AQN

Algonquin Power & Utilities is a regulated water and electric utility (a Canadian-domiciled foreign filer) in the late stages of a painful restructuring. The five-year earnings history tells the story: a -$212M loss in FY2022, a -$1.38B loss in FY2024 (driven by large impairments/write-downs), bracketing a return to a $181M profit in FY2025 (EPS $0.22, +111.6%). Total assets fell 16.7% to $14.1B as the company divested non-core assets (notably its renewables business) to refocus on the regulated utility, and it cut its dividend 29.4% to $201M to shore up the balance sheet — a necessary but value-destructive move for income holders.

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