Canadian Utilities (CU) investor relations material

Organizational structure and business overview

• Operates through ATCO Energy Systems, ATCO EnPower, and ATCO Australia, with full ownership of key segments and joint ventures in Canada and internationally.

• Reported $3.7B in FY 2025 revenue, $16.6B mid-year rate base, and $25B in total assets.

• Achieved $658M in FY 2025 adjusted earnings and a 6.9% five-year mid-year rate base CAGR.

• 54 consecutive years of annual dividend increases highlight a strong track record.

Growth drivers and capital plan

• Alberta leads Canadian provinces in population growth, supporting increased utility demand.

• Five-year regulated utility capital expenditure plan totals $12B, focused on electric and gas infrastructure.

• Mid-year rate base projected to grow from $16.6B in 2025 to $23.2B in 2030, a 6.9% CAGR.

• Major projects include the Central East Transfer-Out (CETO) and Yellowhead Pipeline, with significant investments and clear timelines.

Regulated and non-regulated growth opportunities

• CETO project targets Q2 2026 in-service, with $255M investment for enhanced reliability.

• Yellowhead Pipeline Project represents a $2.9B investment, aiming for Q4 2027 completion and increased gas capacity.

• Australian operations expect 80,000 new customers and higher ROE under AA6, with adjusted earnings rising to $69M in 2025.

• Non-regulated assets include 265 MW wind, 181 MW solar/hydro, and 117 PJ natural gas storage, prioritizing long-term contracts.