Mr. Colin Jackson reports

ATCO ANNOUNCES COMPLETION OF ARRANGEMENT FOR EXCHANGE OF CLASS II SHARES BY NON-CONTROLLING CLASS II SHARE OWNERS

Atco Ltd. has completed its previously announced exchange proposal to holders of Class II voting shares of Atco other than Sentgraf Enterprises Ltd. The transaction was completed by way of a plan of arrangement under the Business Corporations Act (Alberta). The arrangement was approved by Class II share owners at a special meeting of Class II share owners held on Dec. 10, 2025, and by the Court of King's Bench of Alberta, which issued a final order approving the arrangement on Dec. 11, 2025.

Under the terms of the arrangement, each Class II share held by Class II share owners other than Sentgraf (non-controlling Class II share owners) was exchanged for 1.15 Class I non-voting shares of Atco. An aggregate of 1,015,067 Class I shares were issued to non-controlling Class II share owners pursuant to the arrangement.

The Class II shares will be delisted from the Toronto Stock Exchange within three trading days following the completion of the arrangement. The Class I shares will continue to trade on the Toronto Stock Exchange under the symbol ACO.X.

The total number of Class II shares represented by Class II share owners at the meeting and by proxy was 11,990,639, representing 96.50 per cent of the outstanding Class II shares. The votes by ballot on the special resolution to approve the arrangement were received as follows.

Detailed voting results for the meeting are available under Atco's SEDAR+ profile.

Additional information regarding the arrangement, including information regarding the procedure for exchanging Class II shares for Class I shares to be issued in the arrangement, is provided in the management information circular of Atco dated Nov. 6, 2025, which has been filed under Atco's SEDAR+ profile, and is also available on Atco's website.

About Atco Ltd.

As a global enterprise, Atco and its subsidiary and affiliate companies have approximately 21,000 employees and assets of $27-billion. Atco is committed to future prosperity by working to meet the world's essential energy, housing, security and transportation challenges. Atco Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. Atco Frontec provides operational support services to government, defence and commercial clients. Atco Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international electricity operations. Atco EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. Atco Australia develops, builds, owns and operates energy and infrastructure assets. Atco Energy provides retail electricity and natural gas services, home maintenance services, and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. Atco also has investments in ports and transportation logistics, the processing and marketing of ash, retail food services, and commercial real estate.

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