Market Newsdesk

CALGARY, Alberta, May 06, 2026 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2026 financial and operating results. In the quarter, the company generated approximately $3.4 billion of adjusted funds flow and $2.2 billion of free funds flow. Operating results in the quarter included Upstream production of 972,100 barrels of oil equivalent per day (BOE/d)¹ and Downstream crude throughput of 458,500 barrels per day (bbls/d), representing an overall crude unit utilization rate of 97%.

The Board of Directors has approved a 10% increase in the quarterly base dividend to $0.22 per share, beginning in the second quarter of 2026. Consistent with Cenovus’s financial framework, the base dividend is underpinned by its growth plan and resilience at a US$45 West Texas Intermediate crude oil price.

Highlights

• Reached highest ever quarterly Upstream production of 972,100 BOE/d, an increase of 54,200 BOE/d or 6% from Q4 2025 and 153,200 BOE/d or 19% from Q1 2025.
• Accelerated the redevelopment well program at Christina Lake North. The first of 40 redevelopment wells was drilled in March with first oil processed in April.
• Increased Offshore production to 75,400 BOE/d in Q1 2026, an increase of 4,500 BOE/d or 6% from Q4 2025. With the West White Rose project now complete and drilling operations underway, first oil is expected in Q3 2026.
• Achieved a Downstream utilization rate of 97%, with crude throughput of 458,500 bbls/d. U.S. Refining adjusted market capture² of 114% contributed to total Downstream operating margin³ of $734 million, including a $457 million inventory holding gain.
• Returned $1.0 billion to shareholders in the first quarter, including $379 million through common and preferred share dividends, $356 million through common share repurchases and $300 million in preferred share redemptions.

“Our people continued to deliver exceptional operating and financial results. From record Upstream production to seamless project execution and robust Downstream performance, the entire suite of integrated assets contributed to a terrific quarterly result,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Our focus remains squarely on safety and disciplined execution of our ambitious business plan.”

Financial summary

($ millions, except per share amounts)	2026 Q1	2025 Q4	2025 Q1
Cash from (used in) operating activities	2,181	2,408	1,315
Adjusted funds flow2	3,377	2,674	2,212
Per share (diluted)2	1.80	1.46	1.21
Capital investment	1,170	1,360	1,229
Free funds flow2	2,207	1,314	983
Excess free funds flow2	1,723	(1,597)	373
Net earnings (loss)	1,570	934	859
Per share (diluted)	0.83	0.50	0.47
Long-term debt, including current portion	10,633	11,032	7,524
Net debt	8,058	8,292	5,079

Production and throughput

(before royalties, net to Cenovus)	2026 Q1	2025 Q4	2025 Q1
Oil and NGLs (bbls/d)1	830,100	774,500	670,900
Conventional natural gas (MMcf/d)1	852.0	860.4	887.9
Total Upstream production (BOE/d) 1	972,100	917,900	818,900
Total Downstream crude throughput (bbls/d) 1	458,500	465,500	665,400

¹

See Advisory for production by product type and by reporting segment.



² Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.




³ Specified financial measure. See Advisory.

First-quarter results

Operating



¹

Cenovus’s total revenues were $12.4 billion in the first quarter, up from $10.9 billion in the fourth quarter of 2025. Upstream revenues were $9.4 billion, an increase from $7.6 billion in the prior quarter, while Downstream revenues were $5.6 billion, an increase from $5.3 billion in the prior quarter.

Total operating margin⁴ was $4.4 billion, compared with $2.8 billion in the prior quarter. Upstream operating margin⁵ was $3.7 billion, up from $2.6 billion in the prior quarter, as a result of higher benchmark oil prices and increased production. Downstream operating margin was $734 million, an increase from $149 million in the prior quarter, reflecting increased refined product prices and strong seasonal market capture. Operating margin in the U.S. Refining segment was $533 million, which included a $457 million inventory holding gain.

Total Upstream production was 972,100 BOE/d in the first quarter, up from 917,900 BOE/d in the fourth quarter of 2025. Christina Lake production was 358,900 bbls/d compared with 308,900 bbls/d in the prior quarter, as a result of the acquisition of MEG Energy Corp. (MEG) and strong well pad performance at Narrows Lake. Foster Creek production was 223,000 bbls/d, up from 220,100 bbls/d in the prior quarter, and Sunrise production was 59,400 bbls/d, similar to the fourth quarter.

Production from the Lloydminster thermal assets was 102,300 bbls/d compared with 106,900 bbls/d in the fourth quarter of 2025, reflecting the disposition of Vawn in December. Lloydminster conventional heavy oil output was 29,000 bbls/d, compared with 28,100 bbls/d in the prior quarter.

Production in the Conventional segment was 121,700 BOE/d, an increase from 120,400 BOE/d in the prior quarter.

In the Offshore segment, production was 75,400 BOE/d compared with 70,900 BOE/d in the fourth quarter of 2025. In Asia Pacific, production was 57,100 BOE/d, compared with 54,000 BOE/d in the prior quarter, and in the Atlantic region production was 18,300 bbls/d, up from 16,900 bbls/d in the prior quarter.

Total Downstream crude throughput in the first quarter was 458,500 bbls/d. Crude throughput in Canadian Refining was 115,300 bbls/d, representing a utilization rate of 107%, compared with 112,900 bbls/d in the prior quarter.

