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Canadian Utilities (CU) investor relations material
Canadian Utilities Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong year-over-year growth in adjusted earnings, driven by major project execution, operational excellence, and cost efficiencies, with momentum across all business segments in Q3 2025.
Alberta's population growth and economic drivers underpin robust customer connections and infrastructure investments.
Continued expansion in Australia, with strong customer growth, favorable regulatory returns, and higher rates.
Revenues for the nine months ended September 30, 2025, were $2,719 million, down $42 million year-over-year, mainly due to the sale of ATCO Energy and regulatory changes.
Cash flows from operating activities increased to $1,546 million, up $154 million year-over-year, due to improved working capital and customer contributions.
Financial highlights
Q3 2025 adjusted earnings were $108 million ($0.40 per share), up from $102 million year-over-year; IFRS earnings were $100 million ($0.29 per share), up $88 million year-over-year.
ATCO Energy Systems delivered adjusted earnings of $98 million, nearly flat year-over-year.
ATCO Power/EnPower adjusted earnings rose to $16 million, up $2 million year-over-year.
ATCO Australia adjusted earnings reached $27 million in Q3 and $61 million for nine months, both up significantly year-over-year.
Cash from operating activities increased 12% compared to the same period last year.
Outlook and guidance
Major projects such as the Yellowhead Pipeline and CETO transmission line are progressing on schedule, with targeted in-service dates in 2026 and 2027.
Expect continued strong growth in Australia, though some one-time items in 2025 will not repeat in 2026.
Anticipate headwinds in Q4 due to reduced tax efficiencies in Canada.
Appeals on regulatory decisions (PBR2 re-opener) are pending, with no current impact on adjusted earnings.
Dividend growth is targeted in line with sustainable earnings growth.
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