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Canadian Utilities
Canadian Utilities (CU) investor relations material
Canadian Utilities Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved strong year-over-year growth in adjusted earnings, reaching $108 million ($0.40 per share), driven by major project execution, operational excellence, and safety, with momentum across all business segments in Q3 2025.
Alberta's population growth and economic drivers underpin robust customer connections and infrastructure investments.
Continued expansion in Australia, with strong customer growth and favorable regulatory returns.
Robust access to capital ensures funding for significant growth initiatives.
Financial highlights
Q3 2025 consolidated adjusted earnings rose to $108 million (CAD 0.40 per share), up from $102 million year-over-year, a 6% increase.
Cash flow from operations increased to $468 million in Q3 2025 from $419 million in Q3 2024, up 12%.
ATCO Energy Systems delivered adjusted earnings of $98 million, up $4 million year-over-year.
ATCO Power/EnPower adjusted earnings rose to $16 million, up $2 million year-over-year.
ATCO Australia adjusted earnings reached $27 million, an 80% increase year-over-year.
Declared a fourth quarter dividend of 45.77 cents per share, or $1.83 annualized per share.
Capital expenditures totaled $402 million in Q3 2025, with 95% invested in regulated utilities.
Outlook and guidance
Major projects such as CETO and Yellowhead Pipeline are progressing on schedule, with targeted in-service dates in 2026 and 2027, respectively.
Expect continued strong growth in Australia, though some one-time items in 2025 will not repeat in 2026.
Anticipate headwinds in Q4 due to reduced tax efficiencies in Canada.
Ongoing focus on operational efficiencies and cost management across the organization.
ATCO Pipelines filed a General Rate Application for 2026-2028, seeking revenue requirements of $381M, $489M, and $680M for each year respectively.
Yellowhead pipeline remaining funding
ATCO Gas Australia growth drivers beyond AA6?
Alberta electric transmission growth outlook
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Next Canadian Utilities earnings date
Q4 202526 Feb, 2026
Canadian Utilities
Next Canadian Utilities earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Canadian Utilities Limited and its subsidiaries engage in the electricity, natural gas, and retail energy businesses worldwide. It generates, transmits, and distributes electricity to residential, commercial, industrial, agricultural, utility, and wholesale markets; provides transmission and distribution lines; develops alternative energy projects; treats wastewater; produces steam for oil sands extraction facilities; and distributes propane. The company also sells retail electricity products and natural gas services to customers under the Atcoelectric Portfolio® brand. The company was incorporated in 1927 and is headquartered in Calgary, Canada.
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