Toronto Hydro Corporation reports its third quarter financial results for 2025

TORONTO, Nov. 19, 2025 /CNW/ - Toronto Hydro Corporation (Toronto Hydro) today announced its financial and operating results for the third quarter ended September 30, 2025.

Net income after net movements in regulatory balances for the nine months ended September 30, 2025, was $178.1 million, an increase of $56.8 million compared to the same period last year. This increase was primarily due to lower net credit amounts deferred into regulatory accounts, higher distribution revenue and higher other revenue, partially offset by higher depreciation and amortization expense, higher income taxes and higher operating expenses.

As part of Toronto Hydro's commitment to powering the city's future energy needs and increasing electricity system resiliency, it has embarked on a five-year, $5.1 billion investment plan, which includes significant capital investments in the local distribution grid. Capital expenditures for the nine months ended September 30, 2025, were $719.7 million, an increase of $98.6 million or 15.9 per cent compared to the same period last year. Key capital initiatives in 2025 have included the delivery of customer connections as well as replacement of overhead and underground infrastructure.

Selected financial and operational highlights (in millions of Canadian dollars)
	Three months ended September 30		Nine months ended September 30
	2025 $	2024 $	2025 $	2024 $
Distribution revenue	250.9	246.4	727.5	705.3
Net income after net movements in regulatory balances	67.5	45.0	178.1	121.3
Capital expenditures	237.8	204.4	719.7	621.1

THIRD QUARTER PERFORMANCE HIGHLIGHTS

Financial Performance and Developments

• On September 18, the maturity date of Toronto Hydro's Revolving Credit Facility was extended from September 18, 2029, to September 18, 2030
• On September 24, Toronto Hydro successfully issued $400.0 million of senior unsecured debentures in two tranches
• On November 4, S&P Global Ratings announced its decision to maintain Toronto Hydro's issuer rating and senior unsecured debentures rating at "A+" and Toronto Hydro's issuer rating outlook as "stable"
• On November 19, Toronto Hydro's Board of Directors declared a dividend of $15.0 million with respect to the fourth quarter of 2025, which is payable to the City of Toronto by December 31, 2025

Operational Performance and Developments

• In July, Toronto Hydro joined the City of Toronto, Waterfront Toronto and others to celebrate the opening of Biidaasige Park, a major milestone in the Port Lands transformation. Toronto Hydro collaborated to relocate and modernize critical electrical infrastructure, helping ensure a safe and reliable power supply for new parks, homes, roads and public amenities on the newly flood-protected island.
• In August, Toronto Hydro's President and CEO, Jana Mosley, was appointed Board Chair of the Ontario Energy Association (OEA), reflecting a continued commitment to advancing Ontario's energy future and aligned closely with Toronto Hydro's mission to deliver safe, reliable electricity and support the energy transition journey
• Also in August, Toronto Hydro's GenAI Agent, a generative AI-powered chatbot agent, was recognized as a CIO Awards Canada winner for 2025. The agent improves how employees access technical information, making information more accessible and enabling timely decision-making.
• In September, Toronto Hydro was recognized with the 2025 OEA Innovation Award in recognition of its forward-thinking technology initiatives -- from generative AI-powered tools and meter upgrades to customer system enhancements and electrification initiatives
• In late September, Toronto Hydro announced that, as part of the City of Toronto's new BetterHomesTO Furnace Upgrade Program, it is now offering free energy coaching to help Toronto residents identify energy-saving and electrification opportunities, access available supports and connect with qualified contractors
• Toronto Hydro became the first utility in Ontario to offer automated electricity data uploads to ENERGY STAR® Portfolio Manager®, a service to help owners of large buildings comply with municipal and provincial energy reporting regulations
• Toronto Hydro experienced zero recordable injuries in the third quarter -- the second consecutive quarter without a recordable injury -- reflecting the company's continued commitment to employee health and safety
• At its November 12–14 council meeting, Toronto City Council appointed Councillor Neethan Shan to Toronto Hydro's Board of Directors as the Mayor's designate for a term of office until November 14, 2026, and until a successor is appointed

QUICK FACTS

• Toronto Hydro's financial and operational results are reported quarterly and available at torontohydro.com/reports and through sedarplus.ca
• Toronto Hydro continues to invest in expanding, modernizing and sustaining the foundations of a safe, clean and reliable grid to serve the current and future electricity needs of Toronto. For more information about Toronto Hydro's 2025–2029 investment plan, please visit torontohydro.com/investmentplan

QUOTE

"Toronto Hydro's performance this past quarter reflects our ongoing commitment to investing in the local distribution system and making it easier for Toronto residents and businesses to electrify and connect to the grid. We were proud to be recognized for our innovative solutions, introduce new customer programs and services, and contribute to key city-building milestones. As we approach year-end, we remain focused on achieving strong financial outcomes and maintaining operational excellence across our service area."

 -   Jana Mosley, President and CEO, Toronto Hydro

ABOUT TORONTO HYDRO

Toronto Hydro is a holding company which wholly owns two subsidiaries:

• Toronto Hydro-Electric System Limited (THESL) – distributes electricity; and
• Toronto Hydro Energy Services Inc. – provides streetlighting and expressway lighting services in the city of Toronto

The principal business of Toronto Hydro and its subsidiaries is the distribution of electricity by THESL, which owns and operates the electricity distribution system for Canada's largest city. Recognized as a Sustainable Electricity Leader™ by Electricity Canada, it has approximately 797,000 customers located in the city of Toronto and distributes approximately 18 per cent of the electricity consumed in Ontario.

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FORWARD-LOOKING INFORMATION

Certain information included in this news release constitutes "forward-looking information" within the meaning of applicable securities legislation. All information, other than statements of historical fact, which address activities, events or developments that we expect or anticipate may or will occur in the future, are forward-looking information. The words "anticipates," "believes," "budgets," "continual," "could," "estimates," "expects," "intends," "may," "ongoing," "outlook," "plans," "seek," "will," or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The purpose of the forward-looking information (including any financial outlook) contained herein is to provide Toronto Hydro's current expectations regarding its future results of operations, performance, business prospects and opportunities, and readers are cautioned that such information may not be appropriate for other purposes. All forward-looking information is given pursuant to the "safe harbour" provisions of applicable Canadian securities legislation.

Specific forward-looking information in this news release includes, but is not limited to, statements regarding the payment of dividends to the City and Toronto Hydro's continuing investments in its grid, including those outlined in its five-year investment plan. The forward-looking information reflects Toronto Hydro's current beliefs and is based on information currently available to Toronto Hydro. Forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. For information on Toronto Hydro's risks, uncertainties and other factors that could cause actual events or results to differ materially from those described in forward-looking information, refer to the "Risk Management and Risk Factors" section of Toronto Hydro's Management's Discussion and Analysis for the years ended December 31, 2024 and 2023, available at torontohydro.com/reports and through sedarplus.ca.

All forward-looking information in this document is qualified in its entirety by the above cautionary statements. Furthermore, unless otherwise stated, all forward-looking information contained herein is made as of the date hereof, and Toronto Hydro undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise, except as required by law.

SOURCE Toronto Hydro Corporation

Brie Davis, Media and Public Relations, 416-903-6845, [email protected]