Hydro One Ltd 6-K, filed Aug 12, 2026

Hydro One Ltd (HRNNF)

6-K 2026-08-12 For: 2026-06-30

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Added on August 13, 2026

About this 6-K

Hydro One Ltd filed this 6-K on August 12, 2026.

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99.1						Unaudited interim consolidated financial statements of the Registrant as at and for the three and six months ended June 30, 2026 and 2025

99.2						Management’s Discussion and Analysis of the Registrant as at and for the three and six months ended June 30, 2026 and 2025

99.3						Certification of President and Chief Executive Officer

99.4						Certification of Executive Vice President, Chief Financial and Regulatory Officer



						HYDRO ONE LIMITED

						/s/ Harry Taylor
						Name: Harry Taylor
						Title: Executive Vice President, Chief Financial and Regulatory Officer

						Date:			August 12, 2026


	Three months ended June 30		Six months ended June 30
(millions of Canadian dollars, except per share amounts)	2026	2025	2026	2025
Revenues
Distribution (includes related party revenues of $103 and $207 (2025 - $111 and $222) for the three and six months ended June 30, respectively) (Note 23)	1,619	1,434	3,589	3,195
Transmission (includes related party revenues of $661 and $1,320 (2025 - $613 and $1,235) for the three and six months ended June 30, respectively) (Note 23)	667	622	1,331	1,258
Other	16	10	30	21
	2,302	2,066	4,950	4,474

Costs
Purchased power (includes related party costs of $628 and $1,776 (2025 - $459 and $1,389) for the three and six months ended June 30, respectively) (Note 23)	1,071	899	2,495	2,119
Operation, maintenance and administration (Note 23)	331	320	660	652
Depreciation, amortization and asset removal costs (Note 4)	280	288	553	552
	1,682	1,507	3,708	3,323

Income before financing charges, equity income (loss) and income tax expense	620	559	1,242	1,151
Financing charges (Note 5)	181	169	357	332
Equity income (loss) (Note 12)	4	—	(7)	—

Income before income tax expense	443	390	878	819
Income tax expense (Note 6)	69	61	110	129
Net income	374	329	768	690

Other comprehensive (loss) income	(7)	2	(6)	1
Comprehensive income	367	331	762	691

Net income attributable to:
Noncontrolling interest	4	2	7	5

Common shareholders	370	327	761	685
	374	329	768	690

Comprehensive income attributable to:
Noncontrolling interest	4	2	7	5

Common shareholders	363	329	755	686
	367	331	762	691

Earnings per common share (Note 20)
Basic	$0.62	$0.54	$1.27	$1.14
Diluted	$0.62	$0.54	$1.27	$1.14

Dividends per common share declared (Note 19)	$0.36	$0.34	$0.69	$0.65


As at (millions of Canadian dollars)	June 30, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	643	549
Accounts receivable (Note 7)	1,108	1,083
Due from related parties	418	409
Other current assets (Note 8)	187	133
	2,356	2,174

Property, plant and equipment (Note 9)	32,432	31,450
Other long-term assets:
Regulatory assets (Note 11)	4,013	3,857
Deferred income tax assets	139	135
Intangible assets (Note 10)	632	654
Goodwill	378	378
Other assets (Note 12)	1,124	1,023
	6,286	6,047
Total assets	41,074	39,671

Liabilities
Current liabilities:
Short-term notes payable (Note 15)	100	100
Long-term debt payable within one year (Notes 15 & 16)	425	925
Accounts payable and other current liabilities (Note 13)	1,933	2,086
Due to related parties	213	479
	2,671	3,590

Long-term liabilities:
Long-term debt (Notes 15 & 16)	19,503	18,092
Regulatory liabilities (Note 11)	1,859	1,621
Deferred income tax liabilities	2,048	1,799
Other long-term liabilities (Note 14)	1,875	1,823
	25,285	23,335
Total liabilities	27,956	26,925

Contingencies and Commitments (Notes 25 & 26)
Subsequent Events (Note 28)

