ATCO Ltd. to Share Strategic Update at Annual General Meeting on May 15, 2024

ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y)

ATCO Ltd. announced today that its Structures division has acquired NRB Ltd. (NRB), a leading Canadian manufacturer of modular industrial, educational and residential buildings for a purchase price of $40 million , payable in cash and subject to normal closing adjustments and conditions, including competition bureau review. The transaction is expected to close near the end of July 2024 .

"ATCO is excited about the opportunity to expand NRB's modular business capabilities, particularly in the manufacturing of multi-family and affordable housing modular construction solutions," said Adam Beattie , President of ATCO Structures. "There is no doubt that NRB has been a market leader in this space, we want to continue to build on this expertise, and we believe ATCO, a Canadian company that has pioneered the modular industry globally, is a fantastic complement to bring out the best in NRB's future."

NRB has close to 400 employees and four manufacturing facilities across Canada , three of which are in new markets that ATCO Structures currently doesn't manufacture in today, expanding its ability to supply turnkey modular solutions across Canada . A subsidiary of the Dexterra Group, NRB has been a trusted name in the offsite building industry for 45 years. "We wish the NRB team all the best as they begin a new chapter under ATCO's leadership and we are confident they will continue to deliver quality modular products and projects to their valued clients," said Mark Becker , CEO of Dexterra.

The acquisition of NRB is a material step in ATCO Structures' plans to expand its manufacturing, operations and sales footprint, and grow the modular residential market. "Offsite construction is the emerging alternative to traditional construction and ATCO is aligned with governments, housing advocacy groups and prospective homeowners in that modular housing can play a bigger role in meeting society's need for quality and affordable housing solutions," added Mr. Beattie.

With manufacturing facilities in Canada , the United States , Mexico , Chile and Australia , ATCO Structures provides global turnkey permanent and temporary modular solutions for mobile offices, workforce housing, hotels, medical facilities, schools, multi and single-family housing and more.

As a global enterprise ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $25 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 operations. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCOenergy and Rümi provide 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 fly 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, Finance, Treasury & Sustainability
Colin.Jackson@atco.com (403) 808 2636

Media Inquiries:
Kurt Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. In particular, forward-looking information in this news release includes references to the acquisition of NRB and the anticipated closing date of the transaction, the opportunity to expand NRB's modular business capabilities, and ATCO Structures' plans to expand its manufacturing operations and sales footprint and grow the modular residential market.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

Actual results may differ materially from those anticipated in the forward-looking information as a result of regulatory decisions, competitive factors, prevailing market and economic conditions, availability of sellers, changes in laws and regulations and other factors, many of which are beyond control.

It is believed that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that the expectations will prove to be correct, and such forward-looking information should not be unduly relied upon.

Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

SOURCE ATCO Ltd.

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ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y)

At the Annual Meeting of Share Owners of ATCO Ltd. (the "Corporation") held on May 15, 2024 , a resolution was passed by ballot electing each of the following eight (8) nominees proposed by management as a director of the Corporation to hold office until the next Annual Meeting of Share Owners of the Corporation or until his/her successor is elected or appointed.

This matter is described in greater detail in the Corporation's Management Proxy Circular dated March 11, 2024 . A full report of voting results is available on SEDAR+ at www.sedarplus.ca .

As a global enterprise ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $25 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 operations. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets.  ATCOenergy and Rümi provide 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 fly 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, Finance, Treasury & Sustainability
Colin.Jackson@atco.com
(403) 808 2636

Media Inquiries:  
Kurt Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571

Subscription Inquiries:
To receive ATCO Ltd. news releases, please click here .

SOURCE ATCO Ltd.

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Canadian Utilities Limited (TSX: CU)

• The Yellowhead Mainline will support energy, petrochemical, building materials and hydrogen projects that use natural gas and carbon capture technology to produce products that the world demands with lower emissions than previously possible.
• The Yellowhead Mainline will also reinforce the natural gas network and contribute to energy security for Alberta's growing population and industries.
• The project is expected to create thousands of direct jobs during construction and enable more than $20 billion of investment and associated employment in Alberta by customers, including Dow's Path2Zero project, while providing additional market access to producers.
• With the announcement of the Yellowhead Mainline project, ATCO Energy Systems is updating its three-year capital investment guidance.

Canadian Utilities Limited is announcing a new energy infrastructure project that is expected to be a significant driver of lower-carbon economic growth in Alberta . The Yellowhead Mainline project will expand the capacity and enhance the efficiency of the province's natural gas network, connecting natural gas producers to key markets and delivering the energy required for Alberta's growing population.

"As Alberta's energy demand continues to grow, the Yellowhead Mainline will play a crucial role in reinforcing Alberta's energy infrastructure and enhancing access to reliable energy from one of the cleanest sources of natural gas on the planet," said Wayne Stensby , Chief Operating Officer, ATCO Energy Systems. "Canadian Utilities has been delivering safe, reliable and affordable energy for more than 100 years and we are excited to embark on this new landmark infrastructure project which we expect to contribute to a prosperous future for Albertans in the decades to come."

The project is expected to create approximately 2,000 jobs during construction and will provide gas supply for the more than $20 billion of investment and associated employment in Alberta by our customers, including the Dow Fort Saskatchewan Path2Zero project.

"Dow appreciates the partnership with ATCO to supply Dow's Path2Zero project. Together these projects will have a profound positive impact on communities, creating jobs and economic opportunity for Alberta ," said Diego Ordonez , President, Dow Canada. "Collaboration with government officials, the community of Fort Saskatchewan , our Indigenous neighbors, and the host of partner companies such as ATCO have been key to enabling Dow's investment to move forward."

The project consists of building approximately 200 kilometres of high-pressure natural gas pipeline and related control and compression facilities that will run from Peers, Alberta , to the northeast Edmonton area.  Total investment for the project is expected to exceed $2 billion , with more precise cost estimation subject to further refinement of project scope, route and detailed engineering. The expansion is expected to have the capability to deliver about 1,000 terajoules (or 1 billion cubic feet) per day of incremental natural gas delivery capacity and is planned to be on-stream in Q4 2027 with construction expected to commence in 2026, subject to regulatory and company approvals.

As disclosed in Canadian Utilities' Management's Discussion and Analysis for the year ended December 31, 2023 (2023 MD&A), ATCO Energy Systems made capital expenditures of $1,213 million ( $1,130 million excluding International Natural Gas Distribution) and capital investments ¹ of $1,219 million ( $1,136 million excluding International Natural Gas Distribution) in 2023. In the 2023 MD&A, guidance was provided that suggested that ATCO Energy Systems (excluding International Natural Gas Distribution) expected to make capital investments of between $3.8 to $4.5 billion over the three-year period from 2024-2026. With the announcement of the Yellowhead Mainline project, ATCO Energy Systems is updating its capital investment guidance.

As shown below, ATCO Energy Systems now expects its capital investment to be in the range of $4.3 to $4.7 billion over the same three-year period. This results in an expected three-year mid-year rate base compound annual growth rate (CAGR) ² of between 3.5 to 4.3 per cent.  ATCO Energy Systems continues to maintain its longer-term mid-year rate base growth outlook of 4 to 5 per cent.

Canadian Utilities Limited and its subsidiary and affiliate companies have approximately 9,000 employees and assets of $23 billion . Canadian Utilities, an ATCO company, is a diversified global energy infrastructure corporation delivering essential services and innovative business solutions. ATCO Energy Systems delivers energy for an evolving world through its electricity and natural gas transmission and distribution, and international operations segments. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCOenergy and Rümi provide 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. More information can be found at www.canadianutilities.com .

Investor & Analyst Inquiries:  
Colin Jackson
Senior Vice President, Finance, Treasury & Sustainability
Colin.Jackson@atco.com (403) 808 2636

Media Inquiries:
Kurt Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571

Forward-Looking Information Advisory

Certain statements contained in this news release constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", "goals", "targets", "strategy", "future", and similar expressions. In particular, forward-looking information in this news release includes, but is not limited to, references to: anticipated benefits to be generated by the Yellowhead Mainline project, including driving economic growth, supporting energy, petrochemical, building materials and hydrogen projects, reinforcing Alberta's natural gas network, contributing to energy security for Albertans, significant job creation, additional market access for producers, and expanded capacity and enhanced efficiency of Alberta's natural gas network; the anticipated size, specifications and incremental natural gas delivery capacity of the Yellowhead Mainline project; the expectation that construction on the Yellowhead Mainline project will commence in 2026 and the project will be on-stream as early as Q4 2027; expected capital investment; expected growth of energy demand; expected emissions reductions; and the expected three year mid-year rate base CAGR for ATCO Energy Systems.

Although the Company believes that the expectations reflected in the forward-looking information are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those anticipated in such forward-looking information. The forward-looking information reflects the Company's beliefs and assumptions with respect to, among other things, the growth of energy demand; inflation; the development and performance of technology and technological innovations; continuing collaboration with industry participants, business partners, regulatory bodies and environmental groups; the performance of assets and equipment; the ability to meet current project schedules; and other assumptions inherent in management's expectations in respect of the forward-looking information identified herein.

The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of, among other things, risks inherent in the performance of assets; capital efficiencies and cost savings; applicable laws, regulations and government policies; regulatory decisions; competitive factors in the industries in which the Company operates; prevailing market and economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; future demand for resources; the development and execution of projects, including projects not proceeding on schedule or at currently estimated budgets; prices of electricity, natural gas, natural gas liquids, and renewable energy; the development and performance of technology and new energy efficient products, services, and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture, and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; risks related to the activities of other industry participants, customers, counterparties and/or stakeholders; the termination or breach of contracts by contract counterparties; the occurrence of unexpected events such as fires, floods, extreme weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; global pandemics; geopolitical tensions and wars; and other risk factors, many of which are beyond the control of the Company. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks that the Company faces, see "Business Risks and Risk Management" in the 2023 MD&A.

This news release contains financial outlook information, which is subject to the same assumptions, risk factors, limitations and qualifications set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue

reliance should not be placed on such financial outlook information. The Company's actual results, performance and achievements could differ materially from those expressed in, or implied by, such financial outlook information. The Company has included such information in order to provide readers with a more complete perspective on its future operations and its current expectations relating to its future performance. Such information may not be appropriate for other purposes and readers are cautioned that such information should not be used for purposes other than those for which it has been disclosed herein. The financial outlook information that is contained herein was approved and made as of the date of this news release.

Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

SOURCE Canadian Utilities Limited

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ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y) Canadian Utilities Limited (TSX: CU)

Today, ATCO released its 2023 Sustainability Report highlighting the company's sustainability and environmental, social, and governance (ESG) performance. With detailed reference to strategies, initiatives, targets, and metrics, the report focuses on the transition to low-carbon energy; climate change and environmental stewardship; governance and responsible business; operational reliability and resilience; emergency preparedness and response; community and Indigenous relations; diversity, equity and inclusion; and safety.

"Our successful ESG performance in the past year is directly related to the discipline, innovative thinking and determination of the people of our company," said Nancy Southern , Chair & Chief Executive Officer ATCO Ltd. and Canadian Utilities Limited. "As we set our sights on the future, we believe that achieving an equitable energy transition is a necessity. Our commitment to this goal underscores our belief in the power of collective action. At ATCO we are equipped to face global challenges including global energy security, housing scarcity and global resource transportation. In addition, this report details our commitment to establishing strong relationships with our partners and the communities where we operate. I am extremely proud of ATCO's efforts towards Indigenous reconciliation. Together, we must rise to the challenge, working hand in hand with policymakers and stakeholders to pave the way for a sustainable and thriving future for generations to come."

Highlights of ATCO's 2023 sustainability performance include:

• More than quadrupled our renewable power generation capacity between 2022 and 2023. As a proportion of our overall owned production capacity, renewables increased from 24 per cent to 63 per cent, year-over-year.
• Welcomed the Chiniki and Goodstoney First Nations as 51 per cent majority partners in the Deerfoot and Barlow solar power projects, the largest solar installation in an urban centre in Western Canada .
• Reduced company-wide GHG emissions to earnings intensity by 12 per cent compared to 2022, a 32 per cent decrease compared to our 2020 baseline.
• Reduced customers' GHG emissions by 784,000 tonnes of carbon dioxide equivalent from our 2020 baseline.
• Protected vital infrastructure during wildfires allowing us to maintain and quickly restore essential services, including fire-wrapping more than 7,200 electrical poles to protect them from advancing fires.
• Generated over $128 million in net economic benefit to Indigenous groups, including awarding contracts totalling over $91 million to Indigenous and Indigenous-affiliated contractors.
• Investment of $10.2 million in communities through gifts-in-kind, sponsorships, donations and our matching contribution to the employee-led ATCO EPIC Program, which raised $3.1 million in pledges.
• Recognized in 2024 as one of Canada's Top Employers for Young People and Alberta's Top 80 Employers.

Click here to see the full ATCO 2023 Sustainability Report.

To learn more about our commitment to sustainability or to access ESG Datasheets, please visit Our Commitment section of ATCO.com or CanadianUtilities.com .

As a global enterprise ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $25 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 operations. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets.  ATCOenergy and Rümi provide 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 fly 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, Finance, Treasury, Risk & Sustainability
Colin.Jackson@atco.com
(403) 808 2636

Media Inquiries:
Kurt Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571

Subscription Inquiries:
To receive ATCO Ltd. news releases, please click here .

Certain information in this news release constitutes forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "goal", "target", "strategy", "initiative", "future", "believe" and similar expressions. In particular, forward-looking information in this news release includes, but is not limited to, references to: strategic plans, goals and targets, including the company's progress toward its ESG targets; the necessity of an equitable energy transition; and the company's ability to meet global challenges.

It is believed that the expectations reflected in such forward-looking information are reasonable based on the information that is available on the date this news release was prepared; however, such statements are not guarantees of future performance and no assurance can be given that the expectations will prove to be correct. Forward-looking information should not be unduly relied upon. Such information involves a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those anticipated. The forward-looking information in this news release reflects current beliefs and assumptions with respect to, among other things: the ability of the company to successfully achieve its 2030 ESG targets and net-zero GHG emissions by 2050; the development, performance and implementation of processes, technology and technological innovations; the ability to access and implement technology necessary to achieve GHG and other ESG targets; continuing collaboration with certain regulatory and environmental groups and communities; the receipt of regulatory approvals; the performance of assets and equipment; demand levels for oil, natural gas, gasoline, diesel and other energy sources; certain levels of future energy use; future production rates; future revenue and earnings; planned methods of transportation; the ability to meet project schedules; and other assumptions inherent in management's expectations in respect of the forward-looking information identified herein.

Actual results could differ materially from those anticipated in the forward-looking information as a result of, among other things: risks related to the development and performance of assets, technology and new energy efficient products, services, and programs, including but not limited to the use of zero-emission and renewable fuels, carbon capture utilization and storage, electrification of equipment powered by zero-emission energy sources, and the utilization and availability of carbon offsets; applicable laws and government policies; the risk of unfavourable regulatory decisions; competitive factors; political factors; prevailing economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services and infrastructure; risks related to the development and execution of projects; prices of electricity, natural gas, natural gas liquids, and renewable energy; potential termination or breach of contracts by contract counterparties; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blowouts, equipment failures, transportation incidents, and other accidents or similar events; global pandemics; geopolitical tensions and wars; and other risk factors, many of which are beyond the control of the company. Due to the interdependencies and correlation of these factors, the impact of any one assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks that the company faces, see "Business Risks and Risk Management" in ATCO Ltd.'s Management's Discussion and Analysis for the year ended December 31, 2023 .

SOURCE ATCO Ltd.

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ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y)

ATCO Ltd. (ATCO or the Company) today announced first quarter 2024 adjusted earnings of $148 million ( $1.32 per share), $11 million ( $0.11 per share) higher compared to $137 million ( $1.21 per share) in the first quarter of 2023.

First quarter earnings attributable to Class I and Class II Shares reported in accordance with International Financial Reporting Standards (IFRS earnings) were $147 million ( $1.31 per share), $20 million ( $0.16 per share) lower compared to $167 million ( $1.47 per share) in the first quarter of 2023.

IFRS earnings include timing adjustments related to rate-regulated activities, unrealized gains or losses on mark-to-market forward and swap commodity contracts, one-time gains and losses, impairments, and items that are not in the normal course of business or a result of day-to-day operations. These items are not included in adjusted earnings.

RECENT DEVELOPMENTS

ATCO Structures

• Awarded a $28 million rental contract for 363 space rentals units supporting an LNG facility in the South Central United States. The rental term is expected to commence in the fourth quarter of 2024 for a term of 36 months.
• Awarded a $26 million supply and delivery contract for a 200-person camp in support of a mining project located in the Pilbara, 150-km south of Port Hedland, Western Australia . Manufacturing commenced during the first quarter of 2024 with final delivery anticipated in the third quarter of 2024.
• Awarded a $12 million supply and delivery contract for a 100-person camp and a 64-person camp in Western Australia . Manufacturing concluded during the first quarter of 2024 with final delivery anticipated in the third quarter of 2024.
• Awarded a $11 million supply and delivery contract for 58 blast-resistant, non-processing infrastructure buildings in support of an LNG Facility in Western Australia . Manufacturing commenced during the first quarter of 2024 with final delivery anticipated in the fourth quarter of 2024.

Canadian Utilities

• On March 27, 2024 , the Alberta Utilities Commission (AUC) issued a decision for Natural Gas Transmission's 2024-2026 General Rate Application. In December 2023 , a comprehensive Negotiated Settlement Agreement (NSA) was reached with all participating interveners, and an application was filed with the AUC in January 2024 . This recent decision approved the NSA for 2024 and 2025 in its entirety but limited the approval to two years.
• In the first quarter of 2024, ATCO changed its operating segment structure to better align current strategy and future growth objectives. This change involved creating a new operating segment, ATCO Australia , which includes natural gas distribution (ATCO Gas Australia) and electricity generation operations (ATCO Power Australia) based in Australia . Previously, ATCO Australia's natural gas distribution operations were reported in the ATCO Energy Systems operating segment and the electricity generation operations were reported in the ATCO EnPower operating segment. In addition, ATCO Australia's corporate office was included in Canadian Utilities Corporate & Other.
• Incurred $316 million in capital expenditures in the first quarter of 2024, of which 94 per cent was invested in our regulated utilities in ATCO Energy Systems and ATCO Australia , and 6 per cent mainly in ATCO EnPower.

Corporate

• On April 11, 2024 , ATCO declared a second quarter dividend of 48.98 cents per share or $1.96 per share on an annualized basis per Class I non-voting and Class II voting share.

FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS

A financial summary of the consolidated subsidiaries of ATCO and a reconciliation of adjusted earnings to earnings attributable to Class I non-voting shares and Class II voting shares is provided below:

This news release should be read in concert with the full disclosure documents. ATCO's unaudited consolidated financial statements and management's discussion and analysis for the quarter ended March 31, 2024 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 Thursday, May 2, 2024 at 1-844-763-8274. 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 .

A replay of the teleconference will be available approximately two hours after the conclusion of the call until June 2, 2024 . Please call 1-855-669-9658 and enter pass code 0790.

As a global enterprise ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $25 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 operations. ATCO EnPower creates sustainable energy solutions in the areas of renewables, energy storage, industrial water and clean fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCOenergy and Rümi provide 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 fly 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, Finance, Treasury & Sustainability
Colin.Jackson@atco.com
(403) 808 2636

Media Inquiries:  
Kurt Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571

Subscription Inquiries:
To receive ATCO Ltd. news releases, please click here .

Other Financial and Non-GAAP Measures
This news release includes references to "adjusted earnings" which is a "total of segments measure" as that term is defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. The most directly comparable measure reported in accordance with International Financial Reporting Standards is "earnings attributable to Class I and Class II shares". For additional information, see "Financial Summary and Reconciliation of Adjusted Earnings" in this news release, and "Other Financial and Non-GAAP Measures" in the Company's Management's Discussion and Analysis for the three months ended March 31, 2024 , which is available at www.sedarplus.ca .

Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", "goals", "targets", "strategy", "future", and similar expressions. In particular, forward-looking information in this news release includes, but is not limited to, references to: the expected value, timing and term of contracts; the expected timing of commencement, completion or commercial operations of activities, contracts and projects; and the payment of dividends.

Although the Company believes that the expectations reflected in the forward-looking information are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those anticipated in such forward-looking information. The forward-looking information reflects the Company's beliefs and assumptions with respect to, among other things, the development and performance of technology and technological innovations; continuing collaboration with certain business partners, and regulatory and environmental groups; the performance of assets and equipment; the ability to meet current project schedules, and other assumptions inherent in management's expectations in respect of the forward-looking information identified herein.

The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of, among other things, risks inherent in the performance of assets; capital efficiencies and cost savings; applicable laws, regulations and government policies; regulatory decisions; competitive factors in the industries in which the Company operates; prevailing market and economic conditions; credit risk; interest rate fluctuations; the availability and cost of labour, materials, services, and infrastructure; future demand for resources; the development and execution of projects; prices of electricity, natural gas, natural gas liquids, and renewable energy; the development and performance of technology and new energy efficient products, services, and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture, and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; the termination or breach of contracts by contract counterparties; the occurrence of unexpected events such as fires, extreme weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; global pandemics; geopolitical tensions and wars; and other risk factors, many of which are beyond the control of the Company. Due to the interdependencies and correlation of these factors, the impact of any one material assumption or risk on a forward-looking statement cannot be determined with certainty. Readers are cautioned that the foregoing lists are not exhaustive. For additional information about the principal risks that the Company faces, see "Business Risks and Risk Management" in the Company's Management's Discussion and Analysis for the year ended December 31, 2023 .

Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

SOURCE ATCO Ltd.

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