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ATCO Ltd. Investor Presentation May 16, 2025
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Legal Notice 3 ATCO Group 5 ATCO Group overview 5 Organizational structure 6 Financial overview 7 Credit ratings 10 Canadian Utilities Limited 11 Organizational structure 12 ATCO Energy Systems 13 ATCO EnPower 17 ATCO Australia 19 ATCO Structures 21 ATCO Frontec 26 ATCO Investments 28 Why Invest 31 ATCO Ltd. Investor Presentation 2 Table of contents
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Forward-looking information advisory Certain statements made by company representatives and information provided in this presentation may be considered forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", "goals", "targets", "strategy", "future", "potential" and similar expressions. Such information includes, but is not limited to, references to: strategic and growth plans, opportunities and expectations; expectations that ATCO’s essential services to communities are more resilient to demand fluctuations and underpinned by growth in the regions where we operate; expectations regarding the foundational stability of the regulated utility underpinning our growth assets; the company’s portfolio balancing yield and long-term growth; significant non-regulated energy opportunities; a growing earnings profile; the company’s portfolio of cash flow generating assets supporting our strategic investments that underpin long-term growth; Alberta having a supportive and pro-business government and regulatory environment and being a highly electric and gas supportive jurisdiction; transmission and distribution underpinning growth in Alberta; optionality within ATCO EnPower’s asset base driving long-term growth; ATCO EnPower’s significant presence in key strategic markets and geographies; ATCO Australia having a predictable and stable cash flow with a proven ability to outperform approved ROE; ATCO Structures’ reliable recurring cash flow, major projects and scaled footprint enabling continued and sustainable growth of base business; ATCO Frontec’s government, defense and commercial clients enabling growth; Viva Homes offering sustainable living solutions in a timely manner; and Neltume Ports’ growth drivers being improved operational efficiency, strategic acquisitions, increased volumes and ownership at existing ports, and investing in brownfield and greenfield assets. Such forward-looking information is considered to be reasonable based on the information that is available on the date of this presentation and the processes used to prepare such information; however, such information does not constitute a guarantee of future performance and no assurance can be given that the information will prove to be correct. Forward-looking information should not be unduly relied upon. Such information involves a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those anticipated by such forward-looking information. The forward-looking information reflects management’s beliefs and assumptions with respect to, among other things: management’s current plans and its perception of historical trends; current conditions and expected future developments; the applicability and stability of legal and regulatory requirements in the jurisdictions in which we invest and/or operate; the payment of fees owing pursuant to applicable contracts; certain regulatory applications being made and approved in 2025; expected rate base growth; continuing collaboration with certain business partners and engagement with new business partners, and regulatory, environmental and First Nations groups; the performance of assets and equipment; demand levels for oil, natural gas, gasoline, diesel and other energy sources; certain levels of future energy use; future production rates; future revenue and earnings; the design specifications of development projects; the availability of labour, materials, services and infrastructure; the satisfaction by third parties of their obligations; a supportive regulatory environment; the ability to meet current project schedules and complete proposed development projects at currently estimated project budgets; the availability of financing sources on acceptable terms; assumptions related to electricity prices based on forward strip prices and merchant price differentials that are consistent with management’s observations; and other assumptions inherent in management's expectations with respect to the forward-looking information identified herein. Actual results could differ materially from those anticipated in the forward-looking information as a result of, among other things: risks inherent in the performance of assets; capital efficiencies and cost savings; applicable laws and regulations and the interpretation and manner of enforcement of such laws and regulations; changes to government policies; regulatory decisions and the regulatory environment; competitive factors in the industries in which the company operates; evolving market or economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; future demand for resources; the development and execution of projects, including development projects, not proceeding on schedule or at all, or at currently estimated budgets; the availability of financing sources for development projects on acceptable terms; prices of electricity, natural gas, natural gas liquids, and renewable energy; the development and performance of technology and new energy efficient products, services, and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture, and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; potential