Algonquin Power & Utilities (AQN) Investor presentation summary

Strategic focus and business model

• Operates as a pure-play regulated utility with a $7.9B rate base, serving over 1.2 million customer connections across 13 U.S. states, one Canadian province, Bermuda, and Chile.

• Business model emphasizes customer-centric performance, stable regulatory environments, financial strength, and operational excellence.

• Recent exit from the renewables segment to focus on regulated utility operations and cost optimization.

Operational and regulatory execution

• Efficiency initiatives target reducing O&M expenses from ~38% to 31–33% of revenue by 2027.

• Filed for ~$100M in revenue increases in key rate cases, with ongoing regulatory proceedings in multiple jurisdictions.

• Earned ROE expected to improve by ~300bps to 8.5% by year-end 2027 through operational and regulatory improvements.

Growth opportunities and capital investment

• Medium-term growth driven by $2.5B capital expenditure plan from 2025–2027, focused on system expansion, asset replacement, and customer growth.

• Notable projects include $770M in SPP transmission projects in Missouri and a $100M Peach State Gas upgrade.

• Anticipates $1.2B cumulative rate base growth from 2025–2027, reaching ~$9.1B by 2027.