Hydro One Limited

Good morning, ladies and gentlemen, and welcome to Hydro One Limited's fourth quarter 2025 Analyst Teleconference. At this time, all participants are in 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, the call is being recorded. I would now like to introduce your host for today's conference, Mr. Waseem Khalil, Director, Investor Relations at Hydro One. Please go ahead.

Thanks, Shannon. 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'll 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 Lieberer.

Thank you, Waseem. 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. As I look back on 2025, I can't help but reflect on the growth in the energy demand that's forecasted for Ontario over the next 25 years. This growth is driven by new homes, businesses, electric vehicle manufacturing and charging, mining, agriculture, and advanced manufacturing. And it's reshaping the province's economic landscape. For Hydro One, this represents both a responsibility and a tremendous opportunity, a responsibility to build in a safe and fiscally prudent manner the infrastructure that will power Ontario's communities and businesses and create long-term value for our shareholders. We are acting now by delivering reliable power where it's needed the most, when it's needed. By building the lines that enable Ontario's success, we are positioning Hydro One for sustainable growth, supporting local jobs, businesses, Ontarians, strengthening the Ontario-based supply chain, and delivering reliable electricity to all our customers. We are connecting power and possibilities for the people of Ontario. I'm happy to report that we had another strong year for safety in 2025, and as we all know, a safe workplace is an essential foundation of operational excellence. As of this month, we have worked 20 consecutive months without a high-energy serious injury or fatality. And in 2025, a recordable injury rate was 0.68 per 200,000 hours, well below the world-class benchmark of one. These achievements reflect the professionalism of our crews across the province and highlight what is possible when we work together to achieve a common goal. Extreme weather events in December put our operational capabilities to the test. We experienced two back-to-back storms affecting more than 250,000 customers. In response, our teams mobilized quickly, safely restoring power under exceptionally challenging conditions. We were there when our customers needed us the most, and we didn't stop until every customer was restored. Our focus on reliability, operational excellence, and customer service continues to translate into strong customer satisfaction results. In 2025, residential and small business customer satisfaction remains strong at 88%. Commercial and industrial customers rated us at 82%. Transmission customers gave us 79%. While we recognize there is more work ahead, these results demonstrate meaningful progress towards positioning Hydro One as a trusted energy partner, a partner whose investments deliver tangible value to its customers. In 2025, we continue to invest in the infrastructure needed to support the province's rapid electrification and economic expansion. We deployed approximately $3.4 billion of capital and in-serviced approximately $2.9 billion of assets, reinforcing our commitment to build a resilient, reliable, and future-ready grid. At the same time, we remain highly disciplined stewards of the customers' dollars. Through our enhanced focus on productivity, we generated approximately $254 million in savings across capital and off-grid expenditures. This reflects our commitment to fiscal prudency, optimizing every dollar we invest to generate the most value for our customers. As I mentioned earlier, Hydro One is playing a central role in enabling Ontario's growth through the development of new, large-scale transmission infrastructure. We continue to work collaboratively with partners to develop and build the critical lines to support this growth. In November, we were designated to develop and seek all necessary approvals for the construction of a new priority 500 kV double-circuit transmission line between Bowmanville and the Greater Toronto Area. The line will support economic growth in the region and deliver clean electricity from the first four small modular reactors in the Darniston Nuclear Facility. It is expected to be in service in the early 2030s. We also filed a Leave to Construct or Section 92 application with the Ontario Energy Board for a 230 kV double-circuit transmission line in the Niagara Region in Southern Ontario. The line will run from Thorland to Welland, supporting capacity and reliability in the region's clean energy future. The approximately $311 million project is expected to be completed by 2029. Subsequent to the quarter, we were designated to develop and seek all necessary approvals for the construction of the Greenstone Transmission Line in Northern Ontario. The project will be a 230-kilometer single-circuit transmission line that will be designated for future expansions. The line will enhance reliability for northern communities and support economic growth in the mining sector. This project is expected to be in service in 2032. Lastly, earlier this week, Hydro One was designated to develop and seek all necessary approvals for the construction of the Barrie to Sudbury transmission line. The project will be approximately 290 km long, single circuit, 500 kV transmission line and is expected to be in service in 2032. Development work on a second single-circuit 500kV transmission line will also be carried out to support new generation opportunities in Northern Ontario. All of these projects, across each of these projects, our 50-50 First Nations Equity Partnership model ensures approximate First Nations share directly in the value created by the transmission line components. I also want to highlight the successful completion of the Chatham to Lakeshore transmission line in 2024, which represented the first project to be completed through our 50-50 As of earlier this month, all five partner First Nations have secured financing and are now equity partners, marking a milestone in how we advance reconciliation, community partnerships, and economic inclusion. None of this progress is possible without the dedication of our employees. They are the heartbeat of Hydro One, and their commitment drives our success. I am pleased to share that the collective agreement that was reached with the Society of United Professionals on January 13, 2026, was ratified by the union members earlier this month. The collective agreement covers engineering, supervisory, and other professional roles and takes effect from October 1st, 2025 and runs through March 31st, 2028. I want to thank both bargaining teams for negotiating in good faith to reach an agreement that supports employees, customers, and long-term health of our company. Before I pass the call to Harry, I want to acknowledge the Hydro One's recognition as one of Canada's best employers for 2026 by Forbes and Statista. The ranking is based on recommendations from employees and professionals who view Hydro One as a desirable employer. These rankings are derived from independent surveys of more than 37,000 Canadian-based employees working in companies with a minimum of 500 employees in Canada. We are proud of the culture we continue to build, one rooted in inclusion, empowerment, and a sense of belonging. Our teams feel heard, valued, and motivated to excel. Just as importantly, we share a strong sense of purpose. The work we do matters to this province and to everyday Ontarians who rely on us. That commitment fuels our culture and drives our success. With that, I'll turn things over to Harry to discuss our financial results. Harry, over to you.