Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Investor Presentation (May 2026)
33 slides from Canadian Utilities Limited Class A's investor presentation, May 19, 2026
Slide 1: Investor Presentation
Investor Presentation Canadian Utilities Limited May 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 Growth opportunities 10 Funding strategy 15 Why Invest 16 Appendix 17 Canadian Utilities Limited Investor Presentation 2
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: 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
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 year ended December 31, 2025. 2. Mid-yea
Slide 7: Canada's energy future begins in Alberta
Population growth per province Q1 2025 – Q1 20261,2 1.2% Growth drivers Canada’s energy future begins in Alberta 0.3% 0.1% 0.0% -0.1% -0.7% -0.7% +$5B Public and private investment in 3 Utilities in Alberta in 2025 were the 4th highest investment in the province compared to other industries 1. Stati
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 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 3
Slide 10: Yellowhead Pipeline Project
Growth opportunities Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress May 2024 August 2025 November 2025 March 2026 May 2026 June 2026 Q3 2026 Q3 2026 …… Q4 2027 Project AUC Needs AUC Facility Alberta AUC Facility Construction AUC Fac
Slide 11: AESO long-term forecast reinforces opportunities
Growth opportunities AESO long-term forecast reinforces opportunities AESO long-term outlook1 CU potential growth opportunities Increased load growth Northwest Area Transmission Development Industrial activity, electrification and emerging loads will A 240kV transmission expansion, to alleviate cong
Slide 12: 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 13: 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 14: 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 15: Clear path to funding growth
Funding strategy Clear path to funding growth 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
Slide 16: 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 17: Appendix
Appendix Canadian Utilities Limited Investor Presentation 17
Slide 18: Q1 2026 adjusted earnings waterfall
Financial overview Q1 2026 adjusted earnings1 waterfall $8 $14 $0 ($12) $232 $242 1 2 1 Q1 2025 ATCO ATCO ATCO Financing & Other Q1 2026 2 2 2 Energy Systems EnPower Australia Note: Millions of Canadian dollars. 1. Total of segments measure (as defined in NI 52-112). The most directly comparable mea
Slide 19: Financial overview: adjusted earnings and cash flow
Financial overview CUL Consolidated ATCO Energy Systems Cash Flow from Adjusted Earnings1 Adjusted Earnings1 Operations $242 $246 $637 $232 $232 $604 Q1 2025 Q1 2026 Q1 2025 Q1 2026 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $21 Q1 2025 Q1 2026 $13 $11 $11 Refund to customers,
Slide 20: 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 21: ATCO Energy Systems: pure-play regulated utility
ATCO Energy Systems Pure-play, gas and electric regulated utility 7 Utilities $920M ATCO Electric Transmission $15.1B $11.5B ATCO Electric Distribution Q1 2026 2025 Mid-year 5 year Regulated Utility Revenue1 Rate Base2 Capital Expenditure Plan ATCO Gas (Distribution) ATCO Pipelines (Transmission) AT
Slide 22: ATCO customers receive lower rates over PBR cycles
ATCO Energy Systems ATCO customers receive lower rates over PBR cycles ATCO Gas distribution charges have grown less than inflation since 20131 ATCO Electric distribution charges have grown less than peers since 20132 550 240 Inflation CAGR = 2.5% Peer 1 Distribution Charge CAGR = 6.9% ATCO Gas Dist
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: An owner, operator of critical electric infrastructure
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 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 $62M $1.5B Predictable gas distribution services in Western Australia, serving Q1 2026 2025 Mid-Year and stable metropolitan Perth and surrounding regions. Revenue1 Rate Base2 cash f
Slide 28: Optionality within our asset base to drive long-term growth
ATCO EnPower Optionality within our asset base to drive long-term growth Established assets and a robust development pipeline diversified across energy transition value chain 117 PJ 544,000 m3 85,200 m3/d Strategic Natural Gas Natural Gas Liquids Water Infrastructure Storage Capacity Storage Capacit
Slide 29: Atlas Carbon Storage Hub offers open access decarbonization
ATCO EnPower Atlas Carbon Storage Hub offers open access decarbonization for Alberta industrials Alberta Carbon Milestone Grid Final Investment Decision (FID) 50/50 Bison Hub Wolf Pathways Alliance JV with Shell Wabamun Hub Hub for Phase 1 achieved ▪ Enables Shell to Edmonton produce cleaner fuels A
Slide 30: Regulatory developments
Regulatory developments Regulatory developments Gas Transmission In February 2026, the AUC approved ATCO Pipeline’s negotiated settlement (General Rate Application agreement application as filed. 2026-2028 Period) Electric Transmission A negotiated settlement was filed in May 2026. (General Tariff A
Slide 31: Conservative balance sheet and well distributed debt profile
Credit ratings Conservative balance sheet and well distributed debt profile CU Inc. & CU ($ 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 March 31, 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 20201 73 with Indigenous groups1 partnerships, MOUs and arrangements 1. As of December 31, 2025. Cana
Slide 33: InvestorRelations@atco.com
InvestorRelations@atco.com Canadian Utilities Limited Investor Presentation 33
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