ATCO Ltd. ($ACOX)

Well, good morning, everyone. Welcome to the 59th Annual General Meeting of Shareowners for ATCO. 59 years ago, we went public. But as you know, our company is in its eighth decade and it's wonderful today to see so many friendly faces and familiar faces, good friends. Thank you all for taking the time to be here today with us. Just before we get started, I'll mention some safety housekeeping items, and that is in the case of an emergency, we will exit through the doors we came in, the main doors and go left outside in the main doors of the Palliser and the mustering point is on Ninth Avenue at the Marriott Hotel. So as we open today's meeting, I'd like to recognize that so many -- well, all of our operations and facilities across Canada and around the world are on the traditional lands of the indigenous peoples. And we honor their histories, their languages, their cultures and pay respect to elders past and present. And here in Calgary, we're on the territory of the Treaty 7 Peoples including the Blackfoot Confederacy, my Confederacy. The Stoney Nakoda First Nations and the Nation as well as of Alberta. And I'd like to actually welcome one of my very, very good friends. I just saw Darryl Daryl is the CEO of Dunn Day Investments in Yellowknife in the Northwest territories. and a long-standing equity partner of ATCO. He started -- my dad RD started with Darryl in about 9% equity in our little electric transmission and distribution business and generation business in NWT. And today, Daryl is the proud 51% owner of NakaPower. So thank you, Daryl. I'd also like to take a few moments to acknowledge some long-standing shareowners, and it's so great. It was great to see Irene again this morning. Where is Irene? Where did you go? Back there. Andrew is lonely up here, Irene. and you're in the back room. Andrew is here in the front row. It's really nice to have you here again. Thank you so much. Kenneth Wiley, one of our younger, newer shareowners. Thank you for joining us. Enjoy Halverson, thank you for coming. We had a nice little chat about how important it is to have human connection. And I know that most of our companies today do virtual annual general meetings. But it's always so nice to see familiar faces and people that have confidence in our company, including a guy I haven't seen in a long time, Karl Ruud, who's here. Thank you so much, Karl, for coming by today, a long-standing shareowner. Joining me on the dais today, my colleagues, Katie Patrick, your Chief Financial and Investment Officer; the rookie Chief Executive Officer, rookie of the Year of Canadian Utilities, Bob Myles. Adam Beatty, our President of ATCO Structures, and Jim Landon, retired President of. Also joining me on the is Kyle Brunner, our General Counsel and Corporate Secretary. So thank you all for being here. It is true that ATCO's strength is deeply rooted in our people. the people of your company and all of you, the owners of ATCO who put your trust in us. You, our customers, our partners and friends have shown your confidence and your trust comes at a very defining moment in our company's history. As we all know, our world is facing an uncertain and consequential time. And economic, political and security foundations are being reshaped. Conflict has returned to the Middle East in a big way, and it persists in Ukraine, where the outcome must be a Ukrainian victory if the principles of sovereignty, democracy and international law are to endure. Here at home, Canada is being called upon once again to think bigger, to move faster and to build, not just for this generation, but like in times -- historic times before us, when railroads were built, when highways were built when airports and ports were built. This time in Canada is not just for our generation, it's for our grandchildren and for future generations. And for some, the uncertainty that we're facing on the scale that we're facing around the world, it can be immobilizing. But history tells us that this period of great disruption is when business must step forward. Great opportunities lie ahead. For those that are prepared to lead with courage, to look beyond the horizon and to build. And I'm proud to say that ATCO's history demonstrates that we have always been first and foremost, a builder, a builder of indigenous partnerships, a builder of energy infrastructure, a builder of homes and workforce housing in places and times when others were unwilling or unable to step forward. a builder and a partner in Canada's and defense systems. These are precisely what the world needs right now, especially Canada, energy, housing and defense. And this alignment between what the world needs and what the people of ATCO do best is not accidental. It is the result of clear choices that have been made over the course of 8 decades regarding the role of your company in its ability to serve in building a better world. So regardless of how the global environment continues to shift, ATCO has never been better positioned for the future. And you'll hear more about this from my colleagues throughout our nearly 80 years of history, ATCO's determination, resilience and its courage has helped turn our nation's ambition into reality, and that's exactly what we're poised to do now. In every sense of the word, your company has been purpose-built for what our Prime Minister calls a hinge moment. For generations, we have deployed our capital, our expertise and our people. And for all the world's complexity, this is a time of real and rare opportunity for your company, ATCO. And with that context, let's now turn to the formal business of the meeting. which will be followed by presentations from our executive team. And then I'll open the floor to your questions. I'll act as your Chair today, and Kyle Brenner will act as Secretary for this year's meeting. of Odyssey Trust, our registrar and transfer agent, will act as scrutineer today. Notice calling this annual meeting, along with the form of proxy, were sent to all registered shareowners of record as of March 24, 2026, and copies are also available in the lobby as well as on the company's profile at SEDAR. We have confirmed that there is a quorum present, and this meeting is duly and properly constituted for the transaction of business. Now in order to facilitate the business of the meeting efficiently we have shareowners who have been designated to move and second the 2 motions before us. I do have and available outside in the lobby, are the annual consolidated financial statements and the auditor's report, which were also mailed to shareowners and also publicly available on SEDAR+ and as I said, copies are outside. Representatives of our auditor, PricewaterhouseCoopers are here with us today. And so the -- but the first motion I want to consider is the election of directors of the corporation's contingent of advisers and good governance. They are proposed in the management information circular with one exception. Roger Urwin, who has retired from the Board is no longer standing for reelection. And those directors standing for reelection are all present with us today. May I have a motion to elect those nominated as directors.

