Algonquin Power (NYSE: AQN) stake lifted to 7.4% by Starboard group

Rhea-AI Filing Summary

Starboard Value-affiliated investors report a significant stake in Algonquin Power & Utilities Corp., disclosing beneficial ownership of 57,215,415 common shares, or 7.4% of the company. This percentage is based on 768,691,822 shares outstanding as of March 5, 2026.

The shares were acquired mainly by Starboard-managed funds and accounts using working capital, which may include margin loans, through open‑market purchases. One individual, Gavin T. Molinelli, holds 25,995 shares awarded to him as a director. The reporting group has entered into a Joint Filing Agreement to submit ownership reports together.

Key Figures

Starboard beneficial ownership: 57,215,415 shares (7.4%) Shares outstanding: 768,691,822 shares Starboard V&O III Fund position: 29,048,104 shares; $241,186,519 +4 more

7 metrics

Starboard beneficial ownership 57,215,415 shares (7.4%) Algonquin common shares reported as beneficially owned by Reporting Persons

Shares outstanding 768,691,822 shares Algonquin common shares outstanding as of March 5, 2026

Starboard V&O III Fund position 29,048,104 shares; <money>$241,186,519</money> Algonquin shares and aggregate purchase price, excluding commissions

Starboard G LP position 9,172,365 shares; <money>$49,247,036</money> Algonquin shares and aggregate purchase price, excluding commissions

Starboard X Master II position 8,424,596 shares; <money>$65,313,542</money> Algonquin shares and aggregate purchase price, excluding commissions

Managed account position 5,621,305 shares; <money>$44,418,147</money> Algonquin shares held in the Starboard Value LP Account

Director award to Molinelli 25,995 shares Algonquin shares awarded to Gavin T. Molinelli as a director

Key Terms

beneficially owned, working capital, margin loans, Joint Filing Agreement, +1 more

5 terms

beneficially owned financial

"The aggregate purchase price of the 29,048,104 Shares beneficially owned by Starboard V&O III Fund"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

working capital financial

"were purchased with working capital (which may, at any given time, include margin loans"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"working capital (which may, at any given time, include margin loans made by brokerage firms"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

Joint Filing Agreement regulatory

"entered into a Joint Filing Agreement in which they agreed to the joint filing"

open market purchases financial

"Shares ... were purchased with working capital ... in open market purchases, except as otherwise noted"

Open market purchases are buys of a company’s shares (or other securities) made on public exchanges at prevailing market prices rather than through private deals. For investors this matters because when a company buys back its own stock it reduces the number of shares available, which can boost per-share earnings and often signals management’s confidence; it also affects supply, demand and short-term liquidity much like someone quietly buying up items from a crowded marketplace.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

ALGONQUIN POWER & UTILITIES CORP.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

015857105

(CUSIP Number)

MEAGAN REDA, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

JEFFREY C. SMITH
STARBOARD VALUE LP, 777 Third Avenue, 18th Floor
New York, NY, 10017
212-845-7977

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/30/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 57,215,415.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 57,215,415.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

57,215,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value and Opportunity Master Fund III LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 29,048,104.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 29,048,104.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

29,048,104.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value and Opportunity S LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,429,144.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,429,144.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,429,144.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value and Opportunity C LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard X Master Fund II LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,424,596.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,424,596.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,424,596.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value R LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,424,596.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,424,596.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,424,596.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value and Opportunity Master Fund L LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,493,906.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,493,906.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,493,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value L LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,493,906.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,493,906.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,493,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value R GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 9,918,502.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 9,918,502.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,918,502.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard G Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 9,172,365.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 9,172,365.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,172,365.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value G GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 9,172,365.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 9,172,365.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

9,172,365.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value A LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 38,220,469.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 38,220,469.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

38,220,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value A GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 38,220,469.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 38,220,469.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

38,220,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Value GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 57,215,415.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 57,215,415.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

57,215,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Principal Co LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 57,215,415.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 57,215,415.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

