Canadian Utilities Reports First Quarter 2025 Earnings
Press Release
CALGARY, AB, May 7, 2025 – Canadian Utilities Limited (TSX: CU) Canadian Utilities Limited (Canadian Utilities or the Company) today announced first quarter 2025 adjusted earnings (1) of $232 million ($0.85 per share), which were $7 million ($0.02 per share) higher compared to $225 million ($0.83 per share) in 2024.
First quarter 2025 earnings attributable to equity owners of the Company reported in accordance with International Financial Reporting Standards (IFRS earnings) were $236 million ($0.80 per Class A and Class B share), which were $6 million ($0.02 per Class A and Class B share) lower compared to $242 million ($0.82 per Class A and Class B share) in 2024.
RECENT DEVELOPMENTS
- Canadian Utilities invested $401 million of capital expenditures in the first quarter of 2025, of which 91 per cent was invested in our regulated utilities in ATCO Energy Systems and ATCO Australia, with the remaining 9 per cent largely invested in ATCO EnPower.
- ATCO Energy Systems continues to work on many utility infrastructure opportunities, including two previously announced projects: the Yellowhead Pipeline Project (Yellowhead) in Natural Gas Transmission and the Central East Transfer-Out Project (CETO) in Electricity Transmission.
- Yellowhead is on-track for construction to commence in 2026, subject to Alberta Utilities Commission and Company approvals. As part of the regulatory application process that establishes the need for the project, the oral argument and reply portion of the needs application took place in March 2025. A decision is expected in the second or third quarter of 2025. As well, we continue to progress discussions on Indigenous ownership in the pipeline.
- Electricity Transmission began construction of CETO in the third quarter of 2024, completed the winter season construction in the first quarter of 2025, and will begin fall season construction in the third quarter of 2025. CETO will support renewable energy integration in Alberta and transport electricity in the counties of Red Deer, Lacombe and Stettler, supplying more than 1,500 megawatts of electricity to Alberta’s grid.
- ATCO EnPower continues to see favourable market conditions for natural gas storage operations which supports its long-term revenue growth strategy. The $98 million of revenues in the first quarter 2025, an increase of $7 million compared to the same period in 2024, underlines the strength in our natural gas and natural gas liquids storage assets.
Corporate
- On April 10, 2025, Canadian Utilities declared a second quarter dividend of 45.77 cents per share or $1.83 per Class A and Class B share on an annualized basis.
(1) Adjusted earnings is a total of segments measure. See Other Financial and Non-GAAP Measures Advisory included in this News Release.
This news release should be read in concert with the full disclosure documents. Canadian Utilities’ unaudited interim consolidated financial statements and management’s discussion and analysis for the quarter ended March 31, 2025 will be available on the Canadian Utilities website (www.canadianutilities.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company.
TELECONFERENCE AND WEBCAST
Canadian Utilities will hold a live teleconference and webcast with Bob Myles, President & Chief Operating Officer, and Katie Patrick, Executive Vice President, Chief Financial & Investment Officer, at 9:00 am Mountain Time (11:00 am Eastern Time) on Wednesday, May 7, 2025 at 1-833-821-3314. No pass code is required.
Opening remarks will be followed by a question and answer period with investment analysts. Participants are asked to please dial-in 10 minutes prior to the start and request to join the Canadian Utilities teleconference.
Management invites interested parties to listen via live webcast at: https://www.canadianutilities.com/en-ca/investors/events-presentations.html.
A replay of the teleconference will be available approximately two hours after the conclusion of the call until June 7, 2025. Please call 1-855-669-9658 and enter pass code 7860116.
Canadian Utilities Limited and its subsidiary and affiliate companies have approximately 9,100 employees and assets of
$24 billion. Canadian Utilities, an ATCO company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions. ATCO Energy Systems delivers energy for an evolving world through its electricity and natural gas transmission and distribution, and international electricity operations segments. ATCO EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. More information can be found at www.canadianutilities.com.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President, Financial Operations
Colin.Jackson@atco.com
(403) 808 2636
Media Inquiries:
Kurt Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571
Subscription Inquiries:
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Other Financial and Non-GAAP Measures Advisory
Adjusted Earnings
Consolidated adjusted earnings is a “total of segments measure”, as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). The most directly comparable measure to adjusted earnings reported in accordance with IFRS is “earnings attributable to equity owners of the Company”. IFRS earnings include timing adjustments related to rate-regulated activities, dividends on equity preferred shares, unrealized gains or losses on mark-to-market forward and swap commodity contracts, one-time gains and losses, impairments, and items that are not in the normal course of business or a result of day-to-day operations. These items are not included in adjusted earnings. A reconciliation of adjusted earnings to earnings attributable to equity owners of the Company is provided below.
IBF4
