Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Q1 2026 Earnings Presentation
20 slides from Canadian Utilities Limited Class A's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call Canadian Utilities Limited May 6, 2026
Slide 2: Legal Notice: Forward-looking information advisory
Legal Notice Forward-looking information advisory Certain statements made by company representatives and information provided in this presentation may be considered forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate",
Slide 3: Legal Notice: Non-GAAP and other financial measures
Legal Notice Non-GAAP and other financial measures disclosure advisory This presentation contains various “total of segments measures”, “non-GAAP financial measures” and “non-GAAP ratios” (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI
Slide 4: Canadian Utilities Limited
Canadian Utilities Limited Canadian Utilities Limited Q1 2026 Presentation 4
Slide 5: Growth & Prosperity, Operational Excellence, Financial Leadership
Growth & Prosperity Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q1 2026 Presentation 5
Slide 6: Canada's energy future begins in Alberta
Population growth per province Q1 2025 – Q1 20261,2 Growth & Prosperity 1.2% Canada’s energy future begins in Alberta 0.3% 0.1% 0.0% -0.1% -0.7% -0.7% +$5B Public and private investment in 3 Utilities in Alberta in 2025 were the 4th highest investment in the province compared to other industries 1.
Slide 7: Regulated utility capital expenditures (5 year plan)
Growth & Prosperity Regulated utility capital expenditures (5 year plan) $12B $3.1B 5-year capital expenditure plan $0.1B $2.7B $0.1B $2.3B $1.6B $0.1B $2.0B Historical $1.9B $1.4B $0.1B $0.6B $0.1B $0.4B $1.5B $1.5B $0.4B $0.1B $0.1B $0.2B $0.5B $0.3B $0.5B $0.5B $0.5B $0.4B $0.4B $0.4B $0.5B $0.6B
Slide 8: Mid-year rate base (5 year plan)
Growth & Prosperity Mid-year rate base1 (5 year plan) 6.9% $22.3B $23.2B 5-year mid-year rate base1 CAGR2 $21.4B $1.8B CAGR ‘25-’30 $1.8B $19.8B $1.7B 3.7% $17.9B $1.6B $6.1B AUS $16.6B $1.6B $5.9B $5.7B $1.5B $4.9B 16.9% $3.6B GT $2.8B $4.2B $4.0B $3.9B 4.3% $3.7B $3.4B $3.5B GD $6.0B $6.3B 3.5% $5
Slide 9: Yellowhead Pipeline Project
Growth & Prosperity Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress May 2024 August 2025 November 2025 March 2026 May 2026 June 2026 Q3 2026 Q3 2026 …… Q4 2027 Project AUC Needs AUC Facility Alberta AUC Facility Construction AUC Faci
Slide 10: AESO long-term forecast reinforces opportunities
Growth & Prosperity AESO long-term forecast reinforces opportunities AESO long-term outlook1 CU potential growth opportunities Increased load growth Northwest Area Transmission Development Industrial activity, electrification and emerging loads will A 240kV transmission expansion, to alleviate conge
Slide 11: Operational Excellence
Operational Excellence Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q1 2026 Presentation 11
Slide 12: ATCO customers receive lower rates over PBR cycles
Operational Excellence ATCO customers receive lower rates over PBR cycles ATCO Gas distribution charges have grown less than inflation since 20131 ATCO Electric distribution charges have grown less than peers since 20132 550 240 Inflation CAGR = 2.5% Peer 1 Distribution Charge CAGR = 6.9% ATCO Gas D
Slide 13: Operational expertise drives growth aspirations in Australia
Operational Excellence Operational expertise drives growth aspirations in Australia Sustained population growth Record infrastructure investment • Requires gas distribution and servicing. • Record public infrastructure spending in • Need for electricity infrastructure and energy Western Australia (W
Slide 14: Operational outperformance drives gas storage expansion
Operational Excellence Operational outperformance drives gas storage expansion • Volatile energy environments and scarcity of infrastructure creates an opportunity for natural gas storage assets. • Increase of LNG export project opportunities, development of AI data centres, and strategically positi
Slide 15: Financial Leadership
Financial Leadership Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q1 2026 Presentation 15
Slide 16: Funding strategy
Financial Leadership Funding strategy Canadian Utilities Limited Regulated businesses Non-regulated businesses $12B 5-year (2026-2030) capital expenditure plan • Currently, no need to issue common equity. 63% 37% • Non-regulated growth to be funded by cash flow from non-regulated operating assets Re
Slide 17: Q1 2026 adjusted earnings waterfall
Financial Leadership Q1 2026 adjusted earnings1 waterfall $8 $14 $0 ($12) $232 $242 1 2 1 Q1 2025 ATCO ATCO ATCO Financing & Other Q1 2026 2 2 2 Energy Systems EnPower Australia Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The most directly comparable m
Slide 18: CUL Consolidated Adjusted Earnings
Financial Leadership CUL Consolidated ATCO Energy Systems Cash Flow from Adjusted Earnings1 Adjusted Earnings1 Operations $242 $246 $637 $232 $232 $604 Q1 2025 Q1 2026 Q1 2025 Q1 2026 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $21 Q1 2025 Q1 2026 $13 $11 $11 Refund to customer
Slide 19: Concluding Remarks
Closing Remarks Concluding Remarks Key takeaways Canadian Utilities is led by safety Growth & Execution of major growth initiatives and positive Prosperity macro-outlook across business segments. Consistently drive efficiency across businesses. Operational Commitment to safety and reliability Excell
Slide 20: Questions & Answers
Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q1 2026 Presentation 20