Noncontrolling interest subject to redemption	19	19

Equity
Common shares (Note 18)	5,728	5,721
Additional paid-in capital	22	25
Retained earnings	7,260	6,911
Accumulated other comprehensive loss	(15)	(9)
Hydro One shareholders’ equity	12,995	12,648

Noncontrolling interest (Note 22)	104	79
Total equity	13,099	12,727
	41,074	39,671


Six months ended June 30, 2026 (millions of Canadian dollars)	Common Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Hydro One Shareholders’ Equity	Non-controlling Interest	Total Equity
January 1, 2026	5,721	25	6,911	(9)	12,648	79	12,727
Net income	—	—	761	—	761	6	767
Other comprehensive loss	—	—	—	(6)	(6)	—	(6)
Distributions to noncontrolling interest	—	—	—	—	—	(5)	(5)
Contributions from sale of noncontrolling interest (Note 22)	—	—	—	—	—	24	24
Dividends on common shares (Note 19)	—	—	(412)	—	(412)	—	(412)
Common shares issued	7	(7)	—	—	—	—	—
Stock-based compensation	—	4	—	—	4	—	4
June 30, 2026	5,728	22	7,260	(15)	12,995	104	13,099


Six months ended June 30, 2025 (millions of Canadian dollars)	Common Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Hydro One Shareholders’ Equity	Non-controlling Interest	Total Equity
January 1, 2025	5,713	28	6,360	(12)	12,089	65	12,154
Net income	—	—	685	—	685	4	689
Other comprehensive income (loss)	—	—	—	1	1	—	1
Distributions to noncontrolling interest	—	—	—	—	—	(6)	(6)
Contributions from sale of noncontrolling interest	—	—	—	—	—	8	8
Dividends on common shares (Note 19)	—	—	(388)	—	(388)	—	(388)
Common shares issued	7	(7)	—	—	—	—	—
Stock-based compensation	—	3	—	—	3	—	3
June 30, 2025	5,720	24	6,657	(11)	12,390	71	12,461


	Three months ended June 30		Six months ended June 30
(millions of Canadian dollars)	2026	2025	2026	2025

Operating activities
Net income	374	329	768	690
Environmental expenditures	(1)	—	(1)	(1)
Adjustments for non-cash items:
Depreciation and amortization (Note 4)	248	232	497	465
Regulatory assets and liabilities	34	16	40	71
Deferred income tax expense	42	33	81	67
Other	12	9	32	15
Changes in non-cash balances related to operations (Note 24)	(23)	(14)	(337)	(192)
Net cash from operating activities	686	605	1,080	1,115

Financing activities
Long-term debt issued	1,373	—	1,373	—
Long-term debt repaid	—	(350)	(500)	(750)
Short-term notes issued	925	2,065	1,725	3,140
Short-term notes repaid	(1,425)	(1,350)	(1,725)	(1,965)
Dividends paid (Note 19)	(212)	(200)	(412)	(388)
Distributions paid to noncontrolling interest	(3)	(2)	(6)	(7)
Contributions received from sale of noncontrolling interest (Note 22)	—	8	24	8
Costs to obtain financing	(10)	(1)	(10)	(1)
Net cash from financing activities	648	170	469	37

Investing activities
Capital expenditures (Note 24)
Property, plant and equipment	(659)	(786)	(1,346)	(1,408)
Intangible assets	(16)	(8)	(28)	(29)
Additions to future use assets	(60)	(43)	(126)	(102)
Proceeds from sale of equity investments (Note 12)	—	—	30	—
Investment in equity investees (Note 12)	—	—	—	(261)
Capital contributions received	—	—	—	4
Other	7	10	15	(1)
Net cash used in investing activities	(728)	(827)	(1,455)	(1,797)

Net change in cash and cash equivalents	606	(52)	94	(645)
Cash and cash equivalents, beginning of period	37	123	549	716
Cash and cash equivalents, end of period	643	71	643	71


	Three months ended June 30		Six months ended June 30

(millions of dollars)	2026	2025	2026	2025
Depreciation of property, plant and equipment	224	210	450	421
Amortization of intangible assets	23	22	46	43
Amortization of regulatory assets	1	—	1	1
Depreciation and amortization	248	232	497	465
Asset removal costs	32	56	56	87
	280	288	553	552