In U.S. Refining, crude throughput was 343,200 bbls/d, compared with 352,600 bbls/d in the fourth quarter of 2025. First-quarter crude throughput represents a crude unit utilization rate of 94%. U.S. Refining revenues were $4.2 billion, in line with the prior quarter. Adjusted market capture in U.S. Refining was 114%, compared with 106% in the prior quarter, as a result of strong distillate cracks, widening heavy crude differentials and favourable secondary product pricing.

⁴

Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.


⁵

Specified financial measure. See Advisory.

Financial

Cash from operating activities in the first quarter declined to approximately $2.2 billion from $2.4 billion in the fourth quarter of 2025. Adjusted funds flow was $3.4 billion, compared with $2.7 billion in the prior quarter, and excess free funds flow was $1.7 billion, compared with a shortfall of $1.6 billion in the prior quarter as a result of the completion of the MEG acquisition. Net earnings increased to $1.6 billion from $934 million in the prior quarter. First-quarter financial results were driven by increases in benchmark crude oil prices, Upstream production and refined product pricing.

Long-term debt, including the current portion, was $10.6 billion as at March 31, 2026. Net debt was $8.1 billion as at March 31, 2026, a modest decrease from the prior quarter, as a result of strong financial results, partially offset by the redemption of all $300 million of Cenovus’s Series 1 and Series 2 preferred shares on March 31, 2026, and a $1.1 billion increase in non-cash working capital. The company continues to steward toward a long-term net debt target of $4.0 billion.

Growth projects

The Christina Lake North expansion project, which will increase production volumes by approximately 40,000 bbls/d by 2028, continued to progress in the first quarter. Production from the 40-well redevelopment program is expected to ramp up in the second half of 2026 and installation of the first new steam generator is ahead of schedule and expected to be brought online before year-end. At Foster Creek, the Amine Claus project was mechanically complete within the quarter and commissioning work is underway. At Sunrise, the first of four new well pads on the east development area began producing in April. A second pad is expected to come online later in 2026 as production continues to ramp up towards 70,000 bbls/d by 2028.

At West White Rose, commissioning and testing of the platform was completed, and drilling operations have commenced. First oil is now anticipated in the third quarter of 2026.

Sale of Canadian commercial fuels business

Cenovus entered into agreements to sell its Canadian commercial fuels business, which includes travel centres, cardlocks, retail sites and bulk plants. Total expected cash proceeds from the sales are $275 million. The transactions are expected to close in the second half of 2026, subject to approval under the Competition Act (Canada) and other customary closing conditions. TD Securities acted as exclusive financial advisor on the transactions.

Sustainability

Today, Cenovus released its 2025 Corporate Social Responsibility report, illustrating the company’s progress and performance related to safety, Indigenous reconciliation, and acceptance and belonging as well as its approach to governance. The report is available on the company’s website at cenovus.com.

The report highlights how Cenovus advanced several major initiatives that strengthened competitiveness in 2025 and continued to position the company for long-term success, supporting both business performance and sustainability efforts. Cenovus delivered top-quartile process safety performance, reached a record $860 million in Indigenous business spend in 2025 and refreshed its social commitments with clear, measurable ambitions and defined strategic actions.

The company is actively engaged with the governments of Alberta and Canada in 2026 to advance the shared goals of expanding the energy sector, increasing and diversifying market access and reducing emissions while maintaining global competitiveness for the oil sands industry.

“We have an unprecedented opportunity to produce more oil to meet global demand, and by doing so we will strengthen Canada’s economy,” McKenzie said. “Now is the time to create the conditions so industry can be globally competitive and Canada can take advantage of this moment.”

Dividend declarations and share purchases

The Board of Directors has declared a quarterly base dividend of $0.22 per common share, payable on June 30, 2026, to shareholders of record as of June 15, 2026.

All dividends paid on Cenovus’s common shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

In the first quarter, the company returned $1.0 billion to shareholders, composed of $356 million from its purchase of 11.5 million common shares through its normal course issuer bid, $379 million through common and preferred share dividends and $300 million through the redemption of Cenovus’s Series 1 and Series 2 preferred shares. With the redemptions, Cenovus no longer has preferred shares within its capital structure.

2026 planned maintenance

The following table provides details on planned maintenance activities at Cenovus assets in 2026 and anticipated production or throughput impacts.

Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

(MBOE/d or Mbbls/d)	Q2	Q3	Q4	Annual impact
Upstream
Oil Sands	5 – 9	23 – 28	2 – 4	8 – 10
Offshore	–	–	–	–
Conventional	–	–	–	–
Downstream
Canadian Refining	10 – 15	–	–	2 – 4
U.S. Refining	–	35 – 45	40 – 50	20 – 26

Conference call today

Cenovus will host a conference call today, May 6, 2026, starting at 9 a.m. MT (11 a.m. ET).

For analysts wanting to join the call, please register in advance.

To participate in the conference call, complete the online registration form in advance of the call start time. Once registered, you will receive a unique PIN to access the call by phone. You can either dial into the conference call using the unique PIN or select the “Call Me” option to receive an automated call.

A live audio webcast of the conference call will also be available and will remain archived for approximately 30 days.

Cenovus will also host its Annual Meeting of Shareholders today, May 6, 2026, in a virtual format beginning at 11 a.m. MT (1 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

Advisory

Basis of Presentation

Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (the IFRS Accounting Standards).