I'm Becky. I'm a share owner. And I move that Jason Kenney, Kelly Koss-Brix, Robert Peabody, Robert Routs, Nancy Southern, Linda Southern-Heathcott, Norman Steinberg and Susan Worth be elected as directors to serve until the next annual meeting of shareowners or until their successors are elected or appointed.

Thank you very much. Ms. Penrose. And may we have a seconder, please?

Good morning. I'm Derek Cook, and I am a share owner as well, and I second the motion.

Thank you very much Mr. Cook. And the last item of business is the appointment of PricewaterhouseCoopers as the corporation's auditor for the ensuing year. May I have a motion to appoint PricewaterhouseCoopers?

I move that PricewaterhouseCoopers LLP be appointed auditor of the corporation to hold office until the next Annual Meeting of Shareowners.

Thank you, Becky. Seconder?

I second the motion.

Thank you very much, Derek. And now I will ask our Secretary, Kyle Brunner, to read the results from our scrutineer.

Report indicates that the voting share owner has voted in favor of the election of each director nominated for election at this meeting and the appointment of PricewaterhouseCoopers as the auditor for the ensuing year.

I therefore declare the motions passed. So congratulations to our directors and on behalf of all of our shareowners, I want to thank each of our directors for your commitment to our company. your governance, your advice, your counsel is so well served for the benefits of the shareowners of ATCO. Thank you very much. And I'd like to make a special welcome to and Rob Peabody, who are brand new directors to the ATCO Board. Welcome, and thank you. I'd also like to introduce Susanna Colburn and Courtney from PricewaterhouseCoopers, who are here with us today from PricewaterhouseCoopers. Thank you very much for joining us and great auditors. They keep us on our toes on your behalf. So I now declare the formal portion of this meeting terminated. And I'll ask Katie Patrick to come up and share her views and an overview of ATCO's financial performance in 2025 and this first quarter of 2026. Katie?

