Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Investor Presentation (March 2026)
33 slides from Canadian Utilities Limited Class A's investor presentation, Mar 2, 2026
Slide 1: Investor Presentation
Investor Presentation Canadian Utilities Limited March 2026
Slide 2: Table of contents
Table of Legal Notice Canadian Utilities Limited Overview 3 5 contents Organizational structure 5 Organizational overview 6 Growth drivers 7 Capital and rate base plan 8 Regulated growth opportunities 10 Regulated and non-regulated growth opportunities 13 Non-regulated growth opportunities 14 Yellow
Slide 3: 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 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: Organizational structure
Organizational structure 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 Yuko
Slide 6: Organizational overview: Diversified utility and energy company
Organizational overview Diversified utility and energy company $3.7B $16.6B $25B FY 2025 Revenue1 2025 Mid-Year Rate Total Assets1 Base2 $658M 6.9% 54 FY 2025 5 Year Mid-Year Years of Annual Adjusted Earnings1,3 Rate Base CAGR2,4 Dividend Increases 1. For the full year ended December 31, 2025. 2. Mi
Slide 7: Canada's energy future begins in Alberta
Growth drivers Canada’s energy future Population growth per province Q4 2024 – Q4 20251,2 begins in Alberta 1.7% 0.7% 0.4% 0.3% 0.2% -0.2% -0.2% Total Alberta internal load forecast (GWh)3 2025 ATCO Gas connections4 2034 96,752 +19.6K Largest number of gas connections in a decade 2025 89,973 1. Stat
Slide 8: Regulated utility capital expenditures (5 year plan)
Capital and rate base plan 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 $1.9B $2.0B $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 9: Mid-year rate base (5 year plan)
Capital and rate base plan Mid-year rate base1 (5 year plan) 6.9% $22.3B $23.2B 5 year mid-year rate base1 CAGR2 $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
Slide 10: Central East Transfer-Out Project (CETO)
Regulated growth opportunities Central East Transfer-Out Project (CETO) Strengthening Connections. Enhancing Reliability. Fort McMurray Q2 2026 – Target in-service date Grande Prairie Construction remains: Edmonton On time On budget CETO Alberta-SK Calgary Intertie (McNeill) 85 km 240 kV $255 Albert
Slide 11: Long-term growth opportunities within Electric Transmission
Regulated growth opportunities 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 & Inter
Slide 12: Yellowhead Pipeline Project
Regulated growth opportunities 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 da
Slide 13: Capitalizing on growth in Australia
Regulated and non-regulated growth opportunities 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 ATCO Australia adjusted earnings2 FY 2025 $69 Note: Millions of Canadian dollars. 1. Changes
Slide 14: Non-regulated energy investments are key to driving additional long-term growth
Non-regulated growth opportunities 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 Capacit
Slide 15: Natural gas storage growth
Non-regulated growth opportunities Natural gas storage growth Our storage asset advantage Key growth drivers ❖ Consistent cash ❖ Asset base with significant contracted ❖ Facilities positioned to take ❖ Scarcity of natural gas flow generation capacity from strong counterparties advantage of market pr
Slide 16: Clear path towards funding the Yellowhead Pipeline Project
Yellowhead funding plan Clear path towards funding the Yellowhead Pipeline Project $ 2.9B Expected Investment 63% 37% $1.8B $1.1B Regulated Debt (CU Inc.) CUL Investment Our equity portion of the project has 70% 30% been fully funded through hybrids, preferred shares and cash, without $761M $326M th
Slide 17: FY 2025 adjusted earnings waterfall
Financial overview FY 2025 adjusted earnings1 waterfall $11 $21 ($11) $36 ($15) ($12) $658 $647 ($19) FY 20241 ECM 2 ROE 3 Renewable Lower interest Regulated utility Australia growth 6 Storage & Industrial FY 2025 1 generation 4 income earned & growth (North Water growth 4 sale America) 6 of ATCO En
Slide 18: Optionality within asset base to drive growth
Why Invest Optionality within asset base to drive growth Regulated utilities create a stable base of recurring cash flow and dividends Non-regulated opportunities in electricity generation, cleaner fuels, and energy storage provide an opportunity for higher-than-utility growth and deliver diversific
Slide 19: Appendix
Appendix Canadian Utilities Limited Investor Presentation 19
Slide 20: Adjusted earnings by segment
