Algonquin Power & Utilities (AQN) Investor presentation summary

Company overview and portfolio

• Operates as a pure-play regulated utility with over 1.2 million customer connections across electric, gas, water, and wastewater services in 13 U.S. states, 1 Canadian province, Bermuda, and Chile.

• Maintains a diversified portfolio with 82% of regulated revenue from the U.S. and a rate base of approximately $8.2 billion as of December 31, 2025.

• Employs around 3,200 people and holds a BBB credit rating.

Leadership and investment thesis

• Executive team brings decades of utility experience, focusing on growth, operational excellence, and regulatory execution.

• Investment thesis centers on regulated utility focus, diversified operations, back-to-basics execution, organic growth, and a strong balance sheet.

2025 performance and operational efficiency

• Achieved adjusted net EPS of $0.34 and net earnings per share of $0.27 in 2025.

• Reduced O&M expense as a percent of gross revenue from 37.7% in 2024 to 35.8% in 2025.

• Improved FFO/debt ratio to 12.8% and consolidated Arizona utilities.