Thank you, Nancy, and thank you all for attending our meeting and being interested in and invested in ATCO. I'm so pleased to be here today with Nancy, Bob, Jim, Adam and Tal. ATCO has an exceptional track record of providing our investors with a resilient growing dividend, 33 years and counting. . This is underpinned by strong businesses positioned to capture macroeconomic trends. As you listen to Bob, Adam and Jim, I'm sure you will agree, our team is aligned and our diversified portfolio strategy is well positioned to provide long-term growth and prosperity. We are, right now, at a pivotal moment in the potential growth trajectory of ATCO. Our globally diversified portfolio is tackling the world's most urgent challenges in housing, energy, defense and our complementary investments aligned to our long-term growth plans. Looking at the global landscape today, I think we are incredibly well positioned to capitalize on core macroeconomic trends. Specifically, we are seeing record demand for our modular housing capabilities in Canada, Australia, the U.S. and beyond. ATCO Structures and Logistics is poised to capture significant opportunities aligned with the recent federal government announcements. Within energy, ATCO's majority ownership of Canadian Utilities provides exposure to high-quality regulated and nonregulated energy assets. Demand for safe, reliable, secure energy is driving growth within our Alberta utilities and creating opportunities for expansion of our nonregulated energy business, in generation and midstream. In defense, we remain leaders serving communities in the north and supporting Canada's defense sector. We are ready to maximize this positive momentum in 2026. Arguably, no other company is as well positioned to capture Canada's -- the opportunities in Canada's North. And lastly, on investments, we maintain a 40% ownership of Ports along with our retail energy business and other complementary investments tied to the essential services space. Combined, these businesses drive growth for our total portfolio, generating stable earnings and dividends for our shareowners. Bob, Adam and Jim will take you through housing, energy and defense in more detail, but I did want to touch on our investments, specifically Neltume ports of which we own 40%. Neltume ports also has a lot of positive momentum. Last year, Neltume saw favorable cargo mix and improved margins across its operation. We're making new investments. Our Vancouver, Washington port is well underway. You can see here in the pictures, the ship loader on its way to the port and construction on site is well underway. Last year, we also acquired a majority stake in stevedoring operations in Guatemala's largest Pacific Ocean port. We now operate in 6 countries in the Americas, Argentina, Brazil, Chile, Uruguay, the U.S. and Guatemala. Continuing with the theme of momentum, let's talk about our share price for a moment. I think it's become kind of my stick to compare ATCO to Berkshire Hathaway. So this year, I'm particularly proud. As you can see on this slide, we once again did not disappoint. We are up 43% versus Berkshire Hathaway at just 5%. So we believe ATCO's share price reflects a newfound appreciation for the value of our current complement of assets and the opportunities ahead, and we hope it has had a positive impact on your own individual portfolios as well. I hope many of you read our news releases and financial statements and maybe you follow us on social media, where we also share updates on our financial results. In any event, I don't think you can call yourself a CFO without sharing results numerous, numerous times. And it's my great pleasure to talk about them once again. ATCO had an incredible 2025. In the face of so much geopolitical and economic uncertainty, we achieved 8% year-over-year earnings growth with all of our segments delivering growth. And that positive push has continued into the first quarter. ATCO achieved adjusted earnings of $165 million. Results were driven by growth in the utility as well as increased sales and leasing activity in Canada and ATCO Structures. The quarterly results underscore the benefits of our diversified portfolio of investments. And with that, I will now turn things over to Bob Miles for his update.

