Fortis Inc.

Thank you for standing by. This is Betsy, the conference operator. Welcome to the Fortis, Inc. Third Quarter 2025 Earnings and New Five-Year Capital Outlook Conference Call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Stephanie Amimo, Vice President, Investor Relations. Please go ahead.

Thanks, Betsy, and good morning, everyone. Welcome to Fortis' third quarter 2025 results and new five-year capital outlook conference call. I'm joined by David Hutchins, President and CEO, Jocelyn Perry, Executive VP and CFO of other members of the senior management team, as well as CEOs from certain subsidiaries. Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slideshow. Actual results can differ materially from the forecast projections included in the forward-looking information presented today. Non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our third quarter 2025 MD&A. Also, unless otherwise specified, all financial information references in Canadian dollars. With that, I will turn the call over to David.

Thank you, and good morning, everyone. Today, we are proud to announce another solid quarter marked by strong execution and momentum from our regulated growth strategy. Operationally, we continue to deliver safe and reliable service to our customers, and through September, our utilities invested $4.2 billion in our systems. For the full year, we expect to invest approximately $5.6 billion. Financially, we delivered adjusted earnings per share for the third quarter of 87 cents. In September, we completed the sale of Fortis TCI. The sale strengthens our balance sheet and reduces our risk profile. More recently, we entered into an agreement to sell our investments in Belize, including the non-regulated hydro generation facilities to the government of Belize. I'm happy to announce that the transition closed last Friday and that Fortis is now comprised of 100% regulated assets. We've recognized these were long held assets in the Fortis family, and we wish our best to the teams in Turks and Caicos and Belize as they continue to serve their customers and communities. And today we are pleased to unveil our five-year capital plan and announce that our Board of Directors has declared a fourth quarter dividend increase of approximately 4%. Our new $28.8 billion five-year capital plan is up $2.8 billion compared to the prior plan. This supports rate-based growth of 7% and annual dividend growth guidance of 4% to 6% through 2030. This new plan was developed with a strong emphasis on maintaining customer affordability. We prioritize capital investments that provide cost savings that flow through to our customers. This includes the coal to natural gas conversion at the Springville Generating Station in Arizona, which is more economical compared to the new energy resources included in the prior plan. Our utilities are also continuing to manage operating costs by finding efficiencies through innovation and process improvements. As you can see on the slide, the growth in our five-year plan is largely driven by higher transmission investments. At ITC, the $2 billion increase was primarily driven by new interconnections, including the big seeder load expansion project, as well as the MISA long-range transmission plan and baseline reliability projects. At UNS, transmission and distribution investments increased $1 billion, with FERC regulated transmission making up $700 million of the increase. This was largely attributed to a new transmission line at TEP. Generation investments at UNS were reduced by $900 million, driven primarily by the planned conversion of the Springerville generating station to natural gas, which I spoke to previously. The remaining increase is driven by growth at our other regulated utilities and a higher assumed foreign exchange rate. The new plan is highly executable with approximately 77% directed towards transmission and distribution investments and critical infrastructure that drives stable, predictable returns. The capital program is low risk and anchored in 100% regulated projects and includes only 11 major capital projects representing 21% of the plan. Consolidated rate base is expected to increase by $16 billion from approximately $42 billion in 2025 to $58 billion in 2030, supporting average annual rate base growth of 7%. This is up 50 basis points from the 6.5% in the prior plan. Now it will take a few minutes to dig a little deeper into our larger utility capital plans. ITC's capital plan of $9.8 billion is the largest in the company's history, and supports strong rate-based growth of 8%, up 100 basis points compared to the prior plan. Key elements of ITC's plan includes investments for base infrastructure, MISO's long-range transmission plan, customer connections, and grid security. Significant opportunities above and beyond the base plan exist at ITC, including approximately $3.3 to $3.8 billion U.S., post-2030 for tranche 2.1 projects assigned through rights of first refusal. Work is also underway at ITC to evaluate projects within the tranche 2.1 portfolio that are subject to the competitive bidding process. If any of these projects are awarded to ITC, it would be incremental to ITC's plan. Other avenues of growth at ITC include customer connections associated with over 8,000 megawatts of load growth for proposed data centers and economic development projects in various stages of development across their footprint. This is up 3,000 megawatts just since last quarter. ITC may also realize future opportunities associated with the ongoing MISO LRTP process. All in all, it's a very exciting time at ITC with a significant transmission buildup. Let's now turn to UNS Energy. Their capital plan of $5.6 billion supports average annual rate-based growth of approximately 7%. As a vertically integrated utility, investments are spread across the value chain. Notably, a third of the capital plan is concentrated in transmission with the balance consisting of generation and distribution investments. Regulated generation includes the coal-to-natural gas conversion of 800 megawatts at the Springerville Generating Station, which is aligned with TEP's exit from coal by 2032, as well as the Black Mountain Generation Project at UNS Electric. While there is no new generation reflected in the plan associated with data centers or other large load growth, a new era of demand is approaching with a significant interconnection queue. As we discussed last quarter, TEP reached an energy supply agreement to serve a demand of approximately 300 megawatts that starts to ramp up in 2027 and will use existing and planned capacity. The agreement awaits ACC approval as well as other contractual contingencies. Negotiations are actively ongoing for an incremental 300 megawatts of capacity to support a full build-out of 600 megawatts at this initial site. TEP is also in active negotiations for additional capacity at a second site in the range of 500 to 700 megawatts. If agreements are finalized for these subsequent phases, we estimate new generation in the range of approximately 1.5 to 2 billion U.S. dollars through 2030 would be required. as well as new transmission. We expect the supply will include a mix of renewable energy, natural gas generation, and energy storage. All agreements will be structured to maintain reliability and provide financial protections for our customers and the company. Other opportunities beyond the plan include new energy resource investments required at TEP and UNS Electric, as part of their next integrated resource plans expected to be filed in 2026. In British Columbia, our natural gas infrastructure is in focus. FortisBC's capital plan of $4.9 billion supports projects that ensure system reliability and integrity, as well as major capital projects for LNG and advanced metering infrastructure. Beyond the base plan, we have several opportunities. Just last week, the BCUC approved the Tilbury LNG storage expansion project. Given our capital plan assumes a smaller storage tank, we now have potential upside of approximately 300 million. This project is contingent on an environmental assessment, which we anticipate next year. Other opportunities include LNG expansion at Tilbury for marine bunkering, as well as customer and load growth in Okanagan electric service territory. Some of these opportunities have the potential to fall within the plan period. This is a dynamic and promising time to be an energy delivery utility in North America. As we execute our base five-year capital plan, we are concurrently focused on unlocking growth opportunities above and beyond the plan across all our jurisdictions. Turning now to our favorite slide. Today, we announced the declaration by our Board of Directors of a fourth quarter dividend of 64 cents, representing a 4.1% increase. This brings us to 52 consecutive years of increases in dividends paid, a track record that speaks for itself. With our strong dividend history and regulated growth strategy, we are extending our 4 to 6% annual dividend growth guidance through 2030. Now I will turn the call over to Jocelyn for an update on our third quarter financial results.