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Canadian Utilities Limited Q4 2025 Earnings Call February 26, 2026
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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. 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 information includes, but is not limited to, references to: strategic and growth plans, opportunities and partnerships; Canada’s energy future in Alberta; the company's $12 billion five-year regulated utility capital plan (2026-2030); expectations regarding the regulated utilities' mid-year rate base CAGR; expectations regarding the Central East Transfer-Out project, including the anticipated size, specifications, capacity and benefits of the project, the anticipated total investment in the project, and the target in-service date; long-term growth opportunities within Electric Transmission; the company’s natural gas assets being strategically positioned to capitalize on demand and production growth; expectations regarding the Yellowhead Pipeline project, including the anticipated size, specifications and incremental natural gas capacity of the project, the anticipated total investment in the project and expectations as to the accuracy of the estimate, the number of regulatory applications and expected timing for commencement of construction and bringing Yellowhead on-stream; expectations regarding Yellowhead's funding structure, including sources of equity and debt funding for the project and potential Indigenous equity participation on the project; expectations regarding the impact of AA6 on ATCO Australia and the evolving energy landscape in Australia driving opportunities; non-regulated energy investments being key to driving additional long-term growth; expectations regarding natural gas storage growth; and the company’s drive for continuous improvements in safety and operational efficiency. 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 such information; 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: management’s current plans and its perception of historical trends; current conditions and expected future developments; the Yellowhead and CETO projects underpinning the Company's $12 billion five-year capital plan (2026-2030) for its regulated utilities; other utility capital spending during the five-year forecast period being associated with customer growth, system reliability and safety, climate and technology, and energy transition initiatives, and program and system investments; the approval of capital expenditures; regulatory approvals to allow for the recovery of prudently incurred capital expenditures and to earn a fair return on investment; certain other regulatory applications being made and approved; the applicability and stability of legal and regulatory requirements in the jurisdictions in which we invest and/or operate; the payment of fees owing pursuant to applicable contracts; certain regulatory applications being made and approved; expected rate base growth; continuing collaboration with certain business partners and engagement with new business partners, and regulatory, environmental and First Nations groups; the performance of assets and equipment; demand levels for oil, natural gas, gasoline, diesel and other energy sources; certain levels of future energy use; future production rates; future revenue and earnings; the design specifications of development projects; 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 proposed development projects at currently estimated project budgets; the availability of financing sources on acceptable terms; assumptions related to electricity prices based on forward strip prices and merchant price differentials that are consistent with management’s observations; 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: risks inherent in the performance of assets; capital efficiencies and cost savings; applicable laws and regulations and the interpretation and manner of enforcement of such laws and regulations; changes to government policies; 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; future demand for resources; the development and execution of projects, including development projects, not proceeding on schedule or at all, or at currently estimated budgets; the availability of financing sources for development projects on acceptable terms; prices of electricity, natural gas, natural gas liquids, and renewable energy; the development and performance of technology and new energy efficient products, services, and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture, and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; 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. 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 Canadian Utilities Limited’s Management’s Discussion and Analysis for the year-ended December 31, 2025 (the "MD&A"). Statements made by company representatives and information provided in this presentation may constitute future-oriented financial information or financial outlook information, all of which are subject to the same assumptions, risk factors, limitations and qualifications set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on such future-oriented financial information or financial outlook information. The company's actual results, performance and achievements could differ materially from those expressed in, or implied by, such future-oriented financial information or financial outlook information. The company has included such information in order to provide readers with a more complete perspective on its future operations and its current expectations relating to its future performance. Such information may not be appropriate for other purposes and readers are cautioned that such information should not be used for purposes other than those for which it has been disclosed herein. Future-oriented financial information or financial outlook information contained herein was made as of the date of this presentation. 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. 2Canadian Utilities Limited Q4 2025 Presentation Legal Notice
