Slide 1: Q2 2026 Earnings Conference Call
Q2 2026 EARNINGS CONFERENCE CALL July 31, 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: Q2 2026 Business Update
Q2 2026 BUSINESS UPDATE Delivered Safe & Reliable Service YTD June Capital Expenditures of $2.7B Q2 2026 EPS of $0.78 LNG Opportunities Advancing in British Columbia Released 2026 Sustainability Report 4
Slide 5: Highly Executable Five-Year Capital Plan Supports Low-Risk Rate Base Growth of 7%
HIGHLY EXECUTABLE FIVE-YEAR CAPITAL PLAN SUPPORTS LOW-RISK RATE BASE GROWTH OF 7% 2026 $5.6B Capital Plan Consolidated Annual Capital By Asset Type Rate Base Plan On Track ↑ $16B or 7% CAGR ✓ Major capital projects progressing $57.9B Transmission Distribution ✓ In June, the Roadrunner Reserve II 46%
Slide 6: Approval Received for Tilbury LNG Expansion
APPROVAL RECEIVED FOR TILBURY LNG EXPANSION REFLECTING INCREMENTAL OPPORTUNITY ABOVE AND BEYOND THE PLAN Tilbury 1B ✓ In July 2026, the Province of British Columbia issued an OIC approving the Phase 1B expansion of FortisBC Energy’s Tilbury LNG facility allowing total investment of ~$2.0 billion for
Slide 7: 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 Load Growth (e.g., data centers and • Future MISO LRTP/
Slide 8: 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 9: Dividend Guidance Supported by Long-Term Growth Strategy
DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY 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: Second Quarter Results
SECOND QUARTER RESULTS Q2 2026 EPS reflects $0.01 dilution associated with Q2 2026 EPS Drivers the 2025 dispositions(1) Net Earnings $0.01 ($0.01) ($0.01) $0.02 ($0.01) $0.02 $384M $396M $0.78 $0.76 Q2 2025 Q2 2026 Q2 2025 ITC UNS Western Corporate & Foreign Weighted Q2 2026 Basic EPS Energy Canadia
Slide 11: YTD June Results
YTD JUNE RESULTS YTD June 2026 EPS reflects $0.03 dilution associated YTD June 2026 EPS Drivers with the 2025 dispositions(1) Net Earnings $0.03 ($0.03) $0.04 ($0.02) ($0.04) $0.05 ($0.03) $897M $1.76 $1.76 $883M YTD June 2025 YTD June 2026 YTD 2025 Western ITC Central UNS Corporate Foreign Weighted
Slide 12: Liquidity, Funding & Credit Ratings
LIQUIDITY, FUNDING & CREDIT RATINGS Balanced Approach Credit Ratings To Funding Growth & Outlooks Cash from (1) Operations Raised $2.1B in 59% A-(4) BBB+ A (low) Long-Term Debt through YTD June 2026 5-Year Stable Stable Stable Capital Plan $28.8B Equity 11% (2) 2026-2030 All credit rating agencies c
Slide 13: Recent Regulatory Activity
RECENT REGULATORY ACTIVITY TEP General Rate Application • In June 2025, TEP filed a general rate application with the ACC requesting new rates effective September 1, 2026 • In February 2026, ACC Staff filed testimony recommending an allowed ROE at 9.75% and a 55% common equity component of capital s
Slide 14: Why Invest in Fortis
WHY INVEST IN FORTIS SUSTAINABLE GROWTH LOW-RISK FOCUSED ON EXECUTING SAFE, WELL-RUN UTILITIES Strong Robust Transparent Regulatory Constructive Strong Rate Base Transmission Funding & Geographic Regulatory Governance Growth Pipeline Plan Diversity Relationships Investments to 4-6% Investment-Grade
Slide 15: Expected Earnings Release Dates
Expected Earnings Release Dates Q3 2026 – November 3, 2026
Slide 16: Appendix
\ a ~] Wavaver. Poors APPENDIX FORTIS...
Slide 17: Non-U.S. GAAP Reconciliation
NON-U.S. GAAP RECONCILIATION YTD JUNE YTD JUNE ($MILLIONS) Q2 2026 Q2 2025 VARIANCE 2026 2025 VARIANCE Capital Expenditures Additions to property, plant and equipment 1,601 1,479 122 3,104 2,962 142 Additions to intangible assets 63 65 (2) 108 125 (17) Adjusting item: Eagle Mountain Pipeline Project
Slide 18: Second Quarter and YTD June Results by Segment
SECOND QUARTER AND YTD JUNE RESULTS BY SEGMENT Second Quarter and YTD June Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES YTD JUNE YTD JUNE Q2 2026 Q2 2025 VARIANCE VARIANCE AND EPS) 2026 2025 Independent Electric Transmission ITC 152 143 9 305 293 12 U.S. Ele
Slide 19: 2026-2030 Capital Plan by Business Unit
2026-2030 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2026-2030 ($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 20: 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 $28.8B UNS Energy TEP Transmission Project - 608 2029 Springerville Natur
Slide 21: 2025-2030 Rate Base by Business Unit
2025-2030 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($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 22: 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. & Cayman Islands utilities ITC $0.040 $0.035 • +/- $0.05 change in USD:
Slide 23: 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 24: Cleaner Energy, Delivered Safely, Reliably & Affordably
CLEANER ENERGY, DELIVERED SAFELY, RELIABLY & AFFORDABLY Integrating Climate Risk with Business Planning ~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 SUSTAINABILITY PRIORITIES 2026
Slide 25: Q2 2026 Sales Trends
Q2 2026 SALES TRENDS CHANGE IN Q2 2026 vs. Q2 2025 ENERGY SALES SALES TRENDS N/A • Peak load up 3% mainly driven by warmer weather (1) • Higher average consumption by residential customers including the impact of +6% warmer weather, as well as higher industrial sales; on a weather normalized basis r
Slide 26: 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 (1) Non-Regulated Regulated Note: U.S. dollar-denominated debt translated at June 30, 2026 USD:CAD closing foreign exchange rate of 1.42. (1) Includes no
Slide 27: 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 28: Glossary
GLOSSARY ACC Arizona Corporation Commission GHG greenhouse gas AMI Advanced Metering Infrastructure ITC Investment Holdings Inc., an indirect 80.1%-owned subsidiary of Fortis, together with its ATM At-the-market equity program ITC subsidiaries, including International Transmission Company, Michigan