Barrels of Oil Equiva
lent

Natural gas volumes have been converted to BOE on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Product types

Product type by reporting segment	Three months ended March 31, 2026
Oil Sands
Bitumen (Mbbls/d)	743.6
Heavy crude oil (Mbbls/d)	29.0
Conventional natural gas (MMcf/d)	14.4
Total Oil Sands segment production (MBOE/d)	775.0
Conventional
Light crude oil (Mbbls/d)	6.0
Natural gas liquids (Mbbls/d)	22.9
Conventional natural gas (MMcf/d)	556.4
Total Conventional segment production (MBOE/d)	121.7
Offshore
Light crude oil (Mbbls/d)	18.3
Natural gas liquids (Mbbls/d)	10.3
Conventional natural gas (MMcf/d)	281.2
Total Offshore segment production (MBOE/d)	75.4
Total Upstream production (MBOE/d)	972.1

Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “payable”, “plan”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: focus on safety and disciplined execution of our business plan; stewarding towards our long-term net debt target; progressing the Foster Creek Amine Claus project; Christina Lake North expansion project progress; ramp-up of production growth at Sunrise; timing of first oil from the West White Rose project; timing of closing of and expected proceeds from the sale of the Canadian commercial fuels business; 2026 planned maintenance and production/throughput impacts; and future dividend payments.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to the assumptions inherent in Cenovus’s 2026 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2025.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2025 and March 31, 2026 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the periods ended December 31, 2025 and March 31, 2026 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com), which is incorporated by reference into this news release.

Upstream Operating Margin and Downstream Operating Margin

Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 of the interim Consolidated Financial Statements.

Total Operating Margin

Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

	Upstream (6)			Downstream (6)			Total
($ millions)	Q1 2026	Q4 2025	Q1 2025	Q1 2026	Q4 2025	Q1 2025	Q1 2026	Q4 2025	Q1 2025
Revenues
Gross Sales	10,370	8,287	9,252	5,627	5,314	7,705	15,997	13,601	16,957
Less: Royalties	(983)	(670)	(906)	—	—	—	(983)	(670)	(906)
	9,387	7,617	8,346	5,627	5,314	7,705	15,014	12,931	16,051
Expenses
Purchased Product	1,244	1,271	1,167	4,378	4,574	7,082	5,622	5,845	8,249
Transportation and Blending	3,375	2,832	3,247	—	—	—	3,375	2,832	3,247
Operating	1,047	893	893	526	591	854	1,573	1,484	1,747
Realized (Gain) Loss on Risk Management	13	(7)	(9)	(11)	—	6	2	(7)	(3)
Operating Margin	3,708	2,628	3,048	734	149	(237)	4,442	2,777	2,811

⁶

Fou
nd in Note 1 of the
March 31, 2026
, or the December 31, 2025, interim Consolidated Financial Statements.

Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

	Three Months Ended
($ millions)	March 31, 2026	December 31, 2025	March 31, 2025
Cash From (Used in) Operating Activities(7)	2,181	2,408	1,315
(Add) Deduct:
Settlement of Decommissioning Liabilities	(53)	(82)	(36)
Net Change in Non-Cash Working Capital	(1,143)	(184)	(861)
Adjusted Funds Flow	3,377	2,674	2,212
Capital Investment	1,170	1,360	1,229
Free Funds Flow	2,207	1,314	983
Add (Deduct):
Base Dividends Paid on Common Shares	(377)	(376)	(327)
Purchase of Common Shares under    Employee Benefit Plan	(51)	(61)	(58)
Dividends Paid on Preferred Shares	(2)	(4)	(6)
Settlement of Decommissioning Liabilities	(53)	(82)	(36)
Principal Repayment of Leases	(90)	(84)	(83)
Acquisitions, Net of Cash Acquired	(10)	(3,430)	(100)
Acquisition of Ownership Interest in MEG(8)	—	(752)	—
Proceeds From Divestitures	99	1,878	—
Excess Free Funds Flow	1,723	(1,597)	373

⁷

Found in the
March 31, 2026
, or the December 31, 2025, interim Consolidated Financial Statements.


⁸

Represents the acquired MEG common shares purchased prior to the closing of the MEG acquisition. For further information, refer to Note 3 of the December 31, 2025, interim Consolidated Financial Statements.

Adjusted Market Capture

Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

($ millions)	Three months ended March 31, 2026	Three months ended December 31, 2025
Revenues(9)	4,220	4,158
Purchased Product(9)	3,318	3,664
Gross Margin	902	494
Inventory Holding (Gain) Loss	(457)	134
Adjusted Gross Margin	445	628
Total Processed Inputs (Mbbls/d)	359.9	375.8
Adjusted Refining Margin ($/bbl)	13.74	18.17
Operable Capacity (Mbbls/d)	364.8	364.8
Operable Capacity by Regional Benchmark (percent)
Chicago 3-2-1 Crack Spread Weighting	88	88
Group 3 3-2-1 Crack Spread Weighting	12	12
Benchmark Prices and Exchange Rate
Chicago 3-2-1 Crack Spread (US$/bbl)	17.55	18.20
Group 3 3-2-1 Crack Spread (US$/bbl)	17.16	19.25
RINs (US$/bbl)	8.71	6.04
US$ per C$1 – Average	0.729	0.717
Weighted Average Crack Spread, Net of RINs ($/bbl)	12.06	17.14
Adjusted Market Capture (percent)	114	106

