Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Q2 2026 Earnings Presentation
28 slides from Algonquin Power & Utilities's earnings presentation, Aug 7, 2026
Slide 1: Q2 2026 Earnings Conference Call
Q2 2026 Earnings Conference Call August 7, 2026 | 8:30 a.m. ET
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain written statements included herein and/or oral statements made in connection with the presentation contained herein c onstitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of Canada and the
Slide 3: Today's Speakers and Agenda
Today’s Speakers Agenda 1. Introductory Remarks 2. Business Update 3. Financial Update 4. Closing Remarks 5. Q&A Rod West Rob Stefani Chief Executive Officer Chief Financial Officer Algonquin Power & Utilities Corp. | Q2 2026 Earnings Conference Call 3
Slide 4: Business Update
Q2 2026 Earnings Conference Call Business Update 4
Slide 5: 2026 Strategic Priorities
2026 Strategic Priorities Operational Regulatory ✓ Empire Electric Missouri settlement approved and Selected rate cases and tariffs to be filed by • Execute planned operational efficiencies initiatives implemented approximately year end: • Implement centralized capital projects team to ✓ New England
Slide 6: Redomicile
Redomicile Algonquin has announced its intention to redomicile to the United States; Regulated Revenue by Geographic Area expected to deliver strategic and financial benefits: • Better aligning Algonquin’s corporate structure with its asset footprint, as over 80% of the % Company’s operations are in
Slide 7: Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes
Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes Approved Pending In Process ✓ Empire Electric Missouri rates implemented ✓ Empire Electric Missouri additional revenues ✓ EnergyNorth (NH) filing • Missouri Public Service Commission approved settlement • Has ability to earn ad
Slide 8: Snapshot of Rate Cases
Snapshot of Rate Cases1 Utility Jurisdiction Rate Request Authorized Increase Date of Rate Implementation Empire Electric2 Missouri $168.0 million $97.0 million (plus $13.7 million opportunity)2 Aug 3, 2026 CalPeco Electric3 California $64.0 million $48.6 million Jan 1, 2025 (retroactive) New Englan
Slide 9: Constructive Regulatory Mechanisms Support Long-term Investments and Timely Recovery
Constructive Regulatory Mechanisms Support Long-term Investments and Timely Recovery Constructive Regulatory Frameworks Recent Regulatory & Legislative Updates California Senate Bill 254 Phase 2 ✓ Electric • Georgia Rate Adjustment CA Explores more sustainable ✓ Gas MO CA NH AZ NY GA GA Mechanism (“
Slide 10: Financial Update
Q2 2026 Earnings Conference Call Financial Update 10
Slide 11: Net Earnings by Business Unit and Total Adjusted Net Earnings
Net Earnings by Business Unit and Total Adjusted Net Earnings 1 Three months ended June 30 Six months ended June 30 (all dollar amounts in $ millions except per share information) 2026 2025 2026 2025 Net earnings by business units Net earnings for Regulated Services Group $30.0 $43.9 $149.4 $167.5 N
Slide 12: Second Quarter 2026 Adjusted Net EPS
Second Quarter 2026 Adjusted Net EPS 1 Q2 Adjusted Net EPS1 Drivers Increases in Adjusted Net Earnings1 primarily due to: Total Increase Decrease ▲ CalPeco approved rates of $12.1 million, partially offset by higher wildfire insurance expenses of $5.7 million $0.00 ($0.01) ▲ Favourable net revenue p
Slide 13: YTD 2026 Adjusted Net EPS
YTD 2026 Adjusted Net EPS 1 YTD Adjusted Net EPS1 Drivers Increased Adjusted Net Earnings1 primarily due to: Total Increase Decrease ▲ CalPeco rate case increased pre-tax earnings by $38.6 million including retroactive rate recognition $0.01 ($0.02) ▲ Net revenue primarily driven by new rates at New
Slide 14: Strong Investment Grade Balance Sheet
Strong Investment Grade Balance Sheet Selected Consolidated Debt Balances ($millions)1 Issuer Credit Ratings and Outlook AQN Standard & Poor’s Moody’s Fitch Total Debt ~$6,650 Ratings Outlook Ratings Outlook Ratings Outlook Cash ~$50 AQN BBB Stable — — BBB Stable Net Debt ~$6,600 LUCo BBB Stable Baa
