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 8th 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 foyer doors, and go left outside in the main doors of The Palliser, and the mustering point is on 9th Avenue at the Marriott Hotel.
As we open today's meeting, I'd like to recognize that all of our operations and facilities across Canada and around the world are on the traditional lands of the Indigenous Peoples. We honor their histories, their languages, their cultures, and pay respect to Elders past and present. 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 Tsuut'ina Nation, as well as Métis of Alberta. I'd like to actually welcome one of my very, very good friends. I just saw Darrell Beaulieu. Darrell is the CEO of Denendeh Investments in Yellowknife in the Northwest Territories and a longstanding equity partner of ATCO.
My dad, R.D., started with Darrell and about 9% equity in our little electric transmission and distribution business and generation business in NWT. Today, Darrell is the proud 51% owner of Naka Power. Thank you, Darrell. I'd also like to take a few moments to acknowledge some longstanding shareowners. It's so great. It was great to see Irene again this morning. Where is Irene? Where did you go? Back there. See. Andrew's lonely up here, Irene, and you're in the back row. Andrew's here in the front row. Emil Sydney, 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. Joy Halverson, thank you for coming.
We had a nice little chat about how important it is to have human connection. I know that most of our companies today do virtual annual general meetings. 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, Carl Rud, who's here. Thank you so much, Carl Rud, for coming by today. A longstanding 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 Beattie, our star President of ATCO Structures, and Jim Landon, retired colonel, President of ATCO Frontec. Also joining me on the dais is Kyle Brunner, our General Counsel and Corporate Secretary. 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. For some, the uncertainty that we're facing on the scale that we're facing around the world, it can be immobilizing. 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. 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 NORAD's defense systems. These are precisely what the world needs right now, especially Canada: energy, housing, and defense. 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 eight decades regarding the role of your company and its ability to serve in building a better world. Regardless of how the global environment continues to shift, ATCO has never been better positioned for the future. 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. 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. For all the world's complexity, this is a time of real and rare opportunity for your company, ATCO. With that context, let's now turn to the formal business of the meeting, which will be followed by presentations from our executive team. Then I'll open the floor to your questions. I'll act as your chair today, and Kyle Brunner will act as secretary for this year's meeting. Nazim Nathoo 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 share owners of record as of March 24th, 2026. 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. This meeting is duly and properly constituted for the transaction of business. In order to facilitate the business of the meeting efficiently, we have share owners who have been designated to move and second the two motions before us. I do have, available outside in the lobby, are the annual consolidated financial statements and the auditor's report, which were also mailed to share owners and publicly available on SEDAR+. As I said, copies are outside. Representatives of our auditor, PricewaterhouseCoopers, are here with us today.
The first motion I want to consider is the election of directors of the corporation's contingent of advisors 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 re-election, and those directors standing for re-election are all present with us today. May I have a motion to elect those nominated as directors?
Good morning. I'm Becky Penrice. I'm a share owner. I move that Rona Ambrose, Jason Kenney, Kelly Koss-Brix, Robert Peabody, Robert Routs, Nancy Southern, Linda Southern-Heathcott, Norman Steinberg, and Susan R. Werth be elected as directors to serve until the next annual meeting of share owners or until their successors are elected or appointed.
Thank you very much, Ms. Penrice. May I have a seconder, please?
Good morning. I am Derek Cook, and I am a share owner as well, and I second the motion.
Thank you very much, Mr. Cook. 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 share owners.
Thank you, Becky. Seconder?
I second the motion.
Thank you very much, Derek. Now I will ask our Secretary, Kyle Brunner, to read the results from our scrutineer.
Scrutineer's 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. Congratulations to our directors. 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. I'd like to make a special welcome to Rona Ambrose and Robert Peabody, who are brand new directors to the ATCO board. Welcome, and thank you. I'd also like to introduce Zuzana Colborne and Courtney Kolla from PricewaterhouseCoopers, who are here with us today from PricewaterhouseCoopers. Thank you very much for joining us. Great auditors. They keep us on our toes on your behalf. I now declare the formal portion of this meeting terminated.
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. 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 Kyle. 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 & 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 non-regulated energy assets. Demand for safe, reliable, secure energy is driving growth within our Alberta utilities and creating opportunities for expansion of our non-regulated 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 opportunities in Canada's north.