⁹

Fou
nd in Note 1 of the
March 31, 2026
, or the December 31, 2025, interim Consolidated Financial Statements.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors

Investor Relations general line
403-766-7711

Media

Media Relations general line
403-766-7751

First quarter Net Income of $72.9M and Adjusted Net Income of $9.0M

Continued value driver execution and recent acquisitions drove first quarter Adjusted EBITDA of $41.2M

First quarter Earnings Per Diluted Share of $0.44 and Adjusted Earnings Per Diluted Share of $0.06

Entered into key five-year contracts with the United States Defense Logistics Agency for suppressants and with California Department of Forestry for retardants in April 2026

CLAYTON, Mo., May 06, 2026 (GLOBE NEWSWIRE) — Perimeter Solutions, Inc. (NYSE: PRM) (“Perimeter,” “Perimeter Solutions,” or the “Company”), a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications, today reported financial results for its first quarter ended March 31, 2026.

First
Quarter 2026 Results

• Net sales increased 74% to $125.1 million in the first quarter, as compared to $72.0 million in the prior year quarter.
  • Fire Safety net sales increased 22% to $45.5 million, as compared to $37.1 million in the prior year quarter.
  • Specialty Products net sales increased 128% to $79.6 million, as compared to $34.9 million in the prior year quarter.
• Net income during the first quarter was $72.9 million, or $0.44 earnings per diluted share, as compared to net income of $56.7 million, or $0.36 earnings per diluted share in the prior year quarter.
• First quarter non-GAAP adjusted earnings per diluted share was $0.06, as compared to non-GAAP adjusted earnings per diluted share of $0.03 in the prior year quarter.
• Adjusted EBITDA increased 128% to $41.2 million in the first quarter, as compared to $18.1 million in the prior year quarter.
  • Fire Safety Segment Adjusted EBITDA increased 85% to $18.7 million, as compared to $10.1 million in the prior year quarter.
  • Specialty Products Segment Adjusted EBITDA increased 181% to $22.5 million, as compared to $8.0 million in the prior year quarter.
• Reconciliation tables for non-GAAP measures are available in the attached schedules.

Capital Allocation

• On January 22, 2026, the Company acquired the outstanding capital stock of Medical Manufacturing Technologies, LLC (“MMT”) for a total cash purchase price, net of cash acquired of $682.3 million which was funded with cash on hand and proceeds from a senior secured notes offering. MMT is included within the Specialty Products segment.
• The Company invested $5.8 million in capital expenditures during the quarter ended March 31, 2026.

Conference Call and Webcast

As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Wednesday, May 6, 2026 to discuss financial results for the first quarter 2026. The conference call can be accessed by dialing (877) 407-9764 (toll-free) or (201) 689-8551 (toll).

The conference call will also be webcast simultaneously on Perimeter’s website (https://ir.perimeter-solutions.com), accessed under the Investor Relations page. The webcast link will be made available on the Company’s website prior to the start of the call; go to the investor relations page of our website to the News & Events menu and click on “Events & Presentations.”

A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website to the News & Events menu and click on “Events & Presentations.”

Following the live webcast, a replay will be available on the Company’s website. A telephonic replay will also be available approximately three hours after the call and can be accessed by dialing (877) 660-6853 (toll-free) or (201) 612-7415 (toll) and using Access ID “13758345”. The telephonic replay will be available until June 6, 2026 (11:59 p.m. ET).

About Perimeter Solutions

Perimeter Solutions (NYSE: PRM) is a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. Perimeter’s focus on superior customer service, paired with our Value Driver-focused operating strategy, decentralized operating model, and focus on driving value via capital allocation and capital structure management, fulfills our dual mandate: to serve customers and create value for stockholders. Perimeter is comprised of two segments, Fire Safety, including fire retardants and fire suppressants, and Specialty Products, which currently spans lubricant additives, electronic and electro-mechanical components, and highly engineered machinery for the medical device industry. Perimeter expects to continue expanding its portfolio through organic growth and value creating acquisitions.

Forward-looking Information

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although Perimeter believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.

Any forward-looking statement made by Perimeter in this press release speaks only as of the date on which it is made. Perimeter undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE: Perimeter Solutions, Inc.

CONTACT: [email protected]

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Income (in thousands, except share and per share data) (Unaudited)
	Three Months Ended March 31,
		2026				2025
Net sales	$	125,069			$	72,030
Cost of goods sold		74,282				43,877
Gross profit		50,787				28,153
Operating expenses (income):
Selling, general and administrative expense		23,061				16,299
Amortization expense		22,599				14,099
Founders advisory fees – related party		(76,378	)			(80,613	)
Other operating expense		9,018				561
Total operating income		(21,700	)			(49,654	)
Operating income		72,487				77,807
Other expense (income):
Interest expense, net		24,356				9,644
Foreign currency gain		(1,351	)			(1,159	)
Other (income) expense, net		(364	)			143
Total other expense, net		22,641				8,628
Income before income taxes		49,846				69,179
Income tax benefit (expense)		23,090				(12,493	)
Net income		72,936				56,686
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		(6,566	)			7,885
Total comprehensive income	$	66,370			$	64,571
Earnings per share:
Basic	$	0.47			$	0.38
Diluted	$	0.44			$	0.36
Weighted average number of shares outstanding:
Basic		153,863,650				148,556,284
Diluted		165,074,373				156,727,696

