Atco Ltd. Class I · TSX:ACO.X
Atco Ltd. Class I — Investor Presentation (September 2026)
37 slides from Atco Ltd. Class I's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation ATCO Ltd. September 2026
Slide 2: Table of contents
Table of Legal Notice ATCO Ltd. 3 5 contents ATCO overview 5 Financial overview 8 ATCO opportunities 9 Canadian Utilities Limited 11 ATCO Structures 21 ATCO Frontec 26 ATCO Investments 28 Why Invest 31 Appendix 32 ATCO Ltd. Investor Presentation 2
Slide 3: 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 "antici
Slide 4: 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 te rms are defined in National Instrument 52 - 112– Non- GAAP and Other Financial Measures Disclo
Slide 5: ATCO overview
ATCO overview 52.4% 1 100% 100% Structures & Investments 2 Logistics 40% 1. Canadian Utilities Limited ownership as of June 30, 2026 . 2. ATCO Investments also includes ATCO Corporate & Other, which contains the global corporate head office in Calgary, Canada, ATCO licensing fees received, and finan
Slide 6: Possibilities for generations
ATCO overview Possibilities for generations Our Expertise ATCO delivers space solutions using modular construction that Housing brings certainty to timelines and quality to every build. ATCO provides solutions across residential, commercial and industrial. A modern, customer - focused diversified en
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 underpins our growth assets $15 $14 ATCO Investments 1 ATCO EnPower 1 Focus on demonstrating ATCO Structures’ value ATCO Australia 1 $29 Portfolio balances yield and long-term growth $279M1,2 Adjusted Earnings YTD Significant non-reg
Slide 9: Opportunities in Canada's North
ATCO opportunities Opportunities in Canada’s North Landscape of large and growing opportunities Canada’s defence landscape in the Arctic Increased northern Existing threats and pressures in the North include: spending Bill C-5 • Heightened geopolitical risk and increased military threats. (Nation bu
Slide 10: ATCO's northern strategy
ATCO opportunities ATCO’s northern strategy ATCO Frontec has been a leader for nearly 40 years in North America’s Arctic operations. Frontec current operations in the North Geographically diversified footprint Operating 6 defence projects • Alaska Radar & North Warning Systems Defence • RP North, CF
Slide 11: Canadian Utilities Limited
ATCO Ltd. Investor Presentation 11
Slide 12: Canadian Utilities Limited
Canadian Utilities Limited 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 Yu
Slide 13: Diversified utility and energy company
Canadian Utilities Limited Diversified utility and energy company $2.0B $16.6B $25B YTD 2026 Revenue 1 2025 Mid - Year Rate Total Assets 1 Base 2 $201M 6.9% 54 YTD 2026 5 Year Mid - Year Years of Annual Adjusted Earnings 1,3 Rate Base CAGR 2,4 Dividend Increases (contribution to ATCO) 1. For the six
Slide 14: Regulated utility capital expenditures (5 year plan)
Canadian Utilities Limited Regulated utility capital expenditures (5 year plan) $12B $3.1B 5 year capital expenditure plan $0.1B $2.7B $0.1B $2.3B Historical $0.1B $1.6B $1.9B $2.0B $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 $0.5
Slide 15: Mid-year rate base (5 year plan)
Canadian Utilities Limited Mid-year rate base1 (5 year plan) 6.9% $22.3B $23.2B 5 year mid- year rate base 1 CAGR $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
Slide 16: Yellowhead Pipeline Project
Canadian Utilities Limited Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress May 2024 May 2026 June 2026 July 2026 August 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Project AUC Facility Construction AUC Facility Construction Pipe install Pip
Slide 17: Regulatory milestones
Canadian Utilities Limited Regulatory milestones Yellowhead Pipeline Yellowhead Pipeline Facility Application • Facility Application hearing was held in May 2026. Project • Approval was received in July 2026. ATCO Pipelines 2026-2028 General Rate Application Update Gas In July 2026, the AUC Issued a
Slide 18: Funding strategy
Canadian Utilities Limited 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 a
Slide 19: Constructive environment presents large opportunity set
Canadian Utilities Limited Constructive environment presents large opportunity set Strategic Implications for Major Market Developments Canadian Utilities Recent Pipeline Announcements Expands the addressable asset base and supports regulated • AB - BC Oil Export Pipeline: up to 1,000 mbbl/d earning
