Algonquin Power & Utilities Corp

Latest Results (23.02.2026):

Algonquin Power & Utilities Corp. (AQN) — Quarter 1, 2025: AQN reported results for the three months ended March 31, 2025 (Q1 2025). Revenue was $692.4 million and net revenue $487.4 million. Net earnings from continuing operations were $95.4 million (basic EPS $0.12) and Adjusted Net Earnings were $111.6 million (Adjusted EPS $0.14). Dividends declared to common shareholders were $50.4 million ($0.07 per share). The period was marked by the completed sale of the non-hydro renewables business, portfolio and organizational changes and ongoing regulatory and IT-related customer billing reviews.

Key financial snapshot

Q1 2025 revenue $692.4M (+7% YoY); net revenue $487.4M (+10% YoY). Net earnings from continuing operations $95.4M vs. a loss of $56.8M in Q1 2024. Adjusted Net Earnings rose to $111.6M (+39% YoY). Basic net earnings per share (continuing ops) $0.12; Adjusted Net Earnings per share $0.14. Dividends reduced to $0.07/share (declared $50.4M, down 33% YoY).

Regulated Services Group performance

Regulated Services Group net earnings were $134.6M (Q1 2024: $93.8M). Drivers included new approved rates (about $15.7M), favorable weather (≈$11M), and lower interest expense from debt repayments. Group revenue (electric, gas, water) totaled $667.5M for the quarter.

Hydro and Corporate Group impact

Hydro Group net earnings $15.9M (up primarily from a one‑time tax recovery). Corporate Group loss narrowed to $(55.1)M from $(153.1)M largely because Q1 2024 included a $147.7M fair‑value mark‑to‑market loss and Q1 2025 benefited from lower financing costs and disposals activity.

Renewables sale and discontinued operations

On January 8, 2025 AQN closed the sale of its renewable energy business (excluding hydro) to LS Power for ~ $2.1B net of taxes, fees and preliminary adjustments (≈$1.95B received at close, ~$150M expected later in 2025; up to $220M earn‑out possible). The company earlier recorded a $1,357.3M impairment in 2024 related to those assets; Q1 2025 included a $0.8M loss on disposition. The transaction materially repositions AQN as a pure‑play regulated utility.

Management and governance developments

Rod West became CEO effective March 7, 2025. CFO Darren Myers resigned March 7 and Brian Chin is Interim CFO. A cooperation agreement with Starboard Value was announced March 13, 2025, including a planned Board appointment (Gavin Molinelli) subject to FERC approval.

Customer billing/IT platform and regulatory reviews

AQN completed deployment of an integrated customer solution platform (billing, ERP, asset mgmt.) but is experiencing conversion-related challenges. Regulatory inquiries were opened (Missouri PSC investigation; Arkansas Attorney General probe) and an IT audit was agreed as part of the Granite State (NH) settlement — audit costs to be borne by shareholders.

Cash flow and capital actions

Operating cash provided declined by $56.9M YoY (working capital and lower equity distributions). Investing cash rose sharply due to proceeds from the Renewables Sale (~$1.95B at close); financing cash showed increased use as proceeds were applied to repay debt. The sale materially affected liquidity and balance sheet composition.

Regulatory rate case progress

Several rate proceedings concluded or advanced in Q1 2025, including approved/implemented rate changes at BELCO (Bermuda), Midstates (MO), Missouri Water, Arkansas Water and Granite State (NH) where a settlement resulted in ~$5.5M annual revenue increase. Other matters (e.g., New Brunswick gas) remain active with decisions issued or pending.