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Non-GAAP and other financial measures disclosure advisory This presentation contains various “total of segments measures”, “non-GAAP financial measures” and “non-GAAP ratios” (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")). NI 52-112 defines a “total of segments measure” as a financial measure disclosed by an issuer that (a) is a subtotal or total of two 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. Consolidated adjusted earnings (loss) and adjusted earnings (loss) for each of Financing & Other, ATCO Energy Systems, ATCO EnPower and ATCO Australia are total of segments measures, as defined in NI 52-112. Adjusted earnings (loss) are earnings (loss) attributable to equity owners of the company after adjusting for the timing of revenues and expenses associated with rate-regulated activities, dividends on equity preferred shares of the company, and unrealized gains or losses on mark-to-market forward and swap commodity contracts. Adjusted earnings (loss) also exclude 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 earnings (loss) is not a standardized financial measure under the reporting framework used to prepare our financial statements and may not be comparable to similar financial measures disclosed by other issuers. The most directly comparable measure to adjusted earnings (loss) reported in accordance with International Financial Reporting Standards ("IFRS") is earnings (loss) attributable to equity owners of the company, which on a consolidated basis was $480 million for the year ended December 31, 2024, and $119 million for the year ended December 31, 2025. Management views adjusted earnings (loss) as a key measure of segment earnings that is used to assess segment performance and allocate resources and allows for a more effective analysis of operating performance and trends. It is also management’s view that adjusted earnings (loss) allow a better assessment of the economics of rate regulation in Canada and Australia than IFRS earnings. Additional information regarding adjusted earnings (loss), including a reconciliation of adjusted earnings (loss) to earnings attributable to equity owners of the company, is provided in the MD&A under “Other Financial and Non-GAAP Measures”, and under “Reconciliation of Adjusted Earnings to Earnings Attributable to Equity Owners of the Company”. 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. Mid-year rate base and adjusted earnings (loss) for each of Electricity Generation and Storage & Industrial Water are non-GAAP financial measures, as defined in NI 52-112. Mid-year rate base for a given year is calculated as the average of the opening rate base and the closing rate base. Growth in mid-year rate base is a leading indicator of a utility's earnings trend, depending on changes in the equity ratio of the mid- year rate base and the rate of return on common equity. Mid-year rate base is not a standardized financial measure under the reporting framework used to prepare our financial statements and may not be comparable to similar financial measures disclosed by other issuers. Management views mid-year rate base as a key metric for determining the company’s profitability. The most directly comparable measures to mid-year rate base reported in accordance with IFRS are property, plant and equipment and intangible assets. For further information, a "Reconciliation of Rate Base and Mid-Year Rate Base to Property, Plant and Equipment, and Intangible Assets" is presented in the MD&A. NI 52-112 defines a "non-GAAP ratio" as a financial measure disclosed by an issuer that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-GAAP financial measure as one or more of its components, and (c) is not disclosed in the financial statements of the entity. Mid-year rate base CAGR is a non-GAAP ratio, as defined in NI 52-112. The MD&A is available on SEDAR+ at www.sedarplus.ca. The referenced sections of the MD&A are incorporated by reference herein. 3Canadian Utilities Limited Q4 2025 Presentation Legal Notice
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$647 $658 ($11) ($15) ($12) ($19) $36 $21 $11 FY 2024 ECM ROE Renewable generation Lower interest income earned & sale of ATCO Energy Regulated utility growth (North America) Australia growth Storage & Industrial Water growth FY 2025 4 Note: Millions of Canadian dollars. 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 Equity Owners of the Company, which was $480 million for the year ended December 31, 2024, and $119 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. ECM means efficiency carry-over mechanism. 3. ROE means return on equity. 4. Represents the incremental addition in Adjusted Earnings (Loss) from 2024 to 2025 for Electricity Generation and Storage a nd Industrial Water, respectively. Adjusted earnings (loss) for Electricity Generation and Storage and Industrial Water are non-GAAP financial measures (as defined in NI 52 -112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 5. Sale of ATCO Energy Ltd. occurred on August 1, 2024, resulting in no earnings contribution from ATCO Energy Ltd. to Canadi an Utilities Limited in 2025. 6. Represents the incremental addition in Adjusted Earnings (Loss) from 2024 to 2025 for Financing & Other, ATCO Energy Syste ms, and ATCO Australia, respectively. Adjusted Earnings (Loss) for Financing & Other, ATCO Energy Systems and ATCO Australia are total of segments measures (as defined in NI 52 -112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 1 1 FY 2025 adjusted earnings1 waterfall Canadian Utilities Limited Q4 2025 Presentation 2 3 5,6 4 6 6 4 Canadian Utilities Limited