Lastly, on investments, we maintain a 40% ownership of Neltume 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, I did wanna 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 a favorable cargo mix and improved margins across its operations. 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 schtick to compare ATCO to Berkshire Hathaway. 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%. We believe ATCO 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 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. That positive push has continued into the first quarter. ATCO achieved adjusted earnings of CAD 165 million. Results were driven by growth in utility as well as increased sales and leasing activity in Canada at ATCO Structures. The quarterly results underscore the benefits of our diversified portfolio of investments.
With that, I will now turn things over to Bob Myles for his update.
Good morning. Before turning to my update, I do wanna 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 CAD 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 CAD 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 non-regulated 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 non-regulated team in achieving an extraordinary safety milestone, 2 years without a First Aid Injury. 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, 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 two important big delivery milestones on the utilities front. The Central East 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'll 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 MW of power assets.
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-fired 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, CAD 12 billion over the next 5 years. This is our largest capital plan to date.
A significant portion of our five-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 in 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.
ATCO Energy Systems continues to invest in opportunities that support economic growth while balancing affordability. As industry grows, the economy grows, which benefits all Canadians. The Yellowhead Pipeline project is a landmark CAD 2.9 billion project that enables over 2,000 jobs during construction. As the largest utility in Alberta and a combined electric and gas utility. ATCO Energy Systems has a unique perspective of the interdependencies of gas and electric systems and how this infrastructure enables prosperity and grows the economy.
From the beginning, ATCO has placed strong value on its relationships with the Indigenous communities. This long-standing commitment is rooted in respect, partnership and shared success. Through early and ongoing engagement, we prioritize open and transparent communication. We have fostered meaningful conversations that respect Indigenous cultures and perspectives. Together, we continue to explore ways to incorporate traditional knowledge into project planning and environmental protection, moving forward in ways that reflect shared values and mutual understanding.
The project continues to move forward and has reached several important milestones, including with the Alberta Utilities Commission, confirming the long-term need for this infrastructure. The major equipment and materials are secured with a portion of the pipe being made right here in Canada. We are on track to start construction in the fall of 2026, pending further approval from the AUC. Meaningful engagement is a cornerstone of the Yellowhead Pipeline Project. We are committed to listening and building trust with our stakeholders and communities through various engagement efforts. We want this project to be a source of pride and provide economic benefits to Albertans and Canadians. ATCO is proud to make important, real investments in critical energy infrastructure, leading our industry in getting the Yellowhead pipeline in the ground and into operation.
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 two points. One is we have a key team focused on executing safely, keeping affordability front and center, and delivering long-term value. Their efforts are improving our results, and the market is responding positively. I truly appreciate your interest and your support. Now I'll turn things over to Adam.
Congratulations, Bob. Good morning, Nancy Southern. How are you? Thank you for joining us here today. At ATCO Structures, we are focused on one key outcome, delivering modular solutions that help customers build faster, at scale, and with greater schedule 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, 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 timelines tighten and complexity grows, these advantages aren't nice to haves, they're paramount. 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 CAD 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 CAD 863 per month, which is a 7% increase year-over-year. Housing is a growing strategic priority. 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, a CAD 179 million contract to deliver a 1,000 person village supporting the Stibnite Gold Project in remote Idaho. It's our largest contract in the U.S. to date. 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 CAD 213 million of new projects awards in Canada and Australia. Safety. It is a pillar of our value. In March, our Lethbridge 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 two, we will open our newly expanded production facility in Grimsby, 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. 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 six-storey, 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 sixth and tenth Street, S.W. 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. Please take a look at this short video and see ATCO's modular advantage and our impact in action.
Building a better world starts with a better way to build. That's why ATCO is leading with modular building solutions, delivering with innovation, speed, precision, consistency, and a dedication to quality that stands the test of time. We're moving people forward into neighborhoods and homes built faster and more efficiently than ever. Driving the growth of communities, building schools, community centers, retail, and more on time and on budget. Supporting workers and industry, making ready to work options that get the job done. Collaborating with our partners across all sectors to create new solutions and better outcomes. If you want an advantage and a way to build the Canada of tomorrow today, think ATCO.
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 solutions. 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 must say, I really do love the videos that Lisa and the corp comms team produce. I think that one 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 slept in various ATCO trailers in various parts of the world long before I ever came anywhere near ATCO. Thank you, Adam. Good morning, everybody. It's my distinct pleasure to be here today. 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.
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 gonna 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. Now we are finally seeing a really major investment in defense with a particular emphasis on the Canadian North. 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 to the Distant Early Warning System or the DEW Line.
