ATCO Reports Second Quarter 2025 Earnings

ATCO Ltd. (ATCO or the Company) announced second quarter 2025 adjusted earnings ⁽¹⁾ of $101 million ($0.90 per share), which were $5 million ($0.04 per share) higher compared to $96 million ($0.86 per share) in the second quarter of 2024.

Second quarter 2025 earnings attributable to Class I and Class II Shares reported in accordance with International Financial Reporting Standards (IFRS earnings) were $64 million ($0.57 per share) compared to $52 million ($0.46 per share) in the second quarter of 2024.

Recent Developments

ATCO Structures

ATCO Structures continued growing its market presence through organic strategic initiatives and investment in the base business, including the addition of a new manufacturing facility in Australia. The below awards illustrate the diversity of geographies and industries that ATCO Structures services:

• Awarded three contracts to provide space rental, workforce housing, and permanent modular construction solutions supporting mining operations in Western Canada, air transportation in Central Canada, and for a women’s transitional centre in Northern Canada. These awards total $21 million and include sale and lease contracts.
• Awarded a Multiple Award Schedule contract by the US General Services Administration (GSA), enabling the sale of products and services to the US government directly through the GSA. Projects previously executed through GSA-certified contractors can now be bid on by and awarded directly to ATCO Structures.
• Awarded three contracts in the US to provide space rental solutions, including highly-customized special- purpose complexes supporting traditional and nuclear power generation, and lithium mining operations. These awards comprise 85 modular units and total $19 million.
• Awarded a $22 million contract to relocate accommodations, central facilities, supporting infrastructure and equipment from a mine site to expand an existing accommodation camp, both located in the Pilbara region of Western Australia. The contract also includes provision for newly manufactured facilities that will be tied into existing services. This is the second award related to the relocation and expansion of this camp, bringing the total value of works awarded to $34 million.

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(1) Adjusted earnings is a total of segments measure. See Other Financial and Non-GAAP Measures Advisory included in this news release.

Canadian Utilities

• Canadian Utilities invested $382 million of capital expenditures in the second quarter of 2025, of which 95 per cent was invested in our regulated utilities in ATCO Energy Systems and ATCO Australia, with the remaining 5 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 (AUC) and corporate approvals. The expected $2.8 billion project continues to advance on-going stakeholder consultation, land acquisition, long-lead pipeline materials procurement, and design work in anticipation of the needs application decision from the AUC that is expected in the third quarter of 2025. In addition, we continue to pursue equity partnership arrangements with Indigenous partners.
  • Electricity Transmission began construction of CETO in the third quarter of 2024, and has progressed substation tendering for civil, structural and electrical works and expects to begin fall season construction in the third quarter of 2025. Electricity Transmission’s 85-km of the transmission line are on track to be energized by June 2026 with an approximate $280 million expected project spend. 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 $169 million of revenues in the first six months of 2025, an increase of $9 million compared to the same period in 2024, underlines the strength in our natural gas and natural gas liquids storage assets.

Corporate

• On July 10, 2025, ATCO declared a third 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.