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INVESTOR PRESENTATION Q1 2026
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FORWARD LOOKING INFORMATION 2 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-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would, and the negative of these terms, and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: forecast Capital Expenditures for 2026-2030; forecast Rate Base for 2026 and 2030 and forecast five-year Rate Base CAGR on a consolidated basis; annual dividend growth guidance through 2030; expected nature, timing and benefits of additional opportunities to expand and extend growth beyond the Capital Plan, including ITC's investments associated with customer connections and the MISO LRTP, UNS Energy's investments associated with transmission, retail load growth and integrated resource plans, and FortisBC's investments associated with Tilbury LNG storage expansion, regional transmission, and customer and load growth investments; potential load growth at UNS Energy associated with potential data centers; expected sources of funding for the 2026-2030 Capital Plan, including the sources of common equity; the expectation to average 12.4% for the S&P FFO to debt metric and average 5.9x for the Fitch FFO leverage metric through 2030; the nature, timing, benefits and impacts of the planned conversion of coal-fired generating units at TEP's Springerville Generating Station to natural gas generation; the expectation of having a coal-free generation mix by 2032; the 2050 GHG emissions net-zero target; the expectation that the Corporation will be reviewing its decarbonization strategy in 2026; the potential establishment of new interim emissions targets; expected timing and contents of the filing of TEP's new integrated resource plan; forecast Capital Expenditures for 2026-2030 by business unit; the nature, timing, benefits and costs of certain Major Capital Projects, including ITC's investments associated with MISO LRTP Tranches 1 and 2.1 and Big Cedar Load Expansion, TEP Transmission Project, Springerville Natural Gas Conversion, Black Mountain Gas Generation, Vail-to-Tortolita Transmission Project, Tilbury LNG Storage Expansion, AMI Project, Tilbury 1B Project and Eagle Mountain Pipeline Project; forecast Rate Base for 2026-2030 and forecast five-year Rate Base CAGR to 2030 by business unit; expected timing, outcome and impact of legal and regulatory proceedings; and forecast debt maturities for 2026-2035. Forward-looking information involves significant risks, uncertainties, and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information including, without limitation: the successful execution of the Capital Plan; no material capital project or financing cost overrun; sufficient human resources to deliver service and execute the Capital Plan; the realization of additional opportunities beyond the Capital Plan; no significant variability in interest rates; no material changes in the assumed U.S. dollar-to-Canadian dollar exchange rate; the Board exercising its discretion to declare dividends, taking into account the financial performance and condition of the Corporation; reasonable legal and regulatory decisions and the expectation of regulatory stability; no significant operational disruptions or environmental liability or upset; the continued ability to maintain the performance of the electricity and gas systems; no severe and prolonged economic downturn; sufficient liquidity and capital resources; the ability to hedge exposures to fluctuations in foreign exchange rates, natural gas prices and electricity prices; the continued availability of natural gas, fuel, coal and electricity supply; continuation of power supply and capacity purchase contracts; no significant changes in government energy policies, environmental laws and regulations that could have a material negative impact; maintenance of adequate insurance coverage; the ability to obtain and maintain licenses and permits; retention of existing service areas; no significant changes in tax laws and the continued tax deferred treatment of earnings from the Corporation's foreign operations; continued maintenance of information technology infrastructure and no material breach of cybersecurity; continued favourable relations with Indigenous Peoples; and favourable labour relations. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by the Corporation with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information herein is given as of the date of this presentation. Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Unless otherwise specified, all financial information is in Canadian dollars and rate base refers to midyear rate base. Note: U.S. dollar-denominated five-year Capital Plan and forecast rate base converted at a forecast USD:CAD foreign exchange rate of 1.35 for 2026-2030.
