Fortis Inc

FTS

Equity

ISIN null / Valor 687999

Toronto Stock Exchange (2026-09-08)

CAD 76.69+0.29%

Fortis Inc
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About company

Fortis Inc. is a Canadian utility holding company headquartered in St. John’s, Newfoundland, that owns and operates a portfolio of regulated electric and gas transmission, distribution and generation businesses across Canada, the United States and the Caribbean. Through regional subsidiaries — including provincially focused utilities in Atlantic Canada and western Canada, U.S. transmission assets and a number of Caribbean electric companies — Fortis provides electricity and natural gas to residential, commercial and industrial customers, with revenues driven primarily by regulated tariffs and long‑term capital investment in grid and pipeline infrastructure. The company’s strategy centers on rate‑base growth and acquisitions of complementary utility businesses to expand its regulated earnings base and support steady cash flow.

Summarized from source with an LLMView SourceSector: Energy

Quarterly financials

Q2 2026 net earnings: $396M; basic EPS $0.78 (vs $0.76 in Q2 2025). Revenue for the quarter was $2,931M. Year-to-date net earnings: $897M; H1 EPS $1.76 (consistent with H1 2025).

Capital spending and plan

Invested $2.7B in H1 2026 (48% of the $5.6B 2026 plan). Five-year (2026–2030) capital plan is $28.8B; expected to raise midyear rate base from $42.4B (2025) to $57.9B by 2030 (≈7% CAGR).

Major project updates

Tilbury Phase 1B (FortisBC Energy) received a B.C. Order in Council (July 24, 2026) with a cost allowance up to $2.2B and approvals to include the marine jetty in the regulated utility; current five‑year plan reflects ~ $350M for Tilbury 1B with scope and timing to be refined. Roadrunner Reserve II (TEP) battery placed in service (200 MW, 800 MWh capacity).

Operating cash flow & liquidity

Operating cash flow for the quarter was $1,129M (up $325M YoY). Fortis reports strong liquidity with available committed credit facilities and manageable near‑term debt maturities; ongoing access to capital markets supported by recent long‑term debt issuances.

Business unit performance

Contributions (Q2 2026 common equity earnings): ITC $152M; UNS Energy $114M; FortisBC Energy $49M; FortisAlberta $43M; FortisBC Electric $24M; Central Hudson $25M. Earnings growth driven by Rate Base growth and higher retail electricity sales at UNS Energy, partly offset by timing/costs not yet reflected in rates and impacts from 2025 dispositions and FX.

Dividends & shareholder guidance

Quarterly dividend: $0.64 per common share paid in Q2 2026. Fortis targets dividend growth of approximately 4–6% annually through 2030, supported by long‑term Rate Base growth.

Credit ratings & capital structure

In May 2026 S&P confirmed issuer A- and unsecured BBB+ (stable); Fitch confirmed issuer and unsecured BBB+ (stable); Morningstar DBRS A (low) with stable outlook. Consolidated capital structure remains investment grade.

Notable items & outlook risks

Q2 EPS was modestly diluted by 2025 dispositions (estimated Q2 dilutive impact $0.01; YTD $0.03; expected ~$0.05 annual). Forward outlook reiterates execution of the capital plan and identifies incremental growth opportunities (transmission, LNG/renewable gas, grid resiliency), while noting regulatory, project execution, commodity, FX and interest‑rate risks.

Summarized from source with an LLMView Source

Key figures

13.5%1Y

43.7%3Y

30.8%5Y

Performance

13.4%1Y

14.2%3Y

14.7%5Y

Volatility