Good morning. Before turning to my update, I do want to first thank Katie and Nancy for setting the stage this morning. I'm also grateful to the Canadian Utilities team for executing on our strategy delivering the largest capital program in our history and doing so safely and responsibly with affordability front of mind. Our progress is showing up in our results. and in the response from the market on our strategy. Let me share a snapshot of the momentum underway across our company. We have grown significantly in Canadian Utilities with $25 billion in assets and more than 4 million customers globally. Our customer-centric focus was key to our success in 2025, which saw us deliver $658 million in adjusted earnings, up year-over-year, and we have continued that momentum into the start of 2026. That earnings performance, combined with our capital plan and funding approach, supported our strong share price performance in 2025. It's a clear signal that the market recognizes the strength of our regulated growth profile and the value of our diversified portfolio. This portfolio includes operations across 7 jurisdictions with more than 8,000 employees. Canadian Utilities regulated assets in Alberta Western Australia and Canada's North are the core of our business. Our nonregulated generation and midstream assets in Alberta, Ontario, Mexico and Australia complement our utilities foundation, disciplined cash-generating growth where our customers need storage and power solutions. I would like to recognize our global nonregulated team in achieving an extraordinary safety milestone. 2 years without a medical aid injury. And I do like numbers, and that's 762 days of every employee and contractor going home safely. I think a wonderful accomplishment. With Alberta's strong growth and we are expanding our natural gas networks and the electric grid to meet rising demand, in our gas utility alone, we added more than 19,000 new connections in 2025 it's the highest level in about a decade. Near term, there are 2 important big delivery milestones on the utilities front. The Centralis project is on track to be energized in Q2 of this year helping to relieve the electric grid congestion in Alberta. The Yellowhead pipeline is our largest ever capital project and a transformative piece of natural gas infrastructure for Alberta. Beyond utilities, our midstream platform is a powerful cash-generating growth engine. We will be completing our planned expansions to our gas storage capacity later this year. with the potential for additional expansion opportunities in 2027. In generation, we continue to own and operate more than 700 megawatts of power assets and in Q4 of last year, we acquired an 18-megawatt power plant located near Grande Prairie, Alberta. This power plant functions as a peaking facility, supplying dispatchable power when the system needs it most, and capturing value when prices are strongest. For all of our regulated investments, affordability and minimizing the impact on customer rates continues to be a priority. Inflation has become a defining feature of the economic global environment, driving up costs across the board, minimizing this impact while continuing to invest requires a continuous and disciplined focus on affordability for our customers. In Alberta, our gas utility has driven significant efficiencies that have resulted in our gas distribution charges staying below the rate of inflation. Similarly, the focus of our electric utility on cost savings has resulted in our distribution charges growing less than all of our peers in our province. One of the themes you'll hear today across all ATCO businesses is that the future looks very bright. One of the results of the heightened global concern for energy security is that we are seeing a change in attitudes towards conventional energy. One could describe it as a renaissance of natural gas. In addition to being positive for our natural gas storage business, it's also good for our gas fire generation. and we are actively seeking opportunities to grow our generation portfolio. Finally, to enable all of the planned growth across our regulated businesses in Canada and Australia, we are investing a significant amount of capital, $12 billion over the next 5 years. This is our largest capital plan to date. A significant portion of our 5-year capital plan is our Yellowhead pipeline project. And I'm happy to share that the Yellowhead project is already 100% contracted with our customers. I'm also proud of the commitment our teams have shown an early and sustained community engagement and in identifying opportunities to deliver long-term value for indigenous communities. We have a video to highlight our work in this area. [Presentation]

And we expect to begin construction on Yellowhead in Q3 of this year pending final regulatory approval. As I wrap up, I'd like to underline 2 points. One is we have a key team focused on executing safely, keeping affordability front and center and delivering long-term value. and their efforts are improving our results, and the market is responding positively. I truly appreciate your interest and your support. And now I'll turn things over to Adam.