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FORTIS AT A GLANCE 9 regulated utilities in Canada, U.S., and Caribbean 3.5 million electricity and gas customers 100% regulated utility assets $44.7 billion 2026F rate base 95% transmission and distribution assets $5.6 billion 2026F capital expenditures 9,900 dedicated employees 10.8% average annual(1) 10-year total shareholder return TSX/NYSE: FTS OUR VISION & STRATEGY: A Premium North American Utility Delivering a Cleaner Energy Future (1) As of December 31, 2025. 3
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Provision of Safe & Reliable Service Good Governance Fortis Ranked #1 of 206 S&P/TSX companies in The Globe & Mail 2025 Board Games • Utilities operate within the parameters of common policies and best practices • Local business model with subsidiary boards comprised of a majority independent local directors, providing effective independent oversight and administration of their governance and operations Priority #1 OUR COMMON GROUND • Operational Excellence • Financial Strength • Diversified Regulated Portfolio • Local Business Model • Strong Governance Sustainable Growth • Health and safety of our employees, customers and contractors • Doing whatever it takes to ensure safe and reliable service to our 3.5M customers • Consistently outperforming industry averages in both Canada and the U.S. Focused on Execution 4
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2021 2022 2023 2024 2025 CONTINUED FOCUS ON SAFE, RELIABLE & AFFORDABLE SERVICE 5 (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 Electricity Customer Outage Duration (Hours) Fortis(2) Electricity Canada and U.S. Energy Information Administration Average All-Injury Frequency Rate(1) Fortis USA Bureau of Labor Statistics (2021-2024 Average) Electricity Canada (2021-2024 Average) 1.30 Affordability Initiatives • Preventative maintenance and innovative practices to reduce costs ▪ Grid-enhancing technologies ▪ Using AI for vegetation management and inspections • Prioritization of capital investment based on operational needs and associated rate impact • Utilization of available tax credits • Energy transition investments generating fuel savings • Implementation of efficiency programs • Relationships with partners to maximize value for customers • Rate design and providing low-income and bill assistance programs to customers where available
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6 Capital Expenditures Rate Base Growth Dividend Growth 4% 7% 5-Year CAGR 4-6% Annual Dividend Growth Guidance Extended to 2030 2026-2030 Capital Plan Continued Focus on Customer Affordability $28.8B 50 bps$2.8B Over Prior Capital Plan Over Prior Plan Increase in Q4 2025 Dividend FIVE-YEAR PLAN AT A GLANCE CAPITAL PLAN DRIVEN BY TRANSMISSION INVESTMENTS
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HIGHLY EXECUTABLE FIVE-YEAR CAPITAL PLAN SUPPORTS LOW-RISK RATE BASE GROWTH OF 7% 7 Capital Plan • 100% Regulated Capital • 21% Major Capital Projects • 63% U.S., 35% Canada, 2% Caribbean 7 2025A 2030F Independent Electric Transmission (ITC) U.S. Electric & Gas Canadian & Caribbean Electric & Gas Transmission 46% Distribution 31% Generation 7% Renewable Gas/LNG 5% Other (1) 11% Capital Plan By Asset Type 5-Year Capital Plan $28.8B 2026-2030 (1) Largely related to information technology and facility investments. Consolidated Rate Base ↑ $16B or 7% CAGR $42.4B $57.9B Note: Reflects a USD:CAD exchange rate of 1.35 for the 2026-2030 Capital Plan. U.S. dollar-denominated rate base converted at a USD:CAD foreign exchange rate of 1.40 for 2025 and 1.35 for 2026-2030. CAGR is calculated on a constant foreign exchange rate basis.
