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Hydro One (H) investor relations material

Hydro One Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Q2 2025 basic EPS rose to $0.54, up from $0.49, driven by higher rates and energy consumption, with net income at $327M and $913M in capital investments.

  • Major storm restoration efforts in March incurred $225M in costs, with ongoing cost recovery applications.

  • Recognized for sustainability, corporate citizenship, and culture by Corporate Knights, Forbes, and TIME Magazine.

  • Strategic priorities include grid modernization, sustainability, Indigenous partnerships, and customer experience.

  • Executive leadership changes and new labor agreements support future growth and operational stability.

Financial highlights

  • Q2 2025 revenues were $2,066M, up 1.7% year-over-year; net income rose 12% to $327M; basic EPS was $0.54, up 10.2%.

  • Revenues net of purchased power increased 7% year-over-year; transmission revenues up 6.7%, distribution up 7.9%.

  • Q2 capital investment was $913M, with $591M of assets placed in service, a 12.4% increase.

  • OM&A expenses rose 0.3%; transmission costs up 14.2%, distribution costs down 10.4%.

  • Quarterly dividend of $0.3331 per share declared, payable September 29, 2025.

Outlook and guidance

  • EPS expected to grow 6–8% annually through 2027, using normalized 2022 EPS of $1.61 as a base.

  • Rate base projected to grow from $23.6B in 2022 to $32.1B in 2027, a ~6% CAGR.

  • Dividend growth expected to average 6% annually, supported by expanding rate base.

  • Ongoing focus on priority transmission projects, grid modernization, and supporting Ontario's energy transition.

  • No external equity required for planned capital investments; growth is self-funded.

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Frequently asked questions

Hydro One Limited operates as an electricity transmission and distribution utility. It provides electric power to residential, commercial, and industrial customers across Ontario, Canada. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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