As at (millions of dollars)	June 30, 2026	December 31, 2025

Accounts receivable - billed	528	467
Accounts receivable - unbilled	643	673
Accounts receivable, gross	1,171	1,140
Allowance for doubtful accounts	(63)	(57)
Accounts receivable, net	1,108	1,083


	Long-Term Debt Principal Repayments	Interest Payments	Weighted-Average Interest Rate
	(millions of dollars)	(millions of dollars)	(%)
Year 1	425	832	2.8
Year 2	1,175	825	3.6
Year 3	550	785	3.0
Year 4	1,350	757	4.4
Year 5	1,820	709	3.4
	5,320	3,908	3.6
Years 6-10	5,960	2,679	4.5
Thereafter	8,685	4,720	4.4
	19,965	11,307	4.2


As at June 30, 2026 (millions of dollars)	Carrying Value	Fair Value	Level 1	Level 2	Level 3
Assets:
Derivative instruments (Note 12)

Cash flow hedges, including current portion	33	33	—	33	—
	33	33	—	33	—

Liabilities:
Long-term debt, including current portion	19,928	19,700	—	19,700	—
Derivative instruments (Note 13)
Cash flow hedges, including current portion	1	1	—	1	—
	19,929	19,701	—	19,701	—


As at December 31, 2025 (millions of dollars)	Carrying Value	Fair Value	Level 1	Level 2	Level 3




Liabilities:
Long-term debt, including current portion	19,017	18,721	—	18,721	—
Derivative instruments (Note 13)
Cash flow hedges, including current portion	4	4	—	4	—
	19,021	18,725	—	18,725	—


	Pension Benefits		Post-Retirement and Post-Employment Benefits
Three months ended June 30 (millions of dollars)	2026	2025	2026	2025
Current service cost	38	37	16	15
Interest cost	112	103	23	20
Expected return on plan assets, net of expenses1	(169)	(166)	—	—
Amortization of prior service (credit) cost	(1)	(1)	3	2
Amortization of actuarial (gains)	—	(4)	(3)	(4)
Net periodic benefit (recovery) costs	(20)	(31)	39	33

Charged to results of operations2	4	5	26	24


	Pension Benefits		Post-Retirement and Post-Employment Benefits
Six months ended June 30 (millions of dollars)	2026	2025	2026	2025
Current service cost	76	74	32	30
Interest cost	224	206	46	40
Expected return on plan assets, net of expenses1	(338)	(332)	—	—
Amortization of prior service (credit) cost	(2)	(2)	6	4
Amortization of actuarial (gains)	—	(8)	(6)	(8)
Net periodic benefit (recovery) costs	(40)	(62)	78	66

Charged to results of operations2	7	11	52	47


	Three months ended June 30		Six months ended June 30
(number of share grants)	2026	2025	2026	2025
Share grants outstanding - beginning	1,025,144	1,407,294	1,025,144	1,407,294
Granted	—	114	—	114
Vested and issued1	(314,209)	(335,669)	(314,209)	(335,669)
Share grants outstanding - ending	710,935	1,071,739	710,935	1,071,739



	2026			2025
Three months ended June 30	(millions of dollars)	(percentage)		(millions of dollars)	(percentage)
Income before income tax expense	443			390
Income tax expense at statutory rate of 26.5% (2025 - 26.5%)	118	26.5	%	103	26.5	%

Increase (decrease) resulting from:
Net temporary differences recoverable in future rates charged to customers:
Capital cost allowance in excess of depreciation and amortization1	(27)	(6.0)	%	(22)	(5.6)	%


Overheads capitalized for accounting but deducted for tax purposes	(12)	(2.7)	%	(12)	(3.1)	%
Interest capitalized for accounting but deducted for tax purposes	(11)	(2.5)	%	(8)	(2.1)	%
Pension and post-retirement benefit contributions in excess of pension expense	(1)	(0.2)	%	(2)	(0.5)	%


Other	—	—	%	1	0.2	%
Net temporary differences attributable to regulated business	(51)	(11.4)	%	(43)	(11.1)	%
Net permanent differences	2	0.5	%	1	0.2	%