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ABOVE AND BEYOND THE PLAN 8 2026-2030 Opportunities to Expand Growth ITC • Customer Connections UNS Energy • TEP Retail Load Growth (e.g., data centers and other large load customers) FortisBC • Tilbury LNG Storage Expansion Upside • Tilbury LNG Expansion 2031-2035 Opportunities to Extend Growth ITC • LRTP Tranche 2.1 • LRTP Tranche 2.1 Competitively Bid Projects • Customer Connections • Future MISO LRTP Projects UNS Energy • Additional Retail Load Growth • Integrated Resource Plan Investments • Transmission Investments FortisBC • Tilbury LNG Expansion • Regional Transmission • Customer & Load Growth Investments
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Balanced Approach To Funding Growth LIQUIDITY & FUNDING 9 (1) In September 2025, the Corporation fully repaid its unsecured US$250M non-revolving term credit facility. (2) Non-U.S. GAAP financial measure. Reflects cash from operating activities net of dividends and including customer contributions. (3) Reflects common shares issued under the Corporation’s dividend reinvestment and employee share purchase plans. $500M ATM available for flexibility as needed. (4) Net debt reflects regulated and non-regulated debt issuances, net of repayments. Raised $2.7B in Long-Term Debt in 2025 Cash from Operations 59% Equity 11% Net Debt 30% 5-Year Capital Plan $28.8B 2026-2030 (2) (4) $3.9B $3.7B $2.4B $2.1B Dec. 31, 2024 Dec. 31, 2025 Unutilized Utilized $6.3B $5.8B(1) Credit Facilities (3)
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6.2x 5.9x 2025 2026-2030F Avg. 11.6% 12.4% 2025 2026-2030F Avg. S&P FFO/Debt Credit Ratings & Outlooks INVESTMENT-GRADE CREDIT RATINGS 10 (1) On a constant foreign exchange basis with year-end U.S. dollar-denominated debt adjusted to reflect the average annual foreign exchange rate, S&P FFO/Debt metric and Fitch FFO Leverage were 11.5% and 6.3x, respectively. (2) S&P rating reflects the issuer credit rating. Fortis’ unsecured debt rating is BBB+. A-(2) BBB+ A (low) StableStable Stable Fitch FFO Leverage >12.0% <6.2x Key Credit Strengths Strong business risk profile Geographic and regulatory diversity 100% regulated – stable and predictable cash flows Constructive regulatory frameworks (1) (1) Rating Agency Threshold
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RECENT REGULATORY ACTIVITY 11 TEP General Rate Application UNS Gas General Rate Application • In June 2025, TEP filed a general rate application with the ACC requesting new rates effective September 1, 2026 • The application includes a proposal to phase-out or eliminate certain adjustor mechanisms and requests an annual formulaic rate adjustment mechanism • In February 2026, ACC Staff filed testimony recommending an allowed ROE at 9.75% and a 55% common equity component of capital structure • ACC Staff rate design testimony including the formula, will be filed in Q1 2026 and hearings are expected to commence in Q2 2026 • In January 2026, an ACC ALJ issued a ROO, recommending an allowed ROE at 9.57% and a 56% common equity component of capital structure • The ALJ also supported an annual formulaic rate adjustment mechanism, however, the ROO included a range of +/- 40 bps around the allowed return and other modifications to the formula • UNS Gas filed exceptions to the ROO and the application remains subject to ACC approval which is anticipated in Q1 2026
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THREE-YEAR LOOKBACK 12 $2.78 $3.09 $3.28 $3.53 78.1% 73.9% 72.7% 70.4% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% 0 0.5 1 1.5 2 2.5 3 3.5 4 2022 2023 2024 2025 Note: Adjusted EPS and Adjusted Dividend Payout Ratio are Non-U.S. GAAP financial measures. Adjusted Dividend Payout Ratio calculated using annual dividends paid per common share divided by annual Adjusted EPS. Refer to the 2025 Annual MD&A for the Non-U.S. GAAP reconciliation. (1) 2022-2025 CAGR for rate base and adjusted EPS calculated based on a constant foreign exchange rate. Rate base CAGR adjusted for disposition of FortisTCI. $34.1B $37.0B $39.0B $42.4B 2022 2023 2024 2025 Rate Base Adjusted EPS & Adjusted Dividend Payout Ratio Adjusted Dividend Payout RatioAdjusted EPS
