Mr. Rod West reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES APPOINTMENT OF ROBERT STEFANI AS CHIEF FINANCIAL OFFICER

Algonquin Power & Utilities Corp. has appointed Robert J. Stefani as chief financial officer, effective Jan. 5, 2026.

Mr. Stefani joins Algonquin from Southwest Gas Holdings Inc., where he served for the past three years as senior vice-president and chief financial officer. During his tenure, he was central to Southwest Gas Holdings' transformation into a well-capitalized, fully regulated natural gas business through the $1.5-billion divestiture of the MountainWest pipeline, the initial public offering of Southwest Gas Holdings' utility infrastructure services business, Centuri Holdings Inc., followed by the execution of $1.35-billion in combined secondary sell-downs and private placements of Centuri stock leading to the full exit of Southwest Gas Holdings from Centuri. Prior to Southwest Gas, Mr. Stefani served for four years as senior vice-president, chief financial officer and treasurer of PECO Energy, an Exelon Corp. subsidiary, where he managed a nearly $2-billion annual combined capital and O&M (operations and maintenance) budget, led financial strategy, assisted the development of rate case filings, and managed capital markets activity. Earlier in his career, he held leadership roles in corporate development and M&A (mergers and acquisitions) at Exelon, executing transactions including the $6.8-billion acquisition of Pepco Holdings. His background also includes strategic investment roles at Caterpillar Inc. and investment banking positions at Marathon Capital and Citigroup, specializing in the energy and industrial sectors. Mr. Stefani began his career as an officer in the United States Navy. He holds a bachelor of business administration in accounting from the University of Notre Dame and a master of business administration from the University of Texas at Austin (McCombs School of Business).

"Rob brings an exceptional blend of financial discipline, capital markets expertise and strategic leadership to Algonquin," said Rod West, chief executive officer of Algonquin. "His proven ability to navigate complex financial transitions, optimize balance sheets and lead teams through transformative change positions him well to successfully execute our strategic priorities and continue strengthening our foundation for sustainable growth."

"I am honoured to join Algonquin at this important moment in its journey," said Mr. Stefani. "I look forward to partnering with Rod and his executive leadership team to advance Algonquin's financial strategy, support capital discipline, and deliver value to our shareholders, customers and employees across the communities it serves."

Until Jan. 5, 2026, Brian Chin will continue to act as interim chief financial officer. "I wish to express our sincerest gratitude to Brian for his significant and ongoing contributions as interim chief financial officer," said Mr. West. "Brian will remain with us as a key investor-facing leader, supporting a seamless transition."

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities, parent company of Liberty, is a diversified international generation, transmission and distribution utility. Algonquin Power is committed to providing safe, secure, reliable, cost-effective and sustainable energy and water solutions through its portfolio of generation, transmission and distribution utility investments to over one million customer connections, largely in the United States and Canada. Algonquin Power's common shares, preferred shares, Series A, and preferred shares, Series D, are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. Algonquin Power's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively.

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