Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 EARNINGS CONFERENCE CALL February 12, 2026
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: Business Highlights
BUSINESS HIGHLIGHTS Executed Regulated Growth Strategy in 2025 Delivered Top Quartile 52 Consecutive Years Safety & Reliability of Increases in Dividends Paid Capital Expenditures of $5.6B Ranked #1 in Governance Supporting 7% Rate Base Growth on a constant foreign exchange basis By the Globe and Ma
Slide 5: Continued Focus on Safe, Reliable & Affordable Service
CONTINUED FOCUS ON SAFE, RELIABLE & AFFORDABLE SERVICE All-Injury Average Electricity Customer Affordability Frequency Rate(1) Outage Duration (Hours) Initiatives • Preventative maintenance and innovative practices to reduce costs 1.83 ▪ Grid-enhancing technologies ▪ Using AI for vegetation manageme
Slide 6: Total Shareholder Returns
TOTAL SHAREHOLDER RETURNS Cumulative 20-Year Total Shareholder Return Average Annual 517% Total Shareholder Returns 406% 1-Year 23.9% 309% 5-Year 10.7% 10-Year 10.8% 20-Year 9.5% 2005 2010 2015 2020 2025 Fortis S&P/TSX Composite Index S&P/TSX Capped Utilities Index Note: Cumulative and average
Slide 7: Highly Executable Five-Year Capital Plan Supports Low-Risk Rate Base Growth
HIGHLY EXECUTABLE FIVE-YEAR CAPITAL PLAN SUPPORTS LOW-RISK RATE BASE GROWTH OF 7% Capital Plan Consolidated By Asset Type Rate Base ↑ $16B or 7% CAGR $57.9B Transmission Distribution 46% 5-Year 31% $42.4B Capital Plan $28.8B 2026-2030 Generation 7% Renewable Other (1) 2025A 2030F Gas/LNG 11% Indepen
Slide 8: 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 Energy • Customer Connections • TEP Retail Load Growth (e.g., data centers • Future MISO LRT
Slide 9: Dividend Guidance Supported by Long-Term Growth Strategy
DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY 4% Dividend Increase in 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 9
Slide 10: Fourth Quarter Results
FOURTH QUARTER RESULTS Reported EPS $0.83 $0.79 Q4 Adjusted EPS Drivers • Rate base growth Q4 2024 Q4 2025 • Impact of foreign exchange • Regulatory lag and milder weather at UNS Energy Adjusted EPS • Higher holding company finance costs $0.90 • Lower earnings due to asset dispositions $0.83 Q4 2024
Slide 11: Annual Results
ANNUAL RESULTS 2025 Adjusted EPS ↑ $0.25 $0.13 $3.53 $0.04 $3.40 $3.24 $3.28 (2) 2024 Oct. 2024 2024 2025 Dispositions 2025 Actual MISO Base ROE Adjusted Actual Adjusted Basic EPS Decision (1) Basic EPS Basic EPS Basic EPS Note: Adjusted EPS is a Non-U.S. GAAP financial measure. Refer to Slide 20 fo
Slide 12: 2025 Annual Adjusted EPS Drivers
2025 ANNUAL ADJUSTED EPS DRIVERS $0.08 ($0.06) $0.04 $0.01 $0.08 $3.53 $0.10 $3.28 2025 Adjusted EPS $0.25 compared to 2024 2024 Western U.S. U.S. Corporate & Foreign Weighted 2025 (3) Adjusted Canadian Electric & Transmission Other Exchange Average Adjusted Basic EPS Electric & Gas (1) Gas(2) (ITC)
Slide 13: Three-Year Lookback
THREE-YEAR LOOKBACK Adjusted EPS & Rate Base Adjusted Dividend Payout Ratio $42.4B 4 $3.53 100.0% $37.0B $39.0B 3.5 $3.09 $3.28 95.0% $34.1B 3 $2.78 90.0% 85.0% 2.5 78.1% 80.0% 2 73.9% 75.0% 1.5 72.7% 70.4% 70.0% 1 65.0% 0.5 60.0% 0 55.0% 2022 2023 2024 2025 2022 2023 2024 2025 Adjusted EPS Adjusted
Slide 14: Liquidity & Funding
LIQUIDITY & FUNDING Credit Balanced Approach Facilities To Funding Growth Cash from (2) $6.3B Operations $5.8B(1) 59% Raised $2.7B in $2.4B $2.1B Long-Term Debt in 2025 5-Year Capital Plan $3.9B $3.7B $28.8B Equity 11% (3) 2026-2030 Dec. 31, 2024 Dec. 31, 2025 Unutilized Utilized Net Debt (4) 30% (1
Slide 15: Investment-Grade Credit Ratings
INVESTMENT-GRADE CREDIT RATINGS S&P FFO/Debt Credit Ratings & Outlooks >12.0% 12.4% A-(2) BBB+ A (low) 11.6% Stable Stable Stable 2025(1) 2026-2030F Avg. Fitch FFO Leverage Key Credit Strengths Strong business risk profile Geographic and regulatory <6.2x diversity 100% regulated – stable and Constru
Slide 16: Recent Regulatory Activity
RECENT REGULATORY ACTIVITY UNS Gas TEP General Rate Application General Rate Application • In January 2026, an ACC ALJ issued a ROO, • In June 2025, TEP filed a general rate application recommending an allowed ROE at 9.57% and a 56% with the ACC requesting new rates effective common equity component
Slide 17: Why Invest in Fortis?
