Earnings

ATCO REPORTS THIRD QUARTER 2025 EARNINGS

By The Northwire Desk — AI Analysis Nov 07, 2025 · 06:53 ACO · 53.59 ATCO LTD

ACO · Price

ATCO reported Q3 2025 adjusted earnings of $103 M ($0.92 per share), up $12 M (+13%) versus Q3 2024.
IFRS‑based earnings attributable to Class I & II shares fell to $85 M ($0.76 per share) from $93 M a year earlier.
Capital expenditures of $402 M were deployed, 95% in regulated utilities; major regulatory milestone achieved for the Yellowhead Pipeline Project (AUC approved Need Assessment).

Adjusted Earnings: $103 M ($0.92/sh) vs. $91 M ($0.81/sh) YoY.
IFRS Earnings (Class I & II): $85 M ($0.76/sh) vs. $93 M ($0.83/sh) YoY.
Restructuring Costs: $0 M in Q3 2025 (none reported).
IT Transition Costs: $1 M (after‑tax & non‑controlling interests) excluded from adjusted earnings.
Unrealized Swap Gains/Losses: $(1) M (loss) vs. +$11 M gain YoY, excluded from adjusted earnings.

ATCO Structures secured a $179 M contract with Perpetua Resources for a 1,052‑person dormitory at the Stibnite Gold Project (Idaho). Additional US contracts total $34 M (199 modular units) and Canada contracts total $66 M (400+ units). Australian awards add $14 M (138 units).
ATCO Frontec obtained US Prime Contractor status on the U.S. Navy Worldwide Expeditionary Multiple Award Contract 2.1, enabling bids on expeditionary logistics and life‑support task orders.

Capital Expenditures: $402 M Q3 2025 (95% in regulated utilities).
Yellowhead Pipeline Project: AUC approved Need Assessment Application; project valued at ~$2.9 B (Class III estimate, ±20%). Filed additional facilities application on Nov 4 2025 for construction/operation approval.
Central East Transfer‑Out (CETO) Electricity Transmission: Construction ongoing; 85 km line expected to be energized by June 2026 with ~ $255 M spend, delivering >1,500 MW to Alberta grid.
ATCO Pipelines General Rate Application: Seeking AUC approval for revenue requirements of $381 M (2026), $489 M (2027) and $680 M (2028); includes deferral account and temporary credit relief measures related to Yellowhead.

Declared Q4 2025 dividend: $0.5045 per share ($2.02 per Class I non‑voting & Class II voting share on an annualized basis).

Teleconference/Webcast scheduled for Nov 7 2025, 10:00 am MT / 12:00 pm ET with CFO Katie Patrick and President Adam Beattie. Replay available until Dec 7 2025.

(No direct quotes provided in the release.)

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