Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Investor Presentation (November 2025)
35 slides from Canadian Utilities Limited Class A's investor presentation, Nov 10, 2025
Slide 1: Investor Presentation
Investor Presentation Canadian Utilities Limited November 10, 2025
Slide 2: Table of contents
Legal Notice 3 Canadian Utilities overview 5 Table of Organizational structure 5 contents Financial overview Growth drivers 6 8 Community engagement 9 ATCO Energy Systems 10 Overview 11 Our next phase of growth 18 Capital expenditures 19 Yellowhead Pipeline Project 20 Central East Transfer-Out Proje
Slide 3: Legal notice
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
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: YTD 2025 adjusted earnings waterfall
Financial overview YTD 2025 adjusted earnings1 waterfall $18 $19 ($1) ($19) $444 $461 +4% Year-over-year growth YTD 2024 1 ATCO ATCO ATCO Financing & Other 2 YTD 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).
Slide 7: Strong cash flows support capital program
Financial overview Strong cash flows support capital program Cash flows from operating activities Capital expenditures $1,546 $1,392 $1,185 $1,052 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Portfolio of cash flow generating assets support our strategic investments that underpin long-term growth. Note: Mill
Slide 8: Growth drivers: Canada's energy future begins in Alberta
Growth drivers Population Growth Q1 2024 - Q3 20251,2 Canada’s energy future 4.74% begins in Alberta 2.98% 2.54% 2.38% 1.96% 1.72% 1.68% 168 1 Investment in GDP Per $ B+ Major Projects # Capita 4 in Alberta3 1. Statistics Canada, September 2025. 2. Provinces with a population of over one million. 3.
Slide 9: Community engagement
Community engagement A long history of collaborating with Indigenous communities 37+ YEARS 1987: established relationship with Denendeh Investments $ 564M in economic benefits to First Nations since 20191 67 with Indigenous groups1 partnerships, MOUs and arrangements 1. As of December 31, 2024. Cana
Slide 10: ATCO Energy Systems
Canadian Utilities Limited Investor Presentation 10
Slide 11: An exceptional jurisdiction for electric and gas infrastructure investment
ATCO Energy Systems An exceptional jurisdiction for electric and gas infrastructure investment ▪ Strong macroeconomic factors, including energy transition support and investment ▪ Government has supportive and pro-business environment ▪ Highly gas supportive jurisdiction Alberta has one of the best
Slide 12: Pure-play, gas and electric regulated utility
ATCO Energy Systems Pure-play, gas and electric regulated utility 7 Utilities $2.3B ATCO Electric Transmission +2% $14.5B 8.97% Year-over-Year ATCO Electric Distribution YTD 2025 Revenue1 Growth 2024 Mid-year rate base2 ATCO Gas (Distribution) ATCO Pipelines (Transmission) Approved ROE ATCO Electric
Slide 13: 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 27% 265,000 Natural Gas customers3 Distribution Alberta 16% Gas ~91% 1.3M deri
Slide 14: 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 16.6 PJ natural gas to the Commercial electricity producers 130.3 PJ facing increased demand from Residential growth and 124.0 PJ electrification 42,000km of pipeli
Slide 15: An 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 driven by weather events Yukon 11,200 km NW Territories Stable base anchored by diverse industrials with l
Slide 16: 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 17: A team that consistently delivers infrastructure builds
ATCO Energy Systems A team that consistently delivers infrastructure builds Project Location In-service date Description 235km high-pressure Yellowhead Edson to Q4 2027 natural gas pipeline and Pipeline Edmonton (Expected) compression facilities Red Deer, Central East Q2 2026 240kV Lacombe & Transfe
Slide 18: Our next phase of growth
Our next phase of growth Canadian Utilities Limited Investor Presentation 18
Slide 19: Capital expenditures (3 year plan)
