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 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.

Financial performance and outlook

• Delivered 2025 adjusted net EPS of $0.34 and net earnings per share of $0.27, with improved FFO/debt ratio to 12.8%.

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

• 2026 adjusted net EPS guidance is $0.35–$0.37, with $0.8B in capital expenditures planned for 2026 and $3.2B for 2026–2028.

• Rate base expected to grow at a 5–6% CAGR from 2025 to 2028.

Strategic priorities and operational focus

• Focused on operational efficiencies, centralized capital project management, and customer experience improvements.

• Onboarded a new executive team and plans to refinance $1.15B in senior unsecured notes due June 2026.

• Exploring tax optimization strategies, including potential redomicile to the U.S.