ATCO (ACO-X) Investor Presentation summary

Strategic positioning and portfolio overview

• Focus on essential services, energy transition, and key relationships guides new growth initiatives.

• Portfolio includes regulated utilities, energy, structures, defence, and investments across multiple geographies.

• Over 4 million customers, 771 MW power generation, and 117 PJ gas storage capacity.

• Strategic investments in ports, retail energy, and sustainable housing solutions.

• 21,000+ employees and 67 Indigenous partnerships support broad operational reach.

Financial performance and stability

• YTD 2025 adjusted earnings reached $364M, up 9% year-over-year.

• Strong cash flows from operating activities ($276M YTD 2025) support capital expenditures and strategic investments.

• Conservative balance sheet with less than 5% HoldCo debt and access to over $2B in committed credit liquidity.

• Credit ratings of A (low) from DBRS and BBB+ from Fitch underpin financial strength.

• Portfolio balances yield and long-term growth, supporting consistent dividend growth.

Regulated utilities and infrastructure

• ATCO Energy Systems generated $2.3B in YTD 2025 revenue, with a 5.4% three-year mid-year rate base CAGR.

• 91% of adjusted earnings from Alberta, with significant contributions from electricity and natural gas segments.

• Yellowhead Pipeline Project: $2.9B investment, 235 km length, 1.1 Bcf/d capacity, targeting in-service by Q4 2027.

• LUMA Energy and Naka Power Utilities expand international and Indigenous partnerships.