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share data)
	March 31, 2026				December 31, 2025
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	91,624			$	325,927
Accounts receivable, net		87,536				64,363
Inventories		191,026				139,634
Prepaid expenses and other current assets		27,987				34,049
Total current assets		398,173				563,973
Property, plant and equipment, net		101,296				85,138
Operating lease right-of-use assets		37,297				30,152
Finance lease right-of-use assets		5,490				5,713
Goodwill		1,365,415				1,065,211
Customer lists, net		924,377				628,189
Technology and patents, net		200,318				184,804
Tradenames, net		125,297				86,330
Other assets, net		6,715				3,497
Total assets	$	3,164,378			$	2,653,007
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	38,408			$	30,301
Accrued expenses and other current liabilities		61,322				47,212
Founders advisory fees payable – related party		25,839				95,726
Deferred revenue		3,322				1,879
Total current liabilities		128,891				175,118
Long-term debt, net		1,209,650				669,122
Operating lease liabilities, net of current portion		32,858				27,860
Finance lease liabilities, net of current portion		5,560				5,694
Deferred income taxes		121,788				80,410
Founders advisory fees payable – related party		338,480				440,697
Preferred stock		117,753				115,904
Preferred stock – related party		586				1,293
Other non-current liabilities		3,963				3,590
Total liabilities		1,959,529				1,519,688
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value per share, 4,000,000,000 shares authorized; 188,505,219 and 174,818,216 shares issued; 163,127,063 and 149,440,060 shares outstanding at March 31, 2026 and December 31, 2025, respectively		19				17
Treasury stock, at cost; 25,378,156 shares at March 31, 2026 and December 31, 2025		(168,197	)			(168,197	)
Additional paid-in capital		2,106,116				2,100,958
Accumulated other comprehensive loss		(12,936	)			(6,370	)
Accumulated deficit		(720,153	)			(793,089	)
Total stockholders’ equity		1,204,849				1,133,319
Total liabilities and stockholders’ equity	$	3,164,378			$	2,653,007

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited)
	Three Months Ended March 31,
		2026				2025
Cash flows from operating activities:
Net income	$	72,936			$	56,686
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Founders advisory fees – related party (change in fair value)		(76,378	)			(80,613	)
Depreciation and amortization expense		27,139				16,893
Interest and payment-in-kind on preferred stock		1,904				1,833
Stock-based compensation		2,598				2,671
Non-cash lease expense		2,513				1,395
Deferred income taxes		(27,055	)			8,927
Amortization of deferred financing costs		709				444
Foreign currency gain		(1,351	)			(1,159	)
Loss on disposal of assets		17				3
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		3,424				11,830
Inventories		(3,099	)			2,145
Prepaid expenses and current other assets		878				766
Accounts payable		(976	)			(3,513	)
Deferred revenue		219				4,564
Income taxes payable, net		5,338				1,660
Accrued expenses and other current liabilities		2,399				7,253
Founders advisory fees – related party (cash settled)		(95,726	)			(6,677	)
Operating lease liabilities		(1,903	)			(994	)
Finance lease liabilities		(119	)			(127	)
Other, net		(2,428	)			(241	)
Net cash (used in) provided by operating activities		(88,961	)			23,746
Cash flows from investing activities:
Purchase of property and equipment		(5,801	)			(4,813	)
Purchase of businesses, net of cash acquired		(682,294	)			(10,000	)
Net cash used in investing activities		(688,095	)			(14,813	)
Cash flows from financing activities:
Common stock repurchased		—				(8,183	)
Proceeds from exercises of options		3,000				41
Principal payments on finance lease obligations		(179	)			(251	)
Proceeds from issuance of long-term debt		550,000				—
Payment of debt issuance costs		(10,057	)			—
Net cash provided by (used in) financing activities		542,764				(8,393	)
Effect of foreign currency on cash and cash equivalents		(11	)			1,054
Net change in cash and cash equivalents		(234,303	)			1,594
Cash and cash equivalents, beginning of period		325,927				198,456
Cash and cash equivalents, end of period	$	91,624			$	200,050
Supplemental disclosures of cash flow information:
Cash paid for interest	$	154			$	6
Cash (received) paid for income taxes	$	(2,034	)		$	530

Non-GAAP Financial Metrics

The Company provides non-GAAP financial measures for Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share data as supplemental information regarding the Company’s business performance. The Company believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of the Company’s past financial performance and future results. The Company’s management uses these non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal operating budgeting, performance measurement, and discretionary compensation.

Adjusted EBITDA and Segment Adjusted EBITDA

Adjusted EBITDA and Segment Adjusted EBITDA are defined as income (loss) before income taxes plus net interest and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense, (v) purchase accounting impact and (vi) foreign currency loss (gain). To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted EBITDA and Segment Adjusted EBITDA, which are non-GAAP measures used by the Company’s management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA and Segment Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands).

