Algonquin Power & Utilities Corp. · TSX:AQN
Algonquin Power & Utilities — Q4 2025 Earnings Presentation
27 slides from Algonquin Power & Utilities's earnings presentation, Mar 6, 2026
Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call March 6, 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 c onstitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of Canada and the
Slide 3: Agenda and Today's Speakers
Agenda Today’s Speakers 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. | Q4 2025 Earnings Conference Call 3
Slide 4: Business Update
Q4 2025 Earnings Conference Call Business Update 4
Slide 5: Delivered Strong Results in 2025
Delivered Strong Results in 2025 Adjusted Net EPS1 $0.30 $0.34 Objectives Progress 2024A 2025A ✓ Delivered full year net earnings attributable to common shareholders from continuing operations of $0.27 O&M Expense as a Percent of Gross Revenue Deliver Steady, Predictable Results ✓ Delivered full yea
Slide 6: 2026 Strategic Priorities
2026 Strategic Priorities Operational Regulatory • Execute planned operational efficiencies ✓ Empire Electric Missouri settlement • Selected rate cases and tariffs to be initiatives approval filed by approximately year end: • New England Gas settlement approval o EnergyNorth Gas • Implement centrali
Slide 7: Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes
Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes Approved Filed ✓ Empire Electric Missouri rate case settled Other select case updates in 2025 and early 2026: Empire Electric Kansas rate case filed + $97M revenue increase upon consecutive 3 ✓ Arizona various utilities — settl
Slide 8: Snapshot of our Rate Cases
Snapshot of our Rate Cases 1 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 - EnergyNorth Gas3 New Hampshire $27.5 million $8.7 million Sept 1, 2025 Granite State Electric3 N
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 ✓ Electric • Depreciation Deferral ✓ Gas MO CA NH AZ NY ✓ Water Electric Reconciliation MO Senate Bill 4 NH • Adjustment Mechanism Plant-I
Slide 10: Financial Update
Q4 2025 Earnings Conference Call Financial Update 10
Slide 11: Net Earnings and Adjusted Net Earnings by Business Unit
Net Earnings and Adjusted Net Earnings 1 by Business Unit Three months ended Twelve months ended December 31 December 31 (all dollar amounts in $ millions except per share information) 2025 2024 2025 2024 Net earnings by business units Net earnings for Regulated Services Group $73.6 $60.5 $351.0 $26
Slide 12: Fourth Quarter 2025 Adjusted Net EPS
Fourth Quarter 2025 Adjusted Net EPS 1 Increase Decrease Total Adjusted Net EPS1 Drivers $0.02 Increase in adjusted net earnings1 primarily due to: $0.01 ▲ Implementation of new utility rates of $10.3 ($0.01) million $0.06 $0.00 $0.06 ($0.01) ($0.01) ▲ Reduced interest expense of $17.9 million from
Slide 13: Full Year 2025 Adjusted Net EPS
Full Year 2025 Adjusted Net EPS 1 Adjusted Net EPS1 Drivers Increase Decrease Total Adjusted Net EPS1 increased primarily due to: ▲ $41.6 million from implementation of new utility rates at several jurisdictions, $13.9 million from $0.08 favorable weather relative to 2024, benefits related to $11.9
Slide 14: 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 ~$8.2B4 19%
Slide 15: Strong Investment Grade Balance Sheet
Strong Investment Grade Balance Sheet Selected Consolidated Debt Balances ($millions) Issuer Credit Ratings and Outlook AQN Standard & Poor’s Moody’s Fitch Total Debt ~$6,530 Ratings Outlook Ratings Outlook Ratings Outlook Cash ~$30 AQN BBB Stable — — BBB Stable Net Debt $6,500 LUCO BBB Stable Baa2
Slide 16: Expected 2026 Sources and Uses
Expected 2026 Sources and Uses AQN (Ex-LUCO) 1 ($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 17: Financial Outlook
Financial Outlook 1 Current Estimates 2026E Adjusted Net EPS2 3 $0.35 - $0.37 2027E Adjusted Net EPS3 $0.38 - $0.42 2026E Utility Capital Expenditures Approximately $0.8 billion 2026E – 2028E Aggregate Utility Capital Expenditures Approximately $3.2 billion 2025A – 2028E Compound Annual Growth in Ra
Slide 18: Closing Remarks
Q4 2025 Earnings Conference Call Closing Remarks 18
Slide 19: A Clear & Compelling Investment Thesis
A Clear & Compelling Investment Thesis 1 Singularly Focused, Pure Play Regulated Utility 2 Diversified Portfolio, Operating across High Quality, Constructive Jurisdictions 3 Back-to-Basics Execution Expected to Drive Attractive Near-Term Financial Profile 4 Medium-Term Organic Growth Opportunities 5
Slide 20: Q&A
Q4 2025 Earnings Conference Call Q&A 20
Slide 21: Appendix
Q4 2025 Earnings Conference Call Appendix 21
Slide 22: Non-GAAP Financial Measures
Non - GAAP Financial Measures Reconciliation of Adjusted Net Earnings to Net Earnings The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted N
Slide 23: Non-GAAP Financial Measures
Non - GAAP Financial Measures Reconciliation of Funds From Operations to Operating Income The following table is derived from and should be read in conjunction with the consolidated financial statements. This supplementary disclosure is intended to more fully explain disclosures related to FFO and p
Slide 24: Utility by Jurisdiction & Commodity
Utility by Jurisdiction & Commodity Rate base as of year end & ROE by major jurisdiction and commodity Facility 2024 Rate Base ($mm) 2025 Rate Base ($mm) Latest Authorized ROE Empire Electric $3,292 $3,388 9.3% CalPeco and Park Water $798 $ 947 9.9% New York Water $541 $ 602 9.1% EnergyNorth Gas $52
Slide 25: Executing through the Rate Case Cycle
Executing through the Rate Case Cycle 1 Approved Rates from Completed Rate Cases1,2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Midstates Gas – Missouri $9.1 million Missouri Water $6.2 million New Brunswick Gas $1.2 million Arkansas Water $1.5 million New York Water – Rate Year 2 $6.1 million Arizona (
Slide 26: Rate Base View by Commodity
Rate Base View by Commodity 1 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) Empire Gas (MO) Arkansas Water Gas New Brunswick Water & Wastewater (AZ & TX) Midstates
Slide 27: 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* 768,351,419 Share Price* $6.15 Market Capitalization* $4.7 B Common Share Dividend** $0.26 per share annually * Shares outstanding, clo
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