Algonquin Power & Utilities : Investor Presentation – Scotiabank Conference

Investor

Presentotion

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March 24, 2026 | Algonquin Power & Utilities Corp.

Algonquin

4 AQN at a Glance	26	Financial Outlook
5 Diversified Portfolio of Regulated Utility Systems	27	Appendix
6 Experienced Executive Leadership Team	28	Safety
7 A Clear & Compelling Investment Thesis	29	Customer Satisfaction and Energy Efficiency
8 Delivered Strong Results in 2025	30	Advancing Gas System Excellence
9 2026 Strategic Priorities	31	Boosting Energy Service and Reliability
10 Redomicile Considerations	32	Rate Base View by Commodity
11 Focusing On the Basics	33	Utility by Jurisdiction & Commodity
12 Driving Efficiencies as a Fully Regulated Utility	34	Snapshot of our Rate Cases
13 Proactive Stakeholder Engagement Drives Constructive Regulatory Outcomes	35	Empire Electric Rate Case Settlement (Missouri)
14 Executing through the Rate Case Cycle	36	CalPeco Electric Approved Settlement (California)
15 Constructive Regulatory Mechanisms Support Long-term Investments and Timely Recovery	37	CalPeco Electric Wildfire Expense Memorandum Account "WEMA" Proceeding (California)
16 Investing in Safety, Reliability, and Service for Our Customers	38	New England Natural Gas Proposed Settlement (Massachusetts)
17 Anticipated Medium-Term Growth from Collection of Investment Opportunities	39	Litchfield Park Water & Sewer Proposed Settlement (Arizona)
18 SPP Transmission: $770M Investment to Provide System Security and Reliability	40	Empire Electric Rate Case (Kansas)
19 Long-Term Investment Opportunity from Large Load and Data Center Development	41	Regulatory Commissioners Pt. 1
20 Empire IRP 250 MW Generation Investment: Supporting Reliability	42	Regulatory Commissioners Pt. 2
21 Peach State Pipeline	43	Robust Governance
22 Strong Investment Grade Balance Sheet	44	Non-GAAP Financial Measures Pt. 1
23 Expected 2026 Sources and Uses of Cash	45	Non-GAAP Financial Measures Pt. 2
24 Debt Maturity Profile of Algonquin	46	Upcoming Investor Schedule
25 Dividend Profile

3

~$8.2B Rate Base1	13 U.S. States, 1 Canadian province, Bermuda, and Chile
~$3.2B CapEx Plan 2026 - 2028	>1.2M Customer Connections
BBB Credit Rating	~3,200 Employees
Empire Electric l Other 20% ctric 3% ~$8.2 B 42% Gas 4% Rate uda 7% Base1 ctric 7% NH Gas 7% 10% New York California Water Electric & Water	Gas 21% Elec ~$8.2 B Rate 21% Base1 58% Water

‌A singularly focused, pure-play utility providing regulated electric, natural gas, water, and wastewater utility services to over 1 million customer connections

Legend

Electric Gas Water

Al

NH Ele

NE

Berm Ele

tric

1. As at December 31, 2025.

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   ‌Serving ~1.27M1 Customer Connections in 13 US States, 1 Canadian Province, Bermuda & Chile

   Regulated Electric Utility

   Systems serving ~311K1

   connections in

   Arkansas

   Oklahoma

   California

   Bermuda

   Kansas

   Missouri

   New Hampshire

   Regulated Water Utility

   Systems serving ~583K1

   connections in

   Arizona

   New York

   Arkansas

   Texas

   California

   Chile

   Missouri

   Regulated Natural Gas

   Utility Systems serving

   ~378K1 connections in

   Georgia

   New Hampshire

   Illinois

   New York

   Iowa

   New Brunswick

   Missouri

   Massachusetts

   
   
   

