Pembina Pipeline (PPL) Q3 2025 earnings summary

Executive summary

• Q3 2025 adjusted EBITDA was CAD 1.034 billion, up 1% year-over-year, while earnings fell 26% to CAD 286 million; revenue was $1,791 million, down $53 million year-over-year.

• 2025 adjusted EBITDA guidance was narrowed to CAD 4.25–4.35 billion, reflecting year-to-date results and commodity price outlook.

• Strategic progress included a 20-year LNG agreement with PETRONAS, advancement of the Greenlight Electricity Centre, and major pipeline recontracting.

• Cash flow from operating activities for Q3 2025 was $810 million, with adjusted cash flow from operating activities at $648 million.

• Major project execution and new commercial agreements continue to drive long-term growth.

Financial highlights

• Q3 adjusted EBITDA rose 1% year-over-year to CAD 1.034 billion, driven by higher pipeline and facilities volumes.

• Q3 earnings fell 26% year-over-year to CAD 286 million, impacted by higher depreciation, asset impairments, and lower derivative gains.

• Q3 2025 revenue was $1,791 million, down from $1,844 million year-over-year.

• Capital expenditures for Q3 2025 were $178 million, down from $262 million in Q3 2024.

• Total pipeline and facilities volumes reached 3.6 million BOE/d, up 2% year-over-year.

Outlook and guidance

• 2025 adjusted EBITDA guidance tightened to CAD 4.25–4.35 billion, with core business volumes trending at or above plan.

• 2026 outlook and capital budget to be provided in mid-December; continued confidence in achieving long-term growth targets.

• Future capital expenditures for the remainder of 2025 are estimated at $225 million, focused on RFS IV, NEBC expansions, and other growth projects.