Atco Ltd. Class I · TSX:ACO.X
Atco Ltd. Class I — Investor Presentation (March 2026)
35 slides from Atco Ltd. Class I's investor presentation, Mar 12, 2026
Slide 1: Investor Presentation
Investor Presentation ATCO Ltd. March 2026
Slide 2: Table of contents
Table of Legal Notice ATCO Ltd. 3 5 contents ATCO overview 5 Financial overview 8 Canadian Utilities Limited 10 ATCO Structures 19 ATCO Frontec 26 ATCO Investments 28 Why Invest 31 Appendix 32 ATCO Ltd. Investor Presentation 2
Slide 3: Legal notice
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 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 terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI
Slide 5: ATCO overview: ownership structure
ATCO overview 52.4% 1 100% 100% Structures & Investments 2 Logistics Energy Land and Systems Structures Development EnPower Frontec Energy Australia Neltume Ports 40% 1. Canadian Utilities Limited ownership as of December 31, 2025. 2. ATCO Investments also includes ATCO Corporate & Other, which cont
Slide 6: Uniquely positioned for the future
ATCO overview Uniquely positioned for the future Our Purpose Our Objectives Our Experience 13 Manufacturing Locations Growth Creating prosperity and 28,500 Fleet Units Globally opportunity for Financial leadership 9 Commercial & 2 Residential Properties generations to come Support, Partner & Engage
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 ATCO Structures & ATCO Investments1 $52 underpins our growth assets Logistics1 $121 ATCO Australia1 $36 Portfolio balances yield and long-term growth $518M1,2 ATCO EnPower1 Significant non-regulated energy opportunities $23 Adjusted
Slide 9: FY 2025 adjusted earnings waterfall
Financial overview FY 2025 adjusted earnings1 waterfall $15 $17 $5 $503 $518 +8% $481 $481 $486 Year-over-year growth 1 2 1 FY 2024 Canadian Utilities 2 Structures & Logistics 2 ATCO Investments FY 2025 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The m
Slide 10: Canadian Utilities Limited
ATCO Ltd. Investor Presentation 10
Slide 11: 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 12: Diversified utility and energy company
Canadian Utilities Limited Diversified utility and energy company $3.7B $16.6B $25B FY 2025 Revenue1 2025 Mid-Year Rate Total Assets1 Base2 $345M 6.9% 54 FY 2025 5 Year Mid-Year Years of Annual Adjusted Earnings1,3 Rate Base CAGR2,4 Dividend Increases (contribution to ATCO) 1. For the full year ende
Slide 13: 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 $2.0B $1.9B $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 14: 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 base1 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 3
Slide 15: Long-term growth opportunities within Electric Transmission
Canadian Utilities Limited Long-term growth opportunities within Electric Transmission Fort McMurray Northwest Area 1 Grande Prairie Transmission Development Edmonton 2 McNeill Converter Station CETO Alberta-SK Gas-Fired Generation Calgary Intertie 3 Wind Generation (McNeill) Substations & Interties
Slide 16: Yellowhead Pipeline Project
Canadian Utilities Limited Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress Production Fort McMurray Q2 2024 Q3 2025 Q3 2026 Q4 2027 Project AUC Needs Regulatory and Target in- Edmonton/ announced Application permitting service date I
Slide 17: Capitalizing on growth in Australia
Canadian Utilities Limited Capitalizing on growth in Australia Key drivers of growth under AA61 80,000 projected new customers 27% increase in customers 8.23% nominal ROE +3.21% vs. AA5 Predictable and stable cash flow with a proven ability to outperform approved ROE Note: Millions of Canadian dolla
Slide 18: 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 19: ATCO Structures
ATCO Ltd. Investor Presentation 19
Slide 20: Fourteen consecutive quarters of year-over-year earnings growth
ATCO Structures Fourteen consecutive quarters of year-over-year earnings growth $121M +16% $274M +14% Year-over-Year Year-over-Year Adjusted Growth Adjusted Growth Earnings1,2,3 EBITDA1,4 +26K +6% $826 +5% Global Space Year-over-Year Growth Global Space Rentals Year-over-Year Growth Rentals Fleet1 A
Slide 21: 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 Branches with manufacturing Global operations a
Slide 22: Strategically positioned to serve the housing continuum
ATCO Structures Strategically positioned to serve the housing continuum Modular advantage is 3X FASTER than a traditional site build Emergency Supportive Affordable Attainable Market Homeless Shelter Housing housing rental/ownership rental/ownership Supported Attainable Market Rate ATCO Ltd. Investo
Slide 23: Expansion strategy delivers results and opportunities
ATCO Structures Expansion strategy delivers results and opportunities Delivering essential projects Securing new opportunities across our footprint to drive our future growth Highline School District Transportation: Attainable Homes Calgary: Burien, WA 605 Studio West, Calgary, AB Stibnite Gold: Yel
Slide 24: Funding commitments strengthen market sentiment
ATCO Structures & Logistics Funding commitments strengthen market sentiment Federal Government Federal Government Projects of National Housing Investments Defence Investments Importance • Build Communities Strong Fund • Defence and Security Infrastructure • LNG Canada Phase 2 $51B+ over 10 years $19
Slide 25: The ATCO modular advantage
ATCO Structures The ATCO modular advantage Competitor A Competitor B Quality Fleet Custom Sales Design & Manufacturing Workforce Housing Local Branches & Staff Turn-Key Service Provider Quality service and custom modular manufacturing that cannot be matched by competitors ATCO Ltd. Investor Presenta
Slide 26: ATCO Frontec
ATCO Ltd. Investor Presentation 26
Slide 27: ATCO Frontec provides integrated operational support services
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 1.3 Million Operating Supporting Government & Guests Served Locations Worldwide Defen
Slide 28: ATCO Investments
ATCO Ltd. Investor Presentation 28
Slide 29: ATCO Investments: Neltume Ports, Ashcor, Land and Development, Energy
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, an
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% Growth Drivers 6 Port operation 17 ❖ Improving operational ❖ Increasing volumes and Port facilities efficiency ownership at existing port
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: ATCO Consolidated Adjusted Earnings
Appendix ATCO Consolidated ATCO Structures & Logistics Adjusted Earnings1 Adjusted Earnings1 $518 Cash Flow from $481 Operations $121 (Excludes Canadian Utilities) $104 $423 FY 2024 FY 2025 FY 2024 FY 2025 Canadian Utilities ATCO Investments $280 Adjusted Earnings1 Adjusted Earnings1 (Contribution t
Slide 34: 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 35: InvestorRelations@atco.com
InvestorRelations@atco.com ATCO Ltd. Investor Presentation 35