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5Canadian Utilities Limited Q4 2025 Presentation Canadian Utilities Limited
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6 Growth & Prosperity Financial Leadership Operational Excellence Canadian Utilities Limited Q4 2025 Presentation Growth & Prosperity
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7 Canada’s energy future begins in Alberta +19.6K Largest number of gas connections in a decade Canadian Utilities Limited Q4 2025 Presentation Growth & Prosperity 1. Statistics Canada, February 2026. 2. Provinces with a population of over one million people. 3. 2024 AESO Long Term Outlook, May 2024 4. ATCO Gas connections of 19,666 in 2025 was the largest since 2015. 89,973 96,752 2025 2034 2025 ATCO Gas connections4Total Alberta internal load forecast (GWh)3 1.7% 0.7% 0.4% 0.3% 0.2% -0.2% -0.2% Population growth per province Q4 2024 – Q4 20251,2
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$0.5B $0.4B $0.5B $0.5B $0.5B $0.5B $0.5B $0.3B $0.3B $0.3B $0.4B $0.4B $0.5B $0.6B $0.4B $0.4B $0.4B $0.5B $0.5B $0.5B $0.5B$0.2B $0.3B $1.4B $1.6B $0.4B $0.4B $0.6B $0.1B $0.1B $0.1B $0.1B $0.1B $0.1B $0.1B 2024 2025 2026E 2027E 2028E 2029E 2030E Electric Distribution Electric Transmission Natural Gas Distribution Natural Gas Transmission ATCO Gas Australia 8 $2.7B $3.1B $1.9B $2.0B $2.3B Regulated utility capital expenditures (5 year plan) $12B 5 year capital expenditure plan $1.5B Historical Canadian Utilities Limited Q4 2025 Presentation Growth & Prosperity $1.5B
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$3.6B $3.8B $4.1B $4.4B $4.6B $4.8B $5.3B $5.4B $5.5B $5.7B $6.0B $6.3B $3.4B $3.5B $3.7B $3.9B $4.0B $4.2B$2.8B $3.6B $4.9B $5.7B $5.9B $6.1B $1.5B $1.6B $1.6B $1.7B $1.8B $1.8B 2025 2026E 2027E 2028E 2029E 2030E Electric Distribution Electric Transmission Natural Gas Distribution Natural Gas Transmission ATCO Gas Australia 9 CAGR ‘25-’30 3.7% AUS 16.9% GT 4.3% GD 3.5% ET 5.9% ED $16.6B $17.9B $19.8B $21.4B $22.3B $23.2B6.9% 5 year mid-year rate base1 CAGR2 Mid-year rate base1 (5 year plan) 1. Mid-year rate base is a non-GAAP financial measure and mid-year rate base CAGR is a non-GAAP ratio. Mid-year rate base and mid-year rate base CAGR are not standardized measures under the reporting framework used to prepare the company's financial statements and may not be comparable to similar measures disclosed by other issuers. The most directly comparable measures to mid -year rate base reported in accordance with IFRS are “property, plant and equipment” and “intangible assets”, which were $19.7 billion and $1 .0 billion, respectively, for ATCO Energy Systems and $1.4 billion for “property, plant and equipment and intangible assets” for ATCO Gas Australia for the year ended December 31, 2025. See Legal Notice - Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. CAGR means compound annual growth rate. Canadian Utilities Limited Q4 2025 Presentation Growth & Prosperity
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10 Central East Transfer-Out Project (CETO) 85 km 240 kV double-circuit powerline $255 million investment Growth & Prosperity Canadian Utilities Limited Q4 2025 Presentation Grande Prairie Fort McMurray Calgary Edmonton Alberta-Montana Intertie Alberta-SK Intertie (McNeill) Alberta-BC Intertie CETO Strengthening Connections. Enhancing Reliability. Q2 2026 – Target in-service date Construction remains: On time On budget
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11 Long-term growth opportunities within Electric Transmission Growth & Prosperity Canadian Utilities Limited Q4 2025 Presentation Grande Prairie Fort McMurray Calgary Edmonton Alberta-Montana Intertie Alberta-SK Intertie (McNeill) Alberta-BC Intertie CETO 69/72 kV & 138/144 kV 240 kV 500 kV Wind Generation Gas-Fired Generation Solar GenerationSubstations & Interties McNeill Converter Station Northwest Area Transmission Development 1 2 3
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12 Yellowhead Pipeline Project Q2 2024 Project announced In-Progress Q3 2024 AUC Needs Application filed Q3 2025 AUC Needs Application approved FEED complete Long lead material procurement Q4 2025 AUC Facility Application filed Q3 2026 Regulatory and permitting complete Q3 2026 Construction start Q4 2027 Target in- service date 235 km length 1.1 Bcf/d capacity $2.9 billion investment1 Completed Growth & Prosperity Canadian Utilities Limited Q4 2025 Presentation Calgary Production Fort McMurray Edmonton/ Industrial Heartland 1. The $2.9 billion investment is a Class III estimate with an expected accuracy of +/ -20%. Treaty 6 Territory Yellowhead Pipeline Existing system flow of gas Reducing Congestion. Powering Industry. Driving Economic Growth.
