Algonquin Power & Utilities : Q4 2023 Earnings Call Presentation

Forward-Looking Statements

Certain written statements included herein and/or oral statements made in connection with the presentation contained herein constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "will", "expects", "intends", "should", "would", "anticipates", "projects", "forecasts", "plans", "estimates", "may", "outlook", "aims", "pending", "prospective", "target", "believes", "could", "objective", "opportunities" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in or made in connection with this presentation include, but are not limited to statements regarding: Algonquin Power & Utilities Corp.'s ("AQN", "Algonquin" or the "Company") operations, including performance, efficiency processes and technology; completion of Customer First; expected future growth; AQN's cost of capital; the Company's intention to sell its renewable energy business; the expected timing and impacts of a sale of the Company's renewable energy business; the search for a new CEO of the Company; investment plans, opportunities and expectations; development projects and the anticipated generation capacity and timing of construction activities and completion; and expectations regarding regulatory hearings and rate reviews. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their nature they rely on assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in this presentation or contained in AQN's Management Discussion and Analysis for the year ended December 31, 2023 (the "Annual MD&A") or the Annual Information Form for the year ended December 31, 2023, each filed with securities regulatory authorities in Canada and the United States. Given these risks, undue reliance should not be placed on these forward- looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

Non-GAAP Financial Measures

The terms "Adjusted earnings before interest, taxes, depreciation and amortization" ("Adjusted EBITDA"), "Adjusted Net Earnings", "Adjusted Funds from Operations", "Adjusted earnings before interest and taxes" ("Adjusted EBIT"), "Net Utility Sales", "Net Energy Sales" and "Divisional Operating Profit" (together with Adjusted Net Earnings per share, the "Non-GAAP Measures") are used in this presentation and/or the related discussion. In addition, Adjusted Net Earnings is presented in this presentation on a common share basis. Adjusted Net Earnings per share (or "Adjusted Net EPS") is a non-GAAP ratio and is calculated by dividing Adjusted Net Earnings by the weighted average number of common shares outstanding during the applicable period. The Non-GAAP Measures are not recognized measures under U.S. GAAP. There is no standardized measure of the Non-GAAP Measures; consequently, AQN's method of calculating the Non-GAAP Measures may differ from methods used by other companies and therefore they may not be comparable to similar measures presented by other companies. The Company believes that presentation of these measures will enhance an investor's understanding of AQN's operating performance. An explanation, calculation and analysis of the Non-GAAP Measures, other than Adjusted EBIT, can be found in the Annual MD&A under the headings "Caution Concerning Non-GAAP Measures", which section is incorporated by reference herein. AQN's Annual MD&A is available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov/edgar. A reconciliation of the Non-GAAP Measures appearing in this presentation to the most directly comparable U.S. GAAP measure, and an explanation of Adjusted EBIT can also be found in the Appendix on page 16 and in Non-GAAP Financial Measures beginning on page 20 of this presentation.

Other

The term "rate base" is used in this presentation and/or the related discussion. Rate base is a measure specific to rate-regulated utilities that is not intended to represent any financial measure as defined by U.S. GAAP. The measure is used by the regulatory authorities in the jurisdictions where the Company's rate-regulated subsidiaries operate. The calculation of this measure as presented may not be comparable to similarly-titled measures used by other companies.

In this presentation, unless otherwise specified or the context requires otherwise, all dollar amounts are expressed in U.S. dollars.

Speakers and Agenda

Algonquin Power & Utilities Corp. | Q4 2023 Earnings Conference Call

2023 Key Highlights

• Focuses for 2023:
• Year of growth for both business groups, despite headwinds

Algonquin Power & Utilities Corp. | Q4 2023 Earnings Conference Call

Regulated Services Group - Highlights and Update

Customer-focused investment, operational excellence and regulatory execution support solid expected financial growth

1. Please see "Non-GAAP Financial Measures" on page 2 of this presentation, and Appendix - Non-GAAP Financial Measures beginning on page 20 of this presentation.

Algonquin Power & Utilities Corp. | Q4 2023 Earnings Conference Call

Renewable Energy Group - Construction Update

1. Project co-owned with Chevron. Chevron - Hayhurst, NM achieved commercial operation date ("COD") in Nov 2023.
2. Combines multiple projects. 2 of 3 facilities achieved COD in Jan 2024.
3. Achieved COD on March 1, 2024.
4. Judgmental estimate.
5. Deerfield II achieved COD in March 2023, Sandy Ridge II achieved COD in Sept 2023, and Shady Oaks II achieved COD in Oct 2023.
6. Remaining 5% of solar panel MW capacity not yet installed due to permitting.

Algonquin Power & Utilities Corp. | Q4 2023 Earnings Conference Call

Strategic Update

• Renewables Sale Process

Process launched with potential buyers in Q4 2023

Pleased with inbound interest from prospective buyers

Targeting sales announcement in mid-2024 and closing later this year

• Update on CEO Search

Making progress

Current slate of qualified candidates

Priorities for 2024

Algonquin Power & Utilities Corp. | Q4 2023 Earnings Conference Call