Congratulations, Bob. Good morning, Ms. Seldon. How are you? Thank you for joining us here today. At ATCO Structures, we are focused on 1 key outcome, delivering modular solutions that help customers build faster at scale and with greater scheduled certainty. Over the past year, the foundations we've been building has translated into results, strong execution, resilient performance and momentum we can build on. ATCO Structures is a diversified global modular business, and we are deliberately expanding into new markets where modular delivers the greatest new advantage. Whether the challenge is housing, critical infrastructure or remote projects, our customers choose ATCO because we reduce schedule risk and provide project predictability. We now deliver across residential, commercial and industrial sectors from student dormitories to high-end hotels and remote workforce housing, to urban apartments, schools, hospitals and government facilities. Our value is consistent, speed, cost certainty and superior quality and safety. This is supported by a disciplined and scalable process, creating a unique delivery model. As time lines tighten and complexity grows, these advantages aren't nice to haves, they are paramount. And that is why modular demand continues to rise and is at the forefront of innovating the construction industry. Our platform is built to win. 44 branches, 13 manufacturing locations and a 2,000 strong workforce across 5 countries. Our global operations have been strengthened by targeted acquisitions that expand our footprint, allowing us to increase our customers and provide a diverse product mix and greater reach of service. It is not lost on anyone in this room that there is vast opportunities in front of us across Canada. As the largest and only national modular manufacturer in Canada, the opportunities in housing, nation-building projects, critical minerals and advancing opportunities in the North are creating considerable long-term tailwinds. 2025 was a standout year, and it reinforced a simple message. Our strategy is working, and our platform is built to scale. Here is the evidence. We delivered $119 million in adjusted earnings last year. Our core business of industrial space rentals is foundational to our portfolio. We have expanded the global space rentals business fleet to over 26,000 buildings. Managing our rental rate and utilization rate with discipline to drive stronger returns. Utilization increased to over 76%, which equates to over 22,000 buildings on rent for our customers at an average monthly rental rate of $863 per month, which is a 7% increase year-over-year. Housing is a growing strategic priority, and we're delivering real output with more than 1,000 modular homes built by ATCO in Canada last year alone. Moving to what is new and in the works, First, $179 million contract to deliver a 1,000-person village supporting the Stibnite Golden mineral project in remote Idaho. It's our largest contract in the U.S. to date, and it validates our ability to execute in demanding environments at scale and with confidence. We are leveraging our industry-leading capacity to deliver this project. We have manufactured over 50% of the 357 modules with on-site construction expected to start in late Q2. Second, consistent compounding performance. now 15 consecutive quarters of earnings growth reflecting very strong fundamentals, and rigorous execution across the business. We are carrying that pace forward. In the first 4 months of this year, we secured $213 million of new project awards in Canada and Australia. Safety. It is a pillar of our value. In March, our Left bridge facility reached 5 years without lost time injury. Our Calgary production facility also achieved 1 year lost time injury-free, and our Diboll Texas facility achieved a full year without a recordable safety incident. In quarter 2, we will open our newly expanded production facility in Greensbey, Ontario, doubling production capacity with a modern layout that supports multiple segments we service. We are investing in our growth, strengthening our brand awareness through targeted national marketing campaigns to broaden our customer relationships and increase our lead generation. Now I want to call out some special work we are doing here in the heart of Calgary. The Sunnyside Triangle project is an upcoming residential project we are particularly proud of. This 6-story 198-unit affordable housing development in Calgary's Sunnyside District is being built for attainable Homes Calgary. This is a strong follow-on from our 2025 success, delivering our first project with attainable homes on the corner of 6th and 10th Street. Southwest. What's exciting is how quickly we can get a building this size completed. We are measuring our build and install times in months, not years. Our client values the speed and the certainty of modular, the modular advantage. We're excited to begin manufacturing the Sunnyside modules next month. and we should all be proud to see modern forms of modular housing happening right here in our community. Taken together, the updates and results I've shared with you show a business that is performing today and investing to outperform tomorrow. Now please take a look at the short video and see ATCO's modular advantage and our impact in action. [Presentation]

So thank you, and thank you for your continued confidence in ATCO Structures. The opportunity in front of us is significant. Customers need faster delivery, greater certainty and scalable solution. And our platform is designed to meet that demand. With proven execution, expanding capacity and an unwavering focus, we're positioned to sustain profitable growth. With that, I'll now turn it over to Jim Landon, the President of ATCO Frontec.

