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An Industrial Services Leader October 6, 2026 ATCO
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Today’s Call Participants Nancy C. Southern Chair and Chief Executive Officer Colin Jackson Senior Vice President, Financial Operations ATCO Investor Presentation 2 Katie Patrick Executive Vice President, Chief Financial & Investment Officer
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Forward-looking information advisory Certain statements made by company representatives and information provided in this presentation may be considered "forward-looking information" within the meaning of applicable securities laws ("forward-looking information"). Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", "goals", "targets", "strategy", "future", "potential" and similar expressions. Such forward-looking information includes, but is not limited to, references to: the proposed combination of Canadian Utilities Limited ("CanadianUtilities") and Emera Incorporated ("Emera") and the related reorganization of ATCO Ltd. ("ATCO") (collectively, the "Transaction"), including the expected timing of closing, the receipt of required approvals, the consideration to be receivedby ATCO shareowners and the anticipated benefits of the Transaction to ATCO shareowners; the strategy, size, growth prospects and financial capacity of ATCO following completion of the Transaction; the expected size, scale, diversification and financial capacity of the combined Emera and Canadian Utilities company; future dividends, including the expected increase in dividend income to ATCO shareowners; strategic and growth plans and opportunities of ATCO following closing, including in the housing, modular construction, defence, northern infrastructure, ports and logistics, real estate and retail energy sectors; expected government investment and demand trends in such sectors; expectations regarding opportunities for growth for ATCO's various business segments following completion of the Transaction and the drivers thereof; the expected market and investor perception and valuation of ATCO following completion of the Transaction; and the company's portfolio of cash flow generating assets and financial capacity supporting its strategic investments. Such forward-looking information is considered to be reasonable based on the information that is available on the date of this presentation and the processes used to prepare suchinformation; however, such information does not constitute a guarantee of future performance and no assurance can be given that the information will prove to be correct. Forward-looking information should not be unduly relied upon. Such information involves a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those anticipated by such forward-looking information. The forward-looking information reflects management's beliefs and assumptions with respect to, among other things: the ability of the parties to receive all necessary regulatory, court, securityholder and third-party approvals, and to satisfy the other conditions to closing of the Transaction, in a timely manner and on satisfactory terms; the ability of the parties to complete the Transaction substantially on the terms currently contemplated; that the combined company's and ATCO's respective future results of operations will be consistent with past performance and with management's expectations; the parties ability to realize the anticipated benefits of the Transaction; the expected financial performance of the combined company and ATCO following completion of the Transaction; the declaration of dividends by the combined company and ATCO following closing being consistent with current expectations; management's current plans and its perception of historical trends; current conditions and expected future developments; the applicability and stability of legal and regulatory requirements in the jurisdictions in which ATCO invests and/or operates; the level of government investment in housing, defence and infrastructure; continuing collaboration with certain business partners and engagement with new business partners, and Indigenous and other groups; the availability of labour, materials, services and infrastructure; the satisfaction by third parties of their obligations; a supportive regulatory environment; the ability to meet current project schedules and complete projects at currently estimated budgets; the availability of financingsources on acceptable terms; and other assumptions inherent in management's expectations with respect to the forward- looking information identified herein. Actual results could differ materially from those anticipated in the forward-looking information as a result of, among other things: the parties ability to receive all necessary regulatory, court, securityholder and third-party approvals, and to satisfy the other conditions to closing of the Transaction, in a timely manner