AltaGas (ALA) investor relations material

Executive summary

• Delivered normalized EBITDA of CAD 1.86 billion ($1.863B) for 2025, at the top of guidance, and normalized EPS of CAD 2.23 ($2.23), in the upper half of guidance, with a 6% five-year CAGR for both metrics.

• Achieved record global LPG export volumes, with 126,000 Bbl/d in 2025, and throughput at North Pine and Pipestone, supporting midstream growth.

• Advanced key growth projects, including Pipestone II, REEF, Dimsdale expansions, and Keweenaw Connector, with significant progress on construction and commercial milestones.

• Strengthened balance sheet, ending 2025 at 4.7x adjusted net debt to EBITDA, with improved credit outlooks from S&P and Fitch.

• Generated a 29% total shareholder return in 2025, grew dividends per share by 6%, and maintained a payout ratio below 60%.

Financial highlights

• Q4 normalized EBITDA was $564 million, up 8% year-over-year, and normalized EPS was $0.77, flat year-over-year.

• FY 2025 normalized EBITDA reached $1.863B, up from $1.769B in 2024, with growth in both utilities and midstream segments.

• Record LPG exports at 126,000 Bbl/d in 2025, with global exports and Montney throughput driving midstream growth.

• Utilities normalized EBITDA reached $383 million in Q4, up 14% year-over-year, driven by rate base growth and increased usage.

• Midstream normalized EBITDA was $202 million in Q4, up 11% year-over-year, with strong performance in Montney assets.

Outlook and guidance

• Reaffirmed 2026 guidance: normalized EBITDA of $1.925–$2.025 billion and normalized EPS of $2.20–$2.45.

• 2026 capital budget of ~$1.6 billion, with 69% allocated to utilities and 27% to midstream.

• Dividend growth guidance of 5–7% CAGR extended through 2030, with a 6% dividend increase for 2026.

• Major projects, including REEF, Dimsdale expansions, and Keweenaw Connector, are on track for 2026 completion.

• Utilities capital program to drive ~10% rate base growth in 2026.