Slide 1: Investor Overview
Investor Overview Post Fourth Quarter 2025
Slide 2: Hydro One investment overview
Hydro One investment overview A unique low-risk opportunity to participate in the growth of a premium, large scale regulated electric utility • One of the largest electric utilities in North America with significant scale; largest transmitter and distributor across Canada’s most populated province •
Slide 3: Rate regulated businesses
Rate regulated businesses Hydro One’s regulated business operates under a 5-year rate regulated Custom Incentive Rate Making Framework. Business energizes life for people and communities in Ontario, Connecting Power and Possibility • Regulated pure-play transmission and distribution business 2025 Re
Slide 4: Executive leadership team
Executive leadership team A leadership team with strong operational experience committed to executing Hydro One’s strategy Executive Leadership Team David Lebeter President and CEO Ryan Teri Cassidy Renée Lisa Harry Megan Gillian Docherty French MacFarlane McKenzie Pearson Taylor Telford Whitebread
Slide 5: Our corporate strategy
Our corporate strategy Hydro One Investor Overview • 5
Slide 6: Sustainability at Hydro One
Target: 30% female executives Target: 50% by 2025, 100% Target: net-zero by 2050, 30% & board by 2022 by 2030 reduction by 2030 Sustainability at Hydro One 41.7% / 45% 44% 41% of women who are executives of fleet of sedans/SUVs Reduction in operations-driven1 (VP and above) / board converted to EVs
Slide 7: Capital Plan
hyd 'Qhe Capital Plan
Slide 8: 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 $32.1 billion in 2027 • Organic gro
Slide 9: Constructive rate regulator
Constructive rate regulator Ontario Energy Board (OEB) is a consistent, independent regulator with a transparent rate-setting process • Transmission and Distribution businesses rate-regulated by the OEB • Deemed debt / equity ratio of 60% / 40% for both transmission and distribution segments • Reduc
Slide 10: Achievements and efficiencies
Achievements and efficiencies Paving New Paths in Productivity Savings ($M) 2025 254.3 2024 149.5 2023 113.9 2022 373.6 2021 343.9 Generated productivity savings of $254.3 million 2020 286.0 in 2025 comprised of $68.9 million in OM&A and 2019 202.3 IPO to 2022 $185.4 million in capital (Pre- JRAP) 2
Slide 11: Growth Update
Growth Update
Slide 12: Why Ontario
Increased capital investment to enable energy Why Ontario transition and enhance grid stability Ontario growth in electricity demand Canada’s electricity demand expected to grow between 120% - 135% from 2021 to 2050 to achieve Net Zero target • Consumer choices, corporate ESG targets and government
Slide 13: Significant portfolio of transmission lines driving rate base growth
Significant portfolio of transmission lines driving rate base growth Length Estimated In-service Project Name Location Type (KM) Cost ($M) Date St. Clair Transmission Line1 Southwestern Ontario 230 kV 64 472 2027 Waasigan Transmission Line1 Northwestern Ontario 230 kV 360 1,200 2027 Welland Thorold
Slide 14: Electric Local Distribution Company (LDC) consolidation
Electric Local Distribution Company (LDC) consolidation Completed transaction • Hydro One is the largest LDC in Ontario; 54 LDCs are Hydro One transmission or distribution customers Chapleau Hydro Consolidator Transaction of Choice • Hydro One has significant scale in Ontario and serves customers th
Slide 15: Financial Update
hyd 'Qhe Financial Update
Slide 16: Guidance range
Guidance range $2.37 $2.15 $1.75 $0.05 $0.03 $1.67 $0.06 $1.61 2022 EPS 2022 Gain on Sale of 2022 CDM Revenues 2022 Normalized for Normalizing for 2023 2022 Normalized EPS 2027 1 Surplus Property one-time items Rebase 1) Normalizing for 2023 rebase includes 100 basis points over-earn. 2) EPS growth
Slide 17: Common share dividends
Common share dividends Providing Shareholder Value A Growing and Sustainable Dividend4 • Quarterly dividend declared at $0.3331 per common share ($1.3324 annualized) • Average annual dividend growth rate of ~6% • Attractive and growing dividend supported by stable, regulated cash flows and planned r
Slide 18: Strong balance sheet and liquidity
Strong balance sheet and liquidity Investment grade balance sheet with one of lowest debt costs in utility sector Significant available liquidity ($M) Strong investment grade debt ratings (long-term/short-term/outlook) Shelf registrations 250 Hydro One Limited (HOL) Hydro One Inc. (HOI) HOL HOI Univ
Slide 19: 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 20: Equity market cap overview
Equity market cap 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) 31% S&P/TSX 60 Index S&P/TSX Composite MSCI World (Canada) 37% 42% High Divide
Slide 21: Appendix
Appendix
Slide 22: Financial summary
Financial summary Fourth Quarter Full Year (millions of dollars, except EPS) 2025 2024 % Change 2025 2024 % Change Revenues Transmission 491 505 (2.8%) 2,429 2,269 7.1% Distribution 1,757 1,583 11.0% 6,557 6,175 6.2% Distribution Revenues (net of purchased power)1 470 523 (10.1%) 2,071 2,032 1.9% Ot
Slide 23: A look at the organization
A look at the organization Corporate 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 • 23
Slide 24: JRAP – Segmented incentive regulatory construct
JRAP – Segmented incentive 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 F
Slide 25: Independent board of directors
Independent board of directors Melissa Sonberg David Hay Stacey Mowbray Mitch Panciuk Chair of the Board of Chair of the Human Directors Resources Committee Director since 2018 Director since 2018 Director since 2020 Director since 2023 Mark Podlasly Helga Reidel Michael W. Rencheck Brian Vaasjo Sus
Slide 26: 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 27: 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 28: Contact
Contact Wassem Khalil Director, Investor Relations Wassem.Khalil@HydroOne.com (416) 345-5943 HydroOne.com/InvestorRelations HydroOne.com