Canadian Utilities (CU) Q3 2026 earnings summary

Executive summary

• Q3 2026 adjusted earnings rose to $117M from $108M YoY; IFRS earnings attributable to equity owners fell to $94M from $100M.

• The proposed Emera combination is intended to create a larger, more diversified utility platform with greater growth capacity, financial flexibility and resilience.

Financial highlights

• Q3 adjusted earnings increased $9M YoY; 9M adjusted earnings were $499M versus $461M.

• Q3 operating cash flow was $468M, down from $526M YoY.

• Q3 IFRS earnings attributable to equity owners were $94M versus $100M; 9M figures were $446M versus $447M.

Outlook and guidance

• The 2026–2030 regulated utility capital plan totals $12B, with expected five-year mid-year rate-base CAGR of 6.9%.

• Yellowhead Pipeline is a 235-km, fully contracted project with 1.1 Bcf/d capacity, a $2.9B investment estimate and Q4 2027 in-service target.

• The combined capital plan totals $33.5B; the Emera transaction and ATCO industrial-services spin-out are targeted to close in Q3 or Q4 2027, subject to approvals and conditions.

• Alberta Hub expansion is scheduled to bring storage capacity to 130 PJ by Q3 2027; Phase 1 and Phase 2 FIDs are planned for Q4 2026 and Q3 2027.