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ATCO Ltd. Q4 2025 Earnings Call February 26, 2026
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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 and opportunities; ATCO’s portfolio strategy; ATCO Structures having a strong pipeline of growth in an expanding market, an expansion strategy that delivers results and opportunities, and global operations that are well positioned to service customers in key growth areas; expectations regarding advantages associated with modular builds; the federal government’s funding commitments strengthening market sentiment and related opportunities for ATCO Structures & Logistics; ATCO’s portfolio balancing yield and long term growth; and references to significant non-regulated energy opportunities and a growing earnings profile. 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; 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 existing customs duties, tariffs or other trade restrictions; geopolitical tensions and wars; risks associated with operating in international jurisdictions; 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, 2025 (the "MD&A"). Statements made by company representatives and information provided in this presentation may constitute future-oriented financial information or financial outlook information, all of which are subject to the same assumptions, risk factors, limitations and qualifications set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on such future-oriented financial information or financial outlook information. The company's actual results, performance and achievements could differ materially from those expressed in, or implied by, such future-oriented financial information or financial outlook information. The company has included such information in order to provide readers with a more complete perspective on its future operations and its current expectations relating to its future performance. Such information may not be appropriate for other purposes and readers are cautioned that such information should not be used for purposes other than those for which it has been disclosed herein. Future-oriented financial information or financial outlook information contained herein was made as of the date of this presentation. 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. 2 Legal notice ATCO Ltd. Q4 2025 Presentation
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Non-GAAP and other financial measures disclosure advisory This presentation contains various “total of segments measures” and “non-GAAP financial measures” (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 Structures & Logistics, Canadian Utilities and ATCO Investments are total of segments measures, 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, and $150 million for the year ended December 31, 2025. 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 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”. 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 for Other Investments and ATCO Corporate & Other, and adjusted EBITDA for ATCO Structures, are non-GAAP financial measures, as defined in NI 52-112. Adjusted EBITDA is an additional important metric for ATCO Structures 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 Structures to adjusted earnings (loss) is presented in the 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 II shares is presented in the MD&A under “Reconciliation of Adjusted Earnings to Earnings Attributable to Class I and Class II Shares”. The MD&A is available on SEDAR+ at www.sedarplus.ca. The referenced sections of the MD&A are incorporated by reference herein. 3 Legal notice ATCO Ltd. Q4 2025 Presentation
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Investments 4 ATCO overview ATCO Ltd. Q4 2025 Presentation Uniquely positioned for the future We tackle the world’s most urgent challenges Growth Financial leadership Support, Partner & Engage Customers & Communities Housing Leading the evolution of building solutions, elevating the modular advantage and delivering with excellence for customers. Industrial | Commercial | Residential 13 Manufacturing Locations 9 Commercial & 2 Residential Properties 73 Indigenous Partnerships, MOUs, and agreements Top 100 Canadian Defence Company 17 Port Facilities + 6 Port Services Businesses 200ktpa+ fly and bottom ash beneficiation capacity 28,500 Fleet Units Globally 362,000+ Retail Energy Sites Our ExperienceOur Purpose Our Expertise Our Objectives Creating prosperity and opportunity for generations to come 4M+ Customers 777-MW Power Generation (owned and operated) 117 PJ Gas Storage Defence Trusted provider of mission-critical services that safeguard communities, national security operations and remote infrastructure. Facility Operations | Emergency Management Energy A modern, customer- focused diversified energy company with a relentless drive for growth, simplicity and safety. Utilities | Generation | Storage Strategic investments and international interests across essential industries that deliver long-term share owner value. Ports | Development | Retail Energy Global Operations including key markets of Canada, Australia, the US, Mexico, & South America
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5 As businesses mature, they evolve down the pyramid. ATCO overview ATCO Ltd. Q4 2025 Presentation Growth Value Foundational New growth is guided by our focus on essential services, macroeconomic trends, and key relationships. These investments provide a balance between yield and growth. Drive efficiency and reliability through a modern operating model with a strong commitment to safety, while delivering dependable energy solutions. ATCO portfolio strategy
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$481 $481 $486 $503 $518 $5 $17 $15 FY 2024 Canadian Utilities Structures & Logistics ATCO Investments FY 2025 FY 2025 adjusted earnings1 waterfall 6ATCO Ltd. Q4 2025 Presentation +8% Year-over-year growth Financial highlights Note: Millions of Canadian dollars. 1. 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 non -voting and Class II voting shares, whi ch was $430 million for the year ended December 31, 2024, and $150 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Represents the incremental addition in adjusted earnings (loss) from FY 2024 to FY 2025. Adjusted earnings (loss) for each of Canadian Utilities, Structures & Logistics and ATCO Investments are total of segments measures (as defined in NI 52-112). See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 1 2 2 2 1