57,215,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Starboard Principal Co GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 57,215,415.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 57,215,415.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

57,215,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Smith Jeffrey C

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 57,215,415.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 57,215,415.00

11

Aggregate amount beneficially owned by each reporting person

57,215,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Feld Peter A

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 57,215,415.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 57,215,415.00

11

Aggregate amount beneficially owned by each reporting person

57,215,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 015857105

1

Name of reporting person

Molinelli Gavin

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 25,995.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 25,995.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

25,995.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: ALGONQUIN POWER & UTILITIES CORP.
(c)	Address of Issuer's Principal Executive Offices: 354 DAVIS ROAD, OAKVILLE, ONTARIO, CANADA , L6J2X1.
Item 1 Comment: The following constitutes Amendment No. 7 to the Schedule 13D filed by the undersigned ("Amendment No. 7"). This Amendment No. 7 amends the Schedule 13D as specifically set forth herein. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Schedule 13D.
Item 2.	Identity and Background
(a)	Item 2(a) is hereby amended and restated to read as follows: This statement is filed by: (i) Starboard Value and Opportunity Master Fund III LP, a Cayman Islands exempted limited partnership ("Starboard V&O III Fund"), with respect to the Shares directly and beneficially owned by it; (ii) Starboard Value and Opportunity S LLC, a Delaware limited liability company ("Starboard S LLC"), with respect to the Shares directly and beneficially owned by it; (iii) Starboard X Master Fund II LP, a Cayman Islands exempted limited partnership ("Starboard X Master II"), with respect to the Shares directly and beneficially owned by it; (iv) Starboard Value R LP ("Starboard R LP"), as the general partner of Starboard X Master II; (v) Starboard Value and Opportunity Master Fund L LP, a Cayman Islands exempted limited partnership ("Starboard L Master"), with respect to the Shares directly and beneficially owned by it; (vi) Starboard Value L LP ("Starboard L GP"), as the general partner of Starboard L Master; (vii) Starboard Value R GP LLC ("Starboard R GP"), as the general partner of Starboard R LP and Starboard L GP; (viii) Starboard G Fund, L.P., a Delaware limited partnership ("Starboard G LP"), with respect to the Shares directly and beneficially owned by it; (ix) Starboard Value G GP, LLC ("Starboard G GP"), as the general partner of Starboard G LP; (x) Starboard Value A LP ("Starboard A LP"), as the managing member of Starboard G GP and as the general partner of Starboard V&O III Fund; (xi) Starboard Value A GP LLC ("Starboard A GP"), as the general partner of Starboard A LP; (xii) Starboard Value LP, as the investment manager of Starboard V&O III Fund, Starboard X Master II, Starboard L Master, Starboard G LP and of a certain managed account (the "Starboard Value LP Account") and the manager of Starboard S LLC; (xiii) Starboard Value GP LLC ("Starboard Value GP"), as the general partner of Starboard Value LP; (xiv) Starboard Principal Co LP ("Principal Co"), as a member of Starboard Value GP; (xv) Starboard Principal Co GP LLC ("Principal GP"), as the general partner of Principal Co; (xvi) Jeffrey C. Smith, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP; (xvii) Peter A. Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP; and (xviii) Gavin T. Molinelli, who serves as a member of the Board of Directors of the Issuer. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	Item 2(b) is hereby amended and restated to read as follows: The address of the principal office of each of Starboard V&O III Fund, Starboard S LLC, Starboard X Master II, Starboard R LP, Starboard L Master, Starboard L GP, Starboard R GP, Starboard G LP, Starboard G GP, Starboard A LP, Starboard A GP, Starboard Value LP, Starboard Value GP, Principal Co, Principal GP and Mr. Molinelli is 777 Third Avenue, 18th Floor, New York, New York 10017. The address of the principal office of each of Messrs. Smith and Feld is c/o Starboard Value LP, 201 E Las Olas Boulevard, Suite 1000, Fort Lauderdale, Florida 33301.
