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

  1. Slide 1: Q4 2024 Earnings Conference Call

    Q4 2024 Earnings Conference Call March 7, 2025 | 8:30 a.m. ET

  2. 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

  3. 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 /

  4. Slide 4: Leadership Transition

    Q4 2024 Earnings Conference Call Leadership Transition 4

  5. 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

  6. Slide 6: Operational Highlights

    Q4 2024 Earnings Conference Call Operational Highlights 6

  7. 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

  8. 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

  9. 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

  10. Slide 10: Financial Update

    Q4 2024 Earnings Conference Call Financial Update 10

  11. 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

  12. 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

  13. 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

  14. Slide 14: Closing Remarks

    Q4 2024 Earnings Conference Call Closing Remarks 14

  15. Slide 15: Q&A

    Q4 2024 Earnings Conference Call Q&A 15

  16. Slide 16: Appendix

    Q4 2024 Earnings Conference Call Appendix 16

  17. 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.

  18. 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

  19. 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

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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

  26. 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

  27. 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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