and on satisfactory terms; the failure to realize the anticipated benefits of the Transaction, including as a result of integration, separation or other issues; risks inherent in the performance of assets; the market price and trading of ATCO's shares following completion of the Transaction, which may not reflect management's expectations; applicable laws and regulations and the interpretation and manner of enforcement of such laws and regulations; changes to government policies (including with respect to housing, defence and infrastructure spending), regulatory decisions and the regulatory environment; competitive factors in the industries in which the company operates; evolving market or economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; the development and execution of projects not proceeding on schedule or at all, orat currently estimated budgets; the availability of financing sources on acceptable terms; potential cancellation, termination, default, non-compliance, or breach of contract by contract counterparties; the risk that payments owed may not be collected or received in a timely manner, or at all; risks associated with potential litigation proceedings; potential damage to our brand and/or reputation that may result from a failure to perform, or from factors outside of our control, or negative publicity related to significant projects, investments, operations or activities; the risk of operational disruptions, outages, or force majeure events; the occurrence of unexpected events such as fires, extreme weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; global pandemics; the imposition of or changes to existing customs duties, tariffs or other trade restrictions; geopolitical tensions and wars; risks associated with operating in international jurisdictions; and other risk factors, many of which are beyond the control of the company. In addition, the Transaction may not be completed, or may be delayed, if the conditions to closing of the Transaction (including the timely receipt of all necessary approvals) are not satisfied on the anticipated timelines or at all. Accordingly, there is a risk that the Transaction will not be completed within the anticipated time, on the terms currently proposed or at all. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks faced by the company see "Business Risks and Risk Management" in ATCO Ltd.'s Management's Discussion and Analysis for the year ended December 31, 2025 (the "Annual MD&A"). Any forward-looking information contained in this presentation represents the company's expectations as of the date hereof and is subject to change after such date. The company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Legal Notice 3ATCO Investor Presentation
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Non-GAAP and other financial measures disclosure advisory This presentation contains certain "total of segments measures" and "non-GAAP financial measures" (as such terms are defined in National Instrument 52-112 –Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")). Total of Segments Measures NI 52-112 defines a "total of segments measure" as a financial measure disclosed by an issuer that (a) is a subtotal or total oftwo or more reportable segments of an entity, (b) is not a component of a line item disclosed in the primary financial statements of the entity, (c) is disclosed in the notes to the financial statements of the entity, and (d) is not disclosed in the primary financial statements of the entity. ATCO ex-Canadian Utilities adjusted earnings (loss) is a total of segments measure, as defined in NI 52-112, which is calculated as the sum of adjusted earnings (loss) for each of the ATCO Structures & Logistics and ATCO Investments segments. Total of segments measures are most directly comparable to total earnings (loss) attributable to Class I non-voting shares and Class II voting shares. A reconciliation of adjusted earnings (loss) for each of ATCO Structures & Logistics and ATCO Investments to earnings (loss) attributable to Class I non-voting shares and Class II voting shares for the years ended December 31, 2025 and 2024 is presented under "Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II Shares" and "Segmented Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II Shares" in ATCO's Management's Discussion and Analysis for the year ended December 31, 2025 (the "Annual MD&A"), which sections are incorporated by reference herein. Non-GAAP Financial Measures NI 52-112 defines a "non-GAAP financial measure" as a financial measure disclosed by an issuer that (a) depicts the historical or expected future financial performance, financial position or cash flows of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. Adjusted EBITDA for ATCO Structures is a non-GAAP financial measure, as defined in NI 52-112. Adjusted EBITDA is an important metric for ATCO Structures and is representative of core operational results. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA after adjustments, excluding one-time gains and losses, impairments, and items that are not in the normal course of business or a result of day-to-day operations. Adjusted EBITDA is most directly comparable to earnings (loss) attributable to Class I non- voting shares and Class II voting shares but is not a standardized financial measure under the reporting framework used to prepare ATCO's financial statements. Adjusted EBITDA may not be comparable to similar financial measures disclosed by other issuers. A reconciliation of adjusted EBITDA for ATCO Structures to adjusted earnings for ATCO Structures for the year ended December 31, 2025 is presented under "Appendix 2: Supplemental Non-Audited Financial Information" in the Annual MD&A and a reconciliation of adjusted earnings for ATCO Structures to earnings (loss) attributable to Class I non-voting shares and Class II voting shares is presented in the Annual MD&A under "Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II Shares", which sections are incorporated by reference herein. The Annual MD&A is available on ATCO's SEDAR+ profile at www.sedarplus.ca. Legal Notice 4ATCO Investor Presentation
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Agenda Transaction Overview Creating Two Distinct Platforms ATCO Proven Businesses and a Differentiated Portfolio Future Growth Positioned to Capture Structural Tailwinds 01 02 03 5ATCO Investor Presentation
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Transaction Overview: Creating Two Distinct Platforms 6ATCO Investor Presentation
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Outcome for shareowners At close, ATCO shareowner are expected to hold two separately investable positions: CURRENT ATCO SHAREOWNERS Combined Company 0.865 shares ATCO 1 share Benefits for shareowners 1 Higher income and broader energy exposure resulting in higher dividend income, enhanced growth profile, and broader asset diversification. 2 Continued ownership in ATCO as a focused Housing, Defence and Industrial Services company. 3 Two avenues for long-term value creation through clearer platforms, distinct strategies and more transparent investor propositions. Clearer platforms for investors to assess on their own merits. Transaction Structure and Shareowner Outcome Transaction Overview: Creating Two Distinct Platforms Current ATCO shareowners emerge with direct ownership in two distinct companies: participation in the combined company and continued participation in a focused ATCO. Continued Ownership in ATCO ATCO will emerge as a more focused, growth-oriented standalone platform with exposure to: A market-leading housing & structures business with a proven track record of growth. A defence platform with differentiated capabilities in North America’s Arctic Operations. A portfolio of investments exposed to real assets and critical infrastructure. 7ATCO Investor Presentation
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Creating a Canadian Champion by Merging Emera & Canadian Utilities Combined Geographic Footprint $45B combined rate base1 ~6M customers 12 regulated utilities ~95% regulated earnings2 70% / 30% electric / gas rate base ~80% adjusted earnings3 from Florida & Alberta Note: $ figures are denominated in $CAD. 1. Represents 2025A mid-year rate base for CU and year-end for EMA. 2. Based on Dec. 31, 2025 adjusted earnings excluding corporate costs; adjusted earnings is a non -GAAP measure. 3. Adjusted earnings is a non-GAAP measure. 8 Transaction Overview: Creating Two Distinct Platforms ATCO Investor Presentation
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Combination Delivers Significant Value for ATCO Shareowners Through Canadian Utilities combination with Emera, ATCO shareowners gain continued ownership in a larger combined company with increased dividend income, greater diversification and enhanced financial capacity. 1 Creates a Canadian champion Positioned to meet the need for investment in critical energy infrastructure. 2 Broadens portfolio across leading regulatory and high-growth jurisdictions Resulting in a larger, more resilient utility platform anchored by ~80% of adjusted earnings1 from Florida and Alberta. 3 Lifts dividend payment by 20% ATCO shareowners benefit from a 20% increase in dividend income through ownership in the combined company, plus the dividend approved by ATCO’s board. 4 Brings together industry-leading management teams Combines proven leadership teams from Canadian Utilities and Emera, with deep operating expertise and a demonstrated ability to drive long-term value. 5 Captures Canadian Utilities Valuation Momentum CU’s strong performance over the past 12 months has brought its valuation multiple in line with peers, creating an opportune backdrop for a merger of equals. 9 Transaction Overview: Creating Two Distinct Platforms ATCO Investor Presentation1. Adjusted earnings is a non-GAAP measure.
