Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Q2 2025 Earnings Presentation
15 slides from Canadian Utilities Limited Class A's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Earnings Call
Q2 2025 Earnings Call Canadian Utilities Limited July 31, 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: ATCO Energy Systems
Canadian Utilities Limited Q2 2025 Presentation 4 ATCO Energy Systems [ CONFIDENTIAL ] • June 2024
Slide 5: 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 6: Major projects update
ATCO Energy Systems Major projects update Central East Transfer-Out Project (CETO) Key Statistics • Substation will connect customers to renewable generation in Central East Alberta. Q3 2021 Q4 2022 Q3 2024 Q2 2026 • 85 km of 240 kV double-circuit Needs and facility AESO direction to begin Detailed
Slide 7: PBR2 Re-opener
ATCO Energy Systems PBR2 Re-opener • Canadian Utilities is disappointed with the position announced by the AUC regarding the PBR2 re-opener process. • We are pursuing appeals of both the Phase I and Phase II Decisions of the PBR2 re-opener proceeding. Over $500 million in savings in distribution cos
Slide 8: Alberta wildfires
ATCO Energy Systems Alberta wildfires • In Alberta, there are over 50 active wildfires, and over 800 have been extinguished this year. • ATCO has wrapped over 75,000 distribution poles and over 35,000 transmission poles to protect against wildfires1. • ATCO Gas valve station sites have been designed
Slide 9: Canadian Utilities Limited Q2 2025 Presentation
Canadian Utilities Limited Q2 2025 Presentation 9
Slide 10: ATCO Heartland Hydrogen Hub (AH3)
ATCO EnPower ATCO Heartland Hydrogen Hub (AH3) Requirements for hydrogen Project ownership goal: Greater certainty will lead to: project development: 20-25% Policy support Front End Engineering Design ATCO Heartland Energy Centre (FEED) Heartland Risk sharing Offtake & Partner Hydrogen Hub Site mech
Slide 11: Natural gas storage growth
ATCO EnPower Natural gas storage growth A history of consistent, incremental growth of EnPower’s storage portfolio Key drivers of growth Storage Capacity (PJ) • Long-term natural gas production Revenue ($M) growth driven by LNG and 130 PJ electrification. 117 PJ 117 PJ 117 PJ 117 PJ • Power markets
Slide 12: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Q1 2025 Canadian Utilities Limited Q2 2025 Presentation Presentation 12
Slide 13: Q2 2025 adjusted earnings waterfall
Financial highlights Q2 2025 adjusted earnings1 waterfall $4 $2 $4 ($6) ROE Electricity ECM Generation $117 $121 +3% Year-over-year growth Q2 20241 ATCO Energy ATCO ATCO Financing & Q2 2025 1 Systems 2 EnPower 2 Australia 2 Other 2 Note: Millions of Canadian dollars. 1. Total of segments measure (as
Slide 14: Strong cash flows support capital program
Financial highlights Strong cash flows support capital program Cash flows from operating activities Capital expenditures $1,078 $973 $783 $638 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
Slide 15: Questions & Answers
Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q2 2025 Presentation 15