ATCO Energy Systems Capital expenditures (3 year plan) $5.8B 5.4% 3 Year 3 Year mid-year capital expenditure plan rate base1 CAGR2 $2.5B $1.8B $1.5B $1.6 $1.4B $0.2 $0.4 $0.9 $0.4 $0.4 $0.3 $0.4 $0.4 $0.3 $0.2 $0.2 $0.5 $0.4 $0.3 $0.3 2024 2025E 2026E 2027E Electricity Distribution Electricity Trans
Slide 20: Yellowhead Pipeline Project
ATCO Energy Systems Yellowhead Pipeline Project Completed In-Progress Production Fort McMurray Q2 2024 Q3 2025 Q2 2026 Q4 2027 Project AUC Needs Regulatory and Target in- announced Application permitting service date Edmonton/ Industrial approved complete Heartland Q3 2024 Q4 2025 Q3 2026 AUC Needs
Slide 21: Central East Transfer-Out Project (CETO)
ATCO Energy Systems PROJECT TIMELINE Central East Transfer-Out Project (CETO) Aug 2021 Needs and facility application approved ATCO is building 85 km of 240 kV double-circuit powerline and expanding Dec 2022 the Tinchebray Substation to connect customers to renewable generation AESO direction to beg
Slide 22: Regulatory developments
ATCO Energy Systems Regulatory developments Needs Application approved in Q3 2025; Yellowhead Pipeline In November 2025, the Facility Application was filed with the AUC Project and a decision is expected in Q2 2026. In Q3 2025, ATCO Pipelines filed its General Rate Application Gas with the Alberta U
Slide 23: ATCO EnPower
Canadian Utilities Limited Investor Presentation 23
Slide 24: Optionality within our asset base to drive long-term growth
ATCO EnPower Optionality within our asset base to drive long-term growth Established assets and a robust development pipeline diversified across energy transition value chain 117 PJ 544,000 m3 85,200 m3/d Strategic Natural Gas Natural Gas Liquids Water Infrastructure Storage Capacity Storage Capacit
Slide 25: Natural gas storage growth
ATCO EnPower Natural gas storage growth A history of consistent, incremental growth of EnPower’s storage portfolio Key drivers of growth Storage Capacity (PJ) • Long-term natural gas Revenue ($M) production growth driven by 130 PJ industrial demand, power generation, LNG demand and 117 PJ 117 PJ 117
Slide 26: Atlas Carbon Storage Hub offers open access decarbonization for Alberta industrials
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 27: ATCO Australia
Canadian Utilities Limited Investor Presentation 27
Slide 28: 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 gas $1.4B $185M Predictable distribution services in Western Australia, serving metropolitan 2024 Mid-Year Revenue2 and stable Perth and surrounding regions. Rate Base1 cash flow wit
Slide 29: Capitalizing on utility growth in Australia
ATCO Australia Capitalizing on utility growth in Australia Key drivers of growth under AA61 ATCO Gas Australia Adjusted Earnings2 80,000 new customers $54 $41 27% increase in customers 8.23% nominal ROE +3.21% vs. AA5 YTD 2024 YTD 2025 Note: Millions of Canadian dollars. 1. Changes in new customers,
Slide 30: Optionality within asset base to drive growth
Why Invest Optionality within asset base to drive growth Regulated utilities create a stable base of recurring cash flow and dividends Non-regulated opportunities in electricity generation, cleaner fuels, and energy storage provide an opportunity for higher-than-utility growth and deliver diversific
Slide 31: Appendix
Appendix Canadian Utilities Limited Investor Presentation 31
Slide 32: Conservative balance sheet and well distributed debt profile
Appendix Conservative balance sheet and well distributed debt profile CU Inc. ($ millions) $220 A A- $200 $200 $185 $160 $150 A (high) A- $125 BBB+ 2028 … 2034 2035 2036 2037 2038 2039 Note: As of September 30, 2025. Canadian Utilities Limited Investor Presentation 32
Slide 33: Key offerings support growth
Appendix 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 CU Inc. • S
Slide 34: Clear path towards funding the Yellowhead Pipeline Project
Appendix 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 from operations
Slide 35: InvestorRelations@atco.com
InvestorRelations@atco.com Canadian Utilities Limited Investor Presentation 35
Canadian Utilities — Investor Presentation (November 2025) on 6ix