Total operating revenues

+14% (from 16,217 to 18,502 million CAD)

Strong revenue growth in Q1 2025 is driven by robust performance in key segments such as commodity and gas distribution sales that reversed a lower performance in Q4 2024, indicating a rebound in demand and pricing strength. "

Operating income

+50% (from 2,447 to 3,672 million CAD)

Operating income surged due to an improved revenue mix and cost efficiencies, reflecting a better margin profile in Q1 2025 relative to the challenges faced in Q4 2024 when lower margins were evident. "

Net earnings

+300% (from 618 to 2,490 million CAD)

Extraordinary net earnings growth suggests a major turnaround in profitability, potentially influenced by non-recurring gains or operational improvements that starkly contrast with the considerably lower figures recorded in Q4 2024. "

Earnings per common share

Increased to 1.04 (improved from previous period)

EPS improvement is a direct result of the significant net earnings increase, outweighing any dilution effects from a higher share count compared to Q4 2024, and highlighting enhanced shareholder profitability. "

Net cash provided by operating activities

-17% (from 3,662 to 3,053 million CAD)

Despite higher net earnings, operating cash flows declined due to variations in working capital and timing differences in operating assets and liabilities in Q1 2025, in contrast to a more favorable cash conversion during Q4 2024. "

Cash and cash equivalents

+16% (from 1,803 to 2,087 million CAD)

Improved liquidity is evidenced by the increase in cash and cash equivalents, reflecting stronger cash management practices and inflows in Q1 2025 compared to Q4 2024, despite the decline in net operating cash. "

Total equity

+3.7% (from 65,900 to 68,258 million CAD)

Modest equity growth is attributed to accumulating retained earnings and favorable market revaluation impacts, building on incremental improvements from Q4 2024, even as share count adjustments had a limited dilutive effect. "