Group 1: Canadian Energy Sector Overview - The Canadian energy sector, particularly oil and gas stocks, has reached a new all-time high, including dividends, reflecting strong performance [2][4] - The investment thesis for Canadian oil and gas stocks has proven successful, with the index (XEG-T) increasing by 410% since October 2020, as companies have heavily invested in their projects and are well-positioned for lower price environments [4][8] - Canadian pipeline companies are also increasing their volumes, with TC Energy and Enbridge being highlighted as strong performers in the sector [6][8] Group 2: Key Companies in the Sector - Major companies such as Canadian Natural Resources (CNQ), Imperial Oil (IMO), Suncor Energy (SU), and Tourmaline Oil (TOU) are favored investments, with many accounts holding these stocks [5] - Fortis Inc. reported net earnings of CAD 409 million for Q3 2025 and increased its dividend by 4.1%, with a capital plan of CAD 28.8 billion for 2026-2030 [17] - Brookfield Infrastructure Partners operates in various sectors, including utilities, and has a valuation that is 7.9% higher than its current price [19] Group 3: Performance and Future Outlook - The performance of Canadian energy holdings is beneficial for Canadian investors and indices, with materials being a significant driver of stock outperformance compared to the U.S. [8][12] - Analysts have noted the durability of earnings in Canadian regulated utilities, with companies like Fortis and Hydro One showing strong growth trajectories [11][12] - The long-term outlook for the utility sector suggests a reliable total return in the high-single to low-double digits, driven by sustainable dividend growth [12]

Core Insights - Fortis Construction has appointed Michele Leiva and Briston Blair to its Board of Directors, enhancing its commitment to strategic growth and purpose-driven operations [1][2] - The appointments reflect Fortis' focus on diversity and inclusion, with Michele Leiva being the first female board member [2] - Both new board members bring extensive experience in the construction industry, which will aid in guiding Fortis' strategic decisions and expansion efforts [2][4] Company Overview - Fortis Construction is an employee-owned general contractor with a focus on making a positive impact through relationships, projects, and community service [5] - The company operates in various markets, including data centers, science & technology, commercial, healthcare, and education, with a workforce of over 600 employees [5] Board Member Profiles - Michele Leiva has over 40 years of experience in the construction industry, previously serving as Chief Financial Officer at DPR Construction, where she significantly influenced the company's financial strategy [2][3] - Briston Blair has more than 20 years of experience in operations and technology, currently serving as Senior Vice President of Innovation & Strategy at Comfort Systems USA, with a strong understanding of the construction ecosystem [3][4] Strategic Focus - The appointments of Leiva and Blair are expected to support Fortis in navigating industry challenges and opportunities, emphasizing innovation, partnership, and operational excellence [4] - Fortis aims to deliver high-performance solutions for complex projects, including hyperscale data centers and advanced research facilities, reflecting its reputation for pioneering in the construction sector [4]

Core Insights - Fortis Inc. is recognized as one of the best Canadian dividend stocks for long-term investment [1] - CIBC has raised its price target for Fortis to C$75 while maintaining an Outperform rating [2] - Fortis reported a capital expenditure of approximately $4.2 billion in the first nine months of the year, aiming for a full-year target of $5.6 billion [3] Financial Performance - The company has introduced a five-year capital plan worth $28.8 billion for the period from 2026 to 2030, with an expected annual rate base growth of about 7% [3] - Fortis announced a 4% increase in its quarterly dividend to $0.64 per share, marking the 52nd consecutive year of dividend growth [4] Business Model - Fortis operates a regulated utility network, with around 93% of its assets in lower-risk transmission and distribution, providing stability in financial results [5] - The investment strategy aims to increase dividends by 4 to 6% annually through 2030, appealing to income-focused investors [4]

Core Viewpoint - The article emphasizes the importance of dividend growth investing as a strategy for achieving retirement goals while minimizing risk, highlighting the significance of identifying high-quality companies with competitive advantages that ensure future cash flow growth [1]. Group 1: Investment Philosophy - The investment approach focuses on value-oriented strategies, seeking high-quality companies with a history of dividend growth [1]. - The belief is that patient investors can build a core portfolio of dividend-paying equities to meet retirement objectives without taking on unnecessary risk [1]. - Dividend growth profiles are viewed as key indicators of management's commitment to returning cash to shareholders [1]. Group 2: Investment Strategy - The strategy involves fundamental analysis and patience to construct a portfolio that supports a comfortable retirement [1]. - The article encourages exploring value and growth-at-a-reasonable-price opportunities to build an income-producing portfolio of dividend stocks [1].