Total income tax expense	69	15.6	%	61	15.6	%



	2026			2025
Six months ended June 30	(millions of dollars)	(percentage)		(millions of dollars)	(percentage)
Income before income tax expense	878			819
Income tax expense at statutory rate of 26.5% (2025 - 26.5%)	233	26.5	%	217	26.5	%

Increase (decrease) resulting from:
Net temporary differences recoverable in future rates charged to customers:
Capital cost allowance in excess of depreciation and amortization1	(76)	(8.5)	%	(44)	(5.3)	%


Overheads capitalized for accounting but deducted for tax purposes	(26)	(3.0)	%	(24)	(2.9)	%
Interest capitalized for accounting but deducted for tax purposes	(19)	(2.2)	%	(17)	(2.1)	%
Pension and post-retirement benefit contributions in excess of pension expense	(6)	(0.7)	%	(3)	(0.4)	%


Other	3	0.3	%	(1)	(0.1)	%
Net temporary differences attributable to regulated business	(124)	(14.1)	%	(89)	(10.8)	%
Net permanent differences	1	0.1	%	1	0.1	%

Total income tax expense	110	12.5	%	129	15.8	%


As at (millions of dollars)	June 30, 2026	December 31, 2025
Regulatory assets:
Deferred income tax regulatory asset	3,717	3,549
Broadband deferral	68	73
Post-retirement and post-employment benefits - non-service cost	49	49
Environmental	42	43
Incremental cloud computing implementation costs deferral	42	20
Getting Ontario Connected Act variance	40	39
Stock-based compensation	12	18
Distribution rate riders	—	26



Other	58	50
Total regulatory assets	4,028	3,867
Less: current portion	(15)	(10)
	4,013	3,857

Regulatory liabilities:
Pension benefit regulatory liability	680	610
Post-retirement and post-employment benefits	336	336
Retail settlement variance (RSVA)	271	242
Earnings sharing mechanism (ESM) deferral	209	310
External revenue variance	88	75
Tax rule changes variance	75	36
Other post-employment benefits (OPEB) asymmetrical carrying charge variance	56	49
Capitalized overhead tax variance	50	50
Asset removal costs cumulative variance	44	48
Pension cost differential variance	41	30
Distribution rate riders	36	—
Advanced Metering Infrastructure (AMI) 2.0 variance	29	29
Deferred income tax regulatory liability	11	9

Other	35	27
Total regulatory liabilities	1,961	1,851
Less: current portion	(102)	(230)
	1,859	1,621


	Three months ended June 30		Six months ended June 30
(number of DSUs)	2026	2025	2026	2025

DSUs outstanding - beginning	107,206	113,198	102,256	107,296
Granted	4,956	5,315	9,906	11,217
Settled	—	(15,977)	—	(15,977)
DSUs outstanding - ending	112,162	102,536	112,162	102,536


	PSUs		RSUs
Three months ended June 30 (number of units)	2026	2025	2026	2025
Units outstanding - beginning	530,375	429,488	404,296	445,464
Granted	—	2,937	3,615	6,596
Forfeited	(4,862)	(10,174)	(7,712)	(15,290)
Vested	—	(3,282)	(4,730)	(5,051)

Units outstanding - ending	525,513	418,969	395,469	431,719


	PSUs		RSUs
Six months ended June 30 (number of units)	2026	2025	2026	2025
Units outstanding - beginning	399,181	286,554	391,623	322,925
Granted	131,194	170,261	141,300	141,114
Forfeited	(4,862)	(27,380)	(8,426)	(24,200)
Vested	—	(10,466)	(129,028)	(8,120)

Units outstanding - ending	525,513	418,969	395,469	431,719


	Three months ended June 30, 2026			Six months ended June 30, 2026
(millions of dollars)	Property, Plant and Equipment	Intangible Assets	Total	Property, Plant and Equipment	Intangible Assets	Total


Capital investments	(796)	(16)	(812)	(1,500)	(27)	(1,527)
Reconciling items	137	—	137	154	(1)	153
Cash outflow for capital expenditures	(659)	(16)	(675)	(1,346)	(28)	(1,374)


