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Hydro One (H) investor relations material
Hydro One Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
One of North America's largest electric utilities, focused on regulated transmission and distribution in Ontario, with no generation or commodity price exposure.
99% of business is fully rate-regulated, providing stable and growing cash flows.
Net income attributable to common shareholders rose 15.8% year-over-year to $1,339 million, with EPS up 15.5% to $2.23, driven by higher revenues, increased demand, and lower OM&A costs, partially offset by higher depreciation, financing charges, and income tax expense.
Strong investment grade balance sheet, with no external equity required for planned growth through 2027.
Corporate strategy emphasizes customer experience, grid optimization, electrification, and partnerships for sustainable growth.
Financial highlights
Full year 2025 consolidated revenue rose 6.6% year-over-year to $9,041M; net income increased 15.8% to $1,339M.
Basic EPS for 2025 was $2.23, up 15.5% from 2024; diluted EPS also $2.23.
Capital investments reached $3,366M in 2025, a 9.9% increase year-over-year.
OM&A costs declined 7.8% year-over-year to $1,206M, reflecting productivity savings.
Annualized dividend of $1.3324 per share, with a 6% average annual growth rate.
Outlook and guidance
2023–2027 rate base CAGR expected at ~6%, with EPS growth guidance of 6–8% annually.
Capital investments for 2026 and 2027 are projected at $3,248M and $2,842M, focusing on system reliability and growth.
No equity issuance anticipated to fund capital plan; growth to be self-funded.
Dividend growth expected to continue in line with rate base expansion.
Ongoing regulatory approvals and government directives expected to drive further transmission development.
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