Thank you. I say I really do love the videos that Lisa and the Corpcoms team produced, and I think that 1 is a really great one. I also find it slightly funny that as a military veteran as Nancy mentioned, that I actually lived worked and select in various ATCO trailers in various parts of the world long before I ever came anywhere near ATCO. So thank you, Adam, and good morning, everybody. It's my distinct pleasure to be here today. And after a really strong year in 2025 for ATCO Frontec where we exceeded our business plan targets, we're now entering a period of real opportunity because while Frontec has a broad range of operational support services that we provide to our clients from workforce housing camp services to humanitarian support and from logistics to emergency management. What I'm really going to focus on today is the defense opportunity. I think it's fair to say that just as in many other NATO countries, Canada has not invested significantly in defense in the past years. But now we are finally seeing a really major investment in defense with a particular emphasis on the Canadian North. And the very roots of ATCO Frontec lie in defense. Our first major contract was the operation and maintenance of the North Warning System, the successor to the distant early warning system or the due line. So we've been supporting government and defense clients for more than 40 years. And during that time, we've been building relationships of trust and delivering in some of the most challenging environments in the world. And today, that experience aligns with this major national priority. Federal government has committed over $35 billion in long-term funding to strengthen Canada's Arctic sovereignty and security. That is a really significant investment, and it plays directly to our strengths. We work with over 20 strategic indigenous partners across Canada and they bring local knowledge whilst also benefiting directly from our operations. And since 2021, those partnerships have delivered more than $45 million in earnings to our indigenous partners. So ATCO Frontec is well positioned to support this national effort. You can see that our strategic position is represented in the Venn diagram here, which shows that massive increase in defense spending, a real focus on North and Arctic sovereignty and meaningful indebtedness partnerships. And we, ATCO Frontec, sit right in the middle of that then diagram. We're the largest provider of operational support services to the Department of National Defense in the North, and we operate in every Northern territory, delivering both defense and commercial projects right across the north. Together, these elements position ATCO as a leader in the north and provide a strong competitive platform for sustainable growth that is aligned with those national priorities. Indigenous partnership is a strategic imperative for us in the North. That's fundamental to how we operate. In the Canadian Arctic, we work with all of the new economic development corporations, and other First Nation partnerships in true equity-based partnerships that date back a considerable amount of time. These partnerships support everything from defense and infrastructure to facilities operations, and they're critical to operating responsibly and reliably in remote environments. At the core of Frontec is a very simple but very powerful model. we build, we operate and we maintain. That end-to-end capability is what differentiates us from our peers, whether it's building defense infrastructure, operating facilities in remote environments while maintaining critical sensor systems, we provide the full life cycle solutions, again, in some of the most challenging conditions in the world. So let me touch briefly on some of the recent ways that our strategy and strengths are translating into results. Firstly, you will have seen that ATCO is now the 40% owner of the Grays Bay project, which is a port and road project in the Northwest passages. It's a long-term infrastructure investment, and it aligns both with defense and economic development in the north. There are very, very few deep sea, deepwater ports in the north. And this project will support both the mining industry in that region and can also support the Royal Canadian Navy by connecting a port in the Northwest passage down to Yellowknife and then ultimately down to Alberta via 230-kilometer road. That project has just been referred to Canada's major projects office here in Calgary, and we're really thrilled to be involved in what is absolutely a nation-building project. Secondly, our work on the Polar over Horizon project over the horizon Radar project. This is cutting-edge capability in collaboration with the Economic Development Corporation and it's a group of Canadian technology companies that are involved in this. And it positions us right at the edge of the leading edge of Norad modernization. And thirdly, the Alaska radar system, a contract that we've been operating for a while on the U.S. side of the border with our partners in ASRC Federal and Alaska indigenous-owned corporation. We've just secured a new contract at the end of last year to continue supporting that system. Another significant size contract similar to the North Warning System at USD 596 million. So we're in a strong position to capture a significant proportion of the opportunities that I'm describing. And to provide you a bit more context, there's a short video. [Presentation]

So to close, as we look ahead, we see really strong momentum building for 3 main reasons: First of all, it's a moment of real opportunity with the increased defense spending and the focus on the north that I talked about. Secondly, I think we are uniquely positioned. Nobody can match our Arctic experience and our solid indigenous partnerships. And lastly, we are ready to scale, building on a strong year and maximizing on the growing pipeline of opportunities. So thank you very much, and I'd like to welcome Nancy back to the podium. Nancy?

