From a governance perspective, the Board remained focused on effective oversight, creating long-term value, and disciplined risk management. Management’s execution of the 2024–2028 Strategic Plan reinforced the Board’s confidence that Enova Power is well positioned to deliver sustainable results in a rapidly evolving energy and regulatory environment.

We continued to invest in the reliability and resilience of our distribution system, with more than $56 million invested in system renewal, capacity expansion, and grid modernization. Two severe weather events in 2025, an ice storm in March and then another in December, saw our crews working safely and diligently to restore power and support customers in Waterloo Region and beyond, reinforcing Enova’s role as a trusted provider of critical infrastructure.

We delivered strong financial results, with net income of $18.5 million, exceeding budget by 24%. We maintained an A (stable) credit rating and successfully secured $250 million in long-term financing, underscoring investor confidence in Enova Power’s financial discipline and long-term outlook.

At the heart of our work is a commitment to energizing and empowering our communities. In 2025, we contributed more than $450,000 through community donations and sponsorships and remained an engaged partner with customers, municipalities, and industry stakeholders.

As we move beyond post-merger integration and into the next phase of our strategy with a focus on grid resiliency, innovation, and community partnerships, we are strengthening our foundation while continuing to deliver safe, reliable, and customer-centred electricity service. We are well positioned to support growth, enable the energy transition, and continue delivering value to our communities, our customers and our shareholders alike.

On behalf of the Board of Directors and management, we thank our employees for their dedication, our shareholders for their continued trust, and our customers and communities for the confidence they place in Enova Power.