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Unlocking a Focused Housing, Defence, and Industrial Services Company 1 Housing & Structures Market-leading modular platform • 44 branches and 13 manufacturing locations across 5 countries. • Space rentals, workforce housing and permanent modular construction. • Residential and community solutions across the housing continuum. 2 Defence Services & Northern Infrastructure Mission-critical operations • 42-year history supporting government and defence clients. • Remote logistics, facility operations, emergency response and site services. • Deep experience in Canada’s North and Alaska with long established strategic Indigenous partnerships. • Tailwinds in defence spending. 3 Investments Diversified real-asset exposure • Neltume Ports, ATCO Land & Development and ATCO Energy. • Ports and logistics, real estate and energy-related services. • Long-term investment discipline across durable essential industries. One focused company built around essential infrastructure services, complex operations and long -term investment. ATCO becomes a more focused, growth-oriented standalone platform organized around businesses where it can lead, deploy capital and attract a more focused investor base. 10 Transaction Overview: Creating Two Distinct Platforms ATCO Investor Presentation
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ATCO: Proven Businesses and a Differentiated Portfolio 11ATCO Investor Presentation
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Longstanding Legacy Precedes the Listing of ATCO ATCO: Proven Businesses and a Differentiated Portfolio ATCO TSX TSX Utilities Total Shareowner Return1 Current CEO Tenure, % (Jan 1 2003 – Sep 30 2026) +1,260% +929% +744% A longstanding legacy of delivering excellence and creating shareowner value. 80-year track record spanning more than 100 countries, demonstrating the ability to deliver across markets, sectors and operating environments. Best-in-class Indigenous relations with over 70 partnerships, memorandums of understanding (MOUs), and relationship agreements with Indigenous communities2 across Canada and globally. ATCO’s controlling stake in Canadian Utilities transformed its ownership into a Canadian champion and top utility with the proposed merger with Emera. +1,260% total return under Nancy Southern’s leadership as CEO. 12 1. Includes share price gain and assumes dividends are reinvested; reflects start date of 01/01/2003 and ending date of 09/30/ 2026; market data based on FactSet. 2. As of December 31, 2025. ATCO Investor Presentation
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Proven Track Record of ATCO ATCO Ex-Canadian Utilities Adjusted Earnings 1 ~80 years of operating excellence $1.5B $72 $75 $117 $141 $173 2021 2022 2023 2024 2025 ~25% CAGR $173M 2025 adjusted earnings 33 years of consecutive dividend increases 13 ATCO already has an established track record of creating value through its operations, investments and dividend policy. Note: Millions of Canadian dollars and exclude Canadian Utilities unless otherwise noted. 1. Total of segments measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is Earnings Attributable to Class I non-voting and Class II voting shares, which was $130 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2025 revenue ATCO: Proven Businesses and a Differentiated Portfolio ATCO Investor Presentation
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Structures: A Market-Leading Business with Demonstrated Momentum $274M 16 consecutive quarters of earnings growth 29K 44 branch locations 13 manufacturing locations 5 countries Focus on demonstrating value of ATCO Structures • ATCO Structures Comparable Analysis Value3 = $2.4B • Market Value of ATCO excluding CU ownership4 = $1.1B A scaled modular and workforce-housing platform with broad geographic reach, recent contract wins and a consistent earnings growth record. The largest modular housing business in Canada. 2025 adjusted EBITDA1,2 Note: Millions of Canadian dollars. 1. For the year ended December 31, 2025. 2. Non-GAAP financial measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS i s Earnings Attributable to Class I non -voting and Class II voting shares, which was $117 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 3. Based on ATCO Structures LTM (Q3 2025-Q2 2026) adjusted earnings of $124 million and peer P/E multiple of 19x. 4. Implied Market Value is calculated as the market value of ATCO ($8.3B) less the market value of ATCO 52.4% ownership of CU ($7.2B) as at September 30, 2026. Global space rentals and workforce housing units1 14 ATCO: Proven Businesses and a Differentiated Portfolio ATCO Investor Presentation
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Defence: A Leader in North America’s Arctic Operations ATCO’s defence platform combines remote logistics, facility operations and mission-critical service delivery in harsh operating environments. Built for remote, mission-critical execution. 42 years supporting government and defence clients1 30 operating locations globally1 1.3M guests served at camps in 20251 Capabilities that translate into ATCO’s defence thesis Remote logistics Operate where access, weather and distance create execution risk. Facility operations Support mission-critical sites with reliability and continuity. Emergency response Mobilize people, services and infrastructure quickly. Indigenous partnerships Long-standing northern relationships support local delivery. 15 ATCO: Proven Businesses and a Differentiated Portfolio ATCO Investor Presentation1. As of December 31, 2025.
