Q4 2024 Financial Results and Corporate Update March 7, 2025
Agenda 1 2024 Achievements 2 REEF and Pipestone II Project Updates 3 Keyera Commercial Agreements 4 Macro Environment 5 Longer-term Growth Projects 6 Q4/24 Results and 2025 Outlook Execution of Strategic Priorities…
1 2024 Achievements Financial Execution and Growth Normalized EBITDA1 Normalized EPS1 Robust Global Exports Strong Utilities Execution Top of guidance range Upper-half of guidance range Record volumes of 122 kbd across Increased…
2 REEF Update Milestones Cleared To-Date Delivery 2024 2025 2026 Overburden Removal Final Investment Decision FEED Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site Clearing Base Commercial Contracting EPF1 Site Prep. Project…
2 Pipestone II Update Milestones Cleared To-Date Delivery 2024 2025 Final Investment Decision Site Clearing Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FEED Acid Gas Wells Gathering System Acid Gas Wells Gas Gathering Project Execution…
3 Win-Win Industry Solutions RIPET & REEF Pipestone Far