Fortis Inc. · TSX:FTS
Fortis — Investor Presentation (2026)
49 slides from Fortis's investor presentation, Nov 3, 2026
Slide 1: Investor Presentation Q4 2026
INVESTOR PRESENTATION Q4 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: 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 $6.0 billion in Canada, U.S. & the Cayman Islands 2026F capital expenditures 9,900 $4
Slide 4: Our Common Ground
OUR COMMON GROUND Provision of Safe Sustainable Growth Good Governance & Reliable Service Fortis Ranked #1 of 206 S&P/TSX companies Priority #1 Focused on Execution in The Globe & Mail 2025 Board Games • Operational Excellence • Health and safety of our employees, customers • Utilities operate withi
Slide 5: 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 6: Five-Year Plan at a Glance
FIVE-YEAR PLAN AT A GLANCE Capital Expenditures Rate Base Dividend Growth $32.2B 7.5% 4-6% 2027-2031 5-Year Annual Dividend Growth Guidance Capital Plan CAGR Extended to 2031 $3.4B 50 bps 4% Over Over Prior Prior Plan Plan Over Prior Plan Increase in Q4 2026 Dividend 6
Slide 7: 2027-2031 Capital Plan Driven by Transmission & LNG Investments
2027-2031 CAPITAL PLAN DRIVEN BY TRANSMISSION & LNG INVESTMENTS $3.4B Increase in 5-Year Capital Plan Incremental Capital Drivers $32.2B ITC - $1.7B MISO LRTP Tranche 2.1 projects, baseline reliability projects and interconnections $28.8B FortisBC - $1.0B Tilbury Phase 1B, Tilbury LNG Storage Tank E
Slide 8: Highly Executable, Low-Risk Five-Year Capital Plan Supports Rate Base Growth
HIGHLY EXECUTABLE, LOW-RISK FIVE-YEAR CAPITAL PLAN SUPPORTS RATE BASE GROWTH 100% Regulated Capital Geographic Diversity ✓ 62% U.S. Capital Plan Consolidated ✓ 36% Canada Rate Base ✓ 2% Cayman Islands $63.9B Transmission $58.9B Distribution $55.8B 47% 29% $52.4B $48.2B $45.3B $32.2B 2027-2031 Genera
Slide 9: ITC – Robust Transmission Growth Continues
Opportunities Above and ITC – ROBUST TRANSMISSION GROWTH CONTINUES Beyond the Plan: MISO LRTP Tranche 2.1 • ROFR projects in Michigan / Minnesota and Iowa system upgrades (US$2.9–$3.4B) Capital Plan Rate Base • MARS competitive project in Iowa (US$0.5B) Customer Connections 10,000 MW+ of IT, General
Slide 10: Competitive Project in Iowa Awarded to ITC
COMPETITIVE PROJECT IN IOWA AWARDED TO ITC ~US$0.5B included in 2027-2031 Capital Plan Marshalltown – Lehigh – Sub T – Montezuma – East Adair (MARS) Project (No. 38 & 39) • Primarily located in ITC Midwest’s current footprint and connects to existing ITC assets • Projects consists of two new 345 kV
Slide 11: UNS Energy – Powering Arizona's Next Wave of Growth
UNS ENERGY – POWERING ARIZONA’S NEXT WAVE OF GROWTH Opportunities Above and Beyond the Plan: Load Growth for New and Existing Customers Driven by customers in data centers, manufacturing, and mining sectors, etc.; 800 MW of new Capital Plan Rate Base generation could require incremental investment (
Slide 12: IRPs Support Least-Cost & High-Growth Options
IRPs SUPPORT LEAST-COST & HIGH-GROWTH OPTIONS TEP’s IRP Average TEP BASE CASE IRP System Cost per kWh (US¢/kWh) 160 MW 400 MW 730 MW 300 MW 800 MW 15.76 15.52 15.19 2027 2029 2030 2031 2034 – 2041 Springerville New 400 MW Solar + 14.31 80 MW Solar + 200 MW Solar + 80 MW Storage 200 MW Storage gas co
