Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Q4 2024 Earnings Presentation
27 slides from Algonquin Power & Utilities's earnings presentation, Mar 7, 2025
Slide 1: Q4 2024 Earnings Conference Call
Q4 2024 Earnings Conference Call March 7, 2025 | 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 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 Speakers
Agenda Today’s 1.Introductory remarks 2.Leadership transition Speakers 3.Operational highlights 4.Financial results 5.Closing remarks Chris Huskilson Rod West Darren Myers Brian Chin Chief Executive Officer Incoming Chief Financial Officer Vice President, Chief Executive Officer Investor Relations /
Slide 4: Leadership Transition
Q4 2024 Earnings Conference Call Leadership Transition 4
Slide 5: Introducing Rod West
Introducing Rod West Incoming Chief Executive Officer There’s a significant opportunity for Algonquin to provide tremendous value as a pure-play regulated utility. I’m excited to lead the team as we look to accelerate results for stakeholders. Algonquin Power & Utilities Corp. | Q4 2024 Earnings Con
Slide 6: Operational Highlights
Q4 2024 Earnings Conference Call Operational Highlights 6
Slide 7: Strategic Transition Objectives
Strategic Transition Objectives 1. Sale of renewable energy business ✓ 2. Sale of Atlantica investment ✓ 3. Improve regulated results – Continuing efforts Algonquin Power & Utilities Corp. | Q4 2024 Earnings Conference Call 7
Slide 8: Atlantica and Renewables Sales
Atlantica and Renewables Sales Atlantica Sustainable Infrastructure AQN Renewable Energy Business – Completed December 12, 2024 – Completed January 8, 2025 – Net proceeds of ~$1.1 billion – Sale price of up to ~$2.5 billion Pivotal events in strategic transition to pure-play regulated utility with r
Slide 9: Rate Case Update
Rate Case Update1 Utility Jurisdiction Rate Request Authorized Increase Date of Rate Implementation BELCO Bermuda $59.1 million $33.6 million Aug 1, 2024, retroactive to Jan 1, 2024 New York Water New York $39.7 million $38.6 million Sep 1, 2024, retroactive to Apr 1, 2024 Completed Midstates Gas Mi
Slide 10: Financial Update
Q4 2024 Earnings Conference Call Financial Update 10
Slide 11: Financial Performance
Financial Performance1 Three months ended Twelve months ended December 31 December 31 All amounts in U.S. $ millions except per share information 2024 2023 Change 2024 2023 Change Revenue3 $ 584.8 $ 588.2 (1)% $ 2,319.5 $ 2,403.9 (4)% Regulated Services Group Revenue 576.2 576.4 — 2,282.0 2,366.9 (4
Slide 12: Adjusted Net EPS Drivers
Adjusted Net EPS1 Drivers Q4 2023 Adjusted Net EPS1 $0.12 Full Year 2023 Adjusted Net EPS1 $0.39 Regulated Services Group Adjusted EBITDA1 0.01 Regulated Services Group Adjusted EBITDA1 0.05 Depreciation (0.01) Depreciation (0.05) Atlantica Dividend (0.02) Atlantica Dividend (0.02) Interest expense
Slide 13: Utility by Jurisdiction & Commodity
Utility by Jurisdiction & Commodity Rate base & ROE by major jurisdiction and commodity Facility 2023A Rate Base ($mm) 2024A Rate Base ($mm) Latest Authorized ROE Empire Electric $2,958 $3,292 9.3% California Electric and Water $756 $798 9.8% New York Water $491 $541 9.1% New Hampshire Gas $498 $523
Slide 14: Closing Remarks
Q4 2024 Earnings Conference Call Closing Remarks 14
Slide 15: Q&A
Q4 2024 Earnings Conference Call Q&A 15
Slide 16: Appendix
Q4 2024 Earnings Conference Call Appendix 16
Slide 17: 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 18: Rate Base View by Commodity
Rate Base View by Commodity1 Millions 4,800 4,400 NH 4,000 CA 3,600 Bermuda 3,200 2,800 2,400 2,000 NY Other (AR, MO, TX, IL) 1,600 MO1 NB 1,200 GA AZ MA CA 800 MO2 Chile 400 NH NY 0 Electric Gas Water 1. Includes some assets in Kansas, Oklahoma and Arkansas. Data as at December 31, 2024. 2. Include
Slide 19: Strengthening the Balance Sheet
Strengthening the Balance Sheet Key debt and credit figures Q4 continuing and discontinued operations debt $8.0 billion Renewables estimated net sales proceeds $2.1 billion1 S&P and Fitch selected debt adjustments: Less: Equity credit 50% of $1.4 billion hybrids $700 million Less: Empire securitizat
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of AQN Adjusted EBITDA 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 AQN Adjusted E
Slide 21: 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 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Funds from Operations to Cash Provided by Operating Activities The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary discl
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Regulated Services Group Adjusted EBITDA to Revenue 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 t
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Regulated Services Group Adjusted EBITDA to Revenue (cont’d) 1 See Caution Concerning Non-GAAP Measures. 2 See Note 20 in the audited consolidated financial statements. 3 This table contains a reconciliation of Net Utility Sales to revenue. The relevant
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Hydro Group Adjusted EBITDA to Revenue 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 Hydro Group
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Corporate Group Adjusted EBITDA to Revenue 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 Corpora
Slide 27: Corporate 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* 767,343,863 Share Price* $4.45 Market Capitalization* $3.4 B Common Share Dividend** $0.26 per share annually * Shares outstanding, clo
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