Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Q3 2025 Earnings Presentation
22 slides from Canadian Utilities Limited Class A's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call Canadian Utilities Limited 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”, “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 4: Canadian Utilities Limited
Canadian Utilities Limited Canadian Utilities Limited Q3 2025 Presentation 4
Slide 5: Growth & Prosperity: Operational Excellence, Financial Leadership
Growth & Prosperity Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q3 2025 Presentation 5
Slide 6: Canada’s energy future begins in Alberta
Growth & Prosperity Canada’s energy future Population Growth by Province Q3 2024- Q3 20251,2 begins in Alberta 2.5% 1.5% 1.2% 1.0% 0.7% 0.7% 0.5% Alberta Natural Gas Production (in billions of cubic meters)3 # 1 GDP Per 2025 September 9.4 2024 September 8.7 +8% YoY Capita 4 1. Statistics Canada, Sep
Slide 7: Central East Transfer-Out Project (CETO)
Growth & Prosperity Central East Transfer-Out Project (CETO) Fort In- McMurray Completed Progress Grande Prairie Edmonton Q3 2021 Q4 2022 Q3 2024 Q2 2026 Needs and Facility AESO direction Detailed design Target in- Applications to begin project complete service date CETO approved execution Construct
Slide 8: Strategically positioned assets
Growth & Prosperity Strategically positioned assets Our natural gas assets are strategically positioned to capitalize on demand and Montney ALBERTA Oil Sands production growth BRITISH COLUMBIA Enbridge T-North NGTL Diversified and Fort McMurray Grande strategic asset base Ksi Lisims LNG Prairie Yell
Slide 9: Yellowhead Pipeline Project
Growth & Prosperity Yellowhead Pipeline Project Completed In-Progress Production Fort McMurray Q2 2024 Q3 2025 Q2 2026 Q4 2027 Project AUC Needs Regulatory and Target in- announced Application permitting service date Edmonton/ Industrial approved complete Heartland Q3 2024 Q4 2025 Q3 2026 AUC Needs
Slide 10: Natural gas storage growth
Growth & Prosperity Natural gas storage growth A history of consistent, incremental growth of our storage portfolio Key drivers of growth Storage Capacity (PJ) • Long-term natural gas Revenue ($M) production growth driven by 130 PJ industrial demand, power generation, LNG demand and 117 PJ 117 PJ 11
Slide 11: Evolving energy landscape drives opportunities in Australia
Growth & Prosperity Evolving energy landscape drives opportunities in Australia Canadian Utilities Limited Q3 2025 Presentation 11
Slide 12: Capitalizing on utility growth in Australia
Growth & Prosperity Capitalizing on utility growth in Australia Key drivers of growth under AA61 ATCO Gas Australia Adjusted Earnings2 80,000 new customers $54 $41 27% increase in customers 8.23% nominal ROE +3.21% vs. AA5 YTD 2024 YTD 2025 Note: Millions of Canadian dollars. 1. Changes in new custo
Slide 13: Operational Excellence
Operational Excellence Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q3 2025 Presentation 13
Slide 14: Drive for continuous improvement
Operational Excellence Drive for continuous improvement FY 2024 10.60% 1 Approved ROE 10.25% Safety Achieved ROE 9.28% 2 Reliability 5.02% 3 Operational Outperformance ATCO Gas Australia1 CU Inc. Utilities 1. ATCO Gas Australia achieved ROE includes impact of inflation. Canadian Utilities Limited Q3
Slide 15: Financial Leadership
Financial Leadership Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q3 2025 Presentation 15
Slide 16: Key offerings support growth
Financial Leadership Key offerings support growth Proceeds from issuances to be used to September 8, 2025 September 11, 2025 finance: $ 750M $ 370M Growth including the $2.9B Yellowhead 5.450% fixed-to-fixed rate hybrid 4.787% debentures issued Pipeline Project notes at Canadian Utilities Limited at
Slide 17: Clear path towards funding the Yellowhead Pipeline Project
Financial Leadership Clear path towards funding the Yellowhead Pipeline Project $ 2.9B Expected Investment 63% 37% $1.8B $1.1B Regulated Debt CUL Investment 70% 30% $500M $761M $326M September 2025 Hybrid Canadian Utilities Limited Remaining $261M to be Indigenous Partners (CUL) funded with cash fro
Slide 18: Q3 2025 adjusted earnings waterfall
Financial Leadership Q3 2025 adjusted earnings1 waterfall $12 $2 $4 ($12) $108 +6% $102 Year-over-year growth Q3 2024 1 ATCO ATCO ATCO Financing & Other 2 Q3 2025 1 Energy Systems 2 EnPower 2 Australia 2 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The
Slide 19: CUL Consolidated Adjusted Earnings
Financial Leadership CUL Consolidated ATCO Energy Systems Adjusted Earnings1 Adjusted Earnings1 $102 $108 Cash Flow from $94 $98 Operations $468 $419 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $27 $16 $15 $14 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2
Slide 20: Concluding Remarks
Closing Remarks Concluding Remarks Key takeaways Canadian Utilities culture is led by safety Growth & Execution of major growth initiatives, including CETO Prosperity and the Yellowhead Pipeline Project Operational Commitment to safety, reliability, and efficiency drives Excellence stability and col
Slide 21: Questions & Answers
Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q3 2025 Presentation 21
Slide 22: Regulatory developments
Appendix Regulatory developments 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. In Q3 2025, ATCO Pipelines filed its General Rate Application Gas with the Alberta Utilities Co