   1. As at December 31, 2025.

‌Algonquin's management team comprises skilled operators who bring decades of utility experience that includes executing growth strategies, delivering strong financial results, operating regulated utilities, building world-class teams, and leading organizations through large-scale change

Rod West	Rob Stefani	Peter Norgeot	Jennifer Tindale	Noel Black	Kristin von Fischer	Amy Walt
Chief Executive	Chief Financial	Chief Operating	Chief Legal Officer	Chief Regulatory	Chief Human	Chief Customer
Officer	Officer	Officer		and External Affairs	Resources Officer	Officer
				Officer

1. ‌Singularly Focused, Pure Play Regulated Utility

2. Diversified Portfolio, Operating across High Quality, Constructive Jurisdictions

3. Back-to-Basics Execution Expected to Drive Attractive Near-Term Financial Profile

4. Medium-Term Organic Growth Opportunities

5. Strong Balance Sheet and Credit Rating Profile

‌Adjusted Net EPS1

$0.30 $0.34

Objectives Progress

Deliver Steady, Predictable Results	Delivered full year net earnings attributable to common shareholders from continuing operations of $0.27 Delivered full year adjusted net earnings per common share ("Adjusted Net EPS") of $0.341
Enhance Operational and Regulatory Fundamentals	Assembled new executive team with deep industry experience Reduced operating expense as a percent of gross revenue to ~35.8% Achieved reasonable regulatory outcomes across a range of proceedings Improved earned ROE to ~6.8%2
Strengthen Financial Foundation	Retired $1.6 billion in debt Improved FFO/debt ratio1 from 10.4% in 2024 to 12.8%3 in 2025
Simplify our Portfolio	Completion of the sale of the renewable energy business (excluding hydro) in January 2025 Consolidated 4 Arizona utilities into 1 utility

1. Please see "Non-GAAP Financial Measures" on page 2 of this presentation, and Appendix - Non-GAAP Financial Measures

2. Please see "Other" on page 2 of this presentation

3. 2025 reflects AQN's estimate of S&P Global' s credit metric methodology

   2024A 2025A

   O&M Expense as a Percent of Gross Revenue

   ~37.7% ~35.8%

   2024A 2025A

   Earned ROE2

   5.5% 6.8%

   2024A 2025A

   FFO to debt ratio1

   10.4% 12.8%3

   2024A 2025A

   8

   
   
   
   
   

   ‌Operational

   • Execute planned operational efficiency initiatives

   • Implement centralized capital projects team to improve our execution performance and reduce risk

   • Invest to enhance reliability, support customer outcomes, and maintain affordability

   • Drive improvements to customer experience:

     • Better service through end-to-end process design

     • Focusing on the moments that matter most to customers

     • More accurate billing

     • Improved information during outages

   Regulatory

   • Empire Electric Missouri settlement approved

   • CalPeco settlement approved

   • New England Gas settlement approval pending

   • Arizona Litchfield Park Water & Sewer

     Corporate

     • Onboard new executive team of experienced utility executives including

     Chief Financial Officer, Chief Operating Officer, and Chief Human Resources Officer

     • Refinance AQN $1.15 billion senior unsecured notes due June 2026

     • Evaluate planned tax optimization strategies

     settlement approval pending

   • Selected rate cases and tariffs to be filed by approximately year end:

     • EnergyNorth Gas

     • New York Water

     • Empire Electric Arkansas and Oklahoma

     • Granite State Electric

     • Missouri large load tariff

       9

       
       
       
       
       ‌Algonquin continues to evaluate the potential benefits and risks of a corporate redomicile to the United States. Factors include:

       • Tax and EPS implications

         • Current AQN obligations are serviced by intercompany transactions subject to cross-border tax from subsidiaries

         • Potential for future changes in cross-border tax treatment

       • Potential impacts from inclusion in U.S. indices and U.S. thematic funds and

         exit from Canadian indices

       • Alignment between the corporate structure and operating footprint

         • Approximately 85% of AQN's operations are in the U.S. today and

           <5% are in Canada

       • Transaction approval flexibility for potential future strategic activity

       • Foreign currency translation risk

       Regulated Revenue by Geographic Area

       4% 3%

       11%

       ~1.27 Million

       Regulated Customer Connections

       82%

       U.S.
       
