Fortis Inc. · TSX:FTS
Fortis — Debt Investor Presentation (September 2026)
32 slides from Fortis's debt investor presentation, Sep 10, 2026
Slide 1: Debt Offering Investor Presentation Q3 2026
DEBT OFFERING INVESTOR PRESENTATION Q3 2026 A final base shelf prospectus containing important information relating to the securities described in this document has been fi led with the securities regulatory authorities in each of the provinces of Canada. The final base shelf prospectus, any applica
Slide 2: Forward-Looking Information
FORWARD - LOOKING INFORMATION 2 Fortis includes forward - looking information in this presentation within the meaning of applicable Canadian securities laws and f orward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forw
Slide 3: Offering Summary
OFFERING SUMMARY Issuer: Fortis Inc. Security: Junior Subordinated Notes Format: SEC Registered and Canadian Prospectus Qualified (MJDS) Size: $USD Benchmark Tenors: 30.5 NC 5.25 - years & 30.5 NC 10.25 - years Coupon Structure: Fixed - to - Fixed Rate subject to coupon floor Use of Proceeds: Repay
Slide 4: Speakers
4 SPEAKERS Stuart Lochray Executive Vice President, Strategy and Business Development • Joined Fortis in September 2021 • Responsible for corporate strategy and business development, capital markets activity and enterprise - wide banking relationships • Previously Managing Director and Head of U.S.
Slide 5: Fortis at a Glance
FORTIS AT A GLANCE 9 regulated utilities in Canada, U.S. & the Cayman Islands 3.5 million electricity and gas customers 95% Transmission & distribution assets $44.7 billion 2026F rate base 100% regulated utility assets 9,900 dedicated employees $79 billion (1) total assets TSX/NYSE: FTS OUR VISION &
Slide 6: Credit Highlights
CREDIT HIGHLIGHTS 6 Diverse, High - Quality Regulated Utility Portfolio Constructive Regulatory Frameworks Safe, Reliable & Affordable Service Strong Balance Sheet • Large - scale portfolio of nine regulated utilities across five Canadian provinces, 10 U.S. states and the Cayman Islands • 100% regul
Slide 7: Organizational Structure
ORGANIZATIONAL STRUCTURE 7 ITC Holdings ITCTransmission METC ITC Midwest ITC Great Plains Tucson Electric Power UNS Electric UNS Gas Caribbean Utilities (~60%) Maritime Electric FortisBC Electric Newfoundland Power Wataynikaneyap Power (39%) U.S. Electric & Gas FortisBC Energy Western Canadian Elect
Slide 8: • FERC Regulated: Forward - looking c ost - based formula rates with annual
• FERC Regulated: Forward - looking c ost - based formula rates with annual true - up mechanism and ROE incentive adders • ACC & FERC Regulated: Historical cost - of - service regulation (2) with post - test year adjustment mechanisms, cost recovery trackers and flow - through treatment of commodity
Slide 9: Regulatory Update
9 REGULATORY UPDATE • 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 • In May 2026, the AUC approved the negotiat
Slide 10: Regulatory Calendar
10 REGULATORY CALENDAR Q4 2026 General Rate Application ACC order and new rates expected. Staff supporting a 9.75% ROE , 55% equity ratio and ARAM. January 2027 Annual ROE Automatic Adjustment Mechanism Update Annual formula - based ROE update under the AUC's generic cost of capital framework. April
Slide 11: Continued Focus on Safe & Reliable Service
2021 2022 2023 2024 2025 CONTINUED FOCUS ON SAFE & RELIABLE SERVICE (1) All injury frequency rate = (# injuries x 200,000) / hours worked. (2) Based on weighted average of Fortis' customer count in each jurisdiction. 1.83 2.3 2.0 2.0 1.9 1.9 3.8 4.3 4.2 4.3 2021 2022 2023 2024 2025 Average Electrici
Slide 12: Wildfire & Climate Risk Mitigation
12 WILDFIRE & CLIMATE RISK MITIGATION • PSPS programs in place at FortisAlberta, FortisBC and UNS Energy, with FortisAlberta and FortisBC each expanding its program to two additional areas in 2026 • Wildfire mitigation plans developed at all Fortis utilities and tailored to local risk levels • Advan
Slide 13: Focused on Affordability
FOCUSED ON AFFORDABILITY 13 Affordability Initiatives ITC Midwest Load Growth Driven by Interconnections • Network transmission rates for ITC Midwest's customers are expected to be reduced by ~20% by the end of the decade from the 2026 projected rate resulting from data center load expected to come
Slide 14: Strong Liquidity
14 STRONG LIQUIDITY $3.7B $4.1B $2.1B $1.8B December 31, 2025 June 30, 2026 Unutilized Utilized Credit Facilities $5.8B $5.9B • Raised $2.1B in long - term debt through YTD June 2026 mainly to refinance maturing debt and fund capital expenditures • Credit facilities used primarily to bridge financin
Slide 15: Balanced Approach to Funding
BALANCED APPROACH TO FUNDING (1) Non - U.S. GAAP financial measure . Reflects cash from operating activities net of dividends and including customer contributions. (2) Net debt reflects regulated and non - regulated debt issuances, net of repayments. (3) Reflects common shares issued under the Corpo
Slide 16: Dividend Track Record
