Atco Ltd. Class I · TSX:ACO.X
Atco Ltd. Class I — Q3 2025 Earnings Presentation
20 slides from Atco Ltd. Class I's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call ATCO Ltd. November 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” and “non-GAAP financial measures” (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")). NI 52-1
Slide 4: Uniquely positioned for the future
ATCO overview Uniquely positioned for the future Our Purpose Creating prosperity and opportunity for generations to come Support, Partner & Engage Our Objectives Growth Financial leadership Customers & Communities We tackle the world’s most urgent challenges Housing Defence Energy Investments Leadin
Slide 5: 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 6: Q3 2025 operational highlights
ATCO overview Q3 2025 operational highlights Needs Application approved in Q3 2025. Yellowhead Pipeline In November 2025, the Facility Application was filed with the AUC Project and a decision is expected in Q2 2026. Awarded a CAD $179M contract to design, supply and install a ATCO Structures: +1,00
Slide 7: Q3 2025 adjusted earnings waterfall
Financial highlights Q3 2025 adjusted earnings1 waterfall $6 $1 $5 $103 +13% $91 Year-over-year growth 1 2 1 Q3 2024 Canadian Utilities 2 Structures & Logistics 2 ATCO Investments Q3 2025 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The most directly co
Slide 8: ATCO Consolidated Adjusted Earnings and segment results
Financial highlights ATCO Consolidated Canadian Utilities Adjusted Earnings1 Adjusted Earnings1 $103 (Contribution to ATCO) Cash Flow from $91 Operations (Excludes Canadian Utilities) $58 $53 $84 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ATCO Structures & Logistics ATCO Investments $43 Adjusted Earnings1 Adju
Slide 9: Strong financial capacity underpins our future growth
Financial highlights 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 balanc
Slide 10: ATCO Structures Q3 2025 Presentation
ATCO Ltd. Q3 2025 Presentation 10
Slide 11: Thirteen consecutive quarters of year-over-year earnings growth
ATCO Structures Thirteen consecutive quarters of year-over-year earnings growth $88M +6% $201M +10% Year-over-Year Adjusted Year-over-Year Growth Adjusted Growth Earnings1,2 EBITDA1,3 +26K +6% $817 +4% Global Space Year-over-Year Growth Global Space Rentals Year-over-Year Growth Rentals Fleet1 Avera
Slide 12: ATCO delivers 84 one-bedroom apartments
ATCO Structures ATCO delivers 84 one-bedroom apartments Manufactured in 70 days Set onsite in 12 days Capability to deliver up to 5,000 homes per year in Canada Attainable Homes Calgary: 605 Studio West ATCO Ltd. Q3 2025 Presentation 12
Slide 13: The ATCO modular advantage
ATCO Structures The ATCO modular advantage ✓ Significant ATCO 6-Storey Factory-built Modular time savings 12 Months 2 Months 4 Months 1 Month ✓ Less on-site disruption Attainable Homes Calgary: 605 Studio West Design & Off-Site On-Site Testing, 1.5 years ✓ Consistent, Permitting Manufacturing Constr
Slide 14: Expansion strategy delivers results and opportunities
ATCO Structures Expansion strategy delivers results and opportunities Strengthened industry position in permanent modular construction via scale and geographic expansion Attainable Homes Calgary: Sunnyside, Calgary AB 185 Cummer Avenue, Toronto ON Arbour Lake Market Housing, Calgary AB BC Housing, M
Slide 15: 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 16: Strong pipeline of growth in an expanding market
ATCO Structures Strong pipeline of growth in an expanding market What we’re known for Where the acceleration opportunity is Industrial Modular Permanent Modular Industrial Commercial Residential Temporary spaces that work as We build what communities count Designed for living, crafted for life hard
Slide 17: Building out our next phase of growth
ATCO Structures Building out our next phase of growth Stibnite Gold Project • Awarded $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 office site. • Located near Yellow Pine, Idaho. Completed Prog
Slide 18: Strategy linked to forecasted economic activity
ATCO Structures Strategy linked to forecasted economic activity • ATCO Structures continues to secure and execute on project awards. • Positioned in locations with high levels of development and natural resource activity. United States Canada Australia Chile • Data centres and • Oil and gas, LNG, an
Slide 19: Tackling the world's most urgent challenges underpinned by a diverse portfolio
Tackling the world's most urgent challenges underpinned by a diverse portfolio Portfolio balances yield and long-term growth Significant non-regulated energy opportunities Growing earnings profile Focus on demonstrating value of ATCO Structures ATCO Structures 2024 adjusted EBITDA1 = $241M Peer mult
Slide 20: Question & Answer
Question & Answer InvestorRelations@atco.com ATCO Ltd. Q3 2025 Presentation 20