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$340 $345 FY 2024 FY 2025 $24 $35 $13 $17 FY 2024 FY 2025 7 ATCO Structures & Logistics Adjusted Earnings1 ATCO Investments Adjusted Earnings1 Canadian Utilities Adjusted Earnings1 ATCO Consolidated Adjusted Earnings1 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 IFRS i s earnings attributable to Class I non-voting and Class II voting shares, which were $430 million and $150 million, respectively, for the years ended December 31, 2024 and 2025 on a consolidated basis; $94 million and $119 million, respectively, for the years ended December 31, 2024 and 2025 for ATCO Structures & Logistics; $210 million and $20 million, respectively, for the years ended December 31, 2024 and 2 025 for Canadian Utilities; and $126 million and $11 million, respectively, for the years ended December 31, 2024 and 2025 for ATCO Investments. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Non-GAAP financial measures (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is earnings (loss) attributable to Class I non -voting and Class II voting shares, which were $9 million and $(11) million, respectively, for the years ended December 31, 2024 and 2025 for Other Investments, and $93 million and $(9) million, respectively, for the years ended December 31, 2024 and 2025 for ATCO Corporate & Other. Cash Flow from Operations (Excludes Canadian Utilities) Financial highlights (Contribution to ATCO) ATCO Ltd. Q4 2025 Presentation Neltume Ports Other Investments and ATCO Corp. & Other2 $37 $52 $481 $518 FY 2024 FY 2025 $104 $121 FY 2024 FY 2025 $280 $423 FY 2024 FY 2025
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8 ATCO Ltd. Q4 2025 Presentation
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9 Fourteen consecutive quarters of year-over-year earnings growth ATCO Structures ATCO Ltd. Q4 2025 Presentation Note: Millions of Canadian dollars. 1. For the year ended December 31, 2025. 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 non-voting and Class II voting shares, which was $ 119 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 3. Figure represents total adjusted earnings for ATCO Structures & Logistics. 4. Non-GAAP financial measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS is E arnings Attributable to Class I non-voting and Class II voting shares, which was $117 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. $121M Adjusted Earnings1,2,3 Global Space Rentals Average Rental Rate ($ per month)1 $826 Global Space Rentals Fleet1 +26K $274M Adjusted EBITDA1,4 +6% Year-over-Year Growth +5% Year-over-Year Growth +14% Year-over-Year Growth +16% Year-over-Year Growth
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NORTH AMERICA SOUTH AMERICA AUSTRALIA Global operations are well positioned to service customers in key growth regions ATCO Structures Positioned for growth Our operations are strategically positioned near regions with strong economic and natural resource activity. Branch locations44 Manufacturing locations13 Countries5 Branches Branches with manufacturing Residential manufacturing only ATCO Ltd. Q4 2025 Presentation 10
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ATCO Structures Strategically positioned to serve the housing continuum 11ATCO Ltd. Q4 2025 Presentation Homeless Emergency Shelter Supportive Housing Affordable housing Attainable rental/ownership Market rental/ownership Supported Attainable Market Rate Modular advantage is 3X FASTER than a traditional site build
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ATCO Structures Expansion strategy delivers results and opportunities 12ATCO Ltd. Q4 2025 Presentation Stibnite Gold: Yellow Pine, ID Arbour Lake: Calgary, AB Attainable Homes Calgary: 605 Studio West, Calgary, AB Delivering essential projects across our footprint Securing new opportunities to drive our future growth Beaverton: Durham, ON Highline School District Transportation: Burien, WA Attainable Homes Calgary: Sunnyside, Calgary, AB
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13 Funding commitments strengthen market sentiment ATCO Structures & Logistics ATCO Ltd. Q4 2025 Presentation Federal Government Housing Investments Projects of National Importance Federal Government Defence Investments • Build Communities Strong Fund $51B+ over 10 years • Investing in Canada Infrastructure Program $33B+ over 12 years • Build Canada Homes $13B over 5 years (initial) • Trade Diversification Corridors Fund $5B over 7 years • Defence and Security Infrastructure $19B over 5 years • Critical Minerals and Clean Energy Funds $3.5B over 5 years • Arctic Infrastructure Fund $1B over 4 years • Defence Industrial Strategy ATCO Structures & Logistics is well positioned in the north for defence opportunities based on a federal target of $180B in defence procurement opportunities and $290B in defence-related capital investment opportunities in Canada over the next 10 years. • Renewal of Alaska Radar System Contract value of ~$596M USD for ARCTEC Alaska (JV between ATCO Frontec and ASRC Federal subsidiary, Primus Solutions) • LNG Canada Phase 2 Deliver low-carbon intensity Canadian energy to global markets • Darlington New Nuclear Project SMR to provide reliable, clean power to 300,000 homes • Red Chris Mine expansion Increase Canada’s annual copper production by over 15% • McIlvenna Bay Foran Copper Mine Project Deliver copper and zinc to global markets • North Coast Transmission Line Prevent 2-3 million tonnes of carbon emissions annually and enable transformative industrial projects • KSI Lisims LNG Designed to be Canda’s second largest, and one of the world’s lowest-emission LNG facilities
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Competitor A 14ATCO Ltd. Q4 2025 Presentation ATCO Structures The ATCO modular advantage Quality Fleet Custom Sales Design & Manufacturing Workforce Housing Local Branches & Staff Turn-Key Service Provider Quality service and custom modular manufacturing that cannot be matched by competitors Competitor B
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15ATCO Ltd. Q4 2025 Presentation Tackling the world's most urgent challenges underpinned by a diverse portfolio Portfolio balances yield and long-term growth Growing earnings profile Focus on demonstrating value of ATCO Structures Significant non-regulated energy opportunities ATCO Structures 2025 adjusted earnings1 = $119M Peer multiple = 18x Comparable Company Analysis Value = ~$2.2B Implied Market Value2 = $0 to $200M 1. Non-GAAP financial measure (as defined in NI 52 -112). The most directly comparable measure reported in accordance with IFRS i s Earnings Attributable to Class I non-voting and Class II voting shares, which was $117 million for the year ended December 31, 2025. See Legal Notice – Non-GAAP and Other Financial Measures Disclosure Advisory for additional information. 2. Implied Market Value is calculated as the market value of ATCO ($6.3B) less the market value of ATCO 52.4% ownership of CU ($6.1B) as at December 31, 2025. Implied Market Value of $0 to $200M depends on the relative value of Neltume Ports.
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InvestorRelations@atco.comInvestorRelations@atco.com Question & Answer 16ATCO Ltd. Q4 2025 Presentation