Algonquin Power & Utilities Corp. Announces 2024 Fourth Quarter and Full Year Financial Results
“The Company continued to make strides in its transition to a pure-play utility. Over the last 90 days, we successfully completed our Renewables and Atlantica sales, and we enter 2025 with a recapitalized balance sheet and significant opportunity for improvement,” said Chris Huskilson, Chief Executive Officer of AQN. “It has been a privilege to lead Algonquin during this momentous period of transformation, and I look forward to seeing positive developments at the Company under Rod West's direction as he looks to accelerate our progress in 2025.”
Fourth Quarter and Full Year Financial Results for Continuing Operations1
-
Fourth Quarter Net Utility Sales2 of
$426.0 million 8% ;
-
Fourth Quarter Adjusted EBITDA2 of
$248.6 million
-
Fourth Quarter Adjusted EBITDA2 for the Regulated Services Group of
$234.4 million 2% ;
-
Fourth Quarter Adjusted Net Earnings2 of
$45.2 million
-
Fourth Quarter Adjusted Net Earnings2 per common share of
$0.06
-
Annual Net Utility Sales2 of
$1,687.9 million 4% ;
-
Annual Adjusted EBITDA2 of
$1,039.3 million 3% ;
-
Annual Adjusted EBITDA2 for the Regulated Services Group of
$940.2 million 4% ;
-
Annual Adjusted Net Earnings2 of
$232.1 million
-
Annual Adjusted Net Earnings2 per common share of
$0.30
All amounts in |
Three months ended December 31 |
Twelve months ended December 31 |
|||||||||||||
|
2024 |
|
|
2023 |
Change |
|
2024 |
|
|
2023 |
|
Change |
|||
Revenue3 |
$ |
584.8 |
|
$ |
588.2 |
(1 |
)% |
$ |
2,319.5 |
|
$ |
2,403.9 |
|
(4 |
)% |
Regulated Services Group Revenue |
|
576.2 |
|
|
576.4 |
— |
|
|
2,282.0 |
|
|
2,366.9 |
|
(4 |
)% |
Hydro Group Revenue |
|
8.1 |
|
|
8.9 |
(9 |
)% |
|
36.1 |
|
|
35.6 |
|
1 |
% |
Corporate Group Revenue |
|
0.4 |
|
|
0.5 |
(20 |
)% |
|
1.4 |
|
|
1.4 |
|
— |
% |
Net earnings (loss) attributable to shareholders from continuing operations |
|
(107.5 |
) |
|
169.8 |
(163 |
)% |
|
65.3 |
|
|
(14.4 |
) |
553 |
% |
Per common share from continuing operations |
|
(0.14 |
) |
|
0.24 |
(160 |
)% |
|
0.07 |
|
|
(0.03 |
) |
333 |
% |
Net earnings (loss) attributable to shareholders including discontinued operations |
|
(189.1 |
) |
|
184.2 |
(203 |
)% |
|
(1,391.0 |
) |
|
20.3 |
|
N/A |
|
Per common share including discontinued operations |
|
(0.24 |
) |
|
0.26 |
(192 |
)% |
|
(1.90 |
) |
|
0.03 |
|
N/A |
|
Cash provided by operating activities |
|
48.1 |
|
|
200.7 |
(76 |
)% |
|
481.7 |
|
|
628.0 |
|
(23 |
)% |
Adjusted Net Earnings2 |
|
45.2 |
|
|
81.3 |
(44 |
)% |
|
232.1 |
|
|
279.4 |
|
(17 |
)% |
Per common share |
|
0.06 |
|
|
0.12 |
(50 |
)% |
|
0.30 |
|
|
0.39 |
|
(23 |
)% |
Adjusted EBITDA2 |
|
248.6 |
|
|
262.1 |
(5 |
)% |
|
1,039.3 |
|
|
1,013.2 |
|
3 |
% |
Adjusted EBITDA2 for Regulated Services Group |
|
234.4 |
|
|
229.0 |
2 |
% |
|
940.2 |
|
|
902.7 |
|
4 |
% |
Adjusted EBITDA2 for Hydro Group |
|
6.1 |
|
|
7.0 |
(13 |
)% |
|
27.1 |
|
|
26.5 |
|
2 |
% |
Adjusted EBITDA2 for Corporate Group |
|
8.1 |
|
|
26.1 |
(69 |
)% |
|
72.0 |
|
|
84.0 |
|
(14 |
)% |
Adjusted Funds from Operations2 |
|
81.7 |
|
|
151.6 |
(46 |
)% |
|
515.7 |
|
|
586.2 |
|
(12 |
)% |
Dividends per common share |
|
0.0650 |
|
|
0.1085 |
(40 |
)% |
|
0.3470 |
|
|
0.4340 |
|
(20 |
)% |
Long-term Debt, continuing operations |
|
6,698.8 |
|
|
7,500.2 |
(11 |
)% |
|
6,698.8 |
|
|
7,500.2 |
|
(11 |
)% |
1 |
AQN's operations are organized across two business units consisting of: 1) the Regulated Services Group, which primarily owns and operates a portfolio of regulated electric, water distribution and wastewater systems, and natural gas utility systems and transmission operations in |
2 |
