Algonquin Power & Utilities : Q2 2021 Earnings Call Presentation

Q2 2021

Earnings Conference Call

August 13, 2021

10:00 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 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" 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, cash flows, funds from operations, debt, dividends and rate base; capital expenditure and investment plans; development projects (including greenfield opportunities) and the anticipated generation capacity, completion, cost, location, size, success rate, customer benefits and qualification for tax credits of such projects; demand for renewable energy generation by C&I (as defined herein) customers and the impact thereof on the Company's growth; the closing of acquisitions; expected sources and uses of capital; projections about liquidity, capital sufficiency, cost savings and credit ratings; the Company's corporate development activities and the results thereof, including the expected business mix between the Company's operating segments; the Company's sustainability and environmental, social and governance goals; the Company's expected growth strategies; anticipated utility rates, regulatory outcomes and recoverability of investments; and expectations regarding safety, reliability and system operating performance; customer expectations. 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 June 30, 2021 (the "Interim MD&A"), AQN's Management Discussion and Analysis for the three and twelve months ended December 31, 2020 (the "Annual MD&A"), and AQN's Annual Information Form for the year ended December 31, 2020, 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" ("Adjusted Net EPS"), "earnings before interest, taxes, depreciation and amortization" ("EBITDA"), "Adjusted EBITDA", "Adjusted F unds from Operations", "Net Energy Sales", "Net Utility Sales" and "Divisional Operating Profit" (together the "F inancial Measures") may be used in this presentation and discussion. The F inancial Measures are not recognized measures under U.S. GAAP. There is no standardized measure of the Financial Measures. Consequently, AQN's method of calculating the Financial Measures may differ from methods used by other companies and therefore they may not be comparable to similar measures presented by other companies. An explanation, calculation and analysis of the Financial Measures, including a reconciliation to the most directly comparable U.S. GAAP measure, where applicable, can be found in the Interim MD&A. A reconciliation of certain of the F inancial Measures used 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 18 of this presentation.

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Speakers and Agenda

Arun Banskota	Arthur Kacprzak	Amelia Tsang
President and	Chief Financial Officer	Vice President,
Chief Executive Officer		Investor Relations
Introductory Remarks…………….……………….............................................	Amelia Tsang
Q2 2021 Strategic Achievements.……...........................................................	Arun Banskota
Q2 2021 Financial Highlights….………………………………………………..…	Arthur Kacprzak
Advancing our Strategic Plan……………………………………………………..	Arun Banskota

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Q2 2021 Earnings Conference Call

Strategic Achievements

Strategic Achievements

• Solid YoY Growthin Key Financial Metrics
• Q2 2021 Adjusted EBITDA1 of $244.9 million - a 39% year-over-year increase
• Q2 2021 Adjusted Net EPS1 of $0.15 - a 67% year-over-year increase
• Growth through acquisitions and related investment opportunities
• No material earnings impact by the pandemic in Q2 2021
• Supported by resiliency of business model
• Continue to employ operational measures intended to protect health and safety of our employees and customers
• Three Pillar FoundationUnderpins Strategy
• Continue to focus our efforts on Algonquin's three strategic pillars:
• • Growth
  • Operational Excellence
  • Sustainability

1. Please see "Non-GAAP Financial Measures" on page 2 of this presentation, and Appendix - Non-GAAP Financial Measures beginning on page 18 of this presentation.

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