Hydro One Limited · TSX:H
Hydro One — Debt Investor Presentation (February 2026)
20 slides from Hydro One's debt investor presentation, February 2026
Slide 1: Fixed Income Investor Overview
Fixed Income Investor Overview Post Fourth Quarter 2025
Slide 2: 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 3: Credit Highlights
Credit Highlights
Slide 4: Hydro One Credit Highlights
Hydro One Credit Highlights A large scale regulated electric transmission and distribution utility • One of the largest electric utilities in North America with significant scale; largest transmitter and distributor across Ontario - Canada’s most populated province • Accounts for ~91% of Ontario’s t
Slide 5: Business Overview
hyd 'Qhe Business Overview
Slide 6: A look at the organization
A look at the organization Province of Ontario Public Shareholders S&P: AA-, Moody’s: Aa3 47.1% 52.9% Hydro One Limited S&P: A- HOL Debt Outstanding (1): $425M CAD 100% 100% Hydro One Inc. Hydro One Holdings S&P: A, Moody’s: A3 Debt Outstanding (1): $18.6B CAD Limited 100% Hydro One Networks Inc. (1
Slide 7: Rate regulated business
Rate regulated business1 Hydro One’s regulated business operates under a 5-year rate regulated Custom Incentive Rate Making Framework. Committed to energizing life for people and communities and helping Ontarians live a better and brighter future 2025 Revenues, Net of Purchased Power2 2025 Rate Base
Slide 8: Comparing Regulatory Jurisdictions
Comparing Regulatory Jurisdictions “We concluded our review on Ontario’s regulatory environment, including the Ontario Energy Board (OEB), and left our assessment unchanged at most credit supportive.”1 -S&P Global Ratings North American Utility Regulatory Jurisdictions Update, March 11, 2024 1 The a
Slide 9: Constructive rate regulator
Constructive rate regulator Ontario Energy Board (OEB) is a consistent, independent regulator with a transparent rate-setting process • Formulaic Return on Equity (ROE) • Deemed debt / equity ratio of 60% / 40% for both transmission and distribution segments through 2027 • Reduced regulatory lag thr
Slide 10: Expected Low Wildfire Risk in Ontario
Expected Low Wildfire Risk in Ontario Due to Topography, Population and Asset Density of Operating Area • Current Regulatory Recovery Mechanism for Environmental Damages • Assets damaged from wildfires would receive the same treatment as those damaged by storms • Track record of regulatory support f
Slide 11: Capital Plan and Balance Sheet
Capital Plan and Balance Sheet
Slide 12: 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 $32.1 billion in 2027 • Organic gro
Slide 13: Significant portfolio of transmission lines driving rate base growth
Significant portfolio of transmission lines driving rate base growth Length Estimated Anticipated Project Name Location Type (KM) Cost ($M) In-service Date St. Clair Transmission Line1 Southwestern Ontario 230 kV 64 472 2027 Waasigan Transmission Line1 Northwestern Ontario 230 kV 360 1,200 2027 Well
Slide 14: Broad portfolio of transmission lines driving rate base growth
Broad portfolio of transmission lines driving rate base growth Last updated February 12, 2026 Hydro One Fixed Income Investor Overview • 14
Slide 15: First Nations Equity Partnership Model
First Nations Equity Partnership Model Through Hydro One’s First Nation equity partnership model, First Nations have the opportunity to invest in a 50% equity stake in the transmission line component of all new large-scale capital transmission line projects with a value exceeding $100 million Hydro
Slide 16: Strong balance sheet and liquidity
Strong balance sheet and liquidity Investment grade balance sheet with one of lowest debt costs in utility sector Significant available liquidity ($M) Strong investment grade debt ratings (long-term/short-term/outlook) Shelf registrations As of December 31, 2025 250 Hydro One Limited (HOL) Hydro One
Slide 17: Financial Policy and Credit Metrics
Financial Policy and Credit Metrics Financial Policy Credit Metrics • Maintain annualized FFO to Net Debt HOI metrics above 11%1 % Hydro One Inc. FFO to Net Debt Ratio • Maintain strong liquidity with sources > 1x uses 17.0% 16.0% • Well dispersed maturity ladder with less than 10% of 15.0% total ou
Slide 18: Sustainability
Sustainability
Slide 19: Sustainability at Hydro One
Target: 30% female executives Target: 50% by 2025, 100% Target: net-zero by 2050, 30% & board 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 or hybri
Slide 20: Contact
Contact Kevin Dickinson Acting Treasurer Kevin.Dickinson@hydroone.com
Hydro One — Debt Investor Presentation (February 2026) on 6ix