Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Q4 2025 Earnings Presentation
24 slides from Canadian Utilities Limited Class A's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call Canadian Utilities Limited February 26, 2026
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: FY 2025 adjusted earnings waterfall
Canadian Utilities Limited FY 2025 adjusted earnings1 waterfall $11 $21 ($11) $36 ($15) ($12) $658 $647 ($19) FY 20241 ECM 2 ROE 3 Renewable Lower interest Regulated utility Australia growth 6 Storage & Industrial FY 2025 1 generation 4 income earned & growth (North Water growth4 sale America) 6 of
Slide 5: Canadian Utilities Limited
Canadian Utilities Limited Canadian Utilities Limited Q4 2025 Presentation 5
Slide 6: Growth & Prosperity
Growth & Prosperity Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q4 2025 Presentation 6
Slide 7: Canada's energy future begins in Alberta
Growth & Prosperity Canada’s energy future Population growth per province Q4 2024 – Q4 20251,2 begins in Alberta 1.7% 0.7% 0.4% 0.3% 0.2% -0.2% -0.2% Total Alberta internal load forecast (GWh)3 2025 ATCO Gas connections4 2034 96,752 +19.6K Largest number of gas connections in a decade 2025 89,973 1.
Slide 8: Regulated utility capital expenditures (5 year plan)
Growth & Prosperity Regulated utility capital expenditures (5 year plan) $12B $3.1B 5 year capital expenditure plan $0.1B $2.7B $0.1B $2.3B $1.6B $0.1B $2.0B Historical $1.9B $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 $0.5B $0.6B
Slide 9: Mid-year rate base (5 year plan)
Growth & Prosperity Mid-year rate base1 (5 year plan) 6.9% $22.3B $23.2B 5 year mid-year rate base1 CAGR2 $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 3.5% $5
Slide 10: Central East Transfer-Out Project (CETO)
Growth & Prosperity Central East Transfer-Out Project (CETO) Strengthening Connections. Enhancing Reliability. Fort McMurray Q2 2026 – Target in-service date Grande Prairie Construction remains: Edmonton On time On budget CETO Alberta-SK Calgary Intertie (McNeill) 85 km 240 kV $255 Alberta-BC Intert
Slide 11: Long-term growth opportunities within Electric Transmission
Growth & Prosperity Long-term growth opportunities within Electric Transmission Fort McMurray Northwest Area 1 Grande Prairie Transmission Development Edmonton 2 McNeill Converter Station CETO Alberta-SK Gas-Fired Generation Calgary Intertie 3 Wind Generation (McNeill) Substations & Interties Solar
Slide 12: Yellowhead Pipeline Project
Growth & Prosperity Yellowhead Pipeline Project Reducing Congestion. Powering Industry. Driving Economic Growth. Completed In-Progress Production Fort McMurray Q2 2024 Q3 2025 Q3 2026 Q4 2027 Project AUC Needs Regulatory and Target in- Edmonton/ announced Application permitting service date Industri
Slide 13: Capitalizing on growth in Australia
Growth & Prosperity Capitalizing on growth Key drivers of growth under AA61 in Australia 80,000 projected new customers 27% increase in customers 8.23% nominal ROE +3.21% vs. AA5 ATCO Australia adjusted earnings2 FY 2025 $69 Note: Millions of Canadian dollars. 1. Changes in projected new customers,
Slide 14: Non-regulated energy investments are key to long-term growth
Growth & Prosperity 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 Prio
Slide 15: Natural gas storage growth
Growth & Prosperity Natural gas storage growth Our storage asset advantage Key growth drivers ❖ Consistent cash ❖ Asset base with significant contracted ❖ Facilities positioned to take ❖ Scarcity of natural gas flow generation capacity from strong counterparties advantage of market price volatility
Slide 16: Operational Excellence
Operational Excellence Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q4 2025 Presentation 16
Slide 17: Drive for continuous improvement
Operational Excellence Drive for continuous improvement Asset reliability performance1 System Average Interruption Duration Index 23% Year-over-year Improvement System Average Interruption Frequency Index 18% Year-over-year Improvement 1. Distribution utility reliability year-over-year improvement i
Slide 18: Financial Leadership
Financial Leadership Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q4 2025 Presentation 18
Slide 19: 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 (CU Inc.) CUL Investment Our equity portion of the project has 70% 30% been fully funded through hybrids, preferred shares and cash, without $761M $326M the n
Slide 20: FY 2025 adjusted earnings waterfall
Financial Leadership FY 2025 adjusted earnings1 waterfall $11 $21 ($11) $36 ($15) ($12) $658 $647 ($19) FY 20241 ECM 2 ROE 3 Renewable Lower interest Regulated utility Australia growth 6 Storage & Industrial FY 2025 1 generation 4 income earned & growth (North Water growth4 sale America) 6 of ATCO E
Slide 21: CUL Consolidated Adjusted Earnings
Financial Leadership CUL Consolidated ATCO Energy Systems Adjusted Earnings1 Adjusted Earnings1 Cash Flow from $647 $658 Operations $642 $632 $2,061 $1,917 FY 2024 FY 2025 FY 2024 FY 2025 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $69 $48 $44 $11 $43 ($12) FY 2024 Renewable St
Slide 22: Concluding Remarks
Closing Remarks Concluding Remarks Key takeaways Canadian Utilities is led by safety Execution of major growth initiatives Growth & 5-year regulated utility capital projected to be higher Prosperity than historical with potential for additional upside Operational Commitment to safety, reliability, a
Slide 23: Questions & Answers
Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q4 2025 Presentation 23
Slide 24: Capital expenditures by category (5 year plan)
Appendix 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 $0.8 $3.7 Climate and T