Keyera (KEY) Corporate presentation summary

Strategic growth and business highlights

• Achieved 7% CAGR in distributable cash flow per share and 6% CAGR in dividends per share since 2008, maintaining a strong balance sheet through market cycles.

• Fully integrated liquids infrastructure platform supports growth in Montney and Duvernay resource plays, with a deep inventory of capital-efficient, self-funded growth projects.

• Recent acquisitions, including Plains' Canadian NGL business and Simonette East Gas Plant, expand capacity and market reach, while divestiture of non-core assets recycles capital.

• Plains acquisition extends the value chain to eastern North America, adds scale, and is expected to deliver $100 million in annual synergies.

• Ongoing and sanctioned projects such as KFS Frac II/III and KAPS Zone 4 drive near-term and long-term EBITDA growth.

Financial performance and guidance

• Fee-based adjusted EBITDA projected to grow at a 7-8% CAGR from 2024 to 2027, supported by filling available capacity and capital-efficient projects.

• 2026 guidance includes $400–$475 million in growth capital expenditures, $140–$160 million in maintenance capital, and $60–$70 million in cash taxes.

• Maintains investment grade credit ratings (BBB/Stable), with net debt to adjusted EBITDA at 1.8x as of Q4 2025 and total liquidity of $1.5 billion.

• Dividend payout ratio at 63% as of year-end 2025, with sustainable dividend increases supported by EBITDA and DCF per share growth.

• High quality cash flow with 77% of realized margin and 78% of revenue from investment grade or take-or-pay contracts.

Market position and asset base

• Strategically located, fully integrated assets in Western Canada benefit from expected basin growth and increased condensate/NGL production.

• Expanded NGL corridor connects production to key demand centers across Canada and the U.S., enhancing flexibility and market access.

• Asset base enables customers to access high-value markets and supports decades of visible liquids-rich resource play growth.