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13 Average Annual Total Shareholder Returns 1-Year 23.9% 5-Year 10.7% 10-Year 10.8% 20-Year 9.5% Note: Cumulative and average annual total shareholder returns reflect period ended December 31, 2025. Cumulative 20-Year Total Shareholder Return TOTAL SHAREHOLDER RETURNS S&P/TSX Composite Index S&P/TSX Capped Utilities Index Fortis 2005 2010 2015 2020 2025 13 517% 309% 406%
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DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY 14 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 4% Dividend Increase in 2025
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WHY INVEST IN FORTIS? 15 Sustainable Growth Low Risk • Strong Rate Base Growth • Robust Transmission Pipeline • Transparent Funding Plan • Investments to Strengthen Resiliency • 4-6% Annual Dividend Growth • Investment-Grade Credit Ratings • Strong Governance • Regulatory & Geographic Diversity • Constructive Regulatory Relationships • Local Business Model • 100% Regulated Utilities • Primarily Transmission & Distribution Assets Focused on Executing and Providing Safe, Reliable & Affordable Service
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Appendix
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TABLE OF CONTENTS ITC Holdings 18-19 UNS Energy 20-22 Central Hudson 23-24 FortisBC 25-26 FortisAlberta 27-28 Other Electric 29-30 2026-2030 Capital Plan by Business Unit 31 Major Capital Projects 32 2025-2030 Rate Base by Business Unit 33 Sensitivity Exposure & Hedging 34 Other Ongoing Regulatory Proceedings 35 Our Sustainability Strategy 36 2025 Sales Trends 37 Long-Term Debt Maturities 38 Strong Investment-Grade Credit Ratings 39 Glossary 40 17
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18 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 annual true-up Fortis owns 80.1% Interest in ITC 10.73-11.41% Allowed ROE on 60% Equity MISO and SPP , respectively 23,502 MW Peak demand $14.6 billion 2026F rate base
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ITC CAPITAL INVESTMENT OVERVIEW 19 Note: U.S. dollar-denominated capital expenditures converted at a forecast USD:CAD foreign exchange rate of 1.35. $2.3B New Interconnections Supports economic development, load interconnection requests and changes in generation sources $4.4B Infrastructure Investments Rebuild, reliability, resiliency, system efficiencies, increased capacity, circuit overloads, pocket load growth $2.8B Major Capital Projects LRTP Tranches 1 & 2.1 and Big Cedar Load Expansion $300M Grid Security Physical and cyber hardening along with technology upgrades Infrastructure Investments New Interconnections Major Capital Projects Grid Security $9.8B Capital Plan 2026-2030
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UNS ENERGY OVERVIEW VERTICALLY INTEGRATED ELECTRIC AND GAS UTILITY 20 738,000 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 & FERC Regulated Cost of service/historical test year & FERC formula transmission rates Note: Data as of December 31, 2025 unless otherwise noted (1) Reflects TEP’s current cost of capital parameters. UNS Electric has an allowed ROE of 9.75% on 53.72% equity and UNS Gas has an allowed ROE of 9.75% on 50.82% equity.
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UNS ENERGY CAPITAL INVESTMENT OVERVIEW 21 $1.4B Energy Resources Expected natural gas, renewables and energy storage investments to support rising capacity demands and exit from coal $1.6B Distribution Infrastructure Grid resiliency and modernization $1.9B Transmission Infrastructure Reliability and resiliency upgrades, increased capacity, Vail-to- Tortolita and new TEP Transmission Project $700M IT, General & Other Supports technology, efficiency and sustainment Energy Resources Distribution Infrastructure Transmission Infrastructure IT, General & Other $5.6B Capital Plan 2026-2030 Note: U.S. dollar-denominated capital expenditures converted at a forecast USD:CAD foreign exchange rate of 1.35.