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. Today, that experience aligns with this major national priority. Federal government has committed over CAD 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. Since 2021, those partnerships have delivered more than CAD 45 million in earnings to our Indigenous partners. 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 Indigenous partnerships. We, ATCO Frontec, sit right in the middle of that Venn diagram. We're the largest provider of operational support services to the Department of National Defence 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, and it's fundamental to how we operate.
In the Canadian Arctic, we work with all of the Inuit 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, or maintaining critical sensor systems, we provide the full lifecycle solutions, again, in some of the most challenging conditions in the world. Let me touch briefly on some of the recent ways that our strategy and strengths are translating into results.
Firstly, you'll 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, it aligns both with defense and economic development in the North. There are very, very few deep sea, deep water ports in the North, this project will support both the mining industry in that region and can also support the Royal Canadian Navy by connecting the, a port in the Northwest Passage down to Yellowknife and then ultimately down to Alberta via a 230-kilometer road. That project has just been referred to Canada's major projects office here in Calgary, we're really thrilled to be involved in what is absolutely a nation-building project. Secondly, our work on the Polar Over-the-Horizon project, Over-the-Horizon radar project.
This is cutting-edge capability in collaboration with the Economic Development Corporation. It's a group of Canadian technology companies that are involved in this. It positions us right at the edge of the leading edge of NORAD modernization. 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, an Alaska Indigenous-owned corporation. We've just secured a new contract at the end of last year to continue supporting that system. Another significant sized contract similar to the North Warning System at $596 million. We're in a strong position to capture a significant proportion of the opportunities that I'm describing. To provide you a bit more context, there's a short video.
In an ever-evolving geopolitical climate, Canada's commitment to the North is more important than ever. ATCO Frontec has been serving Canada's North for decades, successfully delivering essential operations and logistical support across some of Canada's most challenging environments. With this renewed collective effort to develop and secure Canada's North, ATCO Frontec is there with projects and services that ensure security and enable growth. Our Nunatsiavut partnership, for example, operates and maintains the North Warning System, a chain of radar sites across Canada's Arctic that provides aerospace surveillance for NORAD. We're experts in supporting northern communities with critical services like facilities operations and maintenance, fuel management, water treatment, airfield services, construction, camp support, and many more. Our newest Inuit joint venture partnership is designing and building a new over-the-horizon radar defense system in the Northwest Territories.
Our strength isn't just what we build, it's also how we do it and who we do it with. Across the North, we partner with Inuit northern communities, creating local jobs, supporting skill development, and building long-term relationships that will strengthen the region for generations. In even the toughest terrain, ATCO Frontec is there ensuring reliability, supporting national readiness, and contributing to the resilience of Canada's North. To close, as we look ahead, we see really strong momentum building for three 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. Lastly, we're ready to scale, building on a strong year and maximizing on the growing pipeline of opportunities.
Thank you very much, and I'd like to welcome Nancy back to the podium. Nancy.
Boy, you guys are impressive. you know, I'd like to I'm gonna go off script here for a moment, obviously. That's kinda my shtick, Katie. I said earlier that the positioning of ATCO over the past 8 decades was not accidental. There are many in the publicly traded company worlds that look for, aren't really appreciative of conglomerates or long-term thinking. 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.
To my own family, Jonathan, who's not able to join us, but Kelly, Kyle, Ben, Brian, thank you for all of your support. Since we are all like family here, I'd also like to say thanks to my cousin, Donna. Donna Wood, who's here, whose father was instrumental in the very start of ATCO's success. Anne Bastrench, Honorary Director, Anne, Dan, and Terry are here, and they are also very much family. I think of Kim, Bob Booth over there. Of course, Siegfried, whose father also was at the very start, rolling out the manufacturing line for ATCO Structures. Jerry Kiefer, also Honorary Director. Ron Mannix, great family supporter and company supporter. I wanna thank you all.
Many people of our company are here today, 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. Thank you all very much. Okay, I think you can roll the cue card thing. I'm not gonna keep repeating what I just said in a different way. The thing that also has really developed and, actually, Ron Mannix and I were talking about it earlier and, unfortunately, we're all on a river. Some rafts are only just starting, like Kenneth, like yours is a young shareholder, and the rest of us may be further down the river.
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. Jason Sharpe, you're doing a marvelous job. I don't know where Jason is. Right over here on that Yellowhead Pipeline. Go, tiger. It's a big one. I wanna 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. 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.