Please refer to “Non-GAAP Measures” below for further details. |
| 3 |
Discontinued Operations Revenue for the three months and twelve months ended December 31, 2024 totaled |
Fourth Quarter and Full Year 2024 Operational Results and Corporate Actions
-
Regulated Services Group saw growth from implementation of new rates, offset primarily by higher operating expenses – The Regulated Services Group recorded fourth quarter and full year 2024 year-over-year growth in Adjusted EBITDA of
2% and4% , respectively (see “Non-GAAP Measures” below), primarily due to the implementation of new rates at several of the Company's electric, water and gas utilities. Rate increases were partially offset by higher operating expenses including expenses related to systems conversion, residual costs to support the renewable energy business. Fourth quarter and full year operating costs were negatively impacted by$3.6 million $18.0 million -
Earnings per share reduced as Company repositions for pure-play regulated utility strategy – In addition to the factors described above, year over year Adjusted Net Earnings per common share (see “Non-GAAP Measures” below) were also negatively affected by the sale of the Company’s
42.2% ownership stake in Atlantica Sustainable Infrastructure plc (“Atlantica”), higher borrowing costs to fund growth, higher effective tax rates, and the settlement of the purchase contracts underlying the Company’s green equity units. -
Midstates Gas Illinois, Midstates Gas Missouri, New Brunswick Gas, Missouri Water and Arkansas Water receive conclusive orders – During the fourth quarter and shortly after year end, the Company reached or substantially reached conclusions in five separate rate cases, primarily via approved settlements. Authorized revenue increases for these cases in aggregate total approximately
$21.2 million -
Active rate case calendar continues – In the fourth quarter of 2024, the Company filed for new rates at its Empire Electric Missouri and St. Lawrence Gas utilities. The Empire Electric Missouri application, refiled on February 26, 2025, seeks a net increase in revenues of
$92.1 million 10% and an equity ratio of53.1% . The St. Lawrence Gas application, filed on November 27, 2024, seeks an increase in revenues of$2.2 million 9.9% and an equity ratio of48% . -
Sale of investment in Atlantica – On December 12, 2024, Liberty (AY Holdings) B.V., a wholly-owned subsidiary of AQN, sold its
42.2% equity interest in Atlantica for$22.00 $1.1 billion
Subsequent Events
-
Sale of the Renewable Energy Business marks key achievement in strategic transition to pure-play regulated utility – On January 8, 2025, the Company completed the sale of its renewable energy business (excluding its hydro fleet) to a wholly-owned subsidiary of LS Power for proceeds of approximately
$2.1 billion $1.95 billion $150 million $220 million - Leadership transition supports AQN's ongoing transformation – On January 31, 2025, the Company announced that Roderick (Rod) West will join the Company as Chief Executive Officer. Mr. West’s appointment will be effective as of 12:00 p.m. (Eastern time) on March 7, 2025. Chris Huskilson will step down as Chief Executive Officer and will continue in his role as a director of the Company. In addition, on January 14, 2025, the Company announced that Darren Myers will resign as Chief Financial Officer following the reporting of the Company’s fourth quarter 2024 results. The Company has commenced a search for a permanent Chief Financial Officer. In the meantime, on February 14, 2025, the Company announced that Brian Chin, the Company’s Vice President, Investor Relations, will be appointed as Interim Chief Financial Officer, effective March 7, 2025.
