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CALGARY, AB, Feb. 25, 2026 /CNW/ - ATCO Ltd. (TSX:ACO)ATCO Ltd. (ATCO or the Company) today announced adjusted earnings (1) in 2025 of $518 million ($4.61 per share), which were $37 million ($0.32 per share) higher compared to $481 million ($4.29 per share) in 2024. Fourth quarter adjusted earnings in 2025 of $154 million ($1.37 per share) were $8 million ($0.07 per share) higher compared to $146 million ($1.30 per share) in the fourth quarter of 2024.2025 earnings attributable to Class I and Class II Shares reported in accordance with International Financial Reporting Standards (IFRS earnings) of $150 million ($1.34 per share) were $280 million ($2.49 per share) lower compared to $430 million ($3.83 per share) in 2024. A fourth quarter 2025 IFRS loss of $(143) million ($(1.27) per share) was $281 million ($2.50 per share) lower compared to earnings of $138 million ($1.23 per share) in the fourth quarter of 2024. IFRS earnings were negatively impacted by certain non-cash impairments and write offs. For further information please refer to ATCO's Financial Statements and Management's Discussion & Analysis (MD&A) for the year ended December 31, 2025.RECENT DEVELOPMENTSATCO Structures Awarded contracts to provide space rental solutions supporting potash mining operations in Western Canada. These awards comprise 15 modular units and represent $4 million in sale contracts.Awarded contracts to provide space rental, workforce housing, and permanent modular construction solutions supporting education and data centre construction in Texas. These awards comprise 337 modular units and total $29 million in sale and lease contracts.Began manufacturing for the previously announced contract for Perpetua Resources Corp. to supply and install a 1,052-person dormitory lodge and office facilities in support of the Stibnite Gold Project located near Yellow Pine, Idaho.Awarded contracts to provide space rental and workforce housing solutions supporting defence, mining, and modular brokering operations in Western Australia. These awards comprise 106 units and total $6 million in sale and lease contracts.FrontecARCTEC Alaska (ARCTEC), a joint venture between ATCO Frontec and ASRC Federal Subsidiary Primus Solutions, Inc., has been awarded the rebid contract to provide operations and maintenance services for the Alaska Radar System. The initial contract term is one year, followed by nine optional one-year extensions, with a potential contract value of approximately $596 million USD. This contract builds on ARCTEC's continuous US Air Force service agreements since 1994._________________________________(1) Adjusted earnings is a total of segments measure (as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (NI 52-112)). See "Other Financial and Non-GAAP Measures Advisory" in this news release for additional information.Canadian UtilitiesIn 2025, ATCO Energy Systems continued 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 consists of approximately 235 kilometres of high-pressure natural gas pipeline with the projected spend estimated at $2.9 billion, based on a Class III estimate with an expected accuracy of +/-20 per cent. The pipeline is 100 per cent contracted with customers, and is on track for construction to commence in 2026, subject to both Alberta Utilities Commission (AUC) and corporate approvals. In the third quarter of 2025, the AUC approved the Need Assessment Application for the project. As one of two key regulatory filings that require approval from the AUC for the project, this approval marks a major milestone in the development of Alberta's energy infrastructure. ATCO Energy Systems filed a separate facility application on November 4, 2025 to seek AUC approval for construction and operation of the physical infrastructure. The AUC is expected to render a decision on this application in the third quarter of 2026.In 2025, Canadian Utilities raised $500 million fixed to fixed rate subordinate notes and $200 million preferred shares to substantially pre-fund its equity contribution. Canadian Utilities expects to fund Yellowhead's development within CU Inc., according to the applicable regulated capital structure, which is 63 per cent regulated debt and 37 per cent regulated equity. The regulated debt is expected to be funded with CU Inc. debenture issuances throughout 2026 and 2027.CETO consists of a 135-km 240kV transmission line, of which Electricity Transmission is building 85-km of the transmission line and AltaLink LP is constructing the remaining 50-km. Electricity Transmission completed the winter season construction in the first quarter of 2025, including substation tendering for civil, structural and electrical works, began fall season construction in the third quarter of 2025, and continues to progress on target timelines. Electricity Transmission's 85-km of the transmission line is on track to be energized by June 2026 with an approximate $255 million 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-MW of electricity to Alberta's grid.In December 2025, ATCO EnPower acquired a 100 per cent ownership interest in Northstone Power Corp., a privately owned Alberta-based independent power producer. Northstone is located near Grande Prairie, Alberta and owns and operates the 18.6-MW Elmworth generating station.Canadian Utilities incurred $415 million and $1,600 million in capital expenditures in the fourth quarter and full year of 2025, of which 94 per cent was invested in the regulated utilities in ATCO Energy Systems and ATCO Australia.Canadian Utilities' five-year (2026-2030) capital expenditure plan for its regulated utilities approximates $12 billion of capital spending which would support a consolidated mid-year rate base (2) CAGR (3) of 6.9 per cent from 2026 to 2030 across our regulated jurisdictions in Canada and Australia. Primary contributors to the capital expenditure plan are expected to be customer growth, system reliability, resilience and safety, and the Yellowhead project. A five-year 6.9 per cent consolidated rate base CAGR implies consolidated mid-year rate base will grow from $16.6 billion in 2025 to $23.2 billion in 2030.CorporateOn January 8, 2026, ATCO declared a first quarter dividend of 51.96 cents per share or $2.08 per share Class I non-voting and Class II voting share on an annualized basis.This news release should be read in concert with the full disclosure documents. ATCO's consolidated financial statements and management's discussion and analysis for the year ended December 31, 2025 will be available on the ATCO website (www.ATCO.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company. TELECONFERENCE AND WEBCASTATCO will hold a live teleconference and webcast with Katie Patrick, Executive Vice President, Chief Financial & Investment Officer and Adam Beattie, President, Structures at 10:00 am Mountain Time (12:00 pm Eastern Time) on Thursday, February 26, 2026 at 1-833-821-0222. No pass code is required.Opening remarks will be followed by a question and answer period with investment analysts. Participants are asked to please dial-in 10 minutes prior to the start and request to join the ATCO teleconference.Management invites interested parties to listen via live webcast at: https://www.atco.com/en-ca/about-us/investors/events-presentations.html._________________________________(2) Consolidated mid-year rate base is a non-GAAP financial measure and consolidated mid-year rate base CAGR is a non-GAAP ratio (each as defined in NI 52-112). Consolidated mid-year rate base and consolidated mid-year rate base CAGR are not standardized measures under the reporting framework used to prepare the Company's financial statements and may not be comparable to similar measures disclosed by other issuers. The most directly comparable measures to consolidated mid-year rate base reported in accordance with IFRS are property, plant and equipment and intangible assets. See "Other Financial and Non-GAAP Measures Advisory" in this news release for additional information.(3) CAGR means compound annual growth rate.A replay of the teleconference will be available approximately two hours after the conclusion of the call until March 26, 2026. Please call 1-855-669-9658 and enter pass code 8370351.As a global enterprise, ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $28 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 electricity operations. ATCO EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCO Energy provides 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 ash, retail food services and commercial real estate. More information can be found at www.ATCO.com.Investor & Analyst Inquiries: Colin Jackson Senior Vice President, Financial Operations <a xmlns="http://www.w3.org/1999/xhtml" href="mailto: