Atco Ltd. Class I · TSX:ACO.X
Atco Ltd. Class I — Investor Presentation (December 2025)
38 slides from Atco Ltd. Class I's investor presentation, Dec 2, 2025
Slide 1: Investor Presentation
Investor Presentation ATCO Ltd. December 2, 2025
Slide 2: Table of contents
Table of Legal Notice ATCO Ltd. 3 5 contents ATCO overview 5 Financial overview 8 Credit ratings 11 Canadian Utilities Limited 12 Organizational structure 13 ATCO Energy Systems 14 ATCO EnPower 18 ATCO Australia 22 ATCO Structures 25 ATCO Frontec 32 ATCO Investments 34 Why Invest 37 ATCO Ltd. Invest
Slide 3: Legal notice
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 4: Legal notice
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 5: Uniquely positioned for the future
ATCO overview Uniquely positioned for the future Our Purpose Creating prosperity and opportunity for generations to come Support, Partner & Engage Our Objectives Growth Financial leadership Customers & Communities We tackle the world’s most urgent challenges Housing Defence Energy Investments Leadin
Slide 6: Structures & Logistics, Investments
ATCO overview 52.5% 1 100% 100% Structures & Investments 2 Logistics Energy Land and Energy Systems Structures Development EnPower Frontec Fresh Bites Australia Neltume Ports 40% 1. Canadian Utilities Limited ownership as of September 30, 2025. 2. ATCO Investments also includes ATCO Corporate & Othe
Slide 7: ATCO portfolio strategy
ATCO overview As businesses mature, ATCO portfolio strategy they evolve down the pyramid. Growth New growth is guided by our focus on essential services, the energy transition, and key relationships. Value These investments provide a balance between yield and growth. Foundational Drive efficiency an
Slide 8: Foundational stability of the regulated utility underpins our growth assets
Financial overview Foundational stability of the regulated utility ATCO Structures & ATCO Investments1 $30 underpins our growth assets Logistics1 $91 ATCO Australia1 $32 Portfolio Balances Yield and Long-Term Growth $364M1,2 ATCO EnPower1 Significant Non-Regulated Energy $21 Opportunities Adjusted E
Slide 9: YTD 2025 adjusted earnings waterfall
Financial overview YTD 2025 adjusted earnings1 waterfall $8 $11 $10 $356 $364 +9% $335 $335 $345 Year-over-year growth 1 2 1 YTD 2024 Canadian Utilities 2 Structures & Logistics 2 ATCO Investments YTD 2025 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). Th
Slide 10: Strong cash flows support capital program
Financial overview Strong cash flows support capital program Cash flows from operating activities1 Capital expenditures2 $276 $188 $182 $133 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Portfolio of cash flow generating assets support our strategic investments that underpin long-term growth. Note: Millions o
Slide 11: Strong financial capacity underpins our future growth
Credit ratings Strong financial capacity underpins our future growth Key Metrics: Credit Ratings HoldCo debt is less than 5% of consolidated debt. A (low) Access to over $2B in available committed credit liquidity. Conservative balance sheet BBB+ with substantial cash balance. Portfolio balance of y
Slide 12: Canadian Utilities Limited
ATCO Ltd. Investor Presentation 12
Slide 13: Organizational structure
Organizational structure 100% 100% 100% 100% Alberta Electricity Distribution Alberta Electricity Transmission Electricity Generation Natural Gas Distribution Alberta Natural Gas Distribution Alberta Natural Gas Transmission Storage & Industrial Water Electricity Generation Naka Power Utilities Yuko
Slide 14: ATCO Energy Systems
ATCO Ltd. Investor Presentation 14
Slide 15: Energy Systems: pure-play regulated gas and electric utility
ATCO Energy Systems Pure-play, gas and electric regulated utility 7 Utilities $2.3B ATCO Electric Transmission +2% $14.5B 8.97% Year-over-Year ATCO Electric Distribution YTD 2025 Revenue1 Growth 2024 Mid-year rate base2 ATCO Gas (Distribution) ATCO Pipelines (Transmission) Approved ROE ATCO Electric
Slide 16: Transmission and distribution underpin growth in Alberta
ATCO Energy Systems Transmission and distribution underpin growth in Alberta Adjusted earnings contribution by operating segment1 International Electricity Operations (LUMA Energy) 9% Electricity Electricity Distribution2 27% 265,000 customers3 Natural Gas Alberta Distribution 16% Gas ~91% 1.3M deri
Slide 17: Yellowhead Pipeline Project
ATCO Energy Systems Yellowhead Pipeline Project Completed In-Progress Production Fort McMurray Q2 2024 Q3 2025 Q2 2026 Q4 2027 Project AUC Needs Regulatory and Target in- announced Application permitting service date Edmonton/ Industrial approved complete Heartland Q3 2024 Q4 2025 Q3 2026 AUC Needs
Slide 18: ATCO EnPower
ATCO Ltd. Investor Presentation 18
Slide 19: Optionality within our asset base to drive long-term growth
ATCO EnPower Optionality within our asset base to drive long-term growth Established assets and a robust development pipeline diversified across energy transition value chain 117 PJ 544,000 m3 85,200 m3/d Strategic Natural Gas Natural Gas Liquids Water Infrastructure Storage Capacity Storage Capacit
Slide 20: Natural gas storage growth
