Exhibit 99.4

Hydro-Québec

Financial Results

Key Figures

Third Quarter 2026

ELECTRICITY SALES IN QUÉBEC		ELECTRICITY SALES OUTSIDE QUÉBEC
36.7 TWh		5.1 TWh
$3,143M		$906M

First Three Quarters of 2026

ELECTRICITY SALES IN QUÉBEC		ELECTRICITY SALES OUTSIDE QUÉBEC
135.5 TWh		12.6 TWh
$11,614M		$1,853M

	Management's Discussion and Analysis
Context of first three quarters	The results for the first three quarters of 2026 continue to be set against the backdrop record low runoff conditions observed since 2023. Natural water inflows during this period have been lower than normal overall, due in particular to decreased precipitation and spring runoff. The company's financial performance was also marked by periods of intense cold, particularly at the end of January, when peak demand in Québec exceeded 38,000 MW for 7 consecutive days, a historic high. Temperatures were an average of 9°C colder than climate normals during this period. As a result, the company continued to rebuild its reserves through prudent and dynamic management, as well as its operational flexibility, in order to ensure Québec's energy security. This approach resulted in a decrease in short-term sales revenue outside Québec and an increase in electricity purchases.
Quarterly results	For the third quarter of 2026, Hydro-Québec's net income totalled $580 million, a $27-million increase compared to the $553 million recorded for the same period last year.
	On markets outside Québec, electricity sales increased by $541 million, primarily due to the commercial commissioning in 2026 of the Appalaches-Maine (“NECEC”) and Hertel-New York (“CHPE”) interconnections. On the Québec market, sales increased by $141 million compared to the same quarter of 2025, primarily on account of the indexation of rates on April 1, 2026. However, these positive results were mitigated by two main factors. First, electricity purchases rose by $312 million due in part to increased short-term purchases to replenish energy reserves. Next, it is worth noting that a one-time gain of $256 million was recognized in 2025 upon the disposal of Hydro-Québec’s investment in Innergex énergie renouvelable inc.

Summary of results for the first three quarters	Hydro-Québec's net income totalled $2,600 million for the first nine months of 2026, a decrease of $230 million compared to the $2,830 million recorded for the same period the previous year. This decrease is attributable to an increase in electricity purchases, due to colder winter temperatures and low runoff, as well as to the one-time gain recognized in 2025 following the disposal of the investment in Innergex énergie renouvelable inc. However, these unfavourable factors were mitigated by sales growth in Québec as well as in markets outside Québec as a result of new export contracts.
Consolidated results for the first three quarters	Revenue totalled $13,997 million, a $744-million increase compared to the $13,253 million recorded in the first three quarters of 2025.
	In Québec, sales were $549 million higher than in the same period of the previous year, when they had reached $11,065 million. The effect of temperatures, particularly those of winter 2026, which were colder than the previous year, resulted in an increase in sales of 0.5 TWh, or $58 million. The increase is also due to the indexation of rates on April 1, 2025 and 2026, which resulted in a $332-million increase in revenue. Lastly, the favourable aluminum price fluctuation led to a $93-million increase in revenue associated with special contracts with certain large industrial customers.

	Electricity sales on external markets totalled $1,853 million, a $427-million increase from the $1,426 million recorded for the same period in 2025. This increase is primarily attributable to higher sales under long-term contracts, mainly due to the commercial commissioning of the NECEC and CHPE projects. It should be noted that these contracts will generate stable and significant income over the projected time frame. Regarding short-term sales, they decreased by 2.7 TWh. In fact, given the historically low natural water inflows and the high demand on the transmission system in Québec resulting from winter temperatures, short-term sales on the markets were considerably lower than those for the same period of the previous year.
	Revenue from other activities decreased by $198 million compared to a year ago. The decrease is partly due to the recognition of a one-time gain of $256 million in 2025 upon the disposal of Hydro-Québec's investment in Innergex énergie renouvelable inc. However, it was mitigated by the $87-million gain recognized in 2026 upon the disposal of Hydro-Québec's investment in Dana TM4.
	Total expenses amounted to $9,298 million, $837 million more than the $8,461 million recorded during the same period in 2025. This difference is due to two main factors. On one hand, electricity purchases increased by $987 million, mainly due to an increase in short-term supplies purchased on the markets, in particular to meet Québec's needs during periods of intense cold in the first quarter. A part of these purchases had to be made at higher prices, due in part to increased energy demand. In the second and third quarters, given the decline in prices as winter drew to a close, Hydro-Québec increased its purchases as a means of replenishing energy reserves. On the other hand, given that the actual cost of electricity supplies was higher than the costs forecast by the Régie de l'énergie's rate-setting purposes, the company was able to recognize a $263-million regulatory asset in regulatory deferrals, which led to a reduction in total expenses. It should be recalled that in March, further to a request made by Hydro-Québec as part of its 2026-2028 rate application, the Régie de l'énergie acknowledged that the use of all the variance accounts that were inoperative under An Act to simplify the process for establishing electricity distribution rates once again became applicable.