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SPRINGERVILLE COAL-FIRED GENERATING UNITS TO BE CONVERTED TO NATURAL GAS 22 2017-2025 2026-2031 2022 170 MW 2030 793 MW 2031 110 MW Springerville Units #1 & 2 Four Corners 2019 168 MW 508 MW Completed Coal Retirements 2017 170 MW Committed to a Coal-Free Generation Mix by 2032 On TrackCoal-fired generation conversion to natural gas generation 903 MW Expected Coal Retirements San Juan Unit #1 NavajoSan Juan Unit #2 • TEP announced that it plans to convert 793 MW of coal-fired generation at the Springerville Generating Station to natural gas generation with similar capacity by 2030 • Springerville natural gas conversion will support customer affordability, local communities, reliability and delivery of cleaner energy • Committed to having a coal-free generation mix by 2032 and advancing towards net-zero emissions by 2050 • Fortis is reviewing its decarbonization strategy in 2026, including potentially establishing new interim emissions targets to replace its former targets. This work will be informed by resource planning across the Fortis utilities, and primarily at TEP which expects to file its next integrated resource plan before the end of the year. Overview
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CENTRAL HUDSON OVERVIEW ELECTRIC AND GAS T&D UTILITY 23 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% Equity Ratio 9.5% Allowed ROE New York State Public Service Commission Regulated Cost of service on future test year
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CENTRAL HUDSON CAPITAL INVESTMENT OVERVIEW 24 Note: U.S. dollar-denominated capital expenditures converted at a forecast USD:CAD foreign exchange rate of 1.35. (1) Transmission capital does not include equity investments associated with Central Hudson’s minority interest in New York Transco, including the Propel New York Energy Project. $1.6B Distribution Infrastructure Distribution automation and modernization $300M Transmission Infrastructure(1) Replacement of aging infrastructure $600M IT, General & Other Building the workforce of the future Distribution Infrastructure IT, General & Other Transmission Infrastructure $2.5B Capital Plan 2026-2030
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25 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 45% 41% 9.65% Allowed ROEs Gas Electric Note: Data as of December 31, 2025 unless otherwise noted Equity Ratios
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FORTISBC CAPITAL INVESTMENT OVERVIEW 26 Reliability & Integrity Investments IT, General & Other $4.9B Capital Plan 2026-2030 $1.3B LNG Projects & Renewable Gases Tilbury 1B Tilbury LNG Storage Expansion Eagle Mountain Pipeline Project Hydrogen and renewable natural gas LNG Projects & Renewable Gases LNG AMI Project $550M Advanced Metering Infrastructure Project $2.5B Reliability & Integrity Investments Ongoing maintenance and includes customer growth and general plant investments $550M IT, General & Other
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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 Ratio 9.02% Allowed ROE(1) Note: Data as of December 31, 2025 unless otherwise noted (1) Allowed ROE effective January 1, 2026. 27
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FORTISALBERTA CAPITAL INVESTMENT OVERVIEW Distribution Infrastructure IT, General & Other $700M IT, General & Other $2.8B Distribution Infrastructure Safety and reliability of distribution assets, meter upgrades, pole management program, modernization $3.5B Capital Plan 2026-2030 28
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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 Electric, FortisOntario, and Fortis’ approximate 60% interest in Caribbean Utilities. (2) Reflects weighted average allowed ROE and equity ratio for Newfoundland Power (8.60%/ 45%), Maritime Electric (9.35% / 40%) and FortisOntario (8.66%-9.30% / 40%). Caribbean Utilities earn a return on rate base. For 2025, Caribbean Utilities achieved ROE of 11.5%. Four regulated electric utilities(1) 42.9% Equity Ratio(2) 8.90% Allowed ROE(2) Equity investment In Wataynikaneyap Partnership 29
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OTHER ELECTRIC CAPITAL INVESTMENT OVERVIEW 30 IT, General & Other Generation Diversification Distribution Infrastructure $1.1B Distribution Infrastructure Transmission Infrastructure $500M Generation Diversification $500M Transmission Infrastructure $300M IT, General & Other $2.4B Capital Plan 2026-2030 Note: U.S. dollar-denominated capital expenditures converted at a forecast USD:CAD foreign exchange rate of 1.35.
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2026-2030 CAPITAL PLAN BY BUSINESS UNIT 31 Capital Plan ($MILLIONS) 2026F 2027F 2028F 2029F 2030F 2026-2030 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. Electric & Gas 1,747 1,452 1,449 1,964 1,556 8,168 Canadian & Caribbean Electric & Gas FortisBC Energy 712 1,134 753 637 580 3,816 FortisAlberta 614 665 716 763 721 3,479 FortisBC Electric 207 244 227 230 220 1,128 Other Electric 462 475 506 528 433 2,404 Total Canadian & Caribbean Electric & Gas 1,995 2,518 2,202 2,158 1,954 10,827 Total Capital Plan 5,616 5,868 5,659 6,205 5,490 28,838 Note: U.S. dollar-denominated capital expenditures converted at a USD:CAD foreign exchange rate of 1.35.
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MAJOR CAPITAL PROJECTS 32 Note: Projects, other than ongoing maintenance projects, individually costing $200M or more in the forecast/planning period. Major Capital Projects 21% Base Utility Capex (Smaller Projects) 79% $28.8B Capital Plan 2026-2030 (1) Includes capital expenditures of US$1.3B for Tranche 1 for the forecast period 2026-2030. (2) Includes capital expenditures of US$400M for Tranche 2.1 for the forecast period 2026-2030. US$3.3B – US$3.8B expected beyond 2030 and excludes projects subject to a competitive bidding process. (3) Net of customer contributions. ($ Millions) 2025A 2026- 2030F Expected Completion Date ITC MISO LRTP Tranche 1(1) 173 1,812 2030 MISO LRTP Tranche 2.1(2) 8 529 Post-2030 Big Cedar Load Expansion 172 394 2028 UNS Energy TEP Transmission Project - 608 2029 Springerville Natural-Gas Conversion - 238 2030 Black Mountain Gas Generation 58 339 2028 Vail-to-Tortolita Transmission Project 144 147 2027 FortisBC Energy Tilbury LNG Storage Expansion 5 627 Post-2030 AMI Project 136 570 2028 Tilbury 1B Project 12 342 2030 Eagle Mountain Pipeline Project(3) 14 274 2027
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2025-2030 RATE BASE BY BUSINESS UNIT 33 Rate Base ($BILLIONS) 2025A 2026F 2027F 2028F 2029F 2030F 5-YEAR CAGR TO 2030 Independent Electric Transmission ITC (1) 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% Total U.S. Electric & Gas 12.1 12.9 13.8 14.6 15.7 16.5 7.0% Canadian & Caribbean Electric & Gas FortisBC Energy 6.5 6.8 7.4 8.2 8.4 8.8 6.4% FortisAlberta 4.7 4.8 5.1 5.4 5.7 5.9 4.9% FortisBC Electric 1.8 1.9 2.0 2.1 2.2 2.3 5.3% Other Electric 3.4 3.7 3.9 4.2 4.4 4.6 6.2% Total Canadian & Caribbean Electric & Gas 16.4 17.2 18.4 19.9 20.7 21.6 5.8% Total Rate Base Forecast 42.4 44.7 48.1 51.6 54.8 57.9 7.0% Note: U.S. dollar-denominated rate base converted at a USD:CAD foreign exchange rate of 1.40 for 2025 and 1.35 for 2026-2030. CAGR is calculated on a constant foreign exchange rate basis. (1) Fortis has an 80.1% controlling ownership interest in ITC; rate base represents 100% ownership.
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34 SENSITIVITY EXPOSURE & HEDGING (1) Non-U.S. GAAP financial measure for year ended December 31, 2025. Excludes Net Expenses of Corporate and Other segment. (2) As of December 31, 2025, the contracts had a combined notional value of US$448M. (3) As of December 31, 2025, the contracts had a combined notional value of US$755M. Foreign Exchange ROE & Equity Ratio ROE +/- 25 bps Equity +/- 100 bps ITC $0.040 $0.035 UNS Energy $0.025 $0.020 FortisBC $0.020 $0.020 Central Hudson $0.010 $0.010 FortisAlberta $0.010 $0.010 • Assumed USD:CAD FX rate of 1.35 for 2026-2030 Capital Plan • 65% of regulated earnings(1)/ 65% of capital plan in USD at U.S. & Caribbean Utilities • +/- $0.05 change in USD:CAD ▪ Five-year capital plan: $700M ▪ EPS: $0.05, inclusive of hedging activities Hedging Activities • FX contracts (primarily forwards and collars)(2) • US$1.5B in U.S. dollar-denominated debt outstanding at Fortis Inc. as a natural hedge • US$400M cross-currency interest rate swaps • Interest rate swap contracts at ITC(3)
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OTHER ONGOING REGULATORY PROCEEDINGS 35 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 PBR Term Decision In 2023, the AUC issued a decision establishing the parameters for the third PBR term for 2024-2028; FortisAlberta sought permission to appeal the decision to the Court of Appeal on the basis that the AUC erred in its decision to determine capital funding using 2018-2022 historical capital investments without consideration for funding of new capital programs included in the company's 2023 COS revenue requirement as approved by the AUC; in March 2025, the Court of Appeal granted FortisAlberta permission to appeal, which was heard in January 2026 and a decision is expected in Q3 2026