cancellation, termination, default, non-compliance, or breach of contract by contract counterparties; the risk that payments owed may not be collected or received in a timely manner, or at all; risks associated with potential litigation proceedings; potential damage to our brand and/or reputation that may result from a failure to perform, or from factors outside of our control, or negative publicity related to significant projects, investments, operations or activities; the risk of operational disruptions, outages, or force majeure events; the occurrence of unexpected events such as fires, extreme weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; global pandemics; the imposition of or changes to customs duties, tariffs or other trade restrictions; geopolitical tensions and wars; and other risk factors, many of which are beyond the control of the company. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks faced by the company see "Business Risks and Risk Management" in ATCO Ltd.’s Management’s Discussion and Analysis for the year ended December 31, 2024 (the "Annual MD&A"). Any forward-looking information contained in this presentation represents the company's expectations as of the date hereof, and is subject to change after such date. The company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. 3 Legal notice ATCO Ltd. Investor Presentation
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Non-GAAP and other financial measures disclosure advisory This presentation contains various “total of segments measures”, “non-GAAP financial measures” and “non-GAAP ratios” (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")). NI 52-112 defines a “total of segments measure” as a financial measure disclosed by an issuer that (a) is a subtotal or total of two or more reportable segments of an entity, (b) is not a component of a line item disclosed in the primary financial statements of the entity, (c) is disclosed in the notes to the financial statements of the entity, and (d) is not disclosed in the primary financial statements of the entity. Consolidated adjusted earnings (loss) and adjusted earnings (loss) for each of ATCO Energy Systems, ATCO EnPower, ATCO Australia, ATCO Structures & Logistics, and ATCO Investments are total of segments measures, as defined in NI 52-112. NI 52-112 defines a “non-GAAP financial measure” as a financial measure disclosed by an issuer that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. Adjusted earnings (loss) for each of Electricity Distribution, Electricity Transmission, International Electricity Operations, Natural Gas Distribution, Natural Gas Transmission, adjusted EBITDA for ATCO EnPower, and mid-year rate base are non-GAAP financial measures, as defined in NI 52-112. NI 52-112 defines a "non-GAAP ratio" as a financial measure disclosed by an issuer that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-GAAP financial measure as one or more of its components, and (c) is not disclosed in the financial statements of the entity. Mid-year rate base CAGR is a non-GAAP ratio, as defined in NI 52-112. Adjusted earnings (loss) are earnings (loss) attributable to Class I and Class II shares after adjusting for the timing of revenues and expenses associated with rate-regulated activities and unrealized gains or losses on mark-to-market forward and swap commodity contracts. Adjusted earnings (loss) also exclude 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. Adjusted earnings (loss) is not a standardized financial measure under the reporting framework used to prepare our financial statements and may not be comparable to similar financial measures disclosed by other issuers. The most directly comparable measure to adjusted earnings (loss) reported in accordance with International Financial Reporting Standards ("IFRS") is earnings (loss) attributable to Class I and Class II shares, which on a consolidated basis was $430 million for the year ended December 31, 2024. Management views adjusted earnings (loss) as a key measure of segment earnings that is used to assess segment performance and allocate resources and allows for a more effective analysis of operating performance and trends. It is also management’s view that adjusted earnings (loss) allow a better assessment of the economics of rate regulation in Canada and Australia than IFRS earnings. Additional information regarding adjusted earnings (loss), including a reconciliation of adjusted earnings (loss) to earnings attributable to Class I and Class II shares, is provided in the Annual MD&A under “Other Financial and Non-GAAP Measures”, and under “Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II shares”. Adjusted EBITDA is an additional important metric for ATCO EnPower and is representative of core operational results. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA after adjustments, excluding 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. Adjusted EBITDA is most directly comparable to earnings (loss) attributable to Class I and Class II shares but is not a standardized financial measure under the reporting framework used to prepare our financial statements. Adjusted EBITDA may not be comparable to similar financial measures disclosed by other issuers. A reconciliation of adjusted EBITDA for ATCO EnPower to adjusted earnings (loss) is presented in the Annual MD&A under “Appendix 1: Supplemental Non-Audited Financial Information” and a reconciliation of adjusted earnings (loss) to earnings (loss) attributable to Class I and Class shares is presented in the Annual MD&A under “Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II shares”. Additional information regarding mid-year rate base and mid-year rate base CAGR for ATCO Energy Systems and ATCO Australia, including a reconciliation of mid-year rate base to property, plant and equipment, and intangible assets, is provided in the Annual MD&A under “Other Financial and Non-GAAP Measures” and “Reconciliation of Rate Base to Property, Plant and Equipment, and Intangible Assets”. The Annual MD&A is available on SEDAR+ at www.sedarplus.ca. The referenced sections of the Annual MD&A are incorporated by reference herein. 4 Legal notice ATCO Ltd. Investor Presentation
