Canadian Utilities Ltd

Latest Results (15.05.2026):

Canadian Utilities Ltd — fourth quarter of 2025 (and year 2025) summary: For the year ended December 31, 2025 Canadian Utilities Ltd reported adjusted earnings of $658 million ($2.42 per share), up $11 million from 2024, while fourth-quarter 2025 adjusted earnings were $197 million ($0.72 per share), down $6 million versus Q4 2024. IFRS earnings attributable to equity owners were $119 million ($0.15 per share) for 2025 (down $361 million year‑over‑year), and the fourth quarter of 2025 recorded an IFRS loss of $(328) million ($(1.28) per share), driven primarily by significant non‑cash impairments and other one‑time adjustments.

Adjusted earnings (Q4 2025 / 2025)

Adjusted earnings — 2025: $658M ($2.42/sh), +$11M vs 2024. Adjusted earnings — Q4 2025: $197M ($0.72/sh), down $6M vs Q4 2024. Adjusted earnings exclude impairments, certain one‑time items, unrealized commodity mark‑to‑market impacts, and timing/regulatory adjustments.

IFRS results and impairments

IFRS earnings — 2025: $119M ($0.15/sh), down $361M vs 2024. Q4 2025 IFRS: loss $(328)M ($(1.28)/sh) vs Q4 2024 earnings $164M. The large negative swing was primarily due to $471M (after‑tax) of impairments mainly tied to the Alberta Renewables portfolio in ATCO EnPower, select hydrogen assets in Natural Gas Distribution, and an aging LPG network in ATCO Gas Australia.

Key reconciling items (adjusted → IFRS)

Major reconciling items in 2025 included: impairments $471M (after‑tax), rate‑regulated timing adjustments (~$104M), IT transition costs $18M, restructuring $14M, unrealized losses on commodity contracts and other items. Dividends on equity preferred shares reduced earnings by $77M in 2025.

Regulated rate base & growth outlook

Consolidated mid‑year rate base for regulated utilities was $16.6 billion in 2025. Management expects a five‑year consolidated mid‑year rate base CAGR of 6.9%, with projected mid‑year rate base rising toward roughly $23.2 billion by 2030 (company‑provided projection table in release).

Capital plan and funding

Canadian Utilities outlined an approximately $12 billion capital expenditure plan for 2026–2030. In 2025 the company raised $500M of fixed‑rate subordinated notes and $200M of preferred shares to largely pre‑fund its equity contribution. The Yellowhead project is expected to be funded within CU Inc. at a regulated structure of ~63% debt / 37% equity, with CU Inc. debenture issuances anticipated in 2026–2027.

Operational and regulatory headwinds

Management cited several 2025 headwinds: a temporary decrease in the regulated 2025 return on equity, completion of an efficiency carryover mechanism at end‑2024, elevated curtailment due to transmission/grid constraints (affecting renewables), and strategic redeployment of capital following the sale of ATCO Energy to ATCO Ltd.

Next steps and where to find more

The company referred readers to its 2025 consolidated financial statements and MD&A for full detail, and hosted a teleconference/webcast on Feb 26, 2026. The release also includes forward‑looking statements and related risk disclosures—review the MD&A and financial statements for reconciliation and further context.