERIOD 40
Slide 41: Slide 41
Slide 42: Appendix
APPENDIX ff FORTIS
Slide 43: Annual Non-U.S. GAAP Reconciliation
ANNUAL NON-U.S. GAAP RECONCILIATION ($ millions, except as shown) Adjusted Net Earnings 2024 2023 Net Earnings (1) 1,606 1,506 Adjusting items: October 2024 MISO base ROE decision (2) 20 - Disposition of Aitken Creek (3) - (15) Unrealized loss on mark-to-market of derivatives (4) - 2 Revaluation of
Slide 44: Quarterly Non-U.S. GAAP Reconciliation
QUARTERLY NON-U.S. GAAP RECONCILIATION ($ millions) Q1 2025 Q1 2024 Capital Expenditures Additions to property, plant and equipment 1,483 1,071 Additions to intangible assets 60 42 Adjusting item: Eagle Mountain Pipeline Project (1) (123) - Wataynikaneyap Transmission Power Project (2) - 15 Capital