Algonquin Power & Utilities (AQN) Investor presentation summary

Portfolio and strategic positioning

• Regulated electric, natural gas, water and wastewater systems served 1.27M customer connections across 13 U.S. states, one Canadian province and Bermuda at Dec. 31, 2025; sale of the ~64% Suralis stake closed Oct. 30, 2026.

• Rate base was ~$8.2B at Dec. 31, 2025, with ~$3.2B of regulated capital investment planned for 2026-28.

• U.S. redomicile is expected to go to shareholders for approval in H1 2027; Chicago headquarters and continued Oakville presence are planned, with shares expected to remain on TSX and NYSE.

Performance and operating priorities

• 2025 Adjusted Net EPS was $0.34 vs. $0.30 in 2024; O&M expense was ~35.8% of gross revenue vs. ~37.7%, and Earned ROE improved to ~6.8% from 5.5%.

• Retired $1.6B of debt in 2025 and improved FFO/debt to 12.8% from 10.4%; the renewable energy business, excluding hydro, was sold in January 2025.

• Priorities include operational efficiencies, a centralized capital projects team, reliability and affordability investments, and improved billing and outage communications.

Regulatory execution and investment opportunities

• Approved annualized revenue changes included $97.0M for Empire Electric Missouri, $8.8M for Empire Electric Kansas and $14.9M for Litchfield Park Water & Sewer; CalPeco’s approved annualized rates included a $48.6M increase.

• Rate filings included $38.1M for New York Water, $35.8M for EnergyNorth Gas, $12.3M for Granite State, $8.4M for Empire Electric Arkansas and $7.0M for Empire Electric Oklahoma.

• Empire Electric’s Missouri large-load tariff filing proposes a 25 MW eligibility threshold, customer-specific charges and a 15-year minimum service term to support development and protect existing customers.

• ~$770M of SPP transmission projects are planned for 2025-31, with peak spending in 2030; ~80% is eligible for FERC formula-rate recovery and ~20% through state rate cases.

• The Peach State Gainesville Transmission Project is a ~$120M investment planned for 2025-27, with recovery beginning in March 2025 under approved mechanisms.