AQN will file its annual consolidated financial statements, annual management discussion & analysis (the “Annual MD&A”), and annual information form, each for the year ended December 31, 2024, with the applicable Canadian securities regulatory authorities. Copies of these documents and other supplemental information on AQN is made available on its website at www.AlgonquinPower.com and in its corporate filings on SEDAR+ at www.sedarplus.com (for Canadian filings) and EDGAR at www.sec.gov/edgar (for
Earnings Conference Call
AQN will hold an earnings conference call at 8:30 a.m. eastern time on Friday, March 7, 2025, hosted by Chief Executive Officer, Chris Huskilson, incoming Chief Executive Officer, Rod West, and Chief Financial Officer, Darren Myers.
Date: |
Friday, March 7, 2025 |
|
Time: |
8:30 a.m. ET |
|
Conference Call: |
Toll Free Dial-In Number |
1 (800) 715-9871 |
|
Toll Dial-In Number |
1 (647) 932-3411 |
|
Conference ID |
4528692 |
Webcast: |
||
|
Presentation also available at: www.algonquinpower.com |
|
About Algonquin Power & Utilities Corp. and Liberty
Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in
Visit AQN at www.algonquinpower.com and follow us on X.com @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of
Non-GAAP Measures
AQN uses a number of financial measures to assess the performance of its business lines. Some measures are calculated in accordance with generally accepted accounting principles in
The terms “Adjusted Net Earnings”, “Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization” (or “Adjusted EBITDA”), “Adjusted Funds from Operations”, and “Net Utility Sales”, which are used in this news release, are non-GAAP financial measures. An explanation of each of these non-GAAP financial measures can be found in the section titled “Caution Concerning Non-GAAP Measures” in the Annual MD&A, which section is incorporated by reference into this news release, and a reconciliation to the most directly comparable
Reconciliation of AQN Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to AQN Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31 |
|
December 31 |
||||||||||||
(all dollar amounts in $ millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings (loss) attributable to shareholders |
$ |
(186.4 |
) |
|
$ |
186.3 |
|
|
$ |
(1,380.5 |
) |
|
$ |
28.7 |
|
Add (deduct): |
|
|
|
|
|
|
|
||||||||
Net earnings attributable to the non-controlling interest, exclusive of HLBV |
|
1.5 |
|
|
|
8.6 |
|
|
|
5.7 |
|
|
|
34.7 |
|
Loss from discontinued operations, net of tax |
|
78.9 |
|
|
|
(16.5 |
) |
|
|
1,445.9 |
|
|
|
(43.1 |
) |
Income tax expense (recovery) |
|
153.5 |
|
|
|
13.0 |
|
|
|
186.8 |
|
|
|
(37.1 |
) |
Interest expense |
|
89.4 |
|
|
|
75.8 |
|
|
|
363.6 |
|
|
|
308.4 |
|
Other net losses1 |
|
7.1 |
|
|
|
10.3 |
|
|
|
27.0 |
|
|
|
121.7 |
|
Asset impairment charge |
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
1.5 |
|
Pension and post-employment non-service costs |
|
3.7 |
|
|
|
4.7 |
|
|
|
14.1 |
|
|
|
19.9 |
|
Change in value of investments carried at fair value2 |
|
2.0 |
|
|
|
(117.5 |
) |
|
|
(21.7 |
) |
|
|
215.3 |
|
Gain on derivative financial instruments |
|
(0.4 |
) |
|
|
(0.6 |
) |
|
|
(0.8 |
) |
|
|
(4.6 |
) |
Loss on foreign exchange |
|
(0.3 |
) |
|
|
5.4 |
|
|
|
3.5 |
|
|
|
13.7 |
|
Depreciation and amortization |
|
99.6 |
|
|
|
91.1 |
|
|
|
395.7 |
|
|
|
354.1 |
|
Adjusted EBITDA |
$ |
248.6 |
|
|
$ |
262.1 |
|
|
$ |
1,039.3 |
|
|
$ |
1,013.2 |
|
1 |
See Note 18 in the audited consolidated financial statements. |
2 |
See Note 8 in the audited consolidated financial statements. |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31 |
|
December 31 |
||||||||||||
(all dollar amounts in $ millions except per share information) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings (loss) attributable to shareholders |
$ |
(186.4 |
) |
|
$ |
186.3 |
|
|
$ |
(1,380.5 |
) |
|
$ |
28.7 |
|
Add (deduct): |
|
|
|
|
|
|
|
||||||||
