Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Q1 2025 Earnings Presentation
18 slides from Canadian Utilities Limited Class A's earnings presentation, May 7, 2025
Slide 1: Q1 2025 Earnings Call
Q1 2025 Earnings Call Canadian Utilities Limited May 7, 2025
Slide 2: 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 "anticipate",
Slide 3: 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 terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI
Slide 4: Canada's energy future begins in Alberta
Growth drivers Canada’s energy future begins in Alberta #1 GDP Per Capita 1 #1 Population Growth 2 $149B+ Investment in Major Projects in Alberta3 1. Government of Alberta, GDP per capita, May 2025. 2. Statistics Canada, March 2025. 3. Government of Alberta, Major Projects, May 2025. Canadian Utilit
Slide 5: ATCO Energy Systems
Canadian Utilities Limited Q1 2025 Presentation 5 ATCO Energy Systems [ CONFIDENTIAL ] • June 2024
Slide 6: Capital expenditures (3 year plan)
ATCO Energy Systems Capital expenditures (3 year plan) $5.8B 5.4% 3 Year 3 Year mid-year capital expenditure plan rate base1 CAGR2 $2.5B $1.8B $1.5B $1.6 $1.4B $0.2 $0.4 $0.9 $0.4 $0.4 $0.3 $0.4 $0.4 $0.3 $0.2 $0.2 $0.5 $0.4 $0.3 $0.3 2024 2025E 2026E 2027E Electricity Distribution Electricity Trans
Slide 7: Yellowhead Pipeline
ATCO Energy Systems Yellowhead Pipeline Existing pipeline Yellowhead Pipeline Needs application filed with AUC Production in September 2024. Fort McMurray 230 km length Total investment for the project is estimated at $2.8 billion. 1.1 Bcf/d capacity Construction to start in 2026; expected to be on-
Slide 8: Yellowhead Pipeline timeline
ATCO Energy Systems Yellowhead Pipeline timeline Q2 2024 Q3 2024 Q2 2025 Q4 2025 Q2 2026 Q3 2026 Q4 2027 Pre-FEED AUC need AUC need Land acquisition Regulatory and Construction Target complete application approval complete permitting start in-service date FEED complete AUC facility complete applicat
Slide 9: Central East Transfer-Out Project (CETO)
ATCO Energy Systems PROJECT TIMELINE Central East Transfer-Out Project (CETO) Aug 2021 Needs and facility application approved ATCO is building 85 km of 240 kV double-circuit powerline and expanding Dec 2022 the Tinchebray Substation to connect customers to renewable generation AESO direction to beg
Slide 10: ATCO EnPower
Canadian Utilities Limited Q1 2025 Presentation 10
Slide 11: ATCO Heartland Hydrogen Hub (AH3)
ATCO EnPower ATCO Heartland Hydrogen Hub (AH3) Requirements for hydrogen Project ownership goal: Greater certainty will lead to: project development: 20-25% Policy support Front End Engineering Design ATCO Heartland Energy Centre (FEED) Heartland Risk sharing Offtake & Partner Hydrogen Hub Site mech
Slide 12: 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 13: ATCO Australia
Canadian Utilities Limited Q1 2025 Presentation 13
Slide 14: Sixth access arrangement (AA6)
ATCO Australia Sixth access arrangement (AA6)1 Total tariff $1,375M Nominal return on equity revenue +$536M +3.21% 8.23% $839M AA5 AA6 Accelerated depreciation $38M 5.02% $0 AA5 AA6 AA5 AA6 Canadian Utilities Limited Q1 2025 Presentation 14 1. AA6 will be implemented for the period January 1, 2025 t
Slide 15: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Canadian Utilities Limited Q1 2025 Presentation 15
Slide 16: Q1 2025 adjusted earnings waterfall
Financial highlights Q1 2025 adjusted earnings1 waterfall $3 $2 $11 ($9) $225 $232 +3% Year-over-year growth Q1 2024 1 ATCO ATCO ATCO Financing & Other 2 Q1 2025 1 Energy Systems 2 EnPower 2 Australia 2 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The m
Slide 17: Strong cash flows support capital program
Financial highlights Strong cash flows support capital program Cash flows from operating activities Capital expenditures $637 $502 $401 $316 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Portfolio of cash flow generating assets support our strategic investments that underpin long-term growth. Note: Millions of Ca
Slide 18: Questions & Answers
Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q1 2025 Presentation 18