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Investments: A Growth Portfolio of Critical Infrastructure & Industrial Services ATCO retains a portfolio of long-duration real-asset and industrial services investments, anchored by Neltume Ports. Neltume Ports • 40% ownership interest in a leading Latin American ports and logistics platform. • Diversified network of port terminals and logistics assets across the Americas. • Provides exposure to critical trade and supply- chain infrastructure. • Long-term strategic investment alongside experienced operating partners. ATCO LAND & DEVELOPMENT Commercial and residential real estate platform • 380K sq. feet of office space. • 20K sq. feet of industrial space. • 315 acres of land. ATCO ENERGY Retail energy and services provider Investment discipline across durable sectors provides ATCO a broader capital-allocation toolkit. • 4th largest competitive energy retailer in the province of Alberta. • 362K retail energy sites served in 2025. • 405K retail energy sites to-date in 2026. 16ATCO Investor Presentation ATCO: Proven Businesses and a Differentiated Portfolio
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Future Growth: Positioned to Capture Structural Tailwinds 17ATCO Investor Presentation
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ATCO Has Strong Tailwinds Driven by National Priorities Future Growth: Positioned to Capture Structural Tailwinds Housing supply, defence readiness and northern infrastructure are becoming national priorities, aligning with ATCO’s strongest capabilities. 3X Faster for our modular build compared to a traditional site build Proven execution of contracts both on time and on budget +40 years supporting government and defence clients HOUSING A supply challenge is driving sustained investment • There is a global need for housing, creating long-term demand for faster, more scalable construction solutions. • Significant federal funding toward new housing supply and community infrastructure, including $13B for Build Canada Homes1. • ATCO is already strategically positioned across the housing continuum, from supportive and affordable housing to attainable and market housing, with an established manufacturing footprint. • Ongoing infrastructure buildout will require significant workforce housing. DEFENCE Canada is entering a strong defence investment cycle • Federal plans point to ~$180B of defence procurement opportunities and $290B of defence-related capital investment over the next decade2. • The Arctic is becoming a strategic priority, increasing demand for infrastructure, logistics, operations in remote and challenging environments. • ATCO enters this cycle with decades of defence experience, including operations of critical radar and military infrastructure in Canada’s North and Alaska, supported by long-standing Indigenous partnerships. 18ATCO Investor Presentation1. Government of Canada, September 2025. 2. Government of Canada, February 2026.
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ATCO: Unlocking Value Already Inside the Portfolio ATCO TODAY Blended structure dominated by utility exposure • Non-Canadian Utilities businesses are harder to isolate and value. • Investor base is more utility- oriented. • Capital allocation and growth story are less visible. BRIDGE TO UNLOCK FULL VALUE FUTURE ATCO Focused business with peer- comparable valuations • Valued against peers in the housing, construction-services and defence sectors. • Transparent earnings, growth and return profile. • More clarity for acquisitions and an optimized capital structure. Align investor base with focused strategy. Achieve peer comparable valuation for ATCO Structures. Once largest business has value recognition, unlock full value for other businesses. 1 2 3 19 ATCO will now be assessed by investors and peers that match its growth profile, creating a clearer expected path to value recognition. Future Growth: Positioned to Capture Structural Tailwinds ATCO Investor Presentation
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NEW LISTING, PROVEN OPERATOR New to the market. Proven over generations. • Newly focused public company. • Nearly 80 years of operating history. • Established customer relationships and leadership. • Track record of sustained earnings growth. BUILT FOR COMPLEXITY Capabilities built for difficult environments. • Modular construction, remote operations and defence support. • Execution where speed, reliability and resilience matter most. • Deep northern and mission- critical operating experience. EMBEDDED UPSIDE A clearer lens on value already in the portfolio. • Separation gives Structures and other businesses direct visibility. • ATCO can be assessed against industrial, construction and defence peers. • Clearer capital allocation can support value recognition. LEGACY & LONG- TERM ALIGNMENT Nearly 80 years of stewardship and ownership. • Family ownership provides continuity and a long-term orientation. • Discipline through cycles, with capital allocated across durable businesses. • Legacy, relationships and reputation support trust with customers and partners. 1 2 3 4 20 ATCO: Track Record, Capabilities and Team to Capture Growth A newly focused company with proven operating credentials, differentiated capabilities, embedded upside and long-term ownership alignment. A newly focused ATCO with proven operating credentials, differentiated capabilities, embedded upside and long-term ownership alignment. Future Growth: Positioned to Capture Structural Tailwinds ATCO Investor Presentation
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Question & Answer InvestorRelations@atco.com 21ATCO Investor Presentation