(c)	Item 2(c) is hereby amended and restated to read as follows: Starboard V&O III Fund, Starboard S LLC, Starboard L Master, Starboard G LP and Starboard X Master II have been formed for the purpose of investing in securities and engaging in all related activities and transactions. Starboard Value LP provides investment advisory and management services and acts as the investment manager of Starboard V&O III Fund, Starboard L Master, Starboard G LP, Starboard X Master II and the Starboard Value LP Account and the manager of Starboard S LLC. The principal business of Starboard Value GP is providing a full range of investment advisory, pension advisory and management services and serving as the general partner of Starboard Value LP. The principal business of Principal Co is providing investment advisory and management services. Principal Co is a member of Starboard Value GP. Principal GP serves as the general partner of Principal Co. Starboard R LP serves as the general partner of Starboard X Master II. Starboard L GP serves as the general partner of Starboard L Master. Starboard R GP serves as the general partner of Starboard R LP and Starboard L GP. Starboard G GP serves as the general partner of Starboard G LP. Starboard A LP serves as the managing member of Starboard G GP and the general partner of Starboard V&O III Fund. Starboard A GP serves as the general partner of Starboard A LP. Messrs. Smith and Feld serve as members of Principal GP and the members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP. Mr. Molinelli serves as a Senior Partner of Starboard Value LP.
(d)	Item 2(d) is hereby amended and restated to read as follows: No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Item 2(e) is hereby amended and restated to read as follows: No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Item 2(f) is hereby amended and restated to read as follows: Messrs. Smith, Feld and Molinelli are citizens of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares purchased by each of Starboard V&O III Fund, Starboard S LLC, Starboard L Master, Starboard G LP, Starboard X Master II and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Exhibit 1, which is incorporated by reference herein. The aggregate purchase price of the 29,048,104 Shares beneficially owned by Starboard V&O III Fund is approximately $241,186,519, excluding brokerage commissions. The aggregate purchase price of the 3,429,144 Shares beneficially owned by Starboard S LLC is approximately $28,750,815, excluding brokerage commissions. The aggregate purchase price of the 1,493,906 Shares beneficially owned by Starboard L Master is approximately $12,526,105, excluding brokerage commissions. The aggregate purchase price of the 9,172,365 Shares beneficially owned by Starboard G LP is approximately $49,247,036, excluding brokerage commissions. The aggregate purchase price of the 8,424,596 Shares beneficially owned by Starboard X Master II is approximately $65,313,542, excluding brokerage commissions. The aggregate purchase price of the 5,621,305 Shares held in the Starboard Value LP Account is approximately $44,418,147, excluding brokerage commissions. The 25,995 Shares beneficially owned directly by Mr. Molinelli were awarded to him in his capacity as a director of the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 768,691,822 Shares outstanding, as of March 5, 2026, which is the total number of Shares outstanding as reported in Exhibit 99.3 to the Issuer's Form 40-F filed with the Securities and Exchange Commission on March 6, 2026. See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)	Item 5(b) is hereby amended and restated to read as follows: See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.
(c)	Item 5(c) is hereby amended and restated to read as follows: Information concerning transactions in the securities of the Issuer effected by the Reporting Persons during the past sixty days is set forth in Exhibit 1 attached hereto and is incorporated herein by reference. Except as otherwise noted, all of the transactions in the securities of the Issuer listed therein were effected in the open market through various brokerage entities.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: On April 1, 2026, the remaining Reporting Persons following this Amendment No. 7 entered into a Joint Filing Agreement in which they agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibits: 1 - Transactions in Securities. 99.1 - Joint Filing Agreement by and among Starboard Value and Opportunity Master Fund III LP, Starboard Value and Opportunity S LLC, Starboard X Master Fund II LP, Starboard Value R LP, Starboard Value and Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard G Fund, L.P., Starboard Value G GP, LLC, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Jeffrey C. Smith, Peter A. Feld and Gavin Molinelli, dated April 1, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Starboard Value LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value GP LLC, its general partner
Date:	04/01/2026