(Unaudited)	Three Months Ended March 31, 2026												Three Months Ended March 31, 2025
	Fire Safety				Specialty Products				Total				Fire Safety				Specialty Products				Total
Income (loss) before income taxes	$	62,127			$	(12,281	)		$	49,846			$	58,878			$	10,301			$	69,179
Depreciation and amortization		14,492				12,647				27,139				12,765				4,128				16,893
Interest and financing expense		10,455				13,901				24,356				5,954				3,690				9,644
Founders advisory fees – related party		(66,890	)			(9,488	)			(76,378	)			(69,327	)			(11,286	)			(80,613	)
Non-recurring expenses(1)		132				259				391				234				673				907
Acquisition costs		10				8,958				8,968				—				561				561
Stock-based compensation expense		716				1,882				2,598				1,576				1,095				2,671
Purchase accounting impact(2)		—				5,590				5,590				—				—				—
Foreign currency (gain) loss		(2,351	)			1,000				(1,351	)			5				(1,164	)			(1,159	)
Segment Adjusted EBITDA	$	18,691			$	22,468			$	41,159			$	10,085			$	7,998			$	18,083

(1)		For the three months ended March 31, 2026, $0.3 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company, and $0.1 million was related to restructuring and other non-recurring costs. For the three months ended March 31, 2025, $0.5 million was related to restructuring and other non-recurring costs, and $0.4 million was related to the Redomiciliation Transaction.
(2)		For the three months ended March 31, 2026, $5.6 million was primarily related to the impact of purchase accounting on the cost of inventory sold. The inventory acquired received a purchase accounting step-up in basis.

Adjusted Net Income and Adjusted Earnings Per Share

The computation of Adjusted Earnings Per Share (“Adjusted EPS”) is defined as Adjusted Net Income divided by adjusted diluted shares. Adjusted Net Income is defined as net income (loss) plus amortization, certain non-recurring, unusual or non-operational items, and the tax impact of these non-GAAP adjustments. These adjustments include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense, (v) purchase accounting impact and (vi) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options excluded under U.S. GAAP due to a net loss, less dilution related to founders advisory fees. To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted Net Income and Adjusted EPS, which are non-GAAP measures used by the Company’s management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EPS and Adjusted Net Income should not be considered alternatives to GAAP earnings (loss) per share (“GAAP EPS”), net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands, except share and per share data).

(Unaudited)				Three Months Ended March 31,
					2026				2025
GAAP net income				$	72,936			$	56,686
Adjustments:
Amortization					22,599				14,099
Founders advisory fees – related party					(76,378	)			(80,613	)
Non-recurring expenses(1)					391				907
Acquisition costs					8,968				561
Stock-based compensation expense					2,598				2,671
Purchase accounting impact(2)					5,590				—
Foreign currency gain					(1,351	)			(1,159	)
Tax impact of non-GAAP adjustments(3)					(26,319	)			10,937
Adjusted net income				$	9,034			$	4,089
Shares used in computing GAAP Earnings Per Share (diluted)					165,074,373				156,727,696
Options(4)					—				—
Shares underlying Founders fixed advisory fees(5)					(4,714,122	)			(7,071,183	)
Shares underlying Founders variable advisory fees(6)					—				—
Shares used in computing Adjusted Earnings Per Share (diluted)					160,360,251				149,656,513
GAAP Earnings Per Share (diluted)				$	0.44			$	0.36
Adjusted Earnings Per Share (diluted)				$	0.06			$	0.03
____________________
(1)			For the three months ended March 31, 2026, $0.3 million was related to litigation costs arising from a contractual dispute regarding control of the P2S5 facility, which is currently operated by Flexsys Chemical Company, and $0.1 million was related to restructuring and other non-recurring costs. For the three months ended March 31, 2025, $0.5 million was related to restructuring and other non-recurring costs, and $0.4 million was related to the Redomiciliation Transaction.
(2)			For the three months ended March 31, 2026, $5.6 million was primarily related to the impact of purchase accounting on the cost of inventory sold. The inventory acquired received a purchase accounting step-up in basis.
(3)			The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.
(4)			The Company adds back the dilutive impact of options if amounts were excluded for purposes of GAAP EPS due to a GAAP net loss during the period.
(5)			As of March 31, 2026, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee.
(6)			Based on period end market prices as of March 31, 2026, no shares were issuable within 12 months under the Founders variable advisory fee.

HONG KONG, May 06, 2026 (GLOBE NEWSWIRE) — UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2026, before U.S. markets open on Wednesday, May 13, 2026.

Management will hold a conference call to discuss these results at 8:30 a.m. U.S. Eastern Time / 8:30 p.m. Hong Kong Time the same day.

Listeners may access the call by dialing:

International:	617-3145-4010
US/Canada (Toll Free):	1-855-881-1339
UK (Toll Free):	0-800-051-8245
Mainland China (Toll Free):	4001-200-659
Hong Kong (Toll Free):	800-966-806
Singapore (Toll Free):	800-101-2785

Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for “UCLOUDLINK GROUP INC.” Additionally, a live and archived webcast of the conference call will be available at https://ir.ucloudlink.com.

A telephone replay will be available one hour after the end of the conference until May 20, 2026, by dialing:

US/Canada (Toll Free):	1855-883-1031
International:	617-3107-6325
Replay Passcode:	10054677

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

For more information, please contact:

UCLOUDLINK GROUP INC.	Investor Relations: Christensen Advisory
Daniel Gao	Christian Arnell, Managing Director
Tel: +852-2180-6111	Tel: +852-2117-0861
E-mail: [email protected]	E-mail: [email protected]

This news release constitutes a “Designated News Release” incorporated by reference in the prospectus supplement


dated December 9, 2024 to Fortis’ short form base shelf prospectus dated December 9, 2024.