Boy, you guys are impressive. I'd just like to -- I'm going to go off script here for a moment, obviously. That's kind of my stick, Katie. I said earlier that the positioning of ATCO over the past 8 decades was not accidental. And there are many in the publicly traded company world that look for they aren't really appreciative of conglomerates or long-term thinking. But when I think back and mom is here today to when you and dad started the company with my grandfather and Linda's grandfather, I can't help but think they wouldn't be so proud today to see what you've created. Thanks, mom. I'd also like to actually thank my sister, Linda and her family, Tom, Charles, Ron, for your incredible support. Thank you. And to my own family, Jonathan, who's not able to join us, but Telly, Kyle, Ben, Brian, thank you for all of your support. And since we are all like family here, I'd also like to say thanks to my cousin, Donna Wood, who's here, whose father was instrumental in the very start of ATCO's success. And Honorary Director, Ann, Dan and Terry are here, and they are also very much family. I think of Kim, Bob Booth over there. Of course, Sig freed, whose father also was at the very start rolling out the manufacturing line for ATCO Structures, Dairy Keefer, also Honorary Director, Ron Manik, great family supporter and company supporter. I want to thank you all. Many people of our company are here today, but it -- and it is all of you, but it is the sense of family that we all bring that gives us the ATCO heart and mind and sense of purpose in what we do and the success that you heard about today. So thank you all very much. Okay. I think you can roll the Q card thing. I'm not going to keep repeating what I just said in a different way. The thing that also has really developed. And actually, Ron Manic and I were talking about it earlier. Unfortunately, we're all on a river. Some RAFs are only just starting, like Kenneth like yours is a young shareholder, and the rest of us may be further down the river. But we are all at ATCO working very hard on developing succession and leadership and I could not be prouder of the leadership team that we have in ATCO today. In my multi-decade career, we have never had this strength at the head of our companies or amongst the people in our companies. And Jason Sharp, you did a -- you're doing a marvelous job. I don't know where Jason is right over here on that yellow head pipeline. Go Tiger. That's a big one. And I want to thank you especially for leading that team. As you heard, we've got lots of opportunities right across Canada, in Australia and all the areas that we are operating in. And we know about ATCO in Alberta. Most people actually sometimes only think of us as the gas company. because you see the ATCO gas trucks or the ATCO electric trucks. But it is that little Alberta trailer company that started all of this. Unfortunately, across Canada, not everybody knows about ATCO. And so 1 more time, kudos to Lisa and her team at Corporate Communications in ATCO, we've done a series of national campaign advertisements. You might have seen them watching the Habs game, they got to win the next one, only Canadian team in it, and billboards and digital and electronic media. And the message is simple, who we lead and how we're creating possibilities for generations to come. And I'd now like to share with you our ad. [Presentation]

Now hopefully on street they will who we are. With that, I'd like to open the floor now to any questions any of you may have. Feel free. We'll try to answer as best we can. But I do want to thank you again. for taking the time to be with us. Any questions?

Andrew?

Okay. I have several questions, but I'll just stick to 1 because you don't want to stand here for the next 2 hours. I mean I might -- okay. A question about succession plans. Another 3 or 4 decades you may decide to retire. In such a case, what are your plans to pass on leadership of the company?

Andrew, that's a great question. Thank you. That gives me time to think and develop. I'm really pleased that -- well, first of all, I have my sister, Linda as Vice Chair of ATCO. And she has a decade more than me to go. And I'm really -- and I'm very pleased that my daughter, Kelly, has joined the Board, and she has many more decades more to go. But most importantly, and so from a governance perspective and our family's perspective, I believe that we are in very good hands and we have -- Linda and I and mom have done a lot of work making sure that the next generation understands their responsibility to this company and the people of this company and the future of this company from a governance perspective. Within the operations of the companies, as I said, we are developing the best cadre of leaders that I have ever seen. And I have to give credit to all of these men and women on the dies here, but also Becky Perich, our Chief Administration Officer, who is diligently along with all of us looking at the high potential people of the future and building their careers. And Andrew, you'll notice the reason I called Bob Miles out as Rookie of the Year, it actually has been a great joy for me, and I'm so proud of what Bob has accomplished as the CEO of Canadian Utilities. And so I think you're starting to see how succession is developing within the companies. And they are all rock stars, I must say, with many decades left to go. Thanks for the question. Anyone else? Irene? Any questions? No. Joy? No questions.

Do you want another one?

Sure.

Thanks. With respect to your great safety record, how do you instill that in every employee? Because if you want everybody to be safe and have such a spectacular safety record as you do, you have to instill that in each and every person who works for you. How do you do that?

