Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Q1 2026 Earnings Presentation
25 slides from Algonquin Power & Utilities's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Earnings Conference Call
Q1 2026 Earnings Conference Call May 8, 2026 | 8:30 a.m. ET
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain written statements included herein and/or oral statements made in connection with the presentation contained herein constitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of Canada and the
Slide 3: Today's Speakers and Agenda
Today’s Speakers Agenda 1. Introductory Remarks 2. Business Update 3. Financial Update 4. Closing Remarks 5. Q&A Rod West Rob Stefani Chief Executive Officer Chief Financial Officer Algonquin Power & Utilities Corp. | Q1 2026 Earnings Conference Call 3
Slide 4: Business Update
Q1 2026 Earnings Conference Call Business Update 4
Slide 5: 2026 Strategic Priorities
2026 Strategic Priorities Operational Regulatory • Execute planned operational efficiencies Empire Electric Missouri settlement • Selected rate cases and tariffs to be initiatives approved filed by approximately year end: • Implement centralized capital projects team to New England Gas settlemen
Slide 6: Redomicile Considerations
Redomicile Considerations Algonquin continues to evaluate the potential benefits and risks Regulated Revenue by Geographic Area of a corporate redomicile to the United States. Factors include: 4% 3 % • Tax and EPS implications o Current AQN obligations are serviced by intercompany transactions 11% s
Slide 7: Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes
Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes Approved In Process Empire Electric Missouri rate case settled New England Gas settlement approved CalPeco Wildfire Expense Memorandum Account • Missouri Public Service Commission approved • $45.3M revenue increase2, of w
Slide 8: Snapshot of Rate Cases
Snapshot of Rate Cases1 Utility Jurisdiction Rate Request Authorized Increase Date of Rate Implementation Empire Electric2 Missouri $168.0 million $97 million (with add’l $13 million opportunity)2 - CalPeco Electric3 California $64.0 million $48.6 million Jan 1, 2025 (retroactive) New England Natura
Slide 9: Constructive Regulatory Mechanisms Support Long-term Investments and Timely Recovery
Constructive Regulatory Mechanisms Support Long-term Investments and Timely Recovery Constructive Regulatory Frameworks Recent Regulatory & Legislative Updates California Senate Bill 254 Phase 2 ✓ Electric Georgia Rate Adjustment ✓ Gas CA Explores more sustainable • • MO CA NH AZ NY GA GA Mechanism
Slide 10: Financial Update
Q1 2026 Earnings Conference Call Financial Update 10
Slide 11: Net Earnings and Adjusted Net Earnings by Business Unit
Net Earnings and Adjusted Net Earnings1 by Business Unit Three months ended March 31 (all dollar amounts in $ millions except per share information) 2026 2025 Net earnings by business units Net earnings for Regulated Services Group $119.4 $122.1 Net earnings for Hydro Group 2.1 16.6 Net loss for Cor
Slide 12: First Quarter 2026 Adjusted Net EPS
First Quarter 2026 Adjusted Net EPS1 Adjusted Net EPS1 Drivers Increase in adjusted net earnings1 primarily due to: ▲ CalPeco rates including net retroactive adjustment: Total Increase Decrease ▲ Approved annualized rates of $48.6 million; adjustment results in timing-related retroactive revenues to
Slide 13: Strong Investment Grade Balance Sheet
Strong Investment Grade Balance Sheet Selected Consolidated Debt Balances ($millions)1 Issuer Credit Ratings and Outlook AQN Standard & Poor’s Moody’s Fitch Total Debt ~$6,690 Ratings Outlook Ratings Outlook Ratings Outlook Cash ~$55 AQN BBB Stable — — BBB Stable Net Debt ~$6,635 LUCO BBB Stable Baa
Slide 14: Closing Remarks
Q1 2026 Earnings Conference Call Closing Remarks 14
Slide 15: A Clear & Compelling Investment Thesis
A Clear & Compelling Investment Thesis 1 Singularly Focused, Pure Play Regulated Utility 2 Diversified Portfolio, Operating across High Quality, Constructive Jurisdictions 3 Back-to-Basics Execution Expected to Drive Attractive Near-Term Financial Profile 4 Medium-Term Organic Growth Opportunities 5
Slide 16: Q&A
Q1 2026 Earnings Conference Call Q&A 16
Slide 17: Appendix
Q1 2026 Earnings Conference Call Appendix 17
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Funds From Operations to Operating Income The following table is derived from and should be read in conjunction with the consolidated financial statements. This supplementary disclosure is intended to more fully explain disclosures related to FFO and pro
Slide 20: Utility by Jurisdiction & Commodity
Utility by Jurisdiction & Commodity Rate base & ROE as of year end by major utility and commodity Facility 2025 Rate Base ($mm) Authorized ROE Empire Electric $3,388 9.3% CalPeco $ 671 10.0% New York Water $ 602 9.1% EnergyNorth Gas $ 522 9.3% BELCO $ 525 8.6% New England Gas $ 322 9.6% Park Water &
Slide 21: Executing through the Rate Case Cycle
Executing through the Rate Case Cycle1 Approved Rates from Completed Rate Cases1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 New York Water – Rate Year 2 $6.1 million Arizona (various water & $4.2 million wastewater) St Lawrence Gas2 $0.4 million BELCO3 ($3.6) million CalPeco $48.6 million4 1. Amounts r
Slide 22: Rate Base View by Commodity
Rate Base View by Commodity1 Electric Gas Water 6,000 5,000 Tinker (Canada) Granite State (NH) BELCO (Bermuda) 4,000 CalPeco (CA) 3,000 2,000 Empire Electric St Lawrence Gas (NY) Midstates Water (MO, KS, OK, AR, FERC) Empire Gas (MO) Arkansas Water Gas New Brunswick Water & Wastewater (AZ & TX) Mids
Slide 23: Investing in Safety, Reliability, and Service for Our Customers
Investing in Safety, Reliability, and Service for Our Customers ~$3.2 Billion Total Regulated Capital Investment Planned From 2026 – 20281 Expected Total Rate Base3 Anticipated Annual Capital Expenditures Capital Expenditures by Commodity2 $2.5 ~$1.3B ~$9.7B 7% ~$9.0B $2.0 ~$1.1B ~$8.5B ~$8.2B4 19%
Slide 24: Expected 2026 Sources and Uses
Expected 2026 Sources and Uses AQN (Ex-LUCo) 1 ($M) Commentary • $1.3B of maturing debt at AQN is expected to be refinanced: Sources 50 100 1,450 ~$1.6B – $1.15B of bond issuances CFO2 Bond Issuance (ESSAL) Intercompany Debt and Dividend3 at LUCo, with proceeds upstreamed to address Uses 100 40 210
Slide 25: Corporate Information and Contact Information
Corporate Information Head Office Greater Toronto Area, Ontario Toronto Stock Exchange AQN, AQN.PR.A, AQN.PR.D New York Stock Exchange AQN, AQNB Shares Outstanding* 769,457,708 Share Price* $6.14 Market Capitalization* $4.7 B Common Share Dividend** $0.26 per share annually * Shares outstanding, clo
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