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Fortis (FTS) investor relations material
Fortis Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational and financial performance in 2025, with annual net earnings of $1.7 billion ($3.40 per share), up from $1.6 billion ($3.24 per share) in 2024, and a 7% rate base growth supported by $5.6B in capital expenditures.
Marked 52 consecutive years of dividend increases, including a 4.1% increase in Q4, and recognized for top governance practices among S&P/TSX Composite Index companies.
Released the 2026 Climate Resiliency Report, highlighting climate risk integration and a 38% reduction in scope 1 GHG emissions since 2019.
Dispositions of FortisTCI and Belize investments resulted in $63 million in losses, partially offsetting earnings growth.
Delivered a one-year total shareholder return of nearly 24% and a 20-year cumulative return of 517%.
Financial highlights
2025 adjusted EPS was $3.53, up $0.25 year-over-year, with reported EPS of $3.40; Q4 adjusted EPS was $0.90, up from $0.83 in Q4 2024.
2025 revenue totaled $12 billion, with total assets of $75 billion at year-end.
Capital expenditures reached $5.6 billion, supporting a 7% annual rate base growth to $42.4 billion.
Adjusted payout ratio improved to 70.4% in 2025 from 72.7% in 2024.
Strong rate base growth across utilities was a key earnings driver.
Outlook and guidance
Launched a new $28.8 billion five-year capital plan (2026-2030), targeting a 7% consolidated rate base CAGR, reaching $57.9 billion by 2030.
Committed to 4-6% annual dividend growth guidance through 2030.
Capital plan funding to come primarily from operations, regulated utility debt, and dividend reinvestment plan.
Focused on incremental growth opportunities, including data center load in Arizona, major transmission, LNG projects, and a coal-free generation mix by 2032.
Opportunities identified for further growth beyond the current capital plan.
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