Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Q3 2025 Earnings Presentation
19 slides from Algonquin Power & Utilities's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call November 7, 2025 | 10:00 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 constitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of Canada and the
Slide 3: Agenda and Today's Speakers
Agenda Today’s 1. Introductory remarks 2. Q3 Business Update Speakers 3. Portfolio Strategy 4. Financial results 5. Closing remarks Rod West Brian Chin Chief Executive Officer Interim Chief Financial Officer and Vice President, Investor Relations Algonquin Power & Utilities Corp. | Q3 2025 Earnings
Slide 4: Third Quarter Business Highlights
Q3 2025 Earnings Conference Call Third Quarter Business Highlights 4
Slide 5: Q3 Business Update
Q3 Business Update Double-digit YoY growth in key financial metrics Rate case updates for EnergyNorth Gas, CalPeco and Empire Hearings scheduled for New England Nat Gas and Litchfield Park Algonquin Power & Utilities Corp. | Q3 2025 Earnings Conference Call 5
Slide 6: Financial Update
Q3 2025 Earnings Conference Call Financial Update 6
Slide 7: Financial Performance
Financial Performance Three Months Ended September 30 All figures are in $ millions except per share information 2025 2024 Variance Net Earnings for Regulated Services Group 104.1 64.8 61% Net Earnings for Hydro Group 3.3 3.7 (11)% Net Earnings for Corporate Group (33.7) (19.0) (77)% AQN Net Earning
Slide 8: Adjusted Net EPS Drivers
Adjusted Net EPS1 Drivers Q3 2024 Adjusted Net EPS1 (including renewables) $0.08 Implementation of approved utility rates and favourable weather 0.02 Lower operating expenses 0.01 EnergyNorth Depreciation Deferral 0.01 New York Water retroactive payment from 2024 (0.01) Interest expense deleveraging
Slide 9: Closing Remarks
Q3 2025 Earnings Conference Call Closing Remarks 9
Slide 10: Q&A
Q3 2025 Earnings Conference Call Q&A 10
Slide 11: Appendix
Q3 2025 Earnings Conference Call Appendix 11
Slide 12: Key Credit Adjustment Figures
Key Credit Adjustment Figures Q3 debt $6.4 billion S&P and Fitch selected debt adjustments: Less: Equity credit 50% of $1.4 billion $700 million hybrids Less: Empire securitization $300 million Add: Preferred equity 50% of $180 million $90 million Algonquin Power & Utilities Corp. | Q3 2025 Earnings
Slide 13: Our Service Footprint
Our Service Footprint Providing regulated electric, natural gas, water, and wastewater utility services to over 1 million customer connections. Legend Electric distribution / generation system Gas distribution system Water distribution / wastewater treatment system Algonquin Power & Utilities Corp.
Slide 14: Rate Case Update
Rate Case Update1 Utility Jurisdiction Rate Request Authorized Increase Date of Rate Implementation BELCO Bermuda $59.1 million $33.6 million2 Aug 1, 2024, retroactive to Jan 1, 2024 Granite State Electric New Hampshire $15.5 million $5.5 million April 1, 2025 Completed Midstates Gas Missouri $13.2
Slide 15: Approved Rates from Completed Rate Cases
Approved Rates from Completed Rate Cases 1 New York Water – Make whole $6.9 million New York Water – Step 1 $26.3 million Midstates Gas – Illinois $3.2 million New York Water – Step 2 $6.1 million Midstates Gas – Missouri $9.1 million Missouri Water $6.2 million New Brunswick Gas C$1.2 million Arkan
Slide 16: Utility by Jurisdiction & Commodity
Utility by Jurisdiction & Commodity Rate base & ROE by major jurisdiction and commodity Facility 2023 Rate Base ($mm) 2024 Rate Base ($mm) Latest Authorized ROE Empire Electric $2,958 $3,292 9.3% California Electric and Water $756 $798 9.9% New York Water $491 $541 9.1% New Hampshire Gas $498 $523 9
Slide 17: Rate Base View by Commodity
Rate Base View by Commodity1 Millions 4,800 New Hampshire 4,400 4,000 California 3,600 Bermuda 3,200 2,800 2,400 2,000 New York Other (Arkansas, Missouri, Texas, Illinois) 1,600 Missouri1 New Brunswick Georgia Arizona 1,200 Massachusetts California 800 Missouri2 Chile 400 New Hampshire New York 0 El
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Net Earnings 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 Net
Slide 19: 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* 768,153,848 Share Price* $5.37 Market Capitalization* $4.1 B Common Share Dividend** $0.26 per share annually * Shares outstanding, clo
Algonquin Power & Utilities Corp. Common Shares — Q3 2025 Earnings Presentation on 6ix