       Bermuda
       
       Chile
       
       Canada
       
       

       10

       
       
       ‌Executing on operational and regulatory fundamentals expected to drive Earned ROE1 uplift

       NH Rate Cases Granite State settlement approved; Energy North settlement approved

       AZ Cases AZ Water approved

       Empire Rate Cases Empire Kansas rate case filed; Empire Missouri settlement approved2

       Other 2025 - 2027

       Ongoing Rate Cases

       BELCO approved, St. Lawrence Gas settlement approved; Litchfield Park and New England Gas settlements filed

       CA Rate Cases

       CalPeco settlement approved;

       WEMA3 in process; Park Water and Apple Valley Water

       Earned ROE

       5.5%

       6.8%

       Continued ROE uplift anticipated

       Operational

       Areas of focus:

   • Procurement

   • Utility Operations

• Information Technology

• Support & Billing

• SG&A

  2024A 2025A

  • Greater focus on operating efficiency and value enhancement

  • Filed for ~$90M of revenue increases in New England

Company-wide efficiency initiative

1. Please "Other" on page 2 of this presentation

2. New rates to take effect upon satisfaction of customer billing metrics for three consecutive months

3. Wildfire Expense Memorandum Account, see page 37

Gas, Litchfield AZ and Empire KS rate cases as examples

• Disciplined approach to optimize cost structure following renewables sale

• Executing multi-phase effort to bring O&M expenses as a percent of gross revenue down from ~38% in 2024 towards a long-term target in the low- to mid-30% range

• Company-wide approach to identify actionable cost-out initiatives and reinvest in greater service and reliability investments for customers

‌Estimated Reduction in O&M as a Percent of Revenue

37.7%

35.8% Low- to Mid-30% Range

2024A 2025A

• ‌Empire Electric Missouri rate case settled

+ $97M revenue increase upon consecutive 3 months of meeting customer metric performance requirements

+ $13M potential incremental annual revenue increase upon satisfaction of additional performance requirements in second half of 2026

+ Missouri Public Service Commission approved settlement in January 2026

• CalPeco settlement approved

  + $48.6M revenue increase1 retroactive to January

  2025

  Notes:

  • Signatories include The Utility Reform Network and Cal Advocates

  • Post Test Year Adjustment Mechanism for capex

Empire Electric Kansas rate case filed

+ $15.8M base rate increase per year

+ $12.5M net requested revenue increase Notes:

• Rate case filed December 2025

• Three-year phase in

  Other select updates in 2025 and early 2026:

  • Arizona various utilities - settlement approved

  • Granite State - settlement approved

  • EnergyNorth - settlement approved

  • BELCO - revenue change approved

  • New Brunswick Gas - revenue change approved

  • St Lawrence Gas - joint proposal approved

New England Gas settlement filed

+ $45.3M revenue increase2, of which $17.9M is non-Gas System Enhancement Plan revenue with two additional rate base step ups in subsequent years

Notes:

• Order requested by late-March 2026

• No increase or redesign of base distribution rates before November 1, 2029

Litchfield Park Water & Sewer settlement filed

+ $15.3M revenue increase

+ 9.75% ROE and 54.0% equity

+ Formula rates being considered in hearings in late March 2026

+ Settlement with Arizona Corporation Commission Staff; Residential Utility Consumer Office not a signatory

1. Settlement approved; September 2024 filing requested a net increase in total customer rates of $39.8 million and an increase of $64 million in base revenues; requested base revenue increase was partially offset by conclusion of $24 million in customer surcharge collections; February 2026 proposed decision, now approved; includes a net increase in total customer rates of $23.8 million and an increase of $48.6 million in base revenues