Starboard Value and Opportunity Master Fund III LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value A LP, its general partner
Date:	04/01/2026

Starboard Value and Opportunity S LLC

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value LP, its manager
Date:	04/01/2026

Starboard Value and Opportunity C LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value R LP, its general partner
Date:	04/01/2026

Starboard X Master Fund II LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value R LP, its general partner
Date:	04/01/2026

Starboard Value R LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value R GP LLC, its general partner
Date:	04/01/2026

Starboard Value and Opportunity Master Fund L LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value L LP, its general partner
Date:	04/01/2026

Starboard Value L LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value R GP LLC, its general partner
Date:	04/01/2026

Starboard Value R GP LLC

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory
Date:	04/01/2026

Starboard G Fund, L.P.

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value G GP, LLC, its general partner
Date:	04/01/2026

Starboard Value G GP, LLC

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value A LP, its general partner
Date:	04/01/2026

Starboard Value A LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Value A GP LLC, its general partner
Date:	04/01/2026

Starboard Value A GP LLC

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory
Date:	04/01/2026

Starboard Value GP LLC

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Principal Co LP, its member
Date:	04/01/2026

Starboard Principal Co LP

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory for Starboard Principal Co GP LLC, its general partner
Date:	04/01/2026

Starboard Principal Co GP LLC

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Authorized Signatory
Date:	04/01/2026

Smith Jeffrey C

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith
Date:	04/01/2026

Feld Peter A

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, attorney-in-fact for Peter A. Feld
Date:	04/01/2026

Molinelli Gavin

Signature:	/s/ Lindsey Cara
Name/Title:	Lindsey Cara, attorney-in-fact for Gavin T. Molinelli
Date:	04/01/2026

FAQ

How large is Starboard’s stake in Algonquin Power & Utilities (AQN)?

Starboard-affiliated reporting persons disclose beneficial ownership of 57,215,415 Algonquin common shares, representing 7.4% of the company’s outstanding shares. This percentage is calculated using 768,691,822 shares outstanding as of March 5, 2026, per Algonquin’s referenced Form 40-F exhibit.

Which Starboard entities report holdings in Algonquin Power (AQN)?

Multiple Starboard entities report holdings, including Starboard Value and Opportunity Master Fund III LP, Starboard Value and Opportunity S LLC, Starboard X Master Fund II LP, Starboard Value and Opportunity Master Fund L LP, Starboard G Fund, L.P., and related general partners and management entities listed as Reporting Persons.

How were Algonquin (AQN) shares acquired by Starboard-related funds?

The Algonquin shares held by Starboard V&O III Fund, Starboard S LLC, Starboard L Master, Starboard G LP, Starboard X Master II, and a managed account were bought with working capital, which may include margin loans, primarily through open market purchases executed via various brokerage firms over time.

What total Algonquin share count is used to calculate Starboard’s 7.4% stake?

The reported 7.4% ownership is based on 768,691,822 Algonquin common shares outstanding as of March 5, 2026. This outstanding share count comes from Exhibit 99.3 to Algonquin’s Form 40-F filed with the SEC on March 6, 2026, as referenced in the ownership disclosure.

What is the Joint Filing Agreement mentioned for Algonquin (AQN) holdings?

On April 1, 2026, the remaining Reporting Persons entered a Joint Filing Agreement. They agreed to submit joint beneficial ownership statements regarding Algonquin securities when required by law. This agreement, listed as Exhibit 99.1, formally coordinates their reporting obligations as a group.

How many Algonquin (AQN) shares did key Starboard funds purchase and at what cost?

Starboard V&O III Fund bought 29,048,104 shares for about $241,186,519, Starboard S LLC bought 3,429,144 shares for about $28,750,815, Starboard L Master purchased 1,493,906 shares for about $12,526,105, and Starboard G LP acquired 9,172,365 shares for about $49,247,036, all excluding commissions.