Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Investor Presentation (September 2026)
33 slides from Canadian Utilities Limited Class A's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation Canadian Utilities Limited September 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 Regulatory updates 10 Growth opportunities 11 Funding strategy 16 Why Invest 17 Appendix 18 Canadian Utilities Limited Investor Pr
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 "antici
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 te rms are defined in National Instrument 52 - 112– Non- GAAP and Other Financial Measures Disclo
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
Organizational overview Diversified utility and energy company $2.0B $16.6B $25B YTD 2026 Revenue 1 2025 Mid - Year Rate Total Assets 1 Base 2 $382M 6.9% 54 YTD 2026 5 Year Mid - Year Years of Annual Adjusted Earnings 1,3 Rate Base CAGR 2,4 Dividend Increases 1. For the Six months ended June 30, 202
Slide 7: Growth drivers
Population growth per province Q2 2025 – Q2 20261,2 Growth drivers 0.9% Canada’s energy future begins in Alberta 0.1% 0.0% -0.3% -0.3% -0.9% -0.9% +$5B 4 highest investment in the province Public and private investment in Utilities in 3 Alberta in 2025 were the th compared to other industries 1. Sta
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 base 1 CAGR $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: Regulatory milestones
Regulatory updates Regulatory milestones Yellowhead Pipeline Yellowhead Pipeline Facility Application • Facility Application hearing was held in May 2026. Project • Approval was received in July 2026. ATCO Pipelines 2026-2028 General Rate Application Update Gas In July 2026, the AUC Issued a final d
Slide 11: Yellowhead Pipeline Project
Growth opportunities Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress May 2024 May 2026 June 2026 July 2026 August 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Project AUC Facility Construction AUC Facility Construction Pipe install Pipe inst
Slide 12: Constructive environment presents large opportunity set
Growth opportunities Constructive environment presents large opportunity set Strategic Implications for Major Market Developments Canadian Utilities Recent Pipeline Announcements Expands the addressable asset base and supports regulated • AB - BC Oil Export Pipeline: up to 1,000 mbbl/d earnings grow
Slide 13: Operational expertise drives growth aspirations in Australia
Growth opportunities Operational expertise drives growth aspirations in Australia Sustained population growth Record infrastructure investment • Requires gas distribution and servicing. • Record public infrastructure spending in • Need for electricity infrastructure and energy Western Australia (WA)
Slide 14: Non-regulated energy investments are key to driving additional long-term growth
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 Capacity Capacity Pri
Slide 15: Operational outperformance drives gas storage expansion
Growth opportunities Operational outperformance drives gas storage expansion • Volatile energy environments and scarcity of infrastructure creates an opportunity for natural gas storage assets. • Increase of LNG export project opportunities, development of AI data centres, and strategically position
Slide 16: Funding strategy
Funding strategy Funding strategy Canadian Utilities Limited Regulated businesses Non-regulated businesses $12B 5-year (2026-2030) capital expenditure plan • Currently, no need to issue common equity. 63% 37% • Non- regulated growth to be funded by cash flow from non- regulated operating assets Regu
Slide 17: 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 divers
Slide 18: Appendix
Appendix Canadian Utilities Limited Investor Presentation 18
Slide 19: YTD 2026 adjusted earnings waterfall
Financial overview YTD 2026 adjusted earnings1 waterfall $21 $22 $3 ($17) $382 $353 1 2 1 YTD 2025 ATCO ATCO ATCO Financing & Other YTD 2026 2 2 Energy Systems EnPower Australia 2 Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52 - 112). The most directly comparab
Slide 20: Consolidated and segment adjusted earnings
Financial overview CUL Consolidated ATCO Energy Systems Adjusted Earnings1 Adjusted Earnings1 $382 $370 Cash Flow from $353 $348 Operations $1,161 $1,078 YTD 2025 YTD 2026 YTD 2025 YTD 2026 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $55 $34 $26 $23 YTD 2025 YTD 2026 YTD 2025 Y
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 regulated utility
ATCO Energy Systems Pure-play, gas and electric regulated utility 7 Utilities $1.7B ATCO Electric Transmission $15.1B $11.5B ATCO Electric Distribution YTD 2026 2025 Mid - year 5 year Regulated Utility Revenue 1 Rate Base 2 Capital Expenditure Plan ATCO Gas (Distribution) ATCO Pipelines (Transmissio
Slide 23: Achieved ROEs outperform peers and approved ROE
ATCO Energy Systems Achieved ROEs outperform peers and approved ROE 17% Average annual ATCO Gas achieved ROE Average 17%17% Average annual annual ATCO ATCO Electric Electric achieved achieved ROEROE from 2013 to 2025 → ~2% higher than peers from 2013 to 2025 → ~2% higher than peers 15% 15%15% from 2
Slide 24: 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 ) Electricity Distribution 2 8% Electricity 22% 264,000 customers 3 Natural Gas Distribution Alberta 28% Gas ~92% 1.3M d
Slide 25: The largest gas distributor in Alberta
ATCO Energy Systems The largest gas distributor in Alberta Natural Gas Distribution Volume1,2,3 Industrial 16.8 PJ Commercial 129.6 PJ Residential 123.8 PJ 42,100km ATCO Energy Systems delivers natural gas to the electricity of pipeline producers facing increased demand from industrial and 1. For th
Slide 26: Owner, operator of critical electric infrastructure in Alberta and the 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 km1 transmission lines Yukon driven by weather events NW Territories Stable base anchored by divers
Slide 27: 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 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 $137M $1.5B Predictable gas distribution services in Western Australia, serving YTD 2026 2025 Mid - Y ear and stable metropolitan Perth and surrounding regions. Revenue 1 Rate Base 2
Slide 29: Optionality within our asset base to drive long-term growth
ATCO EnPower Optionality within our asset base to drive long-term growth Established assets and a robust development pipeline diversified across energy transition value chain 117 PJ 544,000 m3 85,200 m3/d Strategic Natural Gas Natural Gas Liquids Water Infrastructure Storage Capacity Storage Capacit
Slide 30: Atlas Carbon Storage Hub
ATCO EnPower Atlas Carbon Storage Hub offers open access decarbonization for Alberta industrials Alberta Carbon Milestone Grid Final Investment Decision (FID) 50/50 Bison Hub Wabamun Wolf Hub Pathways Alliance JV with Shell Hub for Phase 1 achieved ▪ Enables Shell to Edmonton produce cleaner fuels A
Slide 31: Conservative balance sheet and well distributed debt profile
Credit ratings Conservative balance sheet and well distributed debt profile CU Inc. & CU ($ 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 June 30, 2026. Canadian
Slide 32: 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 $ 690M in economic benefits to First Nations since 2020 1 73 with Indigenous groups 1 partnerships, MOUs and arrangements 1. As of December 31, 2025. No
Slide 33: Investor inquiries
Investor inquiries: InvestorRelations@atco.com Canadian Utilities Limited Investor Presentation 33
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