Canadian Utilities Limited Class A · TSX:CU
Canadian Utilities Limited Class A — Q2 2026 Earnings Presentation
19 slides from Canadian Utilities Limited Class A's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call Canadian Utilities Limited July 29, 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: Canadian Utilities Limited
Canadian Utilities Limited Canadian Utilities Limited Q2 2026 Presentation 4
Slide 5: Growth & Prosperity, Operational Excellence, Financial Leadership
Growth & Prosperity Growth & Prosperity Operational Excellence Financial Leadership Central East Transfer Out Project (CETO): Central Alberta Canadian Utilities Limited Q2 2026 Presentation 5
Slide 6: Yellowhead Pipeline Project
Growth & Prosperity 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 insta
Slide 7: Regulatory milestones
Growth & Prosperity 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
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: Constructive environment presents large opportunity set
Growth & Prosperity 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 growth
Slide 11: Operational Excellence
Operational Excellence Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q2 2026 Presentation 11
Slide 12: Achieved ROEs outperform peers and approved ROE
Operational Excellence 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 from 2013 2013 toto 2025 2025 →→ ~2% ~2% higher hig
Slide 13: Operational outperformance drives gas storage expansion
Operational Excellence 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 positi
Slide 14: Financial Leadership
Financial Leadership Growth & Prosperity Operational Excellence Financial Leadership Canadian Utilities Limited Q2 2026 Presentation 14
Slide 15: Funding strategy: $12B 5-year (2026-2030)
Financial Leadership 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 Re
Slide 16: Q2 2026 adjusted earnings waterfall
Financial Leadership Q2 2026 adjusted earnings1 waterfall $13 $8 $3 ($5) $140 $121 Q2 2025 1 ATCO ATCO ATCO Financing & Other 2 Q2 2026 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 most directly comparable me
Slide 17: CUL Consolidated Adjusted Earnings
Financial Leadership CUL Consolidated ATCO Energy Systems Adjusted Earnings1 Adjusted Earnings1 $140 $124 Cash Flow from $121 $116 Operations $557 $441 Q2 2025 Q2 2026 Q2 2025 Q2 2026 ATCO EnPower ATCO Australia Adjusted Earnings1 Adjusted Earnings1 $34 $21 $15 $12 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2
Slide 18: Concluding Remarks
Closing Remarks Concluding Remarks Key takeaways Canadian Utilities is led by safety Growth & Execution of CETO Project and regulatory approval of Prosperity Yellowhead Pipeline Project Facility Application. Consistently drive efficiency across businesses. Operational Safety, reliability, and afford
Slide 19: Questions & Answers
Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q2 2026 Presentation 19