Slide 13: FortisBC – Natural Gas & LNG Infrastructure in Focus
FORTISBC – NATURAL GAS & LNG INFRASTRUCTURE IN FOCUS Opportunities Above and Beyond the Plan: Tilbury LNG Expansion • Tilbury 1B • Tilbury LNG Storage Tank Capital Plan Rate Base • Tilbury Phase 2 LNG Expansion ($2-$4B) Regional Transmission Pipeline IT, General & Expansion Other 13% 7.9% CAGR Custo
Slide 14: Tilbury LNG Facilities at a Glance
TILBURY LNG FACILITIES AT A GLANCE Pre- 2027– Beyond Total In- Tilbury Phase 2 LNG Expansion 2027 2031 2031 Project Service Status: Environmental Approval Received ($ Billions) Spend Capital Capital Cost Date Tilbury Pacific (subject to FID & permitting) Marine Jetty Status: Approved Tilbury Phase 1
Slide 15: Robust Growth Pipeline Beyond the Plan
ROBUST GROWTH PIPELINE BEYOND THE PLAN ITC • LRTP Tranche 2.1 • LRTP Tranche 2.1 MARS Project • Customer Connections • Future MISO LRTP/ MTEP & SPP ITP Projects UNS Energy • TEP Load Growth (e.g., data centers and other large load customers) • Integrated Resource Plan Investments • Transmission Inve
Slide 16: Focused on Affordability – Key Initiatives
FOCUSED ON AFFORDABILITY – KEY INITIATIVES Central Hudson ITC Midwest and TEP TEP FortisBC Established O&M savings targets Beneficial load growth Capital optimization LNG projects drive supports affordability supports affordability real savings for customers Tilbury 1A Facility & 1B Expansion Centra
Slide 17: A Balanced Approach to Funding Growth
A BALANCED APPROACH TO FUNDING GROWTH FUNDING PLAN LARGELY CONSISTENT WITH PRIOR FIVE-YEAR PLAN Capital structure expected to remain consistent over planning period Net Debt(1) Equity Funding Plan 32% • Equity funding over next five years predominantly supported by DRIP 5-Year • Assumes DRIP partici
Slide 18: Funding Plan Supports Investment-Grade Credit Ratings
FUNDING PLAN SUPPORTS INVESTMENT-GRADE CREDIT RATINGS Credit Ratings (1) & Outlooks S&P Fitch FFO/Debt FFO Leverage A-(2) BBB+ A (low) 12.3% >12.0% Stable Stable Stable <6.2x 5.9x Key Credit Strengths 2027-2031F Avg. 2027-2031F Avg. Geographic and regulatory Strong business risk profile Rating Agenc
Slide 19: Regulatory Update
REGULATORY UPDATE Transmission Incentives TEP General Rate Application Third PBR Term Decision Depreciation Study • In 2021, FERC issued a supplemental • In October 2026, the ACC ALJ issued • In 2023, the AUC established the • In May 2026, the AUC approved the NOPR proposing to eliminate the a ROO r
Slide 20: 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 21: Total Shareholder Returns
TOTAL SHAREHOLDER RETURNS Cumulative 20-Year Total Shareholder Return 547% Average Annual Total Shareholder Returns 438% 1-Year 10.1% 358% 5-Year 10.1% 10-Year 10.0% 20-Year 9.8% 2006 2011 2016 2021 2026 Fortis S&P/TSX Composite Index S&P/TSX Capped Utilities Index Note: Cumulative and average
Slide 22: Dividend Guidance Supported by Long-Term Growth Strategy
DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY 4% Dividend Increase in Q4 2026 53 Years of Consecutive Increases in Dividends Paid 4-6% Annual Dividend Growth Guidance through 2031 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 26F 22
Slide 23: Why Invest in Fortis?
