Fortis Highlights Stable Q1 2026 Results and Long-Term Growth Plan at Annual Shareholder Meeting
Fortis Highlights Stable Q1 2026 Results and Long-Term Growth Plan at Annual Shareholder Meeting
Fortis Inc. used its 2026 Annual General Meeting of Shareholders to outline a steady growth story built around regulated utilities, disciplined capital investment, dividend reliability, and long-term energy infrastructure needs.
The company reported first-quarter 2026 net earnings of C$501 million, equal to C$0.99 per common share. Fortis said results were broadly in line with expectations, supported by rate base growth across its utility businesses and continued execution of its low-risk capital plan.
Capital Plan Remains Central to Fortis Strategy
Fortis invested about C$1.4 billion in capital projects during the first quarter, keeping its C$5.6 billion annual capital plan on track. The companyâs broader five-year plan totals C$28.8 billion for 2026 through 2030, aimed at strengthening electricity and gas systems across North America.
Management emphasized that the companyâs growth depends mainly on regulated assets, which may help reduce business risk compared with less predictable energy markets. Fortis also pointed to major projects, load growth, transmission needs, and customer demand as key drivers for future investment.
Dividend Record Remains a Key Message
Fortis highlighted its strong dividend history, noting 52 consecutive years of dividend increases. The company also reaffirmed guidance for 4% to 6% annual dividend growth through 2030, subject to board approval and business conditions.
This dividend record remains one of the companyâs strongest messages to long-term investors. For shareholders, the focus is not only on quarterly earnings, but also on whether Fortis can keep funding growth while maintaining a reliable payout profile.
Regulatory Progress Supports Outlook
Fortis reported progress in Arizona, where the Arizona Corporation Commission approved the UNS Gas general rate application. The decision included a 9.61% return on common equity, a 56% common equity component, and formulaic rate adjustments. New rates took effect on March 1, 2026.
The company also said Tucson Electric Powerâs rate case continues to move forward, with an order expected in the fall based on the current schedule. Regulatory outcomes remain important because they affect how quickly infrastructure investments can be reflected in customer rates.
2025 Performance Added Momentum
During the meeting, Fortis reviewed its 2025 performance. Reported earnings per share rose from C$3.24 in 2024 to C$3.40 in 2025, while adjusted EPS increased from C$3.28 to C$3.53. The company described this as 5% adjusted EPS growth excluding foreign exchange impacts.
Fortis also showed that its consolidated rate base is expected to grow from C$42.4 billion in 2025 to C$57.9 billion by 2030. This rate base growth is central to the companyâs investment case because regulated utilities typically earn approved returns on these assets.
Leadership Update
Fortis also announced that Gary Smith, Executive Vice President of Operations and Technology, will retire effective May 31, 2026, after a 42-year career. His responsibilities will be taken over by other senior executives.
Investor Takeaway
Overall, the meeting presented Fortis as a steady utility operator focused on regulated growth, infrastructure investment, dividend consistency, and financial discipline. While foreign exchange, regulatory timing, maintenance costs, and customer-rate recovery remain factors to watch, Fortis continues to position itself as a long-term income and infrastructure growth story.
For investors, the main message is clear: Fortis is not trying to deliver fast, high-risk expansion. Instead, it is building value through a large regulated capital plan, predictable utility demand, and a long record of shareholder returns.
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