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13 Capitalizing on growth in Australia Canadian Utilities Limited Q4 2025 Presentation Growth & Prosperity Key drivers of growth under AA61 8.23% nominal ROE 27% increase in customers 80,000 projected new customers +3.21% vs. AA5 ATCO Australia adjusted earnings 2 Note: Millions of Canadian dollars. 1. Changes in projected new customers, customer growth, and nominal return on equity (ROE) for the 5-year period (2025-2029) under the Sixth Access Arrangement (AA6). 2. Total of segments measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is Earnings Attributable to Equity Owners of the Company, which was $22 million for the year ended December 31, 2024, and $8 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. $48 $69 FY 2024 FY 2025
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14 Prioritizing long-term contracts that provide cash flow stability Established assets that are diversified across the energy value chain Note: Capacity for the full year ended December 31, 2025. 1. Includes gross capacity of all operating assets across Canadian Utilities Limited. Significant presence in key strategic markets and geographies Non-regulated energy investments are key to driving additional long-term growth Canadian Utilities Limited Q4 2025 Presentation Growth & Prosperity 117 PJ 544,000 m3 Natural Gas Liquids Storage Capacity 85,200 m3/d Water Infrastructure Capacity Natural Gas Storage Capacity 265 MW Operated Wind Generation1 181 MW Operated Solar and Hydro Generation1 296 MW Operated Gas Fired Generation1
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15 Note: Millions of dollars. 1. 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 Equity Owners of the Company, which was $35 million for the year ended December 31, 2024, and $19 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Carbon and Alberta Hub expansion COD target of late 2026. Growth & Prosperity Canadian Utilities Limited Q4 2025 Presentation Natural gas storage growth Our storage asset advantage Key growth drivers Financial performance History of driving growth expansion 52 PJ 101 PJ 117 PJ 117 PJ 117 PJ 117 PJ 130 PJStorage Capacity (PJ) Revenue ($M) $38 $49 FY 2024 FY 2025 Significant revenue growth through marketing flexibility and optimization Alberta Hub acquisition (Dec ‘21) Carbon expansion Carbon and Alberta Hub expansions 2020 2021 2022 2023 2024 2025E 2026E 2 (Storage and Industrial water adjusted earnings1) ❖ Development of AI data centres ❖ Increase of LNG export project opportunities ❖ Facilities positioned to take advantage of market price volatility ❖ Scarcity of natural gas storage infrastructure ❖ Consistent cash flow generation ❖ Strong earnings growth ❖ Asset base with significant contracted capacity from strong counterparties ❖ Strategically positioned assets in regions with demand and production growth
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16 Growth & Prosperity Financial Leadership Operational Excellence Operational Excellence Canadian Utilities Limited Q4 2025 Presentation
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17 Drive for continuous improvement Operational Excellence Canadian Utilities Limited Q4 2025 Presentation 1. Distribution utility reliability year -over-year improvement in 2025. Asset reliability performance1 System Average Interruption Duration Index 23% Year-over-year Improvement System Average Interruption Frequency Index 18% Year-over-year Improvement
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18 Growth & Prosperity Financial Leadership Operational Excellence Financial Leadership Canadian Utilities Limited Q4 2025 Presentation
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ATCO Energy Systems 19 Clear path towards funding the Yellowhead Pipeline Project Canadian Utilities Limited Q4 2025 Presentation Expected Investment CUL Investment 63% 37% Canadian Utilities Limited (CUL) Indigenous Partners 30%70% Regulated Debt (CU Inc.) $2.9B $1.8B $1.1B $326M$761M Financial Leadership Our equity portion of the project has been fully funded through hybrids, preferred shares and cash, without the need to issue common equity We continue to pursue partnerships with Indigenous communities
