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EPCOR announces Q2 2025 quarterly results

PublishedJuly 30, 2025

Edmonton, Alberta - EPCOR Utilities Inc. (EPCOR) today filed its quarterly results for the period ended June 30, 2025.

“EPCOR’s financial and operating performance was in line with expectations in the first half of 2025,” said John Elford, EPCOR President & CEO. “Across our regulated utility footprint in Edmonton and the United States, we saw continued strong growth in consumption and customer counts, both of which are key drivers of long-term financial performance in our business. Utility reliability performance and customer satisfaction ratings consistently met or exceeded benchmarks set by regulators, as our teams continued their focus on delivering a superior customer experience.”

“EPCOR continues to make substantial capital investments to support infrastructure renewal, improve reliability, and serve the needs of growing communities,” Mr. Elford said. “Our capital plan for 2025 contemplates more than $1 billion in investment to serve the customers of our regulated utilities and additional investments to support commercial growth. In the first half of 2025, our teams implemented capital expenditures totalling $472 million, sustaining momentum on regulated and commercial projects across our footprint.”

Highlights of EPCOR’s financial performance are as follows:

  • Net income was $151 million and $254 million for the three and six months ended June 30, 2025, compared with net income of $104 million and $208 million for the comparative periods in 2024, respectively. The increase of $47 million and $46 million for the three and six months ended June 30, 2025, respectively, was primarily due to higher Adjusted EBITDA1 and fair value adjustments related to financial electricity purchase contracts, partially offset by higher depreciation and income tax expense. Additionally, for the six months ended June 30, 2025, there were higher transmission system access service charge net collections.
  • Adjusted EBITDA1 was $311 million and $600 million for the three and six months ended June 30, 2025, compared with $274 million and $534 million for the comparative periods in 2024, respectively. The increase of $37 million and $66 million for the three and six months ended June 30, 2025, respectively, was primarily due to higher rates, consumption, customer growth, and regulated electricity margins, partially offset by higher staff costs.
  • Capital expenditures were $472 million for the six months ended June 30, 2025, compared with $431 million for the corresponding period in 2024.

Interim management’s discussion and analysis and the unaudited condensed consolidated interim financial statements are available on our website and SEDAR+.

EPCOR builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, and sanitary and stormwater systems in North America. EPCOR also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is committed to conducting its business and operations safely and responsibly. Environmental stewardship, public health and community well-being are at the heart of EPCOR’s mission to provide clean water and safe, reliable energy. EPCOR is one of Alberta’s Top 85 Employers, is ranked among Corporate Knights’ 2024 Best 50 Corporate Citizens in Canada and is designated a Utility of the Future Today by the Water Environment Federation.

1. Adjusted EBITDA is a non-GAAP financial measure.  See the Non-GAAP Financial Measures section in Appendix 1.

For more information, please contact:

Media Relations
Laura Ehrkamp
Phone: 780-721-9001
Email: epcormedia@epcor.com

Corporate Relations
Matt Lemay
Phone: 780-412-3711
Toll Free: 1-877-969-8280
Email: mlemay@epcor.com

Appe​​ndix 1 Non-GAAP Financial Measures 

We use earnings before gain (loss) on disposal of assets, finance expenses, income tax recovery (expense), depreciation and amortization, changes in the fair value of derivative financial instruments, transmission system access service charge net collections, and other unusual items (collectively, Adjusted EBITDA) to discuss operating results for the Company’s lines of business. We believe that Adjusted EBITDA provides an indicator of the Company’s ongoing ability to fund capital expenditures, to incur and service debt and to pay dividends to its shareholder and may be useful for external stakeholders in evaluating the operations and performance of the Company. Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers.

The reconciliation between Adjusted EBITDA to Net income as reported under IFRS Accounting Standards is shown below:

​​(Unaudited, $ millions)​​Three m​onths ended June 30,Six months ended June 30,
 2025​20242025​2024
Adjusted EBITDA by Segment    
Water Services segment​$137$123$256$229
Distribution and Transmission segment​6671137141
​Energy Services segment24135328
North American Commercial Services segment21174241
​U.S. Regulated Water segment56389775
Other7121520
​Adjusted EBITDA311274600534
(Loss) gain on disposal of assets(6)(1)(6)3
Finance expenses(52)(51)(105)(101)
​Income tax expense(18)(6)(24)(15)
Depreciation and amortization(116)(108)(231)(215)
Change in fair value of financial electricity purchase contracts137-137
Transmission system access service charge net collections2(5)(4)7(5)
Net in​come$151$104$254$208

1. The change in fair value of derivative financial instruments represents the change in fair value of financial electricity purchase contracts between the electricity market forward prices and the contracted prices at the end of the reporting period, for the contracted volumes of electricity.

2. Transmission system access service charge net collections are the difference between the transmission system access service charges paid to the provincial system operators and the transmission system access service charges collected from electricity retailers. Transmission system access service charge net collections are timing differences, which are collected from or returned to electricity retailers as the transmission system access service charges and customer billing determinants are finalized.

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