Algonquin Power & Utilities Corp. Announces 2022 Fourth Quarter and Full Year Financial Results.

OAKVILLE, ON: Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) ("AQN" or the "Company") today announced financial results for the fourth quarter and year ended December 31, 2022. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted.

"Despite various challenges throughout the year, we ended 2022 on stable footing, with our Adjusted Net Earnings1 per common share having met the Company's revised guidance estimate," said Arun Banskota, President and Chief Executive Officer of AQN. "We remain confident that the decisive actions previously announced by the Company to realign capital allocation will strengthen our financial and strategic foundation and position AQN for sustainable, long-term growth. AQN continues to be supported by a high-quality asset base and has the right skills and expertise to capitalize on the energy transition and deliver value for shareholders."

Fourth Quarter and Full Year Financial Highlights

Fourth quarter Adjusted EBITDA1 of $358.3 million, an increase of 20%;

Fourth quarter Adjusted Net Earnings1 of $151.0 million, an increase of 10%;

Fourth quarter Adjusted Net Earnings1 per common share of $0.22, an increase of 5%;

Annual Adjusted EBITDA1 of $1,256.8 million, an increase of 17%;

Annual Adjusted Net Earnings1 of $474.9 million, an increase of 6%;

Annual Adjusted Net Earnings1 per common share of $0.69, a decrease of 3%, in each case on a year-over-year basis.

All amounts in U.S. $ millions except per share

information

Three months ended

December 31

Twelve months ended

December 31

2022

2021

Change

2022

2021

Change

Revenue

$

748.0

$ 592.0

26 %

$ 2,765.2

$ 2,274.1

22 %

Net earnings (loss) attributable to shareholders

(74.4)

175.6

(142) %

(212.0)

264.9

(180) %

Per common share

(0.11)

0.27

(141) %

(0.33)

0.41

(180) %

Cash provided by operating activities

214.6

126.5

70 %

619.1

157.5

293 %

Adjusted Net Earnings1

151.0

137.0

10 %

474.9

449.0

6 %

Per common share

0.22

0.21

5 %

0.69

0.71

(3) %

Adjusted EBITDA1

358.3

298.3

20 %

1,256.8

1,076.3

17 %

Adjusted Funds from Operations1

258.4

221.2

17 %

864.1

757.9

14 %

Dividends per common share

0.1808

0.1706

6 %

0.7130

0.6669

7 %

1 Please refer to "Non-GAAP Measures" below for further details.

Fourth Quarter Highlights

Pending Acquisition of Kentucky Power Company and AEP Kentucky Transmission Company, Inc. -- On October 26, 2021, Liberty Utilities Co., an indirect subsidiary of AQN, entered into an agreement with American Electric Power...