It is that little Alberta trailer company that started all of this. Unfortunately, across Canada, not everybody knows about ATCO. One 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 gotta win the next one. Only Canadian team in it. Billboards and digital and electronic media. The message is simple: who we are, where we lead, and how we're creating possibilities for generations to come. I'd now like to share with you our ad.
We are a housing, energy, and defense company. Every day, we deliver the essentials that life depends on. We don't stop at what's needed now. We build for what comes next. In a time full of change, we show the world what's possible. Because possibility doesn't happen by chance. It's built, it's powered. It's protected. Wherever people live, work, or dream, we're there, building foundations that last. When the next generation asks what we stand for, we can say we gave them something to stand on and the freedom to imagine more. ATCO, possibilities for generations.
Hopefully on Bay Street, they'll know 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. I do wanna thank you again for taking the time to be with us. Any questions? Andrew.
Okay, I have several questions, but I'll just, you know, stick to one 'cause you don't wanna stand here for the next 2 hours.
That's okay.
Okay. A question about succession plans. Another three or four decades, you may decide to retire. In such a case, what are your plans to pass on leadership of the company? Thank you very much.
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. I'm very pleased that my daughter, Kelly, has joined the board, and she has many more decades more to go. Most importantly from a governance perspective and our family's perspective, I believe that we're in very good hands, and 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. I have to give credit to all of these men and women on the dais here, but also Becky Penrice, 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. Andrew, you'll notice the reason I called Bob Myles 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. I think you're starting to see how succession is developing within the companies.
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. No questions.
You want another one?
Sure.
Thanks. With respect to your great safety record. How do you instill that in every employee? 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?
An excellent question. I have to say, the leadership of our lead director, Robert Routs, has been, for a decade, really important in developing the ethos within the company. I'm gonna let each of these individuals talk about how they are penetrating deep into their operations the importance of safety. Bob, do you wanna start?
Sure. I also could talk about this for days if you'd like, but to me it comes back to lead by example. It's great to you know, sit here and say we believe in safety, but a big part of my job is to get out and to meet with all of our employees and talk about safety. I do believe in that lead by example. We do that not only in Alberta, but, you know, 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. Not it's not different safety in different jurisdictions. I believe quite strongly in the whole thing.
Adam?
Safety's like golf. You've gotta keep on working at it, and you never get it right. Like, I think the key for us with safety is, the people build off a culture when you invest in it. 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. 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 Walt. He's 6 foot 24.
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. I think a new generation of leaders, they see that, and they believe that, and I think the people resonate quite heavily with that as well.
Jim?
Yeah, I absolutely agree with Bob and Adam's observations. I think, you know, there's that great phrase of the standard you walk past is the standard you accept. That is something we definitely preach down to our leaders that, you know, you must set the example, you must live it and not walk past things which you should not be accepting. I think actually what really drives things for us is the kinda proactive measures. You know, you can measure when things go wrong and you've had lost time and recordables and so on.
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 that they fill out and that is the way to sort of avoid things happening. 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 wanna be tracking and encouraging everything to go right.
Well done. Everyone manages a little differently, leads a little differently. All of these individuals here, and I have to say 99.9% of our companies feel the same way about safety, integrity, flexibility, resilience, and courage. I believe that that is the strength of your companies. Cathy Drever, we've come a long ways from when you were doing these annual general meetings. I'm gonna turn it over to George Brookman. George?
Couldn't let this opportunity pass, Nancy. I think a lot of us are very concerned about our downtown cores in Calgary and in Edmonton. I'm just curious. I understand or have heard that ATCO's leaving my beautiful red building in Edmonton, I'm just interested in where you're going and what you think about safety and what's going on in the downtown cores in both of our cities.
Yeah. It's an unfortunate situation, isn't it? I'll let Bob talk about the move in Edmonton.
George, thanks for that. I agree on all your points about the situation in our downtown. One of the things that we, when we were looking at our lease coming due in the red building, as you put it, in Edmonton, is we really wanted to stay in the downtown area. We've moved. We're moving two blocks to the east. Actually, one 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 walking around downtown. That was one of our key criteria that we used in evaluating where we move or if we move.
So that is where we're moving in downtown. I think the City of Edmonton appreciated us staying downtown as well.
Yeah, because Jason Sharpe and Bob Myles make everybody work till 3 hours of the morning. Rightly so. Anything else? Thanks again, everyone. 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. 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.