Financial overview CUL Consolidated ATCO Energy Systems Adjusted Earnings1 Adjusted Earnings1 Cash Flow from $647 $658 Operations $642 $632 $2,061 $1,917 FY 2024 FY 2025 FY 2024 FY 2025 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $69 $48 $44 $11 $43 ($12) FY 2024 Renewable Stor
Slide 21: Capital expenditures by category (5 year plan)
Canadian Utilities capital plan Capital expenditures by category (5 year plan) $ Billions 2026 2027 2028 2029 2030 Cumulative ATCO Energy Systems Yellowhead Pipeline Project $1.1 $1.4 $0.2 $0.1 $0.0 $2.8 Customer Growth $0.5 $0.6 $0.6 $0.7 $1.1 $3.5 System Reliability and Safety $0.7 $0.7 $0.7 $0.8
Slide 22: ATCO Energy Systems: Pure-play, gas and electric regulated utility
ATCO Energy Systems Pure-play, gas and electric regulated utility 7 Utilities $3.1B ATCO Electric Transmission +1% Year-over-Year $15.1B $11.5B FY 2025 Revenue1 Growth 2025 Mid-year 5 year regulated utility ATCO Electric Distribution capital expenditure plan rate base2 ATCO Gas (Distribution) ATCO P
Slide 23: Transmission and distribution underpin growth in Alberta
ATCO Energy Systems Transmission and distribution underpin growth in Alberta Adjusted earnings contribution by operating segment1 International Electricity Operations (LUMA Energy) 9% Electricity Electricity Distribution2 24% 264,000 customers3 Natural Gas Alberta Distribution 22% Gas ~91% 1.3M deri
Slide 24: The largest gas distributor in Alberta
ATCO Energy Systems The largest gas distributor in Alberta ATCO Energy Natural Gas Distribution Volume1,2,3 Systems delivers Industrial 16.8 PJ natural gas to the Commercial electricity producers 129.6 PJ facing increased demand from Residential industrial and 123.8 PJ population growth 42,100km of
Slide 25: Owner, operator of critical electric infrastructure in Alberta and Canada's north
ATCO Energy Systems An owner, operator of critical electric infrastructure in Alberta and Canada’s north Rate base investment opportunities System resiliency, reliability and climate adaptation 11,200 km transmission lines Yukon driven by weather events NW Territories Stable base anchored by diverse
Slide 26: LUMA: Deploying our operations expertise in Puerto Rico
ATCO Energy Systems LUMA: Deploying our operations expertise in Puerto Rico 15-year contract to maintain, operate and 1.5M 50/50 modernize Puerto Rico’s transmission & distribution system1 customers strong ongoing partnership served in with Quanta Services, a leading ▪ Fixed fee for service paid ▪ F
Slide 27: Growing our stable base of assets in Australia
ATCO Australia Growing our stable base of assets in Australia ▪ ATCO Gas Australia is a regulated provider of natural $1.5B $243M Predictable gas distribution services in Western Australia, serving 2025 Mid-Year Revenue2 and stable metropolitan Perth and surrounding regions. Rate Base1 cash flow wit
Slide 28: 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 29: Atlas Carbon Storage Hub offers open access decarbonization
ATCO EnPower Atlas Carbon Storage Hub offers open access decarbonization for Alberta industrials Alberta Carbon Milestone Grid Final Investment Decision (FID) 50/50 Bison Hub Wolf Pathways Alliance JV with Shell Wabamun Hub Hub for Phase 1 achieved Enabling Shell to Edmonton produce cleaner fuels At
Slide 30: Regulatory developments
Regulatory developments Regulatory developments Needs Application approved in Q3 2025; Yellowhead Pipeline in Q4 2025, the Facility Application was filed with the Alberta Utilities Project Commission (AUC) and a decision is expected in Q3 2026. Gas In January 2026, ATCO Pipelines and interveners rea
Slide 31: A long history of collaborating with Indigenous communities
Community engagement A long history of collaborating with Indigenous communities 38+ YEARS 1987: established relationship with Denendeh Investments $ 564M in economic benefits to First Nations since 20191 73 with Indigenous groups2 partnerships, MOUs and arrangements 1. As of December 31, 2024. Cana
Slide 32: Conservative balance sheet and well distributed debt profile
Credit ratings Conservative balance sheet and well distributed debt profile CU Inc. & CU ($ millions) $1,000 A A- $600 A (high) A- $500 $500 $400 $300 $200 $185 $220 $200 $160 $150 $125 A- 2028 … 2034 2035 2036 2037 2038 2039 … 2041 2042 2043 2044 2045 CU Inc. CU Note: As of February 25, 2026. Canad
Slide 33: InvestorRelations@atco.com
InvestorRelations@atco.com Canadian Utilities Limited Investor Presentation 33
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