Also an excellent question. And I have to say the leadership of our Lead Director, Rob Routs, has been for a decade, really, really important in developing the ethos within the company. But I'm going to let each of these individuals talk about how they are penetrating deep into their operations, the importance of safety. Bob, do you want to start?

Sure. I also could talk about this for days if you'd like. But to me, it comes back to lead by example. And so it's great to sit here and say we believe in safety. But a big part of my job is to get out and meet with all of our employees and talk about safety. And I do believe in that lead by example. And so we do that not only in Alberta but across all of our operations in Australia and Mexico and Puerto Rico, we talk about safety on a regular basis. And we also talk about safety from a consistency point of view. So not -- it's not different safety in different jurisdictions. So I believe quite strongly in the whole thing.

Adam?

Safety is like golf, you got to keep on working at it. and you never get it right. But like I think the key for us with safety is the people build off a culture when you invest in it. So safety, you've got to invest in, and if people see that you're putting the money and the time into it, they believe that it's a necessary purpose within the business. And once you start doing that and you invest in it, people start seeing the productivity value that you gain from safety. Like it is critical at the top, particularly, we've got some great leaders here like Wald, he's 6-foot 24, but he's a fantastic leader in our manufacturing operations around driving safety and the value that it creates not only in terms of protecting people's lives, but also creating a better business environment in terms of productivity value that you can drive. And I think a new generation of leaders they see that, and they believe that. And I think that people resonate quite heavily with that as well.

Jim?

I absolutely agree with what Bob and Adam's observations. And I think there's that great phrase of the standard you walk past is the standard you accept. And that is something we definitely preach down to our leaders that you must set the example, you must live it and not walk past things, which you should not be accepting. But I think actually, what really drives things for us is the kind of proactive measures. You can measure when things go wrong and you've had lost time and recordables and so on. But actually, we set a lot of store by our proactive measures, and we have a system called behavior-based observations where we encourage and set targets indeed for all of our staff to report in things that they have seen. So things that have happened before something has gone wrong. Did they see something that is potentially unsafe? We provide them with cards, they fill out and that is the way to sort of avoid things happening. And also when they see somebody doing something really good in a kind of very safe way, they observe that record it. And then we can reward people for that behavior, which avoids the accidents happening in the first place. I think it's a very successful system for us. And I think it's important to track both obviously when things go wrong, but you really want to be tracking and encouraging everything to go right.

Well done. Everyone manages a little differently, leads a little differently, but all of these individuals here. And I have to say 99.9% of our companies feel the same way about safety, integrity, flexibility and resilience and courage. And I believe that, that is the strength of your companies. Kathy Drever, we've come a long ways from when you were doing these annual general meetings. I'm going to turn it over to George Brooklyn. George?

Couldn't make this opportunity pass. I think a lot of us are very concerned about our downtown cores in Calgary and in Edmonton. And I'm just curious, I understand or have heard that ATCO is leaving my beautiful red building in Edmonton. And I'm just interested in where you're going and what you think about safety and what happens is what's going on in the downtown core in both of our cities. .

Yes. It's an unfortunate situation, isn't it? I'll let Bob talk about the move in Edmonton.

George, thanks for that and I agree on all your points about the situation in our downtown, but 1 of the things that we when we were looking at our lease coming due and the red building as you put it, in Edmonton is we really wanted to stay in the downtown area. So we've moved -- we're moving 2 blocks to the east. And actually, 1 of the criteria that we had and I personally went on some of the site visits of the buildings, was safety of our employees. We really considered another building in the downtown area, but there wasn't adequate parking, and I didn't want our employees walk in around downtown. So that was 1 of our key criteria that we use in evaluating where we move or if we move. And so that is where we're moving in downtown. So I think the city of Edmonton appreciated us staying downtown as well.

Yes, because Jason and Bob make everybody work until wee hours of the morning and rightly so. Anything else? Thanks again, everyone. I really appreciate you all taking the time to be here. It really is a wonderful day for me and our family to be able to celebrate with you often trials and tribulations, going through different cycles in the economy, but it's also great to stand up and celebrate this year, the past year and the future with all of you. We are adjourned. Thank you.