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Fortis (FTS) investor relations material
Fortis Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 EPS was $0.76, up $0.09 year-over-year, with net earnings of $384M, driven by rate base growth and higher earnings at Central Hudson and FortisBC.
Year-to-date capital expenditures totaled $2.9B, supporting a $5.2B annual capital plan and major projects like the 200MW Roadrunner battery storage at TEP.
Advanced regulatory milestones, including TEP's general rate application and Central Hudson's multiyear rate settlement.
Released the 2025 Sustainability Update Report, highlighting a 34% reduction in Scope 1 GHG emissions since 2019 and ongoing decarbonization initiatives.
Fitch assigned a first-time BBB+ credit rating with a stable outlook; dividend growth guidance of 4–6% annually through 2029 reaffirmed.
Financial highlights
Q2 2025 net earnings were $384M, up from $331M in Q2 2024; YTD net earnings reached $883M, up from $790M YTD 2024.
Q2 2025 revenue was $2,815M, up from $2,670M year-over-year; YTD revenue was $6,153M, up from $5,788M.
Q2 2025 EPS was $0.76, up $0.09 year-over-year; YTD EPS was $1.76, up $0.16.
Central Hudson Q2 earnings rose to $25M from $5M; FortisBC Energy Q2 earnings $46M, up $15M year-over-year.
Over $1B in long-term debt raised YTD to fund capital programs and repay borrowings.
Outlook and guidance
Five-year capital plan of $26B remains on track, with rate base expected to grow from $39B in 2024 to $53B by 2029 (6.5% CAGR).
Committed to 4–6% annual dividend growth through 2029, supported by 51 consecutive years of increases.
Committed to a coal-free generation mix by 2032 and a 2050 net-zero direct GHG emissions target.
Will reassess 2030 and 2035 interim GHG targets and provide updates with the next capital plan.
Monitoring macroeconomic factors, tariffs, and supply chain risks; no material financial impact expected in 2025.
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