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ATCO Carbon sequestration More resilient to demand fluctuations Underpinned by growth in the regions we operate Performing for communities Ports Natural gas storage Renewable energy generation Modular housing Space rentals Electric transmission & distribution Gas transmission & distribution Hydrogen production 5ATCO Ltd. Investor Presentation Essential services to communities ATCO Group overview
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1. Canadian Utilities Limited ownership as of March 31, 2025. 2. ATCO Investments also includes ATCO Corporate & Other, which contains the global corporate head office in Calgary, Canada, ATCO licensing fees received, and financing expenses. 6ATCO Ltd. Investor Presentation Organizational structure 52.5%1 Structures & Logistics Structures Frontec 100% Land and Development Investments Energy 100% 40%Neltume Ports Fresh Bites Energy Systems EnPower Australia 2
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Foundational stability of the regulated utility underpins our growth assets Portfolio Balances Yield and Long-Term Growth Growing Earnings Profile Focus on Demonstrating Value of ATCO Structures Significant Non-Regulated Energy Opportunities Note: Millions of Canadian dollars. 1. Total of segments measures (as defined in NI 52 -112). The most directly comparable measure reported in accordance with Intern ational Financial Reporting Standards (IFRS) is Earnings Attributable to Class I non-voting and Class II voting shares, which was $430 million on a consolidated basis for the full year ended December 3 1, 2024, and was $272 million for ATCO Energy Systems, $23 million for ATCO EnPower, $11 million for ATCO Australia, $94 million for Structures & Logistics, and $126 million for ATCO Investments ($102 million for ATCO Corporate & Other and $24 million for Neltume Ports), in each case for the full year ended December 31, 2024. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Total adjusted earnings includes $(41) million attributable to the Canadian Utilities' Corporate & Other segment. 3. ATCO Investments is comprised of Neltume Ports, ATCO Energy, ATCO Land and Development, Fresh Bites, Ashcor and ATCO Corporate & Other. In Q1 2025, ATCO simplified its operating segment structure by combining the Neltume Ports and ATCO Corporate & Other segments into a single ATCO Investments segment. 7ATCO Ltd. Investor Presentation ATCO Investments1,3 $37 ATCO EnPower1 $23 ATCO Structures & Logistics1 $104 ATCO Energy Systems1 $333 $481M1,2 Adjusted Earnings FY Ended December 31, 2024 ATCO Australia1 $25 Financial overview
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ATCO Ltd. Investor Presentation 8 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Long-term track record of adjusted earnings growth through various economic cycles $481 million in adjusted earnings in 20241,2 2013 Calgary Floods 2015 GCOC3 decision and global commodity price declines 2016 Alberta wildfires 2020 COVID-19 Pandemic2008- 2009 Financial Crisis YEAR 1. For additional information about adjusted earnings, please see the “Legal Notice” slide. 2. Total of segments measure (as defined in NI 52 -112). See Legal Notice-Non-GAAP and Other Financial Measures Disclosure Adviso ry for additional information. 3. Generic Cost of Capital. Financial overview Continued Growth
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9 Strong cash flows support capital program Cash flows from operating activities1 Note: Millions of Canadian dollars. 1. ATCO standalone (i.e., excluding Canadian Utilities) cash flows from operating activities are calculated using cash flows from operating activities for ATCO FY 2024 and FY 2023 of $2,197 million and $1,965 million, respectively, minus the cash flows from operating activities for Canadian Utilities FY 2024 and FY 2023 of $1,917 million and $1,780 million, respectively. 2. ATCO standalone (i.e., excluding Canadian Utilities) capital expenditures are calculated using capital expenditures for AT CO FY 2024 and FY 2023 of $1,820 million and $1,586 million, respectively, minus the capital expenditures for Canadian Utilities FY 2024 and FY 2023 of $1,611 million and $1,360 million, respectively. Capital expenditures2 Portfolio of cash flow generating assets support our strategic investments that underpin long-term growth ATCO Ltd. Investor Presentation $226 $209 FY 2023 FY 2024 $185 $280 FY 2023 FY 2024 Financial overview
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10 A (low) BBB+ A- A- A (high) A ATCO Ltd. Investor PresentationNotes: As of March 31, 2025. S&P Global Ratings has assigned ATCO Gas Australia a ‘BBB+’ issuer and senior unsecured debt credit rating with a positive ou tlook. Strong issuer credit ratings Credit ratings HoldCo debt is less than 5% of consolidated debt Access to ~$2 billion in available committed credit liquidity Conservative balance sheet with substantial cash balance Key Metrics:
