Hydro One Limited

Good morning, ladies and gentlemen, and welcome to Hydro One Limited's third quarter 2025 analyst teleconference. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mr. Waseem Khalil, Director of Investor Relations at Hydro One. Please go ahead.

Good morning, and thank you for joining us for our quarterly earnings call. Joining me on the call today are our President and CEO, David Liebeter, and our Chief Financial and Regulatory Officer, Harry Taylor. On the call today, we will provide an overview of our quarterly results, and then we'll answer as many questions as time permits. As a reminder, today's discussion will likely touch on estimates and other forward-looking information. Listeners should review the cautionary language in today's earnings release and our MD&A, which we filed this morning regarding the various factors, assumptions, and risks that could cause our actual results to differ as they all apply to this call. With that, I'll turn the call over to our President and CEO, David Leder.

Thank you, Waseem. Good morning. Thank you for joining us for our third quarter 2025 earnings call. This morning, I'll provide an update on our recent activities and accomplishments during the quarter. Then Harry will take you through the financial results. Before we begin, as many of you know, I temporarily stepped away from my role as president and CEO on August 25th, 2025, on a compassionate basis to care for a family member. During this time, I continue to support the company on an advisory basis, And as announced in our press release this morning, I've reassumed my duties effective November 12th, 2025. I would like to thank everyone for their understanding, messages, emails, and words of support as my family and I navigate this difficult journey. We are very appreciative and grateful for the support that we received. I would also like to extend my thanks to Harry Taylor, who in addition to his role as Chief Financial and Regulatory Officer, assumed the role of Interim President and CEO during my absence. Under Harry's guidance, the company continues to execute on our stated objectives and delivering our promise for all Ontarians. Thank you, Harry. On to the quarter. As always, safety comes first at Hydro One. Our focus on being an efficient and agile company is supported by our policies and systems that prioritize workplace safety, as well as public safety, public health and safety. By empowering our employees to take actions for their health and safety about ourselves, co-workers, and our communities, together we can achieve a workplace free of life-altering injuries and fatalities. Ontario is facing historic growth in demand for electricity driven by continued economic growth, the electrification of the transportation and manufacturing sectors, population growth, as well as industrial expansion and evolving technologies. Over the next 25 years, the Independent Electric System Operator, or the IESO, anticipates electricity demand to increase 75% by 2050. Hydro One is proud to play a pivotal role in serving the new load. With our provincial, indigenous, municipal, and industry partners, we are and will continue to build a reliable, resilient, sustainable, and affordable energy system for generations to come. On September 9th of this year, alongside First Nations partners and provincial and municipal leaders, Hydro One celebrated the groundbreaking of the St. Clair Transmission Line project in southwestern Ontario. The project involves constructing a double-circuit 230 kilovolt transmission line, expanding the existing Chatham switching station and Lambton transfer station, and converting the existing Wallaceburg transfer station to 230 kV. The total investment in the project is expected to be approximately $472 million with an in-service date in 2028. The transmission line will support improved grid resiliency and reliability, as well as enhance economic growth in the region. Along with powering homes, businesses and industry, it will support key industries, including the agricultural sector and electric vehicle technology. Farming and food production are economic cornerstones in this region, and the line will help enable the expansion of farming operations to support a reliable and affordable local food supply chain in Ontario. The project will also support electric vehicle manufacturing, providing a reliable supply of clean electricity to develop a secure supply chain in Ontario. St. Clair transmission line is part of a network of projects in the region, including the Chatham to Lakeshore line that was energized in late 2024, and the Longwood to Lakeshore transmission line being developed in collaboration with five First Nation partners. Through Hydro One's 50-50 First Nation equity partnership model, First Nation partners have been offered a 50% equity stake in the transmission line component of the project. The Integrated Energy Plan, released in June of this year, highlighted the need for additional transmission capacity in the Red Lake area in northwestern Ontario. This area is a key region for Ontario's critical minerals for several mining projects that will create large electricity demands. In August, the ISO released the Northwest Region Integrated Regional Resource Plan Addendum that recommend the urgent development of the Red Lake transmission line. This line will be a new double-circuit 230kV transmission line that will run from the Dryden Transformer Station up to the Red Lake Switching Station, along with associated station facilities to meet the growing demand capacity needs after 2028. On October 29, 2025, the government announced a proposal to declare the Red Lake Transmission Line as a priority project and also proposed to designate Hydro-1 as the transmitter for the project. The proposal is subject to required approvals and community consultation, including consultation with Indigenous communities. In response to continued uncertainty surrounding tariffs and trade, Hydro One has been working to identify further actions to limit our exposure and the impact of tariffs. These actions have focused on the diversification of our supplier base beyond the United States, the prioritization of Canadian suppliers to reduce costs and encourage manufacturing within Canada to support a domestic supply chain. Now, More than ever, we must focus on investing in homegrown businesses to build a strong, secure, and self-reliant supply chain to further reduce risk. Recently, Hydro-One was at a groundbreaking ceremony that will see Northern Transformer, a leading Canadian manufacturer of high-voltage power transformers, expand its manufacturing facility in Ontario. This expansion will support the demand for high-quality, reliable, and timely power transformers to support grid modernization and electrification initiatives across the province. Hydro One is proud to support the growth of the Canadian supply chain and is committed to spend approximately $165 million per year to secure energy infrastructure from Northern Transformer. Their high voltage transformers will support a reliable supply of electricity across the province and like us, their roots are in Ontario. We congratulate Northern Transformer on their expansion and look forward to our continued partnership to develop for the people of Ontario. The strength of our culture and the way we support each other and our communities shines throughout the year. It is particularly on display during our signature Power to Give campaign that takes place every September. This year, Hydro One employees once again demonstrated their generosity and community spirit, raising more than $2.1 million. Employees also logged more than 5,200 volunteer hours in support of their communities. is a remarkable achievement that will make a real difference in the lives of people and families across the communities where we live and work. And I'm incredibly proud of our employees, not only for their efforts in September, but for the way they gave back all year long. Their compassion and dedication to supporting others embodies one of our key values and reflects the best of who we are at Hydro One. Our vision of building a better and brighter future for all is also reflected in the work that our teams do. We are pleased that our work and dedication continues to be recognized. For the second consecutive year, Hydro One has been named Company of the Year by the Ontario Energy Association. This award recognizes both our technical contributions to strengthening Ontario's energy grid and the meaningful partnerships that are helping to power a brighter future for the province. We are deeply honoured by this recognition of our role in Ontario's energy transition and proud of the dedication, skill and resilience of our people. Hydro One continues to grow, adapt and deliver for the people of Ontario at a time when the energy system is transforming faster than ever before. With that, I will turn the call to Harry to discuss our financial results. Harry, over to you.