AQN // Algonquin Power & Utilities Corp.

Utilities • Electric Utilities: Central

$5.43 ▲ +0.09 (+1.69%)

MKT CAP: $4.18B • VOL: 3.86M

52W L $5 52W H $7

PIOTROSKI

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AQN // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

AQN // Algonquin Power & Utilities Corp.

GROSS MARGIN

—

OP MARGIN

20.7%

ROIC %

3.7%

MKT CAP

$4.18B

UPSTREAM INPUTS ──► AQN OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
AQN ★	Algonquin Power & Utilities Corp.	$5.43	$4.18B	—	20.7%	3.7%	20.4x	+4.9%	SUBJECT ISSUER
NEE	NextEra Energy, Inc.	$82.14	$172.27B	—	31.8%	4.3%	26.6x	+7.5%	AQN VS NEE <GO>
SO	Southern Company	$92.99	$106.97B	—	24.7%	6.9%	8.5x	+10.6%	AQN VS SO <GO>
DUK	Duke Energy Corporation (Holding Company)	$125.90	$98.16B	—	31.4%	5.2%	8.7x	+3.3%	AQN VS DUK <GO>
CEG	Constellation Energy Corporation	$264.58	$93.74B	—	13.6%	13.4%	17.4x	+19.5%	AQN VS CEG <GO>
WM	Waste Management Inc.	$230.90	$91.81B	40.4%	17.1%	13.7%	20.2x	+14.2%	AQN VS WM <GO>