16 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 4 - 6% Annual Dividend Growth Guidance through 2030 52 Years of Consecutive Increases in Dividends Paid DIVIDEND TRACK RECORD
Slide 17: Conclusion
17 • Funding plan supports capital investments • Strong liquidity • Manageable debt maturities • Credit - enhancing initiatives • Improving financial metrics • Strong track r ecord of execution Business Risk Profile • Diversified, low - risk regulatory utility portfolio • 100% regulated utility asse
Slide 18: Appendix
APPENDIX FORTIS... (eng
Slide 19: Table of Contents
TABLE OF CONTENTS 20 - 25 Subsidiary Overviews 26 2026 - 2030 Capital Plan by Business Unit 27 Major Capital Projects 28 2025 - 2030 Rate Base by Business Unit 29 Long - Term Debt Maturities 30 Preference Shares 32 Our Sustainability Strategy 33 Glossary 19
Slide 20: ITC Overview
20 ITC OVERVIEW FERC REGULATED ELECTRIC TRANSMISSION UTILITY Note: Data as of December 31, 2025, unless otherwise noted 26,000 km Lines of transmission 900 dedicated employees Assets in 8 U.S. States Michigan and Iowa key states FERC Rate Regulated Cost - based, forward - looking formula rates with
Slide 21: UNS Energy Overview
UNS ENERGY OVERVIEW VERTICALLY INTEGRATED ELECTRIC AND GAS UTILITY 21 738,000 electric and gas customers 2,100 dedicated employees 9.55% Allowed ROE on 54.32% Equity (1) 3,443 MW Generating Capacity $8.9 billion 2026F rate base 23,400 km of electric T&D lines 5,200 km of natural gas T&D lines ACC &
Slide 22: Central Hudson Overview
CENTRAL HUDSON OVERVIEW ELECTRIC AND GAS T&D UTILITY 22 Note: Data as of December 31, 2025 unless otherwise noted 315,000 electric customers 1,300 dedicated employees 90,000 natural gas customers $4.0 billion 2026F rate base 15,400 km of electric T&D lines 2,400 km of natural gas T&D lines 48% Equit
Slide 23: FortisBC Overview
23 FORTISBC OVERVIEW GAS LDC AND INTEGRATED ELECTRIC UTILITY 1.1 million natural gas customers $8.7 billion 2026F rate base 51,700 km of natural gas T&D lines 7,400 km of electric T&D lines BCUC Regulated Cost of service with incentive mechanisms 199,000 electric customers 2,800 dedicated employees
Slide 24: FortisAlberta Overview
FORTISALBERTA OVERVIEW ELECTRIC DISTRIBUTION UTILITY 1,300 dedicated employees 2,749 MW peak demand $4.8 billion 2026F rate base 91,100 km distribution lines 615,000 customers 85% of revenue derived from fixed - billing determinants AUC Regulated performance - based rate - setting (PBR) 37% Equity R
Slide 25: Other Electric Overview
OTHER ELECTRIC OVERVIEW ELECTRIC T&D UTILITIES 1,400 dedicated employees $3.7 billion 2026F rate base 23,200 km of electric T&D lines 477,000 customers Cost of Service regulation with future test year Note: Data as of December 31, 2025 unless otherwise noted (1) Includes Newfoundland Power, Maritime
Slide 26: 2026-2030 Forecasted Capital Plan by Business Unit
26 2026 - 2030 FORECASTED CAPITAL PLAN BY BUSINESS UNIT Capital Plan (1) 2026 - 2030 TOTAL 2030F 2029F 2028F 2027F 2026F ($MILLIONS) Independent Electric Transmission 9,843 1,980 2,083 2,008 1,898 1,874 ITC U.S. Electric & Gas 5,631 983 1,413 940 1,014 1,281 UNS Energy 2,537 573 551 509 438 466 Cent
Slide 27: Major Capital Projects
27 MAJOR CAPITAL PROJECTS Note: Projects, other than ongoing maintenance projects, individually costing $200M or more in the forecast/planning period. See “forward looking information” above. Major Capital Projects 21% Base Utility Capex (Smaller Projects) 79% $28.8B Capital Plan 2026 - 2030 (1) Inc
Slide 28: 2025-2030 Forecasted Rate Base by Business Unit
28 2025 - 2030 FORECASTED RATE BASE BY BUSINESS UNIT Rate Base 5 - YEAR CAGR TO 2030 2030F 2029F 2028F 2027F 2026F 2025A ($BILLIONS) Independent Electric Transmission 8.1% 19.8 18.4 17.1 15.9 14.6 13.9 ITC (1) U.S. Electric & Gas 7.2% 11.5 11.0 10.2 9.6 8.9 8.4 UNS Energy 6.6% 5.0 4.7 4.4 4.2 4.0 3.
Slide 29: Long-Term Debt Maturities
29 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F Regulated Utilities ITC Holdings Fortis Inc. billions 10 - Year Debt Maturities (1) Includes $750M hybrid subordinated notes due 2055, shown in 2030 to reflect the first rate reset date. Note: U.S. dollar -
Slide 30: Preference Shares
30 Fixed & Floating Rate Reset Schedule Series G $230M 5YR GoC + 2.13% September 1, 2028 Series K $250M 5YR GoC + 2.05% March 1, 2029 Series M $600M 5YR GoC + 2.48% December 1, 2029 Series H $198M 5YR GoC + 1.45% June 1, 2030 Perpetual Fixed Rate Series F $125M 4.90% fixed Series J $200M 4.75% fixed
Slide 31: Our Sustainability Strategy
31 OUR SUSTAINABILITY STRATEGY GROUNDED IN BUSINESS FUNDAMENTALS SUSTAINABILITY PRIORITIES Integrating climate risk with business planning Reducing emissions and delivering cleaner energy Strengthening governance foundations and partnering with local communities 2026 Climate Resiliency Report • Util
Slide 32: Glossary
GLOSSARY 32 Arizona Corporation Commission ACC artificial intelligence AI advanced metering infrastructure AMI annual rate adjustment mechanism ARAM at - the - market equity program ATM Alberta Utilities Commission AUC British Columbia Utilities Commission BCUC Board of Directors of the Corporation