WHY INVEST IN FORTIS? Focused on Executing and Providing Safe, Reliable & Affordable Service Sustainable Low Growth Risk • Strong Rate Base Growth • Strong Governance • Robust Transmission Pipeline • Regulatory & Geographic Diversity • Transparent Funding Plan • Constructive Regulatory Relationships
Slide 18: Expected Earnings Release Dates
Expected Earnings Release Dates Q1 2026 – May 6, 2026
Slide 19: Appendix
Not RZ APPENDIX FORTIS...
Slide 20: Non-U.S. GAAP Reconciliation
NON-U.S. GAAP RECONCILIATION ($MILLIONS, EXCEPT AS INDICATED) Q4 2025 Q4 2024 VARIANCE 2025 2024 VARIANCE Adjusted Common Equity Earnings, Adjusted Basis EPS and Adjusted Payout Ratio Common Equity Earnings 422 396 26 1,714 1,606 108 Adjusting items: Dispositions(1) 31 - 31 63 - 63 October 2024 MISO
Slide 21: Fourth Quarter Results by Segment
FOURTH QUARTER RESULTS BY SEGMENT Fourth Quarter Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES ADJUSTED ADJUSTED Q4 2025 ADJUSTMENT (1) Q4 2024 ADJUSTMENT VARIANCE AND EPS) Q4 2025 Q4 2024(1) Independent Electric Transmission ITC 150 - 150 127 20 147 3 U.S. E
Slide 22: Annual Results by Segment
ANNUAL RESULTS BY SEGMENT Annual Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES ADJUSTED ADJUSTED 2025 ADJUSTMENT (1) 2024 ADJUSTMENT (1) VARIANCE AND EPS) 2025 2024 Independent Electric Transmission ITC 592 - 592 542 20 562 30 U.S. Electric & Gas UNS Energy 4
Slide 23: 2026-2030 Capital Plan by Business Unit
2026-2030 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2026-2030 ($MILLIONS) 2026F 2027F 2028F 2029F 2030F TOTAL Independent Electric Transmission ITC 1,874 1,898 2,008 2,083 1,980 9,843 U.S. Electric & Gas UNS Energy 1,281 1,014 940 1,413 983 5,631 Central Hudson 466 438 509 551 573 2,537 Total U.S.
Slide 24: Major Capital Projects
MAJOR CAPITAL PROJECTS 2026- Expected ($ 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 $28.8B UNS Energy TEP Transmission Project - 608 2029 Springerville Natur
Slide 25: 2025-2030 Rate Base by Business Unit
2025-2030 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($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 5.0 6.6% T
Slide 26: 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 U
Slide 27: Other Ongoing Regulatory Proceedings
OTHER ONGOING REGULATORY PROCEEDINGS Transmission Incentives In 2021, FERC issued a supplemental NOPR proposing to eliminate the 50-bps RTO ROE incentive adder for transmission owners that have been RTO members for longer than three years; the timing and outcome of this proceeding are unknown Third
Slide 28: 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 NEW – 2026 Climate Resiliency Report • A
Slide 29: 2025 Sales Trends
2025 SALES TRENDS CHANGE IN 2025 vs. 2024 RETAIL ENERGY SALES TRENDS SALES N/A • Peak load up 2% primarily due to warmer weather (1) • Residential sales down 3% mainly due to milder weather; C&I sales flat; -1% Absent weather impacts, retail sales up 1% • Residential sales up 4% mainly due to colder
Slide 30: Long-Term Debt Maturities
LONG-TERM DEBT MATURITIES 10-Year Debt Maturities $2.5 $2.0 $1.5 billions $1.0 $0.5 $- 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F Non-Regulated (1) Regulated Note: U.S. dollar-denominated debt translated at December 31, 2025 USD:CAD closing foreign exchange rate of 1.37. (1) Include
Slide 31: Strong Investment-Grade Credit Ratings
STRONG INVESTMENT-GRADE CREDIT RATINGS Company Fortis Inc. A-(1) A (low) BBB+ -(2) ITC Holdings Corp. A-(1) - - Baa2 ITC Regulated Subsidiaries A+ - - A1 TEP A- - - A3 Central Hudson BBB+ - BBB+ Baa1 FortisBC Energy - A - A3 FortisBC Electric - A (low) - Baa1 FortisAlberta A- A (low) - Baa1 Newfound
Slide 32: Glossary
GLOSSARY foreign exchange associated with the translation of U.S. dollar-denominated amounts. Foreign ACC Arizona Corporation Commission exchange is calculated by applying the change in the U.S.-to-Canadian dollar FX rates to the prior ALJ Administrative Law Judge FX period U.S. dollar balance AMI A