2. Proposed settlement provides for $45.3 million increase, of which $27.4 million relates to prior investments under the Gas System Enhancement Program ("GSEP") and previously included in revenues

   
   
   
   
   

   ‌Approved Rates from Completed Rate Cases1,2
   	Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
   Midstates Gas - Missouri		$9.1 million
   Missouri Water		$6.2 million
   New Brunswick Gas		$1.2 million
   Arkansas Water		$1.5 million
   New York Water - Rate Year 2		$6.1 million
   Arizona (various water & wastewater)		$4.2 million

   
   
   

   1. Amounts reflect annualized authorized revenue increases unadjusted for seasonality, levelized rate increases, and other items; these amounts reflect the rates that were approved by the corresponding regulatory body and are not representative of the revenue recognized in each quarter of the financial statements, due to seasonality of revenue consumption and levelization of the rates

   2. On November 3, 2025, the Regulatory Authority of Bermuda approved an incremental revenue decrease for BELCO of $3.6 million for 2026 and increase of $2.0 million for 2027 (excluding fuel costs); separately on January 22, 2026, the New York Public Service Commission approved a joint proposal settlement for St. Lawerence Gas with a multi-year rate increase; more details are disclosed in the annual MD&A

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      ‌Constructive Regulatory Frameworks Recent Regulatory & Legislative Updates

      	MO	CA	NH	AZ	NY
      Tracker ✓ Mechanisms
      Multi-Year Rate Plan
      Forecasted ✓ Test Year

      • Electric

      • Gas

      • Water

      • Depreciation Deferral

        NH • Electric Reconciliation

        Adjustment Mechanism

        ("ERAM")

      • Potential Formula Rates1

        AZ

      • Depreciation Deferral

      • CWIP for New Gas

        OK Generation

      • Plant-In-Service Accounting

MO Senate Bill 4

• Plant-In-Service-Accounting ("PISA") Enhanced and Extended

• Future Test Year for Natural

  Gas and Water Utilities

• Statutory Integrated Resource Planning Framework with 4-Year Planning Cycle

• Construction Work in Progress ("CWIP") for New Gas Generation

1. On December 3 2024, Arizona Corporation Commission voted to adopt policy statement that could potentially allow utilities, as an option, to operate under streamlined formula rate plans; the adopted document is advisory only; the policy is

being challenged and the Arizona Supreme Court is currently considering whether to accept an appeal of the case

‌~$3.2 Billion Total Regulated Capital Investment Planned From 2026 - 20281 Expected Total Rate Base3

Anticipated Annual Capital Expenditures

~$1.3B

~$1.1B

~$0.8B

Capital Expenditures by Commodity2

7%

19%

$2.5

$2.0

$1.5

~$8.2B4

~$8.5B

~$9.0B

~$9.7B

53%

$1.0

21%

$0.5

2026E 2027E 2028E

1. Utility capital expenditures

2. Based on ~$3.2 billion expected total regulated capital investment from 2026 - 2028

   Electric Gas Water Other4

   $-

   2025A 2026E 2027E 2028E

3. Management's rate base estimates are based on last approved rate base adjusted for assumed changes in major rate base components, including construction work in progress, deferred taxes, and other adjustments

4. "Other" refers to enterprise-wide investments such as software

5. As at December 31, 2025

   
   
   
   
   
   
   
   
   
   
   ‌Algonquin has numerous investment opportunities supported by constructive regulatory mechanisms across the portfolio, including the following select examples
   
   

   SPP Transmission

   Empire District IRP

   Peach State Gas Pipeline

   Other

   • Empire Electric awarded $770M of 161kV and 345kV transmission projects in Missouri in the most recent SPP Integrated Transmission Plan ("ITP")

   • Represents first projects awarded to Empire in an ITP

   • Majority of the spend will be governed by

     FERC regulation

   • Construction anticipated in 2026-2031

   • Empire filed its most recent Integrated Resource Plan ("IRP") in Missouri on April 1, 2025

