Algonquin Power & Utilities : Q1 2023 Earnings Call Presentation

Q1 2023

Earnings Conference Call

May 11, 2023 8:30 a.m. ET

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" (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: the expected performance of Algonquin Power & Utilities Corp. ("AQN", "Algonquin" or the "Company"); the Company's expected future growth, earnings (including 2023 Adjusted Net Earnings per common share), cash flows, debt and dividends; the strategic review of the Renewable Energy Group and the aims and expected timing thereof; capital expenditure and investment plans; development projects and the anticipated generation capacity and timing of construction activities and completion; the Company's corporate development and growth initiatives and the results thereof; expectations regarding new common equity financings through 2024; credit ratings; and the Company's environmental, social and governance goals, targets and initiatives (including the Company's ability to achieve these goals, targets and initiatives and the Company's expectations with respect thereto). 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 three months ended March 31, 2023 (the "lnterim MD&A"), Management Discussion and Analysis for the year ended December 31, 2022 (the "Annual MD&A"), or Annual Information Form for the year ended December 31, 2022, 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.

Currency

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

Non-GAAP Financial Measures

The terms "Adjusted Net Earnings", "Adjusted Net Earnings per share" (or "Adjusted Net EPS"), "Adjusted earnings before interest, taxes, depreciation and amortization" ("Adjusted EBITDA"), "Adjusted Funds from Operations" (together, the "Non-GAAP Measures") are used in this presentation and/or the related discussion. 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 and a reconciliation to the most directly comparable U.S. GAAP measure, where applicable, can be found in the Interim MD&A under the headings "Caution Concerning Non-GAAP Measures" and "Non-GAAP Financial Measures", which sections are incorporated by reference herein. AQN's Interim MD&A is available on SEDAR at www.sedar.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 can also be found in Appendix - Non-GAAP Financial Measures beginning on page 15 of this presentation. AQN does not provide reconciliations for forward-lookingnon-GAAP financial measures as AQN is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of AQN's control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking U.S. GAAP financial measure. For these same reasons, AQN is unable to address the probable significance of the unavailable information. Forward-lookingnon-GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.

Algonquin Power & Utilities Corp. | Q1 2023 Earnings Conference Call

2

Speakers and Agenda

Arun Banskota	Darren Myers	Brian Chin
President and	Chief Financial Officer	Vice President,
Chief Executive Officer		Investor Relations
Introductory Remarks…………….………………	Brian Chin
Renewables Strategic Review		Arun Banskota
Q1 2023 Business Highlights...….…………………………………………………...	Arun Banskota
Q1 2023 Financial Highlights….……………………………………………………...	Darren Myers

Algonquin Power & Utilities Corp. | Q1 2023 Earnings Conference Call

Q1 2023 Earnings Conference Call

Renewables

Strategic

Review

• AQN assets appear undervalued and the Company's cost of capital could be reduced
• Analysis of whether separating the Renewable Energy Group from the Regulated Services Group could create superior value
• Strategic Review Committee created by AQN Board of Directors
• External advisors retained, including J.P. Morgan
• Completion of review expected by Q2 2023 earnings call

Algonquin Power & Utilities Corp. | Q1 2023 Earnings Conference Call