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ATCO Ltd. Investor Presentation 11
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LUMA Energy (50% JV with Quanta Services Inc.) Northland Utilities (50% JV with Denendeh Investments Incorporated) Alberta Natural Gas TransmissionAlberta Natural Gas Distribution Alberta Electricity Transmission Note: Canadian Utilities Limited also has 100% ownership of the Canadian Utilities Financing & Other segment, which includes the global corporate head office in Calgary, Canada, and CU Inc. and Canadian Utilities preferred share dividends and financing expenses. 12 ATCO Ltd. Investor Presentation 100% Natural Gas Distribution Electricity Generation 100% Electricity Generation Storage & Industrial Water 100% Alberta Electricity Distribution Yukon Electric 100% Organizational structure
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▪ Strong macroeconomic factors, including energy transition support and investment ▪ Government has supportive and pro-business environment ▪ Highly gas supportive jurisdiction Alberta has one of the best investment environments in North America An exceptional jurisdiction for electric and gas infrastructure investment ATCO Ltd. Investor Presentation 14 ATCO Energy Systems
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Pure-play, gas and electric regulated utility $333M FY 2024 adjusted earnings1,3 $3.0B+ FY 2024 revenue1 3 Year mid-year rate base CAGR2,4 5.4% 2024 Mid-year rate base2 $14.5B 1. For the full year ended December 31, 2024. 2. Mid-year rate base is a non-GAAP financial measure and mid-year rate base CAGR is a non-GAAP ratio. The most directly comparabl e measures to mid-year rate base reported in accordance with IFRS are "property, plant and equipment" and "intangible assets", which were $19.8 billion and $1.1 billion, respectively, for ATCO En ergy Systems for the year ended December 31, 2024. Mid -year rate base and mid- year rate base CAGR are not standardized financial measures under IFRS and may not be comparable to similar financial measure s disclosed by other issuers. Mid -year rate base for a given year is calculated as the average of the opening rate base and the closing rate base. Growth in mid -year rate base is a leading indicator of the bu siness’ earnings trend, depending on changes in the approved equity component of the mid-year rate base and the rate of return on common equity. Management views mid -year rate base as a key metric for determining the company's profitability. See Legal Notice - Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 3. Total of segments measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is earnings (loss) attributable to Class I and Class II shares, which for ATCO Energy Systems, was $272 million for the year ended December 31, 2024. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 4. CAGR means compound annual growth rate. 7 Utilities ATCO Electric Transmission ATCO Electric Distribution ATCO Gas ATCO Pipelines ATCO Electric Yukon Northland Utilities (NWT) LUMA Energy (Puerto Rico) ATCO Ltd. Investor Presentation 15 ATCO Energy Systems
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Transmission and distribution underpin growth in Alberta Adjusted earnings contribution by operating segment 1,2 Electricity Distribution3 24% Intl. Electricity Operations (LUMA Energy) 9% Electricity Transmission 30% Natural Gas Distribution 22% Natural Gas Transmission 15% 1. For the full year ended December 31, 2024. 2. Non-GAAP financial measures (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is earnings attributable to Class I and Class II shares. These are not standardized financial measures under IFRS, and they may not be co mparable to similar financial measures disclosed by other issuers. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 3. Includes ATCO Electric Yukon, Northland Utilities (NWT) and Lloydminster. 4. Average monthly customers in 2024. Note: T&D stands for Transmission and Distribution. Alberta Flexibility to serve the needs of the market with T&D asset mix Electricity 265,000 customers4 Gas 1.3M customers4~91% derived from Alberta ATCO Ltd. Investor Presentation 16 ATCO Energy Systems
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ATCO Ltd. Investor Presentation 18 ATCO EnPower Optionality within our asset base to drive long-term growth 117 PJ 544,000 m3 Natural Gas Liquids Storage Capacity 85,200 m3/d Water Infrastructure Capacity Strategic Natural Gas Storage Capacity 265 MW Operated Wind Generation1 114 MW Operated Solar Generation1 67 MW Operated Hydro Generation1 $77M FY 2024 Adjusted EBITDA2 $2.3B In Total Assets $23M FY 2024 Adjusted Earnings3 Prioritizing long-term contracts that provide cash flow stability Strategic land-holder of 2,000-acres in most significant energy hub in Canada Established assets and a robust development pipeline diversified across energy transition value chain Significant presence in key strategic markets and geographies Note: For the full year ended December 31, 2024. 1. Includes gross capacity of all operating assets. 2. Non-GAAP financial measure (as defined in NI 52 -112). Adjusted EBITDA is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. The most directly comparable measure reported in accordance with IFRS is earnings attributable to Class I and Class II shares, wh ich for ATCO EnPower was $23 million for the full year ended December 31, 2024. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 3. Total of segments measure (as defined in NI 52 -112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information.