ST. JOHN’S, Newfoundland and Labrador, May 06, 2026 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS), a diversified leader in the North American regulated electric and gas utility industry, released its first quarter results.¹

Highlights

• First quarter net earnings of $501 million or $0.99 per common share
• Capital expenditures² of $1.4 billion in the first quarter; $5.6 billion annual capital plan on track
• Approval received for the UNS Gas general rate application, including formulaic rates; TEP rate case continues to progress
• The Corporation’s major capital projects and load growth opportunities continue to advance

“We are pleased with our start to 2026 as our teams continue to build on the momentum from last year,” said David Hutchens, President and Chief Executive Officer, Fortis. “First quarter results were in line with our expectations, and reflect the strength of our diversified business and the continued execution of our low-risk capital plan.”

Executive Retirement

Effective May 31, 2026, Gary Smith, Executive Vice President, Operations and Technology, will retire after a 42-year career with the Corporation. Mr. Smith joined Fortis in 2017 having previously served as President and Chief Executive Officer of Newfoundland Power and in senior executive roles with Maritime Electric and FortisAlberta. Following his retirement, Mr. Smith’s areas of oversight will be assumed by other senior executives.

“Gary’s leadership has had a lasting impact on our business and our industry,” said Mr. Hutchens. “He truly lived our values, led with integrity, and built strong, trusted relationships. We wish him all the best in retirement.”

Net Earnings

The Corporation reported net earnings attributable to common equity shareholders (“Net Earnings”) of $501 million for the first quarter of 2026, comparable with the first quarter of 2025. Rate Base growth across our utilities, and the timing of earnings at Central Hudson contributed to earnings growth in the first quarter of 2026. This growth was offset by lower earnings at UNS Energy primarily due to wholesale market conditions, the timing of planned generation maintenance costs, and higher costs associated with Rate Base growth not yet reflected in customer rates. The lower U.S. dollar-to-Canadian dollar exchange rate, and the dispositions of the Corporation’s businesses in Turks and Caicos and Belize in 2025, also unfavourably impacted earnings growth.

The Corporation reported earnings per common share of $0.99 for the first quarter of 2026, a decrease of $0.01 per common share compared to the first quarter of 2025. In addition to the factors impacting Net Earnings, the change in earnings per share reflected an increase in the weighted average number of common shares outstanding, largely associated with the Corporation’s dividend reinvestment plan.

On an earnings per common share basis, the 2025 dispositions had a $0.02 dilutive impact on first quarter results, and are expected to have a $0.05 dilutive impact for the annual period.

Regulatory Update

In February 2026, the Arizona Corporation Commission (“ACC”) issued a decision on the UNS Gas general rate application approving a 9.61% rate of return on common equity (“ROE”) and a 56% common equity component of capital structure. The order also approved an annual formulaic rate adjustment mechanism subject to a range of +/- 50 basis points around the allowed ROE and the inclusion of post-test year adjustments. New rates became effective on March 1, 2026.

The general rate application at Tucson Electric Power (“TEP”) continues to progress, with testimony filed by TEP and ACC staff during the quarter. Based on the procedural schedule, an order is anticipated in the fall.

1	Financial information is presented in Canadian dollars unless otherwise specified.
2	Capital expenditures is a financial measure used by Fortis that does not have a standardized meaning under generally accepted accounting principles in the United States of America (“U.S. GAAP”) and may not be comparable to similar measures presented by other entities. Fortis presents this non-U.S. GAAP measure because management and external stakeholders use it in evaluating the Corporation’s financial performance. Refer to the Non-U.S. GAAP Reconciliation provided herein.

Capital and Other Growth Updates

The Corporation’s major capital projects continue to advance. At ITC, a significant milestone was achieved in March 2026 when the substation was completed to support 300 megawatts (“MW”) of load growth for the first data center at the Big Cedar Industrial Center. Additional transmission upgrade work for the Big Cedar Load Expansion project is also underway at this location to serve another 1,600 MW of new data center load which is expected to be completed by 2028.

In March 2026, FortisBC Energy submitted a revised Environmental Assessment Application for the Tilbury LNG Storage Expansion project. The revised application incorporates the expansion option approved by the British Columbia Utilities Commission in 2025. The environmental assessment process is expected to continue throughout 2026.

In March 2026, the ACC approved an amendment to the Springerville Generating Station’s Certificate of Environmental Compatibility to permit the conversion from coal-fired to natural gas-fired generation. This approval advances TEP’s plans to extend the operational life of the facility and supports long-term customer affordability and system reliability.

Load growth opportunities also continue to advance in Arizona. In April 2026, credit support was obtained for the energy supply agreement signed in 2025 to serve a planned data center in TEP’s service territory with initial potential power demand of approximately 300 MW.

Credit Ratings

In May 2026, Morningstar DBRS confirmed the Corporation’s A (low) issuer and senior unsecured debt credit ratings and stable outlook.