Loss (Earnings) from discontinued operations |
|
78.9 |
|
|
|
(16.5 |
) |
|
|
1,445.9 |
|
|
|
(43.1 |
) |
Gain on derivative financial instruments |
|
(0.4 |
) |
|
|
(0.6 |
) |
|
|
(0.8 |
) |
|
|
(4.6 |
) |
Other net losses1 |
|
7.1 |
|
|
|
10.3 |
|
|
|
27.0 |
|
|
|
121.7 |
|
Asset impairment charge |
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
1.5 |
|
Loss on foreign exchange |
|
(0.3 |
) |
|
|
5.4 |
|
|
|
3.5 |
|
|
|
13.7 |
|
Change in value of investments carried at fair value2 |
|
2.0 |
|
|
|
(117.5 |
) |
|
|
(21.7 |
) |
|
|
215.3 |
|
Adjustment for taxes related to above |
|
144.3 |
|
|
|
12.4 |
|
|
|
158.7 |
|
|
|
(53.8 |
) |
Adjusted Net Earnings |
$ |
45.2 |
|
|
$ |
81.3 |
|
|
$ |
232.1 |
|
|
$ |
279.4 |
|
Adjusted Net Earnings per common share |
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.30 |
|
|
$ |
0.39 |
|
1 |
See Note 18 in the audited consolidated financial statements. |
2 |
See Note 8 in the audited consolidated financial statements. |
Reconciliation of Adjusted Funds from Operations to Cash Provided by Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to cash provided by operating activities in accordance with
The following table shows the reconciliation of cash provided by operating activities to Adjusted Funds from Operations exclusive of these items:
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31 |
|
December 31 |
||||||||||||
(all dollar amounts in $ millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash provided by operating activities |
$ |
48.1 |
|
|
$ |
200.7 |
|
|
$ |
481.7 |
|
|
$ |
628.0 |
|
Add (deduct): |
|
|
|
|
|
|
|
||||||||
Cash provided by operating activities of discontinued operations |
|
(41.8 |
) |
|
|
(49.8 |
) |
|
|
(121.3 |
) |
|
|
(128.5 |
) |
Changes in non-cash operating items for continuing operations |
|
84.9 |
|
|
|
(1.8 |
) |
|
|
139.4 |
|
|
|
86.3 |
|
Changes in non-cash operating items from discontinued operations |
|
(9.5 |
) |
|
|
2.5 |
|
|
|
13.9 |
|
|
|
(0.8 |
) |
Production based cash contribution from non-controlling interest for continuing operations |
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
Costs related to tax equity financing |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
Adjusted Funds from Operations |
$ |
81.7 |
|
|
$ |
151.6 |
|
|
$ |
515.7 |
|
|
$ |
586.2 |
|
Reconciliation of Regulated Services Group Adjusted EBITDA to Revenue
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Regulated Services Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31 |
|
December 31 |
||||||||||||
(all dollar amounts in $ millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Regulated electricity distribution |
$ |
304.6 |
|
|
$ |
297.0 |
|
|
$ |
1,276.1 |
|
|
$ |
1,295.5 |
|
Less: Regulated electricity purchased |
|
(85.1 |
) |
|
|
(95.7 |
) |
|
|
(365.7 |
) |
|
|
(429.8 |
) |
Net Utility Sales – electricity1 |
|
219.5 |
|
|
|
201.3 |
|
|
|
910.4 |
|
|
|
865.7 |
|
Regulated gas distribution |
|
152.5 |
|
|
|
167.4 |
|
|
|
546.4 |
|
|
|
621.3 |
|
Less: Regulated gas purchased |
|
(51.1 |
) |
|
|
(71.6 |
) |
|
|
(183.2 |
) |
|
|
(267.1 |
) |
Net Utility Sales – natural gas1 |
|
101.4 |
|
|
|
95.8 |
|
|
|
363.2 |
|
|
|
354.2 |
|
Regulated water reclamation and distribution |
|
104.0 |
|
|
|
100.5 |
|
|
|
406.1 |
|
|
|
399.1 |
|
Less: Regulated water purchased |
|
(6.5 |
) |
|
|
(5.9 |
) |
|
|
(21.5 |
) |
|
|
(19.6 |
) |
Net Utility Sales – water reclamation and distribution1 |
|
97.5 |
|
|
|
94.6 |
|
|
|
384.6 |
|
|
|
379.5 |
|
Other revenue2 |
|
15.2 |
|
|
|
11.5 |
|
|
|
53.4 |
|
|
|
51.1 |
|
Less: Other Cost of Sales |
|
(7.6 |
) |
|
|
(7.9 |
) |
|
|
(23.7 |
) |
|
|
(26.5 |
) |
Net Utility Sales1,3 |
|
426.0 |
|
|
395.3 |
|
|
1,687.9 |
|
|
1,624.0 |
|
|||
Operating expenses |
|
(223.2 |
) |
|
|
(194.7 |
) |
|
|
(861.8 |
) |
|
|
(811.6 |
) |
Income from long-term investments |
|
10.4 |
|
|
|
11.6 |
|
|
|
33.5 |
|
|
|
45.0 |
|
HLBV4 |
|
21.2 |
|
|
|
16.8 |
|
|
|
80.6 |
|
|
|
45.3 |
|
Adjusted EBITDA 1,5 |
$ |
234.4 |
|
|
$ |