Air Canada - Operating revenues for the quarter were $5.77 billion, a decrease of approximately 5% from $6.1 billion in the same quarter last year [1] - The results included a three-day work stoppage by over 10,000 flight attendants in August, leading to more than 3,000 flight cancellations [1] - CEO Michael Rousseau stated that the results met the company's revised estimates, which were adjusted due to the labor disruption during peak summer season, with the estimated cost of the strike at $375 million [2] Fortis Inc. - Fortis reported a third-quarter profit of $409 million, down from $420 million a year ago, with earnings of 81 cents per share compared to 85 cents per share in the same quarter last year [4][7] - Revenue for the quarter was $2.94 billion, an increase from $2.77 billion in the same quarter last year [4][7] - Fortis announced a new five-year capital plan for 2026-2030 totaling $28.8 billion, an increase of $2.8 billion compared to the previous plan [5] Thomson Reuters Corp. - Thomson Reuters reported a profit of US$423 million for the quarter, up from US$301 million a year earlier, with profit per diluted share increasing to 94 cents from 67 cents [9][12] - Revenue rose to US$1.78 billion, up from US$1.72 billion in the same period last year [10][12] - The company acquired Additive AI Inc., a specialist in AI-powered tax document processing, and sold its remaining minority interest in the Elite business [11] Suncor Energy Inc. - Suncor reported a decline in third-quarter profits to $1.62 billion, down from $2.02 billion a year earlier, with profit per share decreasing to $1.34 from $1.59 [14][18] - Operating revenues net of royalties were $6.17 billion, down from $6.32 billion in the same quarter last year [15][18] - Total upstream production reached 870,000 barrels of oil equivalent per day, an increase from 828,600 boe/d, while refinery throughput also hit a record of 491,700 barrels per day [15][16] Cameco - Cameco raised its annual dividend to 24 cents per share from 16 cents, despite reporting a small net loss of $158,000 for the quarter, compared to a profit of $7.4 million a year earlier [21] - Revenue for the quarter was $614.6 million, down from $720.6 million [21]

Core Points - Epiroc is a prominent company in the mining equipment sector, with a focus on safety and innovation in a dangerous industry [2][3] Group 1: Company Overview - Epiroc is presented by Karin Larsson and Alexander Apell, both experienced members of the Investor Relations team, with a combined tenure of 19 years at the company [2] - The company emphasizes its commitment to safety in the mining industry, which is known for its hazards [3] Group 2: Industry Context - The mining industry has faced recent challenges, highlighted by a mine collapse at the Red Chris mine in British Columbia, where three workers were trapped [3] - Epiroc's technology, specifically the mixed fleet automation kit, was requested by the customer during the emergency situation, showcasing the company's role in enhancing safety [3]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, while year-to-date reported earnings were CAD 1.3 billion, or CAD 2.57 per common share [15] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15][16] - EPS for Western Canadian utilities increased CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes at Fortis Alberta [17] - The sale of Fortis TCI is expected to impact adjusted EPS by CAD 0.02 for the full year [17] Market Data and Key Metrics Changes - The new five-year capital plan totals CAD 28.8 billion, an increase of CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][7] - The consolidated rate base is projected to grow by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [7] Company Strategy and Development Direction - The company emphasizes a regulated growth strategy with a focus on maintaining customer affordability and prioritizing capital investments that yield cost savings [4][6] - The capital plan is heavily directed towards transmission and distribution investments, with 77% allocated to these areas [7] - The company aims for annual dividend growth guidance of 4%-6% through 2030, supported by a disciplined capital investment strategy [4][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [13][22] - The company remains committed to safety, reliability, affordability, and cleaner energy delivery for customers [22] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [26][35] Other Important Information - The company completed the sale of Fortis TCI and entered into an agreement to sell investments in Belize, resulting in a 100% regulated asset portfolio [3][4] - The board declared a fourth-quarter dividend increase of approximately 4%, marking 52 consecutive years of dividend increases [13] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, many steps remain before they can be included in the capital plan [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [29][30] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire immediate solutions, the timeline for securing capital and building infrastructure is longer due to permitting and construction requirements [34][35] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan details [42][43] Question: Trends in buyer appetite for assets - Management noted that buyer interest fluctuates and that recent transactions do not indicate a shift in strategy regarding Caribbean assets [44] Question: Factors affecting higher spending - Management emphasized that customer affordability is a priority and that new large load customers should contribute to infrastructure costs, mitigating impacts on existing customers [49][50] Question: Funding plan and hybrid issuances - Management confirmed that while no further hybrid issuances are planned, they remain open to exploring this option depending on market conditions [56][57]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, with year-to-date reported earnings of CAD 1.3 billion, or CAD 2.57 per common share [15] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [16] - EPS for Western Canadian utilities increased CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes at Fortis Alberta [17] - The sale of Fortis TCI is expected to impact adjusted EPS by CAD 0.02 for the full year [17] Market Data and Key Metrics Changes - The new five-year capital plan totals CAD 28.8 billion, up CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][7] - The consolidated rate base is projected to increase by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [7] Company Strategy and Development Direction - The company emphasizes a regulated growth strategy with a focus on maintaining customer affordability and prioritizing capital investments that yield cost savings [4][6] - The capital plan is heavily directed towards transmission and distribution investments, with 77% allocated to these areas [7] - The company aims for annual dividend growth guidance of 4%-6% through 2030, supported by a disciplined capital investment strategy [4][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [13][22] - The company remains committed to safety, reliability, affordability, and cleaner energy delivery for customers [22] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [26][35] Other Important Information - The company completed the sale of Fortis TCI and entered into an agreement to sell investments in Belize, resulting in a 100% regulated asset portfolio [3][4] - The board declared a fourth-quarter dividend increase of approximately 4%, marking 52 consecutive years of dividend increases [13] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the need for agreements and infrastructure development before including these opportunities in the capital plan [26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the capital plan and that the recent sales do not indicate a strategy to divest further [30] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire immediate solutions, the actual timeline for development will depend on various factors including permitting and infrastructure [34] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan clarity [42] Question: Trends in buyer appetite for assets - Management noted that buyer interest fluctuates and that recent transactions do not indicate a shift in strategy regarding Caribbean assets [44] Question: Customer affordability and permitting challenges - Management emphasized the importance of structuring agreements to ensure that new large load customers contribute to infrastructure costs, thus maintaining affordability [50] Question: Funding plan and hybrid issuances - Management confirmed that while no further hybrid issuances are planned, they remain open to exploring this option depending on market conditions [56]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, with year-to-date reported earnings of CAD 1.3 billion, or CAD 2.57 per common share [14] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15] - EPS for Western Canadian utilities increased by CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes [17] - ITC's continued capital investments and related rate-based growth increased EPS by CAD 0.02, despite higher stock-based compensation [16] Market Data and Key Metrics Changes - The company expects to invest approximately CAD 5.6 billion for the full year, with CAD 4.2 billion invested through September [3] - The new five-year capital plan totals CAD 28.8 billion, up CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][6] - Consolidated rate base is projected to increase by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [6] Company Strategy and Development Direction - The company has shifted to a 100% regulated asset portfolio following the sale of Fortis TCI and investments in Belize [3] - The five-year capital plan emphasizes maintaining customer affordability and includes significant investments in transmission and distribution [4][5] - The company aims for annual dividend growth guidance of 4%-6% through 2030, with a recent dividend increase of approximately 4% [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [12][21] - The company is focused on safety, reliability, affordability, and cleaner energy delivery for customers [21] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [25][26] Other Important Information - The company raised over CAD 2 billion in debt, including a hybrid issuance of CAD 750 million at 5.1% [19] - The New York State Public Service Commission approved Central Hudson's three-year rate plan, which includes a continuation of an allowed ROE of 9.5% [20] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, they require careful negotiation and regulatory processes [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [27][28] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire quick connections, practical realities such as permitting and infrastructure development will dictate timelines [32][33] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan clarity [39][40] Question: Buyer appetite for Caribbean assets - Management noted that interest in Caribbean assets fluctuates and that recent sales do not indicate a broader exit strategy from the region [41][42] Question: Friction points for higher spending - Management emphasized that customer affordability is not a concern, but equipment availability and permitting are critical factors [45][46] Question: Approval processes for new data center loads - Management confirmed that the Arizona Corporation Commission approval is the primary requirement for the first 300 megawatts, with further approvals needed for additional capacity [50][51] Question: Funding plan and hybrid issuances - Management clarified that while no further hybrid issuances are currently planned, they remain open to exploring this option depending on market conditions [54][55]

Financial Performance & Capital Plan - Q3 2025 actual EPS was $0.81, and adjusted EPS was $0.87, compared to $0.85 in Q3 2024[9] - The company announced a new $28.8 billion 2026-2030 capital plan, the largest in its history[9] - A Q4 dividend increase of approximately 4% was declared, marking 52 consecutive years of dividend increases[9] - The 2026-2030 capital plan is $2.8 billion over the prior plan[12] - The capital plan is expected to support an average annual rate base growth of 7%[18] Capital Allocation & Growth Drivers - Transmission investments account for 46% of the $28.8 billion 2026-2030 capital plan[19] - ITC's five-year capital plan is $9.8 billion, supporting an ~8% rate base CAGR[23] - UNS Energy's five-year capital plan is $5.6 billion, supporting a ~7% rate base CAGR[26] - FortisBC's five-year capital plan is $4.9 billion, supporting a ~6% rate base CAGR[30] Funding & Liquidity - The company issued $750 million in hybrids at Fortis Inc at 5.1% in Q3 2025[55] - The five-year capital plan is funded by 59% cash from operations, 11% equity, and 30% net debt[61]