Slide 1: Q1 2026 Earnings Conference Call
Q1 2026 EARNINGS CONFERENCE CALL May 6, 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: Q1 2026 Business Update
Q1 2026 BUSINESS UPDATE Delivered Safe Capital Expenditures & Reliable Service of $1.4B in Q1 2026 Constructive Regulatory Q1 2026 EPS of $0.99 Outcome in Arizona 4
Slide 5: Annual Capital Plan of $5.6B On Track
ANNUAL CAPITAL PLAN OF $5.6B ON TRACK Major Capital Projects Progressing ✓ ITC completed the substation at the Big Cedar ✓ In March 2026, the ACC approved an amendment to the Industrial Center to support 300 MW of load growth Springerville Generating Station's Certificate of for the first data cente
Slide 6: Focused on Affordability
FOCUSED ON AFFORDABILITY Affordability Initiatives Affordability Spotlight • Preventative maintenance and innovative practices to reduce costs ▪ Grid-enhancing technologies ▪ Using AI for vegetation management inspections • Prioritization of capital investment based on operational needs and associat
Slide 7: 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% 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% LNG / Renewable Gas Other (1) 2025A 2030F 5% 11% In
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 Load Growth (e.g., data centers and • Future MISO LRTP/
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: First Quarter Results
FIRST QUARTER RESULTS Q1 2026 EPS reflects $0.02 Net Earnings Q1 2026 EPS Drivers dilution associated with the 2025 dispositions(1) $0.02 ($0.02) $0.04 ($0.01) ($0.03) $501M ($0.01) $499M $1.00 $0.99 Q1 2025 Q1 2026 Q1 2025 Western U.S. U.S. Corporate & Foreign Weighted Q1 2026 (4) Basic EPS Canadia
Slide 11: Liquidity, Funding & Credit Ratings
LIQUIDITY, FUNDING & CREDIT RATINGS Raised $800M in Balanced Approach Credit Ratings Long-Term Debt in Q1 2026 To Funding Growth & Outlooks ✓ In April 2026, ITC Holdings issued Cash from (1) US$500M 5-year debt at 4.88% and Operations US$400M 10-year debt at 5.50% to 59% A-(4) BBB+ A (low) repay mat
Slide 12: Recent Regulatory Activity
RECENT REGULATORY ACTIVITY UNS Gas TEP General Rate Application General Rate Application • In February 2026, the ACC issued an order approving • In June 2025, TEP filed a general rate application an allowed ROE of 9.61% and a 56% common equity with the ACC requesting new rates effective component of
Slide 13: Why Invest in Fortis
WHY INVEST IN FORTIS SUSTAINABLE GROWTH LOW-RISK FOCUSED ON EXECUTING SAFE, WELL-RUN UTILITIES Strong Robust Transparent Regulatory Constructive Strong Rate Base Transmission Funding & Geographic Regulatory Governance Growth Pipeline Plan Diversity Relationships Investments to 4-6% Investment-Grade
Slide 14: Expected Earnings Release Dates
Expected Earnings Release Dates Q2 2026 – July 31, 2026
Slide 15: Appendix
APPENDIX FORTIS...
Slide 16: Non-U.S. GAAP Reconciliation
NON-U.S. GAAP RECONCILIATION ($MILLIONS) Q1 2026 Q1 2025 VARIANCE Capital Expenditures Additions to property, plant and equipment 1,503 1,483 20 Additions to intangible assets 45 60 (15) Adjusting item: Eagle Mountain Pipeline Project(1) (186) (123) (63) Capital Expenditures 1,362 1,420 (58) (1) Rep
Slide 17: First Quarter Results by Segment
FIRST QUARTER RESULTS BY SEGMENT First Quarter Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES Q1 2026 Q1 2025 VARIANCE AND EPS) Independent Electric Transmission ITC 153 150 3 U.S. Electric & Gas UNS Energy 51 81 (30) Central Hudson 79 65 14 130 146 (16) Canad
Slide 18: 2026-2030 Capital Plan by Business Unit
2026-2030 CAPITAL PLAN BY BUSINESS UNIT Capital Plan 2026-2030 ($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 19: 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 $28.8B UNS Energy TEP Transmission Project - 608 2029 Springerville Natur
Slide 20: 2025-2030 Rate Base by Business Unit
2025-2030 RATE BASE BY BUSINESS UNIT Rate Base 5-YEAR CAGR TO ($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 21: 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 22: 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 23: 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 24: Q1 2026 Sales Trends
Q1 2026 SALES TRENDS CHANGE IN Q1 2026 vs. Q1 2025 ENERGY SALES SALES TRENDS N/A • Peak load flat • Higher average consumption by industrial customers, driven by customer (1) additions and increased usage from large load customers, partially offset by +1% lower average consumption by residential and
Slide 25: 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 Maturing (2) Non-Regulated Regulated Debt Refinanced YTD (1) Note: U.S. dollar-denominated debt translated at March 31, 2026 USD:CAD closin
Slide 26: 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 27: Glossary
GLOSSARY FortisTCI Limited, an indirect wholly owned subsidiary of Fortis, together with its subsidiary, sold ACC Arizona Corporation Commission FortisTCI on September 2, 2025 AI Artificial Intelligence AMI Advanced Metering Infrastructure foreign exchange associated with the translation of U.S. dol