ATCO (ACO-X) investor relations material

Strategic overview and portfolio

• Operates a diversified portfolio including utilities, structures, logistics, energy, and investments across Canada and internationally.

• Focuses on essential services, energy transition, and building key relationships for growth.

• Balances yield and long-term growth through investments in regulated and non-regulated businesses.

• Maintains controlling ownership of Canadian Utilities Limited, a core regulated business.

• Engages in modular construction, energy generation/storage, defence, and infrastructure services.

Financial performance and stability

• Achieved $279M in adjusted earnings for the first half of 2026, with Canadian Utilities contributing $201M.

• Conservative balance sheet with less than 5% HoldCo debt and over $2B in available credit liquidity.

• Strong credit ratings: A (low) from DBRS and BBB+ from Fitch.

• 54 consecutive years of annual dividend increases at Canadian Utilities; 33 years at the portfolio level.

• Cash flow from operations (excluding Canadian Utilities) reached $185M YTD June 2026.

Regulated utilities and capital investment

• Canadian Utilities reported $16.6B in YTD 2026 revenue and $25B in total assets.

• Five-year (2026–2030) regulated utility capital plan totals $12B, supporting a 6.9% mid-year rate base CAGR.

• Major projects include the $2.9B Yellowhead Pipeline, targeting a Q4 2027 in-service date.

• Regulatory approvals secured for key projects, with revenue requirements rising modestly through 2027.

• Funding strategy relies on debenture issuances and capital securities, with no need for common equity issuance.