	Three months ended June 30, 2025			Six months ended June 30, 2025
(millions of dollars)	Property, Plant and Equipment	Intangible Assets	Total	Property, Plant and Equipment	Intangible Assets	Total


Capital investments	(904)	(9)	(913)	(1,622)	(26)	(1,648)
Reconciling items	118	1	119	214	(3)	211
Cash outflow for capital expenditures	(786)	(8)	(794)	(1,408)	(29)	(1,437)


Three months ended June 30, 2026 (millions of dollars)	Transmission	Distribution	Other	Consolidated
Revenues	667	1,619	16	2,302
Purchased power	—	1,071	—	1,071
Operation, maintenance and administration	135	169	27	331
Depreciation, amortization and asset removal costs	146	131	3	280
Income (loss) before financing charges, equity income (loss), and income tax expense	386	248	(14)	620

Capital investments	447	361	4	812


Three months ended June 30, 2025 (millions of dollars)	Transmission	Distribution	Other	Consolidated
Revenues	622	1,434	10	2,066
Purchased power	—	899	—	899
Operation, maintenance and administration	129	163	28	320
Depreciation, amortization and asset removal costs	140	146	2	288
Income (loss) before financing charges, equity income (loss), and income tax expense	353	226	(20)	559

Capital investments	490	420	3	913


Six months ended June 30, 2026 (millions of dollars)	Transmission	Distribution	Other	Consolidated
Revenues	1,331	3,589	30	4,950
Purchased power	—	2,495	—	2,495
Operation, maintenance and administration	268	341	51	660
Depreciation, amortization and asset removal costs	289	258	6	553
Income (loss) before financing charges, equity income (loss), and income tax expense	774	495	(27)	1,242

Capital investments	878	643	6	1,527


Six months ended June 30, 2025 (millions of dollars)	Transmission	Distribution	Other	Consolidated
Revenues	1,258	3,195	21	4,474
Purchased power	—	2,119	—	2,119
Operation, maintenance and administration	258	344	50	652
Depreciation, amortization and asset removal costs	279	268	5	552
Income (loss) before financing charges, equity income (loss), and income tax expense	721	464	(34)	1,151

Capital investments	949	692	7	1,648



	Three months ended June 30						Six months ended June 30
(millions of dollars, except as otherwise noted)	2026		2025		Change		2026		2025		Change
Revenues	2,302		2,066		11.4	%	4,950		4,474		10.6	%
Purchased power	1,071		899		19.1	%	2,495		2,119		17.7	%
Revenues, net of purchased power1	1,231		1,167		5.5	%	2,455		2,355		4.2	%
Operation, maintenance and administration (OM&A) costs	331		320		3.4	%	660		652		1.2	%
Depreciation, amortization and asset removal costs	280		288		(2.8	%)	553		552		0.2	%
Financing charges	181		169		7.1	%	357		332		7.5	%
Income tax expense	69		61		13.1	%	110		129		(14.7	%)
Net income attributable to common shareholders of Hydro One	370		327		13.1	%	761		685		11.1	%


Basic earnings per common share (EPS)	$0.62		$0.54		14.8	%	$1.27		$1.14		11.4	%
Diluted EPS	$0.62		$0.54		14.8	%	$1.27		$1.14		11.4	%



Net cash from operating activities	686		605		13.4	%	1,080		1,115		(3.1	%)
Funds from operations (FFO)1	706		617		14.4	%	1,411		1,300		8.5	%
Annualized FFO to Net Debt1	14.1	%	13.6	%	0.5	%	14.1	%	13.6	%	0.5	%

Capital investments	812		913		(11.1	%)	1,527		1,648		(7.3	%)
Assets placed in-service	644		591		9.0	%	1,128		1,014		11.2	%

Transmission: Average monthly Ontario 60-minute peak demand (MW)	20,936		20,836		0.5	%	21,141		21,008		0.6	%
Distribution: Electricity distributed to Hydro One customers (GWh)	7,550		7,231		4.4	%	17,235		16,555		4.1	%



As at	June 30, 2026		December 31, 2025
Net Debt to capitalization ratio1	59.9	%	59.5	%


