CALGARY, AB, Nov. 6, 2025 /CNW/ – ATCO Ltd. (TSX:ACO) (TSX:ACO)
ATCO Ltd. (ATCO or the Company) today announced third quarter 2025 adjusted earnings (1) of $103 million ($0.92 per share), which were $12 million ($0.11 per share) higher compared to $91 million ($0.81 per share) in the third quarter of 2024.
Third quarter 2025 earnings attributable to Class I and Class II Shares reported in accordance with International Financial Reporting Standards (IFRS earnings) were $85 million ($0.76 per share) compared to $93 million ($0.83 per share) in the third quarter of 2024.
RECENT DEVELOPMENTS
ATCO Structures
ATCO Structures continued growing its market presence through organic strategic initiatives and investment in its base business, particularly in space rentals. This included expansion and optimization of the global rental fleet. The below awards illustrate the diversity of geographies and industries that ATCO Structures services:
Awarded a $179 million contract by 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 in the US to provide space rental and workforce housing solutions supporting shipping infrastructure enhancements in Alaska, gold exploration and mining operations in Washington, and technology construction across the continental US, including projects to construct chip fabrication facilities, data centres and related infrastructure. These awards comprise 199 modular units and total $34 million in sale and lease contracts.
Awarded contracts to provide space rental and workforce housing solutions supporting gold, silver and copper mining operations through Western and Central Canada, and uranium exploration in Central Canada. These awards comprise 200 modular units and total $32 million in sale and lease contracts.
Awarded contracts in Australia to provide space rental and workforce housing solutions to support mining operations in Queensland and an infrastructure project in Victoria, and to provide permanent modular classrooms in Queensland. These sale awards comprise 138 units and total $14 million.
ATCO Frontec
Secured a position as a US Prime Contractor on the US Navy’s Worldwide Expeditionary Multiple Award Contract 2.1 – Territorial Integrity of the United States. ATCO Frontec is now eligible to bid on task orders under the program to deliver expeditionary logistics and life support services across the continental US and outlying territories, positioning ATCO Frontec as a trusted, large-scale US prime contractor.
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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 $402 million of capital expenditures in the third 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. In the third quarter of 2025, the AUC approved the Need Assessment Application for the expected $2.9 billion project, a Class III estimate with an expected accuracy of +/-20 per cent. As one of two key regulatory filings that require approval from the AUC to advance, this approval marks a major milestone in the development of Alberta’s energy infrastructure. ATCO Energy Systems filed a separate facilities application on November 4, 2025 to seek AUC approval for construction and operation of the physical infrastructure.
Electricity Transmission began construction of CETO in the third quarter of 2024, and has progressed substation tendering for civil, structural and electrical works and began 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 $255 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 Energy Systems’ ATCO Pipelines filed its General Rate Application with the AUC to establish its revenue requirement for the 2026–2028 Test Period. The application seeks approval for revenue requirements of $381 million, $489 million and $680 million for the years 2026, 2027 and 2028, respectively. Increases over the test period are largely related to Yellowhead. ATCO Pipelines is requesting a deferral account to manage uncertainties for Yellowhead and measures to provide credit relief during the construction. The temporary credit relief includes three options to be considered: a temporary ROE adder of 1 per cent for 2026 and 2027, a temporary deemed equity thickness adder of 2 per cent for 2026 and 2027, and Construction Work in Progress to be included in rate base.
Corporate
On October 9, 2025, ATCO declared a fourth 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.
This news release should be read in concert with the full disclosure documents. ATCO’s unaudited interim consolidated financial statements and management’s discussion and analysis for the quarter ended September 30, 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 WEBCAST
ATCO 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 Friday, November 7, 2025 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 …
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