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36 SUSTAINABILITY PRIORITIES OUR SUSTAINABILITY STRATEGY GROUNDED IN BUSINESS FUNDAMENTALS Integrating climate risk with business planning Reducing emissions and delivering cleaner energy Strengthening governance foundations and partnering with local communities NEW – 2026 Climate Resiliency Report • Utilities completed enhanced, location-specific climate risk and vulnerability assessments grounded in climate scenario analysis and external expertise • Climate hazards are now mapped by geography and asset category, identifying areas of higher and lower exposure and risk level across Fortis utilities • The analysis includes more assets, providing deeper insights to support capital planning and resiliency investments • Expanded information on climate resiliency and mitigation actions • Achieved a 38% reduction in scope 1 emissions (2019-2025) • Committed to a coal-free generation mix by 2032 • Advancing towards net-zero emissions by 2050 • The GHG intensity of delivered energy has consistently decreased over the last number of years (2020-2024) • A governance model grounded in local leadership and independence • Executive compensation linked to climate and sustainability initiatives • 50% of Fortis board members are women; 2 of 12 identify as a visible minority • Partnered with First Nations communities in northern Ontario to connect 17 remote communities to the power grid • $14M of community investment in 2025 and $60M over the last five years • $320M on energy efficiency customer programs in 2025 – the highest spending level ever
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37 2025 SALES TRENDS (1) Excludes wholesale sales at UNS Energy. Other Electric CHANGE IN RETAIL ENERGY SALES 2025 vs. 2024 SALES TRENDS N/A • Peak load up 2% primarily due to warmer weather -1% • Residential sales down 3% mainly due to milder weather; C&I sales flat; Absent weather impacts, retail sales up 1% +1% • Residential sales up 4% mainly due to colder weather; C&I sales down 2% due to lower average consumption by industrial customers -1% • Decrease in gas sales due lower average consumption by transportation and residential customers, partially offset by higher average consumption by industrial customers; decrease in residential gas sales mainly due to milder weather in Q4 2025 +3% • Increase in electricity sales due to higher average consumption by C&I customers, partially offset by lower average consumption by residential customers due to milder weather in H2 2025 +1% • Residential sales up 1% mainly due to warmer weather in Q2 2025; C&I sales up 1% due to higher average consumption by industrial customers, reflecting activity in the energy sector, and customer additions - • Eastern Canadian residential and C&I sales each up 1%; Caribbean sales down due to the disposition of FortisTCI (1)
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LONG-TERM DEBT MATURITIES 38 $- $0.5 $1.0 $1.5 $2.0 $2.5 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F Non-Regulated Regulated billions 10-Year Debt Maturities (1) Includes non-regulated debt maturities at Fortis Inc. and ITC Holdings. (1) Note: U.S. dollar-denominated debt translated at December 31, 2025 USD:CAD closing foreign exchange rate of 1.37.
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STRONG INVESTMENT-GRADE CREDIT RATINGS (1) S&P credit ratings for Fortis Inc. and ITC Holdings Corp. reflect the issuer credit ratings. The unsecured debt rating for Fortis Inc. and ITC Holdings Corp. is BBB+. (2) In January 2026, Moody's withdrew its ratings for Fortis Inc. at the Corporation's request. The withdrawal does not impact the subsidiary 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 Newfoundland Power - A - A2 39
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GLOSSARY 40 ACC Arizona Corporation Commission AI Artificial Intelligence ALJ Administrative Law Judge AMI Advanced Metering Infrastructure ATM At-the-market equity program AUC Alberta Utilities Commission Avg. Average BCUC British Columbia Utilities Commission Board Board of Directors of the Corporation Bps Basis points C&I commercial and industrial Caribbean Utilities Caribbean Utilities Company, Ltd., an indirect approximately 60%-owned (as at December 31, 2025) subsidiary of Fortis, together with its subsidiary CAGR compound average growth rate of a particular item. CAGR = (EV/BV) 1-N -1, where: (i) EV is the ending value of the item; (ii) BV is the beginning value of the item; and (iii) N is the number of periods. Calculated on a constant U.S. dollar to