   • Seasonal reserve margin requirements from SPP will drive need for solar, storage and gas resource over the planning period

   • 250MW Single Cycle Gas-driven plant eligible for Construction Work in Progress ("CWIP") treatment in next Empire Missouri rate case cycle

   • ~$120M, five-year gas transmission upgrade project to support data center and other commercial growth1

   • Expected to be recovered under Georgia Rate Adjustment Mechanism with forward test year and annual true-up

   • Vintage pipe replacement and new

     build growth opportunities across the gas utilities

   • Vintage pipe replacement and new build customer growth opportunities across the water utilities

     Medium-Term Growth Opportunities Capex Timeline

     1. This project is intended to improve system reliability to serve existing customers as well as establish a platform for additional growth

     2. Southwest Power Pool's Expedited Resource Adequacy program

     17

     
     
     ‌Recovery Mechanism:

   • Approximately three-quarters eligible for recovery under FERC and SPP transmission formula rates with annual adjustments and passthroughs

   • Approximately one-quarter eligible for recovery through state rate cases

     Regulatory Overview:

   • Future test year eligible

     • Next Missouri rate case based on a 2028 test year, with 2029 rate

       implementation

   • Non-cash Allowance for Funds Used During Construction1 eligible for the period prior to CWIP

Total Investment: ~$770M2 Investment Period: 2025 - 2031, with peak spending in 2030

Map represents a segment of $770M investment

1. Allowance for Funds Used During Construction ("AFUDC") is a regulatory mechanism used by utilities to capitalize financing costs for future recovery

2. 2025 spending amounted to ~$7.5M

‌Algonquin is continuing to advance targeted investments and policy engagement efforts to strengthen our territories to be

competitive to support future load growth and economic development

T"he SPP footprint is facing a

Generational Challenge as the need arises to balance new sources of demand, like data centers, crypto mining, mining, and oil and gas production…

SPP Integrated Transmission Planning Assessment Report (1/24/25)

Favorable Factors for Hyperscale Investments in Missouri Jurisdiction

• Reliable power and access to diverse generation resources within the SPP transmission network

• Abundant, competitively priced land for large-scale development

• Access to water and fiber infrastructure

• Proximity to regional growth markets

• Skilled regional workforce and technical talent pipeline

• Pro-business economic incentives and tax environment

• Constructive regulatory and legislative framework

• Policy environment supportive of natural gas generation

19

‌Chart: SPP's Planning Reserve Margin and Comparison

of Reserve Projections in 2019 and 2024

Anticipated reserve margins from 2019 and 2024 projections

30.0%

Projections show that reserve energy in SPP could fall below required levels as soon as 2026

25.0%

20.0%

15.0%

24% 24%

22% 21%

20%

20%

18%

18%

16%

15%

Regional Transmission Operator Approval:

• Project advancing under SPP Expedited Resource

  10.0%

  12% 12% 12% 12% 12% 12% 12%

  15% 15% 15%

  15%

  15% 15%

  11% 7%

  Adequacy ("ERAs") program

  Regulatory Overview:

• 2026 - 2028 spending expected to be non-cash AFUDC eligible

• CWIP treatment expected to be sought in the next Missouri rate case (2028 test year / 2029 implementation)

Forecast In-Service Year: 2030

5%

5.0%

0.0%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

"

Demand for electricity is outpacing supply from our generation fleet. Residential and commercial energy use is expected to increase at an unprecedented pace as our nation becomes more electrified and large data centers are added… We need dispatchable generation for times when the wind isn't blowing and the sun isn't shining… [as well as] more transmission to connect new generators to the grid, increase grid security, and get lower-cost energy to consumers.

SPP, " OUR GENERATIONAL CHALLENGE: A RELIABLE FUTURE FOR ELECTRICITY," ( SUMMER 2024 )

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