ATCO Reports First Quarter 2025 Earnings

ATCO Ltd. (ATCO or the Company) announced first quarter 2025 adjusted earnings ⁽¹⁾ of $160 million ($1.43 per share), which were $12 million ($0.11 per share) higher compared to $148 million ($1.32 per share) in 2024.

First quarter 2025 earnings attributable to Class I and Class II Shares reported in accordance with International Financial Reporting Standards (IFRS earnings) were $144 million ($1.28 per share) compared to $147 million ($1.31 per share) in 2024.

Recent Developments

ATCO Structures

ATCO Structures continued to demonstrate the resiliency of its base business growth with awarded contracts that illustrate the diversity of geographies and industries that ATCO Structures services:

• Awarded multiple contracts in Canada totaling $50 million; including contracts to provide space rental and workforce housing solutions supporting uranium exploration, nuclear generation and urban infrastructure projects.
• Awarded two contracts in the US to provide space rental solutions supporting the construction of a data centre in Alabama, and standalone modular offices for use by the US Navy. These awards comprise 55 modular units and total $8 million.
• Executed a $7 million contract to supply a 42-unit, 300-person accommodation camp in support of mining operations in New South Wales, Australia. The camp comprises existing fleet assets and was handed over in the first quarter of 2025.

Frontec

• Awarded the $49 million Polar Over-the-Horizon Radar contract to design, build, install and operate a new radar defence system in the Northwest Territories. The Government of Canada awarded the contract to Inuvialuit Frontec Services, a joint venture partnership between ATCO Frontec and Inuvialuit Development Corporation. The contract commenced on March 28, 2025, with a term of two years and potential for three additional one-year options.

Canadian Utilities

• 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, ATCO declared a second quarter dividend of 50.45 cents per share or $2.02 per Class I non-voting and Class II voting share on an annualized basis.

For full results click here.

About ATCO

As a global enterprise ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $26 billion. ATCO is committed to future prosperity by working to meet the world’s essential energy, housing, security and transportation challenges. ATCO Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. ATCO Frontec provides operational support services to government, defence and commercial clients. ATCO Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international operations. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and alternative fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCOenergy and Rümi provide retail electricity and natural gas services, home maintenance services and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. ATCO also has investments in ports and transportation logistics, the processing and marketing of fly ash, retail food services and commercial real estate. More information can be found at www.ATCO.com.

Contact:

Colin Jackson – Senior Vice President, Finance, Treasury & Sustainability – Colin.Jackson@atco.com – (403) 808-2636

Source: ATCO Ltd.