2025 Year in Review
Financial Strength & Governance
Financial Strength & Governance
Financial Strength & Governance
Average Annual Total Shareholder Returns
Total Shareholder Returns
| 1-Year | 23.9% |
| 5-Year | 10.7% |
| 10-Year | 10.8% |
| 20-Year | 9.5% |
Our regulated growth strategy continues to deliver strong financial performance through disciplined capital investment, supporting over five decades of consecutive dividend increases. Governance excellence also remains central to our success, ensuring strong oversight and supporting long-term value creation.
Governance Excellence
In 2025, we demonstrated strong governance through a highly qualified, diverse Board that provided rigorous oversight of strategy, risk management, compensation, and shareholder rights. Our local operating model remains a key strength, with independent utility boards making decisions grounded in local expertise and accountability.
.tmb-0.jpg?Culture=en&sfvrsn=8f1fc2cf_1 "Ranked #1 in Governance Practices - Resized 1232 x 692 (1)")
Ranked #1 in Governance Practices
Fortis is proud to be ranked #1 on The Globe and Mail’s annual list of corporate boards in the S&P/TSX Composite Index—our third time at the top in the last four years.
100% Regulated
In 2025, Fortis strengthened its low‑risk profile by becoming a 100% regulated company. Across our 16 jurisdictions, our teams continued to work constructively with regulators and stakeholders to deliver safe, reliable, energy to our customers.
Investing in Critical Infrastructure
Fortis invested a record $5.6 billion in capital in 2025 and plans to invest $28.8 billion over the next five years. Our 5-year capital plan, which increased by $2.8 billion from the previous plan, was developed with a strong focus on customer affordability. The plan is low risk, with all projects fully regulated and 21% constituting major capital projects (single projects greater than $200 million). Over the next five years, we expect rate base to increase by $16 billion through 2030, supporting average annual rate base growth of 7%.
$B
5-Year Capital Plan
Up $2.8B Over Prior Plan
%
Rate Base Growth
Up from 6.5% in Prior Plan
$B
Capital Expenditures in 2025
Up $0.4B from 2024
Continued Focus on Customer Affordability
Ready to do More
Fortis is well-positioned to invest beyond our current capital plan to support load growth and facilitate the interconnection of new energy resources. This includes significant transmission investments and the addition of new large retail customers in the manufacturing, data centre, and mining sectors.
A Track Record of Strength and Shareholder Value
Fortis extended its track record of reliable returns with 52 consecutive years of increases in dividends paid and continues to target annual dividend growth of 4% to 6% through 2030.
52 Years of Consecutive Dividend Increases
Year
Cumulative 20-Year Total Shareholder Return
Fortis has yielded a total annualized shareholder return of 9.5% over 20 years, or 517% in total.
Note: Cumulative 20-year total shareholder return as at December 31, 2025.
As at December 31, 2025.
.tmb-0.jpg?Culture=en&sfvrsn=e8a9ae5f_1 "Investing in Critical Infrastructure - Resized 1232 x 692 (1)")
Financial Highlights
We delivered solid rate base and earnings growth, with reported annual net earnings of $1.7 billion.
Reported Earnings per Common Share ($)
Adjusted Earnings per Common Share (1) ($)
Capital Expenditures (1) ($B)
Midyear Rate Base ($B)
(1) Non-U.S. GAAP financial measure. Refer to the Non-U.S. GAAP Reconciliation in the related annual Management Discussion and Analysis.
All financial information is presented in Canadian dollars. Information is for the fiscal years ended December 31.