Slide 20: Non-regulated energy investments are key to driving additional long-term growth
Canadian Utilities Limited Non-regulated energy investments are key to driving additional long-term growth Established assets that are diversified across the energy value chain 117 PJ 544,000 m3 85,200 m3/d Natural Gas Natural Gas Water Storage Capacity Liquids Storage Infrastructure Capacity Capaci
Slide 21: ATCO Structures
ATCO Ltd. Investor Presentation 21
Slide 22: Building momentum
ATCO Structures Building momentum $63M +9% $147M +11% Year - over- Year Year - over- Year Adjusted Growth Adjusted Growth Earnings 1,2 EBITDA 1,2 +27K +5% $879 +9% Global Space Year - over- Year Global Space Rentals Year - over- Year Growth Growth Rentals Fleet 1 Average Rental Rate ($ per month) 1
Slide 23: 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 Global operations are well positioned to Branch
Slide 24: Building out our next phase of growth
ATCO Structures Building out our next phase of growth Stibnite Gold Project • Executing $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 Stibnite Gold: office site. Yellow Pine, ID • Located near Y
Slide 25: $249M in new contracts
ATCO Structures $249M in new contracts Canada $89M in contracts for space rental, workforce housing, and permanent modular construction solutions (comprised of 365 modular units) for: • Mining operations in Western Canada • Public infrastructure development in Central Canada • Housing in Northern Ca
Slide 26: ATCO Frontec
ATCO Ltd. Investor Presentation 26
Slide 27: ATCO Frontec provides
ATCO Frontec ATCO Frontec provides: ✓ Facility operations and maintenance services. ✓ Workforce lodging and support services. ✓ Defence operations services. ✓ Disaster and emergency management services. 30 42 Years Supporting Government & 1.3 Million Operating Defence Clients Guests Served Locations
Slide 28: ATCO Investments
ATCO Ltd. Investor Presentation 28
Slide 29: ATCO Investments
ATCO Investments Neltume Ports is a port operator and developer with a diversified portfolio of 17 multi- purpose, bulk cargo and container port facilities and 6 port operation services. The business is located primarily in Chile with additional operations in Uruguay, Argentina, Brazil, Guatemala, a
Slide 30: Neltume Ports overview
ATCO Investments Neltume Ports overview Diversified across goods & commodities handled FY 2025 Throughput Break Bulk 26% Bulk 31% 47M Tonnes Handled Container 43% 6 Port operation services 17 Port facilities Growth Drivers ❖ Improving operational ❖ Increasing volumes and efficiency ownership at exis
Slide 31: Why Invest
Why Invest Tackling the world's most urgent challenges underpinned by a diverse portfolio Controlling ownership of Canadian Utilities and its regulated business is the foundation of asset base Diversified portfolio of investments in essential services creates stable earnings for the portfolio even t
Slide 32: Appendix
Appendix ATCO Ltd. Investor Presentation 32
Slide 33: YTD 2026 adjusted earnings waterfall
Appendix YTD 2026 adjusted earnings1 waterfall $16 $4 ($2) $279 $261 1 2 2 2 1 YTD 2025 Canadian Utilities Limited Structures & Logistics ATCO Investments YTD 2026 Note: Millions of Canadian dollars. 1.Total of segments measure (as defined in NI 52 - 112). The most directly comparable measure report
Slide 34: ATCO Consolidated Adjusted Earnings
Appendix ATCO Consolidated Canadian Utilities Adjusted Earnings1 Adjusted Earnings1 (Contribution to ATCO) Cash Flow from $279 Operations $261 $185 $201 (Excludes Canadian Utilities) $247 YTD 2025 YTD 2026 YTD 2025 YTD 2026 $192 ATCO Structures & Logistics ATCO Investments Adjusted Earnings1 Adjuste
Slide 35: Strong financial capacity underpins our future growth
Appendix 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 yield a
Slide 36: A long history of collaborating with Indigenous communities
Appendix A long history of collaborating with Indigenous communities 38+ YEARS 1987: established relationship with Denendeh Investments $ 690M in economic benefits to First Nations since 2020 1 73 with Indigenous groups 1 partnerships, MOUs and arrangements 1. As of December 31, 2025. Note: Represen
Slide 37: Investor inquiries
Investor inquiries: InvestorRelations@atco.com ATCO Ltd. Investor Presentation 37