Fortis Set to Unveil 2025 Results Amidst $28.8B Strategic Overhaul

ST. JOHN'S, NL – January 15, 2026 – Fortis Inc., a titan in the North American regulated utility sector, is poised to provide a detailed look into its financial health and strategic direction with the release of its 2025 annual results on Thursday, February 12, 2026. The announcement will be followed by a teleconference and webcast featuring President and CEO David Hutchens and CFO Jocelyn Perry, where they will dissect the year's performance and outline the company's trajectory.

While the release of annual results is a routine event for any publicly traded firm, this year's disclosure from Fortis (TSX/NYSE: FTS) carries particular weight. Investors, analysts, and industry observers are keenly awaiting the report not just for a scorecard of the past year, but for crucial insights into how the utility giant is navigating a period of profound transformation in the energy industry. The discussion is expected to center on the company's ambitious capital expenditure plans, its role in the clean energy transition, and its strategy for meeting unprecedented growth in electricity demand.

A Look Back at a Pivotal Year

The full-year results will build upon a solid foundation laid throughout 2025. In the third quarter, Fortis reported an adjusted earnings per share (EPS) of $0.87, surpassing analyst expectations and demonstrating resilience despite certain headwinds, including costs at its UNS Energy subsidiary that had not yet been reflected in customer rates. For the first nine months of 2025, the company posted an adjusted EPS of $2.63, a notable increase from the same period in 2024.

A defining strategic move in 2025 was the sharpening of the company's portfolio. Fortis completed the disposition of its assets in the Turks and Caicos Islands and Belize, a deliberate move to streamline its operations. This pivot has resulted in a portfolio composed entirely of regulated utility assets, a structure favored by many investors for its predictability and lower-risk profile. This refined focus is expected to strengthen the company’s balance sheet and de-risk its long-term growth strategy.

This financial discipline is paired with a celebrated commitment to shareholder returns. In 2025, Fortis marked its 52nd consecutive year of increasing its common share dividend, a track record that places it in an elite category of North American public companies. The company has extended its annual dividend growth guidance of 4-6% through 2030, a signal of management’s confidence in its long-term earnings power.

The Blueprint for Growth: A $28.8 Billion Capital Plan

The centerpiece of the company's future strategy is its newly unveiled five-year capital plan for 2026-2030, the largest in its history. Totaling a colossal $28.8 billion, the plan represents a $2.8 billion increase over its previous five-year forecast. This massive investment is designed to fuel robust, predictable growth, with Fortis projecting its midyear rate base will expand from approximately $42 billion in 2025 to $58 billion by 2030. This translates to a compound annual growth rate of 7.0%, a key metric for utility investors.

The plan is notable not just for its scale, but for its focus. A significant portion—around 77%—is allocated to smaller, lower-risk projects in the company's core transmission and distribution (T&D) networks. This approach is intended to mitigate execution risk while modernizing the grid. Funding is anticipated to come largely from cash from operations (59%) and new debt (30%), with a smaller portion (11%) from equity, primarily through its dividend reinvestment program.

Key investments will target critical infrastructure needs across its operating territories. This includes substantial funding for ITC Holdings' participation in the Midcontinent Independent System Operator's (MISO) Long-Range Transmission Plan, a project vital for enhancing grid reliability and integrating renewables in the U.S. Midwest. Other major projects include the Eagle Mountain Pipeline and Tilbury LNG facility expansion at FortisBC, as well as new generation and battery storage projects at Tucson Electric Power in Arizona.

Navigating a Shifting Energy Landscape

Fortis's record-setting capital plan is a direct response to powerful secular trends reshaping the North American energy landscape. One of the most significant is the dramatic surge in electricity demand, a phenomenon driven by the proliferation of power-hungry data centers, the onshoring of manufacturing, and the broad electrification of transportation and heating. Grid operators like PJM Interconnection are forecasting substantial long-term load growth, creating an urgent need for utilities to invest in capacity and grid resilience.

Simultaneously, the transition to cleaner energy sources continues to accelerate. Fortis has established its own ambitious decarbonization goals, targeting a 50% reduction in direct greenhouse gas emissions by 2030 from a 2019 baseline, with a goal to be coal-free by 2032 and achieve net-zero direct emissions by 2050. A significant portion of its capital plan is earmarked for climate adaptation and connecting renewable resources to the grid, positioning the company as a key player in the energy transition.

This dual mandate of expanding the grid while making it greener requires a stable and supportive regulatory environment. Fortis has seen recent success in this area, securing constructive rate outcomes for its subsidiaries in jurisdictions like New York and Arizona. These regulatory approvals are essential for recovering the costs of its massive infrastructure investments while balancing customer affordability.

What Investors Will Be Watching

When Fortis executives take the virtual stage on February 12, the market will be listening intently. Analysts, who hold a general consensus rating of "Hold" or "Moderate Buy" on the stock, will be looking for confirmation that 2025 earnings align with forecasts, which hover around the CA$3.40 to CA$3.49 per share range.

Beyond the headline numbers, stakeholders will seek detailed commentary on the execution of the $5.6 billion capital plan for 2025 and any further color on the new $28.8 billion five-year plan. Questions are likely to focus on supply chain stability, project timelines, and the company's strategy for managing inflationary pressures and higher interest rates.

Ultimately, the upcoming financial release is more than a backward-looking report card. It will serve as a crucial barometer of Fortis's ability to execute on its low-risk, growth-oriented strategy. The February 12th report and subsequent executive discussion will therefore be scrutinized not just for a recap of 2025, but for a detailed affirmation of the company's ambitious path forward in a rapidly changing energy world.