Canadian dollar exchange rate Capital Expenditures/Capex cash outlay for additions to property, plant and equipment and intangible assets as shown in the Interim Financial Statements, less CIACs received by FortisBC Energy associated with the Eagle Mountain Pipeline project. Also includes Fortis' 39% share of capital spending for the Wataynikaneyap Transmission Power project in 2025. See "Non-US GAAP Financial Measures" in the Annual 2025 MD&A. Capital Plan forecast Capital Expenditures. Represents a non-U.S. GAAP financial measure calculated in the same manner as Capital Expenditures Central Hudson CH Energy Group, Inc., an indirect wholly owned subsidiary of Fortis, together with its subsidiaries, including Central Hudson Gas & Electric Corporation Corporation Fortis Inc. COS Cost of Service Court of Appeal Court of Appeal of Alberta Eastern Canadian Includes Newfoundland Power, Maritime Electric and FortisOntario EPS earnings per common share FERC Federal Energy Regulatory Commission FFO Funds from operations Fitch Ratings Fitch Ratings Inc. Fortis Fortis Inc. FortisAlberta FortisAlberta Inc., an indirect wholly owned subsidiary of Fortis FortisBC FortisBC Energy and FortisBC Electric FortisBC Electric FortisBC Inc., an indirect wholly owned subsidiary of Fortis, together with its subsidiaries FortisBC Energy FortisBC Energy Inc., an indirect wholly owned subsidiary of Fortis, together with its subsidiaries FortisOntario FortisOntario Inc., a direct wholly owned subsidiary of Fortis, together with its subsidiaries FortisTCI FortisTCI Limited, an indirect wholly owned subsidiary of Fortis, together with its subsidiary, sold on September 2, 2025 FX foreign exchange associated with the translation of U.S. dollar-denominated amounts. Foreign exchange is calculated by applying the change in the U.S.-to-Canadian dollar FX rates to the prior period U.S. dollar balance. GHG greenhouse gas IT Information technology ITC ITC Investment Holdings Inc., an indirect 80.1%-owned subsidiary of Fortis, together with its subsidiaries, including International Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC, and ITC Great Plains, LLC Km Kilometers(s) LNG liquefied natural gas LRTP Long-Range Transmission Plan Major Capital Projects projects, other than ongoing maintenance projects, individually costing $200M or more Maritime Electric Maritime Electric Company, Limited, an indirect wholly owned subsidiary of Fortis MD&A the Corporation's management discussion and analysis MISO Midcontinent Independent System Operator, Inc. Moody's Moody's Investor Services, Inc. Morningstar DBRS DBRS Limited MW megawatt(s) Newfoundland Power Newfoundland Power Inc., a direct wholly owned subsidiary of Fortis Non-U.S. GAAP Financial Measure financial measures that do not have a standardized meaning prescribed by U.S. GAAP NOPR notice of proposed rulemaking NYSE New York Stock Exchange Other Electric Includes Newfoundland Power, Maritime Electric, FortisOntario and Fortis’ 60% ownership interest in Caribbean Utilities PBR performance-based rate-setting Rate Base the stated value of property on which a regulated utility is permitted to earn a specified return in accordance with its regulatory construct ROE rate of return on common equity ROO Recommended Opinion and Order RTO regional transmission organization S&P Standard & Poor's Financial Services LLC SPP Southwest Power Pool T&D transmission and distribution TEP Tucson Electric Power Company, a direct wholly owned subsidiary of UNS Energy Total Shareholder Return Total shareholder return, or TSR. which is a measure of the return to common equity shareholders in the form of share price appreciation and dividends (assuming reinvestment) over a specified time period in relation to the share price at the beginning of the period. TSX Toronto Stock Exchange U.S. United States of America U.S. GAAP accounting principles generally accepted in the U.S. UNS Energy UNS Energy Corporation, an indirect wholly owned subsidiary of Fortis, together with its subsidiaries, including TEP, UNS Electric, Inc. and UNS Gas, Inc. UNS Electric UNS Electric, Inc. UNS Gas UNS Gas, Inc. USD:CAD U.S. Dollar to Canadian Dollar foreign exchange rate Wataynikaneyap Partnership Wataynikaneyap Power Limited Partnership