ATCO EnPower Natural gas storage growth A history of consistent, incremental growth of EnPower’s storage portfolio Key drivers of growth Storage Capacity (PJ) • Long-term natural gas Revenue ($M) production growth driven by 130 PJ industrial demand, power generation, LNG demand and 117 PJ 117 PJ 117
Slide 21: Atlas Carbon Storage Hub offers open access decarbonization for Alberta industrials
ATCO EnPower Atlas Carbon Storage Hub offers open access decarbonization for Alberta industrials Alberta Carbon Milestone Grid Final Investment Decision (FID) 50/50 Bison Hub Wolf Pathways Alliance JV with Shell Wabamun Hub Hub for Phase 1 achieved Enabling Shell to Edmonton produce cleaner fuels At
Slide 22: ATCO Australia
ATCO Ltd. Investor Presentation 22
Slide 23: Growing our stable base of assets in Australia
ATCO Australia Growing our stable base of assets in Australia ▪ ATCO Gas Australia is a regulated provider of natural $1.4B $185M Predictable gas distribution services in Western Australia, serving 2024 Mid-Year Revenue2 and stable metropolitan Perth and surrounding regions. Rate Base1 cash flow wit
Slide 24: Capitalizing on utility growth in Australia
ATCO Australia Capitalizing on utility growth in Australia Key drivers of growth under AA61 ATCO Gas Australia Adjusted Earnings2 $28 80,000 new customers $22 27% increase in customers 8.23% nominal ROE +3.21% vs. AA5 YTD 2024 YTD 2025 Note: Millions of Canadian dollars. 1. Changes in new customers,
Slide 25: ATCO Structures
ATCO Ltd. Investor Presentation 25
Slide 26: Thirteen consecutive quarters of year-over-year earnings growth
ATCO Structures Thirteen consecutive quarters of year-over-year earnings growth $88M +6% $201M +10% Year-over-Year Adjusted Year-over-Year Growth Adjusted Growth Earnings1,2 EBITDA1,2 +26K +6% $817 +4% Global Space Year-over-Year Growth Global Space Rentals Year-over-Year Growth Rentals Fleet1 Avera
Slide 27: The ATCO modular advantage
ATCO Structures The ATCO modular advantage ✓ Significant ATCO 6-Storey Factory-built Modular time savings 12 Months 2 Months 4 Months 1 Month ✓ Less on-site disruption Attainable Homes Calgary: 605 Studio West Design & Off-Site On-Site Testing, 1.5 years ✓ Consistent, Permitting Manufacturing Constr
Slide 28: Positioned for growth
ATCO Structures Positioned for growth Our operations are strategically positioned near regions with strong economic and natural resource activity. 44 Branch locations NORTH AMERICA 13 Manufacturing locations SOUTH AMERICA 5 Countries AUSTRALIA Branches Branches with manufacturing Global operations a
Slide 29: Strong pipeline of growth in an expanding market
ATCO Structures Strong pipeline of growth in an expanding market What we’re known for Where the acceleration opportunity is Industrial Modular Permanent Modular Industrial Commercial Residential Temporary spaces that work as We build what communities count Designed for living, crafted for life hard
Slide 30: Building out our next phase of growth
ATCO Structures Building out our next phase of growth Stibnite Gold Project • Awarded $179M (CAD) contract. • Largest contract value in our operating history in the United States. • Agreement to develop and build a +1,000-person camp and office site. • Located near Yellow Pine, Idaho. Completed Prog
Slide 31: Strategy linked to forecasted economic activity
ATCO Structures Strategy linked to forecasted economic activity • ATCO Structures continues to secure and execute on project awards. • Positioned in locations with high levels of development and natural resource activity. United States Canada Australia Chile • Data centres and • Oil and gas, LNG, an
Slide 32: ATCO Frontec
ATCO Ltd. Investor Presentation 32
Slide 33: ATCO Frontec provides integrated operational support services
ATCO Frontec ATCO Frontec provides: ✓ Facility operations and maintenance services. ✓ Workforce lodging and support services. ✓ Defence operations services. ✓ Disaster and emergency management services. Over 40 years 30 Operating 1.4 million Supporting Government & Locations Worldwide Guests Served
Slide 34: ATCO Investments
ATCO Ltd. Investor Presentation 34
Slide 35: ATCO Investments businesses
ATCO Investments Neltume Ports is a port operator and developer with a diversified portfolio of 17 port facilities and 5 port operation services, primarily located in Chile, with additional operations in Uruguay, Argentina, Brazil and the United States ASHCOR is a company engaged in the recycling an
Slide 36: Neltume Ports Overview
ATCO Investments Neltume Ports Overview Diversified across goods & commodities handled FY 2024 Throughput Break Bulk 25% Bulk 32% 45M Tonnes Handled Container 43% Growth Drivers 5 Port operation 17 ❖ Improving operational ❖ Increasing volumes and Port facilities efficiency ownership at existing port
Slide 37: Why invest
Why invest Tackling the world's most urgent challenges underpinned by a diverse portfolio Controlling ownership of Canadian Utilities and regulated business is the foundation of asset base Diversified portfolio of essential services investments creates incremental stability Track record of stable ea
Slide 38: InvestorRelations@atco.com
InvestorRelations@atco.com ATCO Ltd. Investor Presentation 38