WHY INVEST IN FORTIS? SUSTAINABLE GROWTH LOW-RISK FOCUSED ON EXECUTING SAFE, WELL-RUN UTILITIES Strong Robust Transparent Regulatory Constructive Strong Rate Base Transmission Funding & Geographic Regulatory Governance Growth Pipeline Plan Diversity Relationships Investments to 4-6% Investment-Grade
Slide 24: Appendix
DIX, no? FORTIS... APPENDIX
Slide 25: Table of Contents
TABLE OF CONTENTS ITC Holdings 26-27 UNS Energy 28-29 Central Hudson 30-31 FortisBC 32-34 FortisAlberta 35-36 Other Electric 37-38 2027-2031 Capital Plan by Business Unit 39 Major Capital Projects 40 2026-2031 Rate Base by Business Unit 41 Sensitivity Exposure & Hedging 42 Our Sustainability Strateg
Slide 26: ITC Overview
ITC OVERVIEW FERC REGULATED ELECTRIC TRANSMISSION UTILITY 26,000 km $15.7 billion Lines of transmission 2027F 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 ROE Co
Slide 27: ITC Capital Investment Overview
ITC CAPITAL INVESTMENT OVERVIEW IT, General & $5.2B Infrastructure Investments Other 5% Rebuild, reliability, resiliency, system efficiencies, increased capacity, circuit overloads, pocket load growth New Interconnections 22% $3.2B MISO Long Range Transmission Plan LRTP Tranches 1, 2.1 (ROFR awarded
Slide 28: UNS Energy Overview
UNS ENERGY OVERVIEW VERTICALLY INTEGRATED ELECTRIC AND GAS UTILITY 23,400 km $9.7 billion of electric T&D lines 2027F 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 29: UNS Energy Capital Investment Overview
UNS ENERGY CAPITAL INVESTMENT OVERVIEW IT, General & Other 11% $2.1B Transmission Infrastructure Energy Reliability and resiliency upgrades, increased capacity Resources 21% and TEP Transmission Project $1.7B Distribution Infrastructure $5.6B Grid resiliency and modernization Capital Plan $1.2B Ener
Slide 30: 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 $4.2 billion of natural gas T&D lines 2027F 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 31: Central Hudson Capital Investment Overview
CENTRAL HUDSON CAPITAL INVESTMENT OVERVIEW IT, General & Other 18% $1.8B Distribution Infrastructure Distribution automation and modernization Transmission Infrastructure $2.7B $400M Transmission Infrastructure(1) Replacement of aging infrastructure 15% Capital Plan Distribution 2027-2031 Infrastruc
Slide 32: 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 $9.4 billion of electric T&D lines 2027F rate base 1.1 million BCUC Regulated natural gas customers Cost of service with incentive mechanisms 199,000 9.65% Gas 45% electric
Slide 33: FortisBC Capital Investment Overview
FORTISBC CAPITAL INVESTMENT OVERVIEW $2.4B Reliability & Integrity Investments IT, General & Ongoing maintenance and includes customer growth Other 13% and general plant investments AMI $2.4B LNG Projects & Renewable Gases Project 7% Tilbury 1B Tilbury LNG Storage Expansion $6.0B LNG Reliability & I
Slide 34: Tilbury LNG Approvals Advancing Capital Investments at FortisBC
TILBURY LNG APPROVALS ADVANCING CAPITAL INVESTMENTS AT FORTISBC Tilbury Phase 1B Tilbury Phase 2 LNG Expansion • Federal and provincial environmental approvals received in September 2026 • Remaining permits and authorizations are required before construction can begin ✓ In July 2026, the Province of
Slide 35: FortisAlberta Overview
FORTISALBERTA OVERVIEW ELECTRIC DISTRIBUTION UTILITY 91,100 km $5.2 billion distribution lines 2027F 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 36: FortisAlberta Capital Investment Overview