Quarter ended (millions of dollars, except EPS and ratio)	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024
Revenues	2,302	2,648	2,268	2,299	2,066	2,408	2,095	2,192
Purchased power	1,071	1,424	1,287	1,080	899	1,220	1,060	1,047
Revenues, net of purchased power1	1,231	1,224	981	1,219	1,167	1,188	1,035	1,145
Net income attributable to common shareholders	370	391	233	421	327	358	200	371

Basic EPS	$0.62	$0.65	$0.39	$0.70	$0.54	$0.60	$0.33	$0.62
Diluted EPS	$0.62	$0.65	$0.39	$0.70	$0.54	$0.60	$0.33	$0.62

Earnings coverage ratio1	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8


Project Name	Location	Type	Anticipated In-Service Date	Estimated Cost1	Capital Cost To Date
			(year)	(millions of dollars)
Middleport Transmission Station Circuit Breaker Replacement2	Middleport Southwestern Ontario	Station sustainment	2026	184	173
Lennox Transmission Station Circuit Breaker Replacement2	Napanee Southeastern Ontario	Station sustainment	2026	160	155
Esplanade x Terauley Underground Cable Replacement	Toronto Southern Ontario	Line sustainment	2026	117	103
Bridgman Transmission Station Refurbishment	Toronto Southern Ontario	Station sustainment	2026	108	96
Bruce A Transmission Station Switchyard Replacement	Tiverton Southwestern Ontario	Station sustainment	2027	555	447
Otto Holden Transmission Station Refurbishment	Mattawa Northeast Ontario	Station sustainment	2028	128	91
Merivale Transmission Station Replacement and Upgrades3	Ottawa Eastern Ontario	Station sustainment and upgrade	2029	271	216
Synchronous Optical Network Telecommunication Replacement	Ontario	Telecommunication sustainment	2029	137	21
Essa Transmission Station Circuit Breaker Replacement	Barrie Central Ontario	Station sustainment	2030	116	19


By business segment: (millions of dollars)	2026	2027
Transmission1	2,432	3,333
Distribution	1,383	1,377
Other	39	32
Total capital investments2	3,854	4,742


By category: (millions of dollars)	2026	2027
Sustainment	1,426	1,064
Development1	2,263	3,526
Other3	165	152
Total capital investments2	3,854	4,742


As at June 30, 2026 (millions of dollars)	Total	Less than 1 year	1-3 years	3-5 years	More than 5 years
Contractual obligations (due by year)
Long-term debt - principal repayments	19,965	425	1,725	3,170	14,645
Long-term debt - interest payments	11,307	832	1,610	1,466	7,399
Short-term notes payable	100	100	—	—	—
Pension contributions1	559	75	160	179	145
Outsourcing and other agreements	128	51	58	2	17
Environmental and asset retirement obligations	101	12	5	4	80

Lease obligations	75	15	21	10	29

Total contractual obligations	32,235	1,510	3,579	4,831	22,315

Other commercial commitments (by year of expiry)
Operating Credit Facilities	3,900	—	—	3,900	—
Letters of credit2	175	175	—	—	—
Guarantees3	535	535	—	—	—
Total other commercial commitments	4,610	710	—	3,900	—


Quarter ended (millions of dollars)	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024
Revenues	2,302	2,648	2,268	2,299	2,066	2,408	2,095	2,192
Less: Purchased power	1,071	1,424	1,287	1,080	899	1,220	1,060	1,047
Revenues, net of purchased power	1,231	1,224	981	1,219	1,167	1,188	1,035	1,145


Twelve months and period ended (millions of dollars)	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024
Annualized FFO (A)	2,741	2,652	2,630	2,489	2,450	2,356	2,275	2,238
Net Debt (B)	19,385	19,080	18,568	18,346	18,030	17,615	16,963	16,679


Annualized FFO to Net Debt (A/B)			14.1		%	13.9		%	14.2		%	13.6		%	13.6		%	13.4		%	13.4		%	13.4		%


Twelve months ended (millions of dollars)	Jun 30, 2026	Dec 31, 2025
Financing charges and capitalized interest (B)	823	789

Earnings coverage ratio = A/B	2.8	2.8