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Growing our stable base of assets in Australia $25M Adjusted Earnings2 avg. ROE (2011-2024) 10.5% Earnings derived from regulated operations and long-term PPAs ~100% $1.4B 2024 Mid-Year Rate Base1 Predictable and stable cash flow with a proven ability to outperform approved ROE ATCO Ltd. Investor Presentation 20 ATCO Australia 1. Non-GAAP financial measure (as defined in NI 52 -112). The most directly comparable measures reported in accordance with IFRS are property, plant and equipment, and intangible assets, which for ATCO Australia were $1.5 billion for the year ended December 31, 2024. Mid -year rate base is not a standardized financial measures un der IFRS and may not be comparable to similar financial measures disclosed by other issuers. Mid-year rate base for a given year is calculated as the average of the opening rate base and the closing rate ba se. Growth in mid-year rate base is a leading indicator of the business’ earnings trend, depending on changes in the approved equity component of the mid -year rate base and the rate of return on common equity. Management views mid-year rate base as a key metric for determining the company's profitability. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Total of segments measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is earnings attributable to Class I and Class II shares, which for ATCO Australia, was $11 million for the full year ended December 31, 2024. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. ▪ ATCO Gas Australia is a regulated provider of natural gas distribution services in Western Australia, serving metropolitan Perth and surrounding regions. ▪ ATCO Power Australia develops, builds, owns and operates energy and infrastructure assets, including two natural gas fired generation plants.
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22 Manufacturing locations12 Calgary (2x), AB Lethbridge, AB Grimsby, ON Kamloops, BC Diboll, TX Adelaide, AUS Perth, AUS Brisbane (2x), AUS Guadalajara, Mex Santiago, CHL 5 Canada Australia United States Mexico Chile Countries Branch locations44 North America South America Australia ATCO Structures Global footprint ATCO Ltd. Investor Presentation
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23 Reliable recurring cash flow enables continued growth of base business Consistent leasing activity results in a steady revenue profile High margin and generates strong cash flow Strong demand for used product reinforces terminal value Proven execution in the space rentals market ATCO Ltd. Investor Presentation ATCO Structures
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Meaningful financial impact as projects are generally larger scale Major projects enable growth of sustainable base business Experience operating projects across a diverse range of end markets and geographies 24 Workforce Housing: Proven operators with scale Track record of winning and effectively executing major projects ATCO Ltd. Investor Presentation ATCO Structures
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25 Growth strategy in action ATCO Ltd. Investor Presentation Scaled footprint enables continued growth of base business Space Rentals Grow existing base Expand rental fleet Modular Housing Geographic expansion Focused on Australia, Canada & United States Rapid deployment Superior quality and consistency Improved safety Longer warranties Higher energy efficiency ATCO Structures
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27ATCO Ltd. Investor Presentation ATCO Frontec Note: As of December 31, 2024. ATCO Frontec provides: ✓ Facility operations and maintenance services ✓ Workforce lodging and support services ✓ Defence operations services ✓ Disaster and emergency management services 30 Operating Locations Worldwide 41 years Supporting Government & Defence Clients 1.4 million Guests Served Provider of integrated operational support services to government, defence and commercial clients enables growth
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Neltume Ports is a port operator and developer with a diversified portfolio of 18 port facilities and 5 port operation services, primarily located in Chile, with additional operations in Uruguay, Argentina, Brazil and the United States 29 ATCO Investments ATCO Ltd. Investor Presentation ASHCOR is a company engaged in the recycling and marketing of ash, a waste byproduct of electricity generation ATCO Land and Development is a commercial real estate business that holds investments for sale, lease or development; Viva Homes is a branch of the business offering sustainable living solutions in a fraction of the time ATCO Energy provides retail electricity and natural gas services, home products, home maintenance services and professional home advice in Alberta Fresh Bites is a food service company that also includes our retail food services brand Blue Flame Kitchen
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30 Neltume Ports Overview 185 Port operation services Port facilities Argentina - Brazil - Chile United States - Uruguay 45M Tonnes Handled Bulk 32% ❖ Improving operational efficiency ❖ Acquiring new ports Break Bulk 25% Container 43% ❖ Increasing volumes and ownership at existing ports ❖ Investing in brownfield & greenfield assets Diversified across goods & commodities handled FY 2024 Throughput Growth Drivers ATCO Ltd. Investor Presentation ATCO Investments
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31 Diversified portfolio of investments Controlling ownership of Canadian Utilities and regulated business is the foundation of asset base Diversified portfolio of essential services investments creates incremental stability Track record of stable earnings for the portfolio, even through periods of economic downturns Conservative balance sheet underpinned by core financial tenets Strong credit ratings and access to capital ATCO Ltd. Investor Presentation Why invest
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InvestorRelations@atco.com ATCO Ltd. Investor Presentation 32