FORTISALBERTA CAPITAL INVESTMENT OVERVIEW IT, General & Other 19% $3.0B Distribution Infrastructure Safety and reliability of distribution assets, meter upgrades, pole management program, modernization $3.7B $700M IT, General & Other Capital Plan 2027-2031 Distribution Infrastructure 81% 36
Slide 37: 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 $4.0 billion 8.90% 42.9% 2027F rate base Al
Slide 38: Other Electric Capital Investment Overview
OTHER ELECTRIC CAPITAL INVESTMENT OVERVIEW IT, General & Other 12% $1.2B Distribution Infrastructure Transmission $600M Generation Infrastructure 19% $2.6B Distribution Infrastructure 46% $500M Transmission Infrastructure Capital Plan 2027-2031 $300M IT, General & Other Generation 23% Note: U.S. dol
Slide 39: 2027-2031 Capital Plan by Business Unit
2027-2031 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2027-2031 ($MILLIONS) 2027F 2028F 2029F 2030F 2031F TOTAL Regulated – Independent Electric Transmission ITC 2,317 2,387 2,251 2,274 2,356 11,585 Regulated – U.S. Electric & Gas UNS Energy 1,068 1,006 1,659 1,123 763 5,619 Central Hudson 464 518 52
Slide 40: Major Capital Projects
MAJOR CAPITAL PROJECTS Total Estimated Pre-2027 2027-2031F Beyond 2031 Project Completion ($ Billions) Spend Capital Capital Cost Date Plan includes 11 major capital projects ITC MISO LRTP – Tranche 1 0.7 1.5 - 2.2 2030 ITC MISO LRTP – Tranche 2.1 (ROFR Awarded)(1) 0.1 1.1 3.9-4.6 5.1-5.8 Post-2031
Slide 41: 2026-2031 Rate Base by Business Unit
2026-2031 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($BILLIONS) 2026F 2027F 2028F 2029F 2030F 2031F 2031 Regulated – Independent Electric Transmission (1) ITC 14.8 15.7 17.3 18.9 20.4 21.9 8.6% Regulated – U.S. Electric & Gas UNS Energy 9.1 9.7 10.4 10.9 11.9 12.7 7.4% Central Hudson 4.0 4
Slide 42: Sensitivity Exposure & Hedging
SENSITIVITY EXPOSURE & HEDGING Foreign Exchange ROE & Equity Ratio • Assumed USD:CAD FX rate of 1.35 for 2027-2031 Capital Plan ROE Equity +/- 25 bps +/- 100 bps • 65% of regulated earnings(1)/ 64% of capital plan in USD at U.S. & Cayman Islands utilities ITC $0.040 $0.035 • +/- $0.05 change in USD:
Slide 43: 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 44: Cleaner Energy, Delivered Safely, Reliably & Affordably
CLEANER ENERGY, DELIVERED SAFELY, RELIABLY & AFFORDABLY ~38% reduction in scope 1 GHG emissions since 2019 12,308 • GHG intensity of energy delivered has declined each year since 2019, reaching a record low in 2025 10,418 9,742 • Since 2019, coal generation declined 58% while 8,748 renewable generat
Slide 45: Q3 2026 Sales Trends
Q3 2026 SALES TRENDS CHANGE IN ENERGY Q3 2026 vs. Q3 2025 SALES SALES TRENDS N/A • Peak load up 7% mainly driven by warmer weather (1) • Higher average consumption, particularly by industrial and residential customers, as well +1% as customer growth, partially offset by the impact of milder weather;
Slide 46: Long-Term Debt Maturities
LONG-TERM DEBT MATURITIES 10-Year Debt Maturities $3.0 $2.5 $2.0 billions $1.5 $1.0 $0.5 $- 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F 2036F Regulated Utilities ITC Holdings Fortis Inc. Note: U.S. dollar-denominated debt translated at September 30, 2026 USD:CAD closing foreign exchange ra
Slide 47: 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 48: 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 49: Glossary
GLOSSARY ACC Arizona Corporation Commission ITP Integrated Transmission Plan AFUDC Allowance for Funds Used During Construction KM Kilometer(s) ALJ Administrative Law Judge kV Kilovolt AMI Advanced Metering Infrastructure kWh Kilowatt-hours ATM At-the-market equity program LDC Local Distribution Com