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$647 $658 ($11) ($15) ($12) ($19) $36 $21 $11 FY 2024 ECM ROE Renewable generation Lower interest income earned & sale of ATCO Energy Regulated utility growth (North America) Australia growth Storage & Industrial Water growth FY 2025 20 Note: Millions of Canadian dollars. 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 Equity Owners of the Company, which was $480 million for the year ended December 31, 2024, and $119 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. ECM means efficiency carry-over mechanism. 3. ROE means return on equity. 4. Represents the incremental addition in Adjusted Earnings (Loss) from 2024 to 2025 for Electricity Generation and Storage a nd Industrial Water, respectively. Adjusted earnings (loss) for Electricity Generation and Storage and Industrial Water are non-GAAP financial measures (as defined in NI 52 -112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 5. Sale of ATCO Energy Ltd. occurred on August 1, 2024, resulting in no earnings contribution from ATCO Energy Ltd. to Canadi an Utilities Limited in 2025. 6. Represents the incremental addition in Adjusted Earnings (Loss) from 2024 to 2025 for Financing & Other, ATCO Energy Syste ms, and ATCO Australia, respectively. Adjusted Earnings (Loss) for Financing & Other, ATCO Energy Systems and ATCO Australia are total of segments measures (as defined in NI 52 -112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 1 1 FY 2025 adjusted earnings1 waterfall Financial Leadership Canadian Utilities Limited Q4 2025 Presentation 2 3 5,6 4 6 6 4
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21 ATCO Energy Systems Adjusted Earnings1 ATCO Australia Adjusted Earnings1 ATCO EnPower Adjusted Earnings1 CUL Consolidated Adjusted Earnings1 Note: Millions of Canadian dollars. 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 Equity Owners of the Company, which was $480 million for the year ended December 31, 2024, and $119 million for the year ended December 31, 2025 on a consolidated basis, $515 million for th e year ended December 31, 2024, and $503 million for the year ended December 31, 2025 for ATCO Energy Systems, $44 million for the year ended December 31, 2024, and $(371) million for the year ended December 31, 2025 for ATCO EnPower, and $22 million for the year ended December 31, 2024, and $8 million for the year ended December 31, 2025 for ATCO Australia. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Represents the incremental addition in Adjusted Earnings (Loss) from 2024 to 2025 for Electricity Generation and Storage & Industrial Water, respectively. Adjusted earnings (loss) for Electricity Generation and Storage & Industrial Water are non-GAAP financial measures (as defined in NI 52-112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. Canadian Utilities Limited Q4 2025 Presentation Cash Flow from Operations $632 $642 FY 2024 FY 2025 $48 $69 FY 2024 FY 2025 $647 $658 FY 2024 FY 2025 $1,917 $2,061 FY 2024 FY 2025 Financial Leadership $44 $43 ($12) $11 FY 2024 Renewable generation Storage & Industrial Water FY 2025 2 2
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ATCO Energy Systems 22 Concluding Remarks Closing Remarks Growth & Prosperity Execution of major growth initiatives 5-year regulated utility capital projected to be higher than historical with potential for additional upside Operational Excellence Commitment to safety, reliability, and efficiency drives stability and collaboration across the business Financial Leadership Strong access to capital creates a clear path to fund upcoming projects and future growth initiatives Key takeaways Canadian Utilities is led by safety Canadian Utilities Limited Q4 2025 Presentation
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Questions & Answers InvestorRelations@atco.com Canadian Utilities Limited Q4 2025 Presentation 23
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24 Capital expenditures by category (5 year plan) Canadian Utilities Limited Q4 2025 Presentation Appendix $ Billions 2026 2027 2028 2029 2030 Cumulative ATCO Energy Systems Yellowhead Pipeline Project $1.1 $1.4 $0.2 $0.1 $0.0 $2.8 Customer Growth $0.5 $0.6 $0.6 $0.7 $1.1 $3.5 System Reliability and Safety $0.7 $0.7 $0.7 $0.8 $0.8 $3.7 Climate and Technology $0.3 $0.3 $0.3 $0.3 $0.3 $1.5 Total ATCO Energy Systems Capital $2.6 $3.0 $1.8 $1.9 $2.2 $11.5 ATCO Gas Australia Total ATCO Gas Australia Capital $0.1 $0.1 $0.1 $0.1 $0.1 $0.5 Total CUL Regulated Utilities Capital $2.7 $3.1 $1.9 $2.0 $2.3 $12.0