ATCO (ACO-X) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees to the 58th in-person AGM, highlighting the value of face-to-face engagement post-pandemic.

• Honored traditional territories and acknowledged Indigenous communities where operations are located.

• Recognized special guests, including Indigenous leaders, city officials, family, and long-standing shareholders.

Board and executive committee updates

• Introduced executive team members and newly appointed CEO of Canadian Utilities.

• Announced the retirement of a long-serving board member, Bob Booth, after nearly three decades.

• Confirmed the election of nine directors and appointment of PricewaterhouseCoopers as auditor.

Financial performance review

• Reported 2024 adjusted earnings of CAD 481 million, up from CAD 432 million in 2023.

• Growth driven by increased rate base, higher allowable return on equity, and efficiency gains.

• Q1 2025 adjusted earnings reached CAD 160 million, up from CAD 148 million in 2024.

• Total shareholder return for 2024 was 29%, outperforming the S&P Composite Index and Berkshire Hathaway.