Outlook

Fortis continues to enhance shareholder value through the execution of its capital plan, the balance and strength of its diversified portfolio of regulated utility businesses, and growth opportunities within and proximate to its service territories. The Corporation’s $28.8 billion five-year capital plan is expected to increase midyear rate base from $42.4 billion in 2025 to $57.9 billion by 2030, translating into a five-year compound annual growth rate of 7%.³ Fortis expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2030.

Beyond the five-year capital plan, opportunities to expand and extend growth include: further expansion of the electric transmission grid in the U.S. to support load growth and facilitate the interconnection of new energy resources; transmission investments associated with the Midcontinent Independent System Operator (“MISO”) long-range transmission plan and MISO transmission expansion plan, as well as regional transmission in New York; grid resiliency and climate adaptation investments; investments in renewable gas and liquefied natural gas infrastructure in British Columbia; and energy infrastructure investments to support the acceleration of load growth across our jurisdictions.

Non-U.S. GAAP Reconciliation
Quarter ended March 31
($ millions)	2026			2025			Variance
Capital Expenditures
Additions to property, plant and equipment	1,503			1,483			20
Additions to intangible assets	45			60			(15	)
Adjusting item:
Eagle Mountain Pipeline Project4	(186	)		(123	)		(63	)
Capital Expenditures	1,362			1,420			(58	)

About Fortis

Fortis is a diversified leader in the North American regulated electric and gas utility industry with 2025 revenue of $12 billion and total assets of $77 billion as at March 31, 2026. The Corporation’s 9,900 employees serve utility customers in five Canadian provinces, ten U.S. states and the Cayman Islands.

3	Growth rate calculated using a constant U.S. dollar-to-Canadian dollar exchange rate.
4	Represents contributions in aid of construction received for the Eagle Mountain Pipeline project.

Forward-Looking Information 

Fortis includes forward-looking information in this media release within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, (collectively referred to as “forward-looking information”). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would, and the negative of these terms, and other similar terminology or expressions, have been used to identify the forward-looking information, which includes, without limitation: forecast capital expenditures for 2026 through 2030; expected timing, outcomes and impacts of regulatory proceedings and decisions; expected nature, timing, benefits, and costs associated with major capital projects and load growth opportunities, including ITC’s Big Cedar Load Expansion project, FortisBC Energy’s Tilbury LNG Storage Expansion project, TEP’s Springerville Natural Gas Conversion project, and TEP’s energy supply agreement with a customer to support a planned data center in TEP’s service territory; forecast midyear rate base for 2030 and forecast five-year compound annual growth rate; the expectation that long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2030; and expected nature, timing and benefits of additional opportunities to expand and extend growth beyond the capital plan, including further expansion of the electric transmission grid in the U.S. to support load growth and facilitate the interconnection of new energy resources, transmission investments associated with the MISO long-range transmission plan and MISO transmission expansion plan, as well as regional transmission in New York, grid resiliency and climate adaptation investments, investments in renewable gas and liquefied natural gas infrastructure in British Columbia, and energy infrastructure investments to support the acceleration of load growth.

Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information, including, without limitation: the successful execution of the capital plan; no material capital project and financing cost overrun; sufficient human resources to deliver service and execute the capital plan; the realization of additional opportunities beyond the capital plan; no significant variability in interest rates; no material changes in the assumed U.S. dollar-to-Canadian dollar exchange rate; the continuation of current participation levels in the Corporation’s dividend reinvestment plan; reasonable outcomes for legal and regulatory proceedings and the expectation of regulatory stability; and the Board of Directors of the Corporation exercising its discretion to declare dividends, taking into account the business performance and financial condition of the Corporation. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. For additional information with respect to certain risk factors, reference should be made to the continuous disclosure materials filed from time to time by the Corporation with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information herein is given as of the date of this media release. Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Teleconference and Webcast to Discuss First Quarter 2026 Results

A teleconference and webcast will be held on May 6, 2026 at 8:30 a.m. (Eastern) during which David Hutchens, President and Chief Executive Officer and Jocelyn Perry, Executive Vice President and Chief Financial Officer will discuss the Corporation’s first quarter financial results.

Shareholders, analysts, members of the media and other interested parties are invited to listen to the teleconference via the live webcast on the Corporation’s website, www.fortisinc.com/investors/events-and-presentations.

Those members of the financial community in Canada and the United States wishing to ask questions during the call are invited to participate toll free by calling 1.833.821.0229. Individuals in other international locations can participate by calling 1.647.846.2371. Please dial in 10 minutes prior to the start of the call. No access code is required.

An archived audio webcast of the teleconference will be available on the Corporation’s website two hours after the conclusion of the call until June 6, 2026. Please call 1.855.669.9658 or 1.412.317.0088 and enter access code 7228296#.

Additional Information

This news release should be read in conjunction with the Corporation’s March 31, 2026 Interim Management Discussion and Analysis and Condensed Consolidated Financial Statements. This and additional information can be accessed at www.fortisinc.com, www.sedarplus.ca, or www.sec.gov.

A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/7b069971-3b34-45c3-9d57-3fced97781ba

For more information, please contact:
Investor Enquiries	Media Enquiries
Ms. Stephanie Amaimo	Ms. Karen McCarthy
Vice President, Investor Relations	Vice President, Communications & Government Relations
Fortis Inc.	Fortis Inc.
248.946.3572	709.737.5323
[email protected]	[email protected]