Recent Updates — FINCF

Fortis Inc. priced a public offering of US$1 billion in aggregate principal amount of fixed-to-fixed rate junior subordinated notes due March 30, 2057. The issuance consists of two tranches: US$500 million at 6.625% interest and US$500 million at 6.875% interest. The offering was executed on a firm commitment basis through a syndicate of underwriters co-led by Morgan Stanley, MUFG Securities Americas, Wells Fargo Securities, and BofA Securities. Fortis intends to use the net proceeds to repay maturing indebtedness and for general corporate purposes. The transaction is expected to close on September 21, 2026, subject to customary closing conditions. Fortis operates in the regulated electric and gas utility industry.

Fortis Inc. reported second quarter 2026 net earnings of $396 million, or $0.78 per common share, compared to $384 million, or $0.76 per share, in the prior year. Year-to-date net earnings reached $897 million, an increase of $14 million from 2025. The company invested $2.7 billion in capital expenditures during the first half of 2026, maintaining its trajectory toward a $5.6 billion annual capital plan. Key operational milestones included the completion of the 200 MW Roadrunner Reserve II battery storage project in Arizona and regulatory approval for the Phase 1B expansion of the Tilbury LNG Facility in British Columbia, which carries a cost allowance of up to $2.2 billion. Fortis confirmed its A- and BBB+ credit ratings from S&P and Fitch, respectively. The company operates as a diversified leader in the North American regulated electric and gas utility industry.