	These amounts are in addition to the direct investments made by Hydro-Québec's external partners. Collectively, such investments provide major support to the Québec economy.

CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income

The accompanying notes are an integral part of the consolidated financial statements.

Consolidated Balance Sheets

The accompanying notes are an integral part of the consolidated financial statements.

On behalf of the Board of Directors,

Consolidated Statements of Changes in Equity

The accompanying notes are an integral part of the consolidated financial statements.

Consolidated Statements of Cash Flows

The accompanying notes are an integral part of the consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

For the three- and nine-month periods ended September 30, 2026 and 2025

Amounts in tables are in millions of Canadian dollars, unless otherwise indicated.

Note 1 - Basis of Presentation

Note 2 - Changes in Accounting Policies

Note 3 - Regulation

Note 4 - Revenue

a) Including gains and losses on derivative instruments (see Note 7, Financial Instruments).

b) Including its share of income of equity method investments of $16 million and $75 million for the three- and nine-month periods, respectively, ended September 30, 2026 ($12 million and $57 million for the corresponding periods of 2025).

c) Including a gain of $87 million arising from the disposal of an equity method investment ($256 million in 2025) (see Note 6, Other Assets).

Note 5 - Financial Expenses

a) Including investment income of $22 million and $59 million for the three- and nine-month periods, respectively, ended September 30, 2026 ($12 million and $34 million for the corresponding periods of 2025) from securities held in the sinking funds allocated to repaying the long-term debt. The voluntary sinking fund strategy aims to issue additional bonds and to invest the funds raised in securities issued by certain provincial governments in Canada, so as to ensure the availability of funds when these debts mature in 2035.

b) Including interest of $17 million and $43 million for the three- and nine-month periods, respectively, ended September 30, 2026 ($19 million and $56 million for the corresponding periods of 2025) on short-term borrowings and cash received as collateral. As part of its liquidity risk management, Hydro-Québec has access to a commercial paper program whose limit is US$5 billion or equivalent in C$. The company aims to invest the funds raised in short-term investments and cash equivalents.

c) Including guarantee fees of $76 million and $227 million for the three- and nine-month periods, respectively, ended September 30, 2026 ($70 million and $210 million for the corresponding periods of 2025) that were paid to the Québec government related to debt securities, which are charged at a rate of 0.5%.

Note 6 - Other Assets

Note 7 - Financial Instruments

Note 7 - Financial Instruments (continued)

Fair value

Fair value of derivative instruments

The following tables present the fair value of derivative instruments, including the impact of offsets, by hedge type:

Note 7 - Financial Instruments (continued)

a) The impact of gross amounts offset is related to contracts traded according to ISDA guidelines and constituting enforceable master netting arrangements. Such master netting arrangements apply to all derivative instrument contracts traded over the counter.

b) Cash amounts offset are amounts received or paid under collateral exchange agreements signed in compliance with ISDA guidelines.

c) As at September 30, 2026, $96 million was recorded in Accounts receivable and other assets ($62 million as at December 31, 2025) and $171 million in Other assets
($12 million as at December 31, 2025).

d) As at September 30, 2026, $38 million was recorded in Accounts payable and other liabilities ($45 million as at December 31, 2025) and $7 million in Other liabilities ($10 million as at December 31, 2025).

Fair value hierarchy

Fair value measurements of derivative instruments are classified according to a three-level hierarchy, based on the inputs used.

a) Fair values are derived from the closing price on the balance sheet date.

b) Fair values are obtained by discounting future cash flows, which are estimated on the basis of the spot rates, forward rates or forward prices (foreign exchange rates, interest rates, and energy, aluminum or diesel prices) in effect on the balance sheet date, and take into account the credit risk assessment. The valuation techniques make use of observable market inputs.

c) Fair values are not based on observable inputs. The valuation technique used to classify fixed price power purchase agreements of variable volumes is based on forward energy prices, taking the counterparty's historical consumption into consideration.

Note 7 - Financial Instruments (continued)

Impact of derivative instruments on income and other comprehensive income

The instruments traded, the impact of which is presented in the table below, reduce the volatility of income. Most of the derivative instruments are designated as hedges.

a) These amounts were recognized in Financial expenses.

b) These derivative instruments are essentially traded as part of integrated risk management. Their impact on income is recognized in the line items affected by the managed risk. Therefore, for the three- and nine-month periods ended September 30, 2026, $208 million and $271 million, respectively, were recognized in Revenue [$(7) million and $50 million for the corresponding periods of 2025], $(12) million and $(14) million, respectively, in Electricity purchases [$(1) million and $(1) million for the corresponding periods of 2025], as well as $56 million and $104 million, respectively, in Financial expenses [$53 million and $(86) million for the corresponding periods of 2025].

c) The items Revenue, Electricity purchases, and Financial expenses totalled, respectively, $4,177 million, $1,036 million and $700 million, respectively, for the three-month period ended September 30, 2026, as well as $13,997 million, $3,625 million and $2,099 million, respectively, for the nine-month period ended on that date ($3,762 million, $724 million and $652 million for the three-month period ended September 30, 2025, as well as $13,253 million, $2,638 million and $1,962 million for the nine-month period ended on that date).

d) For the three- and nine-month periods ended September 30, 2026, $1 million and $4 million, respectively, were recognized in Revenue [$(5) million and $(18) million for the corresponding periods of 2025], as well as $2 million and $104 million, respectively, in Financial expenses [$82 million and $(116) million for the corresponding periods of 2025].

e) For the three- and nine-month periods ended September 30, 2026, $(54) million and $(167) million, respectively, were recognized in Revenue [$6 million and $(15) million for the corresponding periods of 2025], and $3 million and $3 million, in Electricity purchases [$(1) million and $(1) million for the corresponding periods of 2025].

Note 7 - Financial Instruments (continued)

Fair value of other financial instruments

The carrying amount of cash equivalents, accounts receivable, deposits and other short-term financial assets and liabilities corresponds to their fair value due to their short maturity.

Fair value measurements for other financial instruments are Level 2 measurements. Fair value is obtained by discounting future cash flows, based on rates observed on the balance sheet date for similar instruments traded on financial markets. These items are presented in the following table:

a) The voluntary sinking funds allocated to repaying the long-term debt consist of securities issued by certain provincial governments in Canada. As for the mandatory sinking fund, it matured on September 1, 2026.

b) Includes the current portion.

c) Includes an amount of $1,480 million as at September 30, 2026 ($1,483 million as at December 31, 2025), for debts subject to a fair value hedge, which resulted in an adjustment of $36 million as at September 30, 2026 ($101 million as at December 31, 2025), with respect to existing hedging relationships and of $(37) million as at September 30, 2026 [$(43) million as at December 31, 2025], for hedging relationships terminated by Hydro-Québec.

d) Excludes accrued interest in the amount of $459 million as at September 30, 2026 ($1,011 million as at December 31, 2025).

Note 8 - Supplementary Cash Flow Information

Note 9 - Employee Future Benefits

Note 10 - Accumulated Other Comprehensive Income

a) Reclassification of a gain from Accumulated other comprehensive income to income, due to the disposal of an equity method investment (see Note 6, Other Assets).

Note 11 - Contingencies

Note 12 - Information on the Operating Segment

Hydro-Québec has only one operating segment and manages its operations using a cross-functional approach. Its results and total assets are analyzed on a consolidated basis by the person acting as chief operating decision maker, i.e., the President and Chief Executive Officer. The latter uses net income to analyze actual and forecast results in order to assess Hydro-Québec's performance. Significant expenses that are submitted to the chief operating decision maker for this purpose on a regular basis over the course of the period are disclosed in the following table. Investments are also submitted to the chief operating decision maker.

a) Current operational expenses are mainly composed of payroll, the cost of external services, acquisition costs of tangible and intangible property, and operating lease expenses.

b) Other expenses are composed of taxes, subsidiary expenses, other components of employee future benefit cost, as well as, current service cost of the Pension Plan.

c) The investments, as presented in this case for management purposes, are mainly composed of investments in property, plant and equipment and intangible assets, and also include investments in the regulatory asset with respect to costs related to energy efficiency and demand response initiatives.

d) The comparative period data have been reclassified to conform to the presentation adopted in the current period.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(UNAUDITED)

Amounts shown in tables are in millions of Canadian dollars.