Slide 15: Financial Outlook
Financial Outlook1 Estimates 2026E Adjusted Net EPS2 3 $0.35 - $0.37 2027E Adjusted Net EPS3 $0.38 - $0.42 2026E Utility Capital Expenditures Approximately $0.8 billion 2026E – 2028E Aggregate Utility Capital Expenditures Approximately $3.2 billion 2025A – 2028E Compound Annual Growth in Rate Base4
Slide 16: Closing Remarks
Q2 2026 Earnings Conference Call Closing Remarks 16
Slide 17: A Clear & Compelling Investment Thesis
A Clear & Compelling Investment Thesis 1 Singularly Focused, Pure Play Regulated Utility 2 Diversified Portfolio, Operating across High Quality, Constructive Jurisdictions 3 Back-to-Basics Execution Expected to Drive Attractive Near-Term Financial Profile 4 Medium-Term Organic Growth Opportunities 5
Slide 18: Q&A
Q2 2026 Earnings Conference Call Q&A 18
Slide 19: Appendix
Q2 2026 Earnings Conference Call Appendix 19
Slide 20: Investor Summary – Redomicile Tax Considerations
Investor Summary – Redomicile Tax Considerations ► The redomicile is expected to be taxable in Canada, and subject to a FIRPTA toll charge in the U.S. Sources of Tax ► In general terms, FIRPTA: Foreign Investment in Real Property Tax Act, is a rule set that seeks to tax non-US residents on gains rea
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Net Earnings1 to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Ne
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Funds From Operations to Operating Income The following table is derived from and should be read in conjunction with the consolidated financial statements. This supplementary disclosure is intended to more fully explain disclosures related to FFO and pro
Slide 23: Utility by Jurisdiction & Commodity
Utility by Jurisdiction & Commodity Rate base & ROE as of year end by major utility and commodity Facility 2025 Rate Base ($mm) Authorized ROE Empire Electric $3,388 9.3% CalPeco $ 671 10.0% New York Water $ 602 9.1% EnergyNorth Gas $ 522 9.3% BELCO $ 525 8.6% New England Gas $ 322 9.6% Park Water &
Slide 24: Executing through the Rate Case Cycle
Executing through the Rate Case Cycle Approved Rates from Completed Rate Cases1 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Arizona (various water & wastewater) $4.2 million St Lawrence Gas2 $0.4 million BELCO3 ($3.6) million CalPeco4 $48.6 million New England Gas5 $45.3 million Apple Valley/Park Water6
Slide 25: Rate Base View by Commodity
Rate Base View by Commodity 1 Electric Gas Water 6,000 5,000 Tinker (Canada) Granite State (NH) BELCO (Bermuda) 4,000 CalPeco (CA) 3,000 2,000 Empire Electric St Lawrence Gas (NY) Missouri Water (MO, KS, OK, AR, FERC) Empire Gas (MO) Arkansas Water Gas New Brunswick Water & Wastewater (AZ & TX) Util
Slide 26: Investing in Safety, Reliability, and Service for Our Customers
Investing in Safety, Reliability, and Service for Our Customers ~$3.2 Billion Total Regulated Capital Investment Planned From 2026 – 20281 Expected Total Rate Base3 Anticipated Annual Capital Expenditures Capital Expenditures by Commodity2 $2.5 ~$1.3B ~$9.7B 7% ~$9.0B $2.0 ~$1.1B ~$8.5B ~$8.2B4 19%
Slide 27: Expected 2026 Sources and Uses
Expected 2026 Sources and Uses AQN (Ex-LUCo) 1 ($M) Commentary • $1.15B of maturing debt at AQN was refinanced through Sources 50 100 1,450 ~$1.6B $1.15B of bond issuances at CFO2 Bond Issuance (ESSAL) Intercompany Debt and Dividend3 LUCo, with proceeds upstreamed to address maturing bond Uses 100 4
Slide 28: Corporate Information and Contact Information
Corporate Information Head Office Greater Toronto Area, Ontario Toronto Stock Exchange AQN, AQN.PR.A, AQN.PR.D New York Stock Exchange AQN, AQNB Shares Outstanding* 769,747,684 Share Price* $5.86 Market Capitalization* $4.5 B Common Share Dividend** $0.26 per share annually * Shares outstanding, clo
Algonquin Power & Utilities Corp. Common Shares — Q2 2026 Earnings Presentation on 6ix