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Canadian Utilities (CU) investor relations material
Canadian Utilities Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Adjusted earnings for Q2 2025 reached $121 million ($0.45/share), up from $117 million in Q2 2024, with contributions from Energy Systems and EnPower, despite regulatory and operational headwinds.
IFRS earnings attributable to equity owners were $111 million ($0.34/share), up from $62 million in Q2 2024.
Major capital projects, including the $280 million CETO and $2.8 billion Yellowhead Pipeline, are progressing, with CETO on track for mid-2026 and Yellowhead construction set for 2026.
Strong cash flows from operations and robust capital programs underpin long-term growth.
Continued focus on Indigenous partnerships, with early-stage discussions for Yellowhead Pipeline monetization and ongoing engagement for future projects.
Financial highlights
Adjusted earnings for Q2 2025 were $121 million ($0.45/share), up from $117 million in Q2 2024.
IFRS earnings attributable to equity owners were $111 million ($0.34/share), up from $62 million in Q2 2024.
Year-to-date cash flows from operations increased to $1,078 million; capital expenditures rose to $783 million.
Weighted average shares outstanding: 271.8 million in Q2 2025.
Six-month 2025 adjusted earnings: $353 million vs. $342 million in 2024.
Outlook and guidance
Full-year earnings growth expected to be more moderate due to prior-year tax efficiencies.
Three-year capital forecast to be updated at year-end, with a $5.8 billion capital plan for 2025–2027 and a targeted 5.4% mid-year rate base CAGR.
Yellowhead Pipeline construction expected to begin in 2026, pending regulatory approval; CETO on track for mid-2026 completion.
Favourable market conditions for natural gas storage expected to support long-term revenue growth.
Continued focus on cost efficiencies and long-term value creation for stakeholders.
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