Financial and Operating Highlights
20
Fourth Quarter (three months ended March 31)
Net income for the fourth quarter of fiscal 2025-26 was $56 million, a decrease of $2 million compared to $58 million in the fourth quarter of fiscal 2024-25. Weather was the primary driver of the unfavourable variance, as temperatures were 12 per cent warmer for the three months ended March 31, 2026, compared to the same period in the prior fiscal year. The warmer weather resulted in lower customer demand, contributing to unfavourable variances in delivery revenue and net commodity sales of $3 million and $6 million, respectively. In addition, cost pressures observed in the first three quarters of the fiscal year continued into the fourth quarter. Higher operating and maintenance expenses, along with increased employee benefit costs, contributed to a further unfavourable variance of $5 million. These unfavourable impacts were partially offset by favourable variances in customer capital contributions and transportation and storage revenue. Net income also benefited from no impairment losses in the fourth quarter of fiscal 2025-26, compared with impairment losses recorded in the same quarter of the prior fiscal year.
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