229.0 |
|
|
$ |
940.2 |
|
|
$ |
902.7 |
|
1 |
See Caution Concerning Non-GAAP Measures. |
2 |
See Note 20 in the audited consolidated financial statements. |
3 |
This table contains a reconciliation of Net Utility Sales to revenue. The relevant sections of the table are derived from and should be read in conjunction with the consolidated statement of operations and Note 20 in the audited consolidated financial statements, “Segmented Information”. This supplementary disclosure is intended to more fully explain disclosures related to Net Utility Sales and provides additional information related to the operating performance of the Regulated Services Group. Investors are cautioned that Net Utility Sales should not be construed as an alternative to revenue. |
4 |
HLBV income represents the value of net tax attributes monetized by the Regulated Services Group in the period at the Luning and Turquoise Solar Facilities and the Neosho Ridge, |
5 |
This table contains a reconciliation of Adjusted EBITDA to revenue for the Regulated Services Group. The relevant sections of the table are derived from and should be read in conjunction with the audited consolidated statement of operations and Note 20 in the audited consolidated financial statements, “Segmented Information”. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Regulated Services Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. |
Reconciliation of Hydro Group Adjusted EBITDA to Revenue
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Hydro Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
|
Three months ended |
|
Twelve months ended |
||||||||
|
December 31 |
|
December 31 |
||||||||
(all dollar amounts in $ millions) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Revenue |
$ |
8.1 |
|
$ |
8.6 |
|
$ |
35.3 |
|
$ |
34.3 |
Less: Cost of Sales - Hydro |
|
— |
|
|
0.1 |
|
|
0.2 |
|
|
0.5 |
Add: Other income |
|
— |
|
|
0.3 |
|
|
0.8 |
|
|
1.3 |
Less: Operating expenses |
|
2.0 |
|
|
1.8 |
|
|
8.8 |
|
|
8.6 |
Hydro Group Adjusted EBITDA1,2 |
$ |
6.1 |
|
$ |
7.0 |
|
$ |
27.1 |
|
$ |
26.5 |
1 |
See Caution Concerning Non-GAAP Measures. |
2 |
This table contains a reconciliation of Adjusted EBITDA to revenue for the Hydro Group. The relevant sections of the table are derived from and should be read in conjunction with the consolidated statement of operations and Note 20 in the audited consolidated financial statements, “Segmented Information”. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Hydro Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. |
Reconciliation of Corporate Group Adjusted EBITDA to Revenue
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Corporate Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
|
Three months ended |
|
Twelve months ended |
||||
|
December 31 |
|
December 31 |
||||
(all dollar amounts in $ millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue |
0.4 |
|
0.5 |
|
1.4 |
|
1.4 |
Add: Interest, dividend, equity, and other income |
11.7 |
|
29.3 |
|
80.0 |
|
86.6 |
Less: Operating expenses |
4.0 |
|
3.7 |
|
9.4 |
|
4.0 |
Corporate Group Adjusted EBITDA1,2 |
8.1 |
|
26.1 |
|
72.0 |
|
84.0 |
1 |
See Caution Concerning Non-GAAP Measures. |
2 |
This table contains a reconciliation of Adjusted EBITDA to revenue for the Corporate Group. The relevant sections of the table are derived from and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and Note 20 in the audited consolidated financial statements, “Segmented Information”. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Corporate Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250307640546/en/
Investor Inquiries:
Brian Chin
Vice President, Investor Relations
Algonquin Power & Utilities Corp.
E-mail: InvestorRelations@APUCorp.com
Telephone: (905) 465-4500
Media Inquiries:
Stephanie Bose
Senior Director, Corporate Communications
Liberty
E-mail: Corporate.Communications@libertyutilities.com
Telephone: (905) 465-4500
Source: Algonquin Power & Utilities Corp.
