ATCO Ltd.

Thank you for standing by. This is the conference operator. Welcome to the first quarter 2025 results conference call and webcast for ATCO Limited. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing the star key followed by zero. I would now like to turn the conference over to Mr. Colin Jackson, Senior Vice President, Financial Operations. Please go ahead, Mr. Jackson.

Thank you, and good morning, everyone. We're pleased you could join us for ACCO's first quarter 2025 conference call. On the line today, we have Katie Patrick, Executive Vice President, Chief Financial and Investment Officer, and Adam Beattie, President of ACCO Structures. Before we move into today's remarks, I would like to take a moment to acknowledge the numerous traditional territories and homelands on which our global facilities are located. Today, I am speaking to you from our ACCO Park head office in Calgary, which is located in the Treaty 7 region. This is the ancestral territory of the Blackfoot Confederacy, comprised of the Siksika, the Kainai, and the Pecani Nations, the Tsitsina Nation, and the Stony Dakota Nations, which include the Chiniki, Bears Paw, and Good Stony First Nations. I also want to recognize the City of Calgary as home to the Métis Nation of Alberta, Districts 5 and 6. We honor and respect the diverse history, languages, ceremonies, and culture of the Indigenous peoples who call these areas home. Today, we'll hear from Katie, who will deliver opening comments on our financial results and recent company developments, followed by an update from Adam on ACCO structures. Following today's remarks, the ACCO team will take questions from the investment community. Please note or replay of the conference call. A copy of the presentation and today's transcript will be available on our website at ATCO.com following the call. The materials can be found in the investor section under events and presentations. Today's remarks will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please refer to our filings with the Canadian securities regulators. During today's presentation, we may refer to certain non-GAAP and other financial measures, including adjusted earnings, adjusted EBITDA, and capital investment. These measures do not have any standardized meaning under our FRS, and as a result, they may not be comparable to similar measures presented by other entities. And now, I'm pleased to turn the call over to Katie for her opening remarks.

Thanks, Colin, and good morning, everyone. Thank you all for joining us today. ATCO had a strong start to 2025, achieving adjusted earnings of $160 million in the first quarter. This is $12 million and 8% higher than the previous year. Higher adjusted earnings in the first quarter of 2025 were mainly due to increased activity at ATCO structures, growth in rate-based and cost efficiencies at ATCO energy systems, stronger seasonal spreads in the natural gas storage services at Atco Empower, and growth within our newly created Atco Investments segment, largely driven by the inclusion of Atco Energy after its purchase mid-last year. In our results this quarter, you would have seen a simplification of our operating segments with the inclusion of Atco Investments. Going forward, our 40% equity investment in Naltoomah Ports will also be reported in our ACTO investment segment alongside our wholly owned subsidiaries, ACTO Land and Development, ASHCOR, ACTO Energy, and Fresh Pipes, or BFK. Diving further into our results, Canadian utilities saw earnings growth in Q1 2025, driven primarily by rate-based growth within our regulated utilities. As a reminder, our Alberta Utilities Allowable ROE was reset from 9.28% in 2024 to 8.97% for 2025. Additionally, the 50 basis points efficiency carryover mechanism we were awarded in 2023 and 2024 for achieving efficiencies during PBR2 came to an end. Despite these headwinds, we saw an increase in rate-based growth and cost savings, which more than fully offset this. At Structures and Logistics, adjusted earnings for Q1 2025 were $2 million higher compared to the prior year. ADCO Structures delivered growth through the first quarter with adjusted earnings of $26 million, which was strongly tied to an increase in workforce housing sale activity in Australia. Adam will discuss our Structures business further in his update. Moving to ADCO Investments, our Nel Tume ports investment delivered adjusted earnings growth of $3 million compared to last year. Higher earnings were mainly due to improved cargo mix and improved margin across the operations within our portfolio of ports. Nel Tume remains focused on generating earnings growth and continues to be a stable contributor to earnings and dividends for ADCO. Our ADCO investment segment also benefited from additional earnings from ADCO Energy, which was acquired in the third quarter of 2024. Looking at our cash flows, our standalone actual businesses, which exclude Canadian utilities, reported cash flow from operating activities of $120 million in the first quarter, up from $52 million in the prior year. This growth was driven by timing and our strong focus on finding efficiencies within our business. This growth supported our operations, capital program, and normal course financial commitments. Further, our organic capital investment plan over the medium term at the ACCO level is expected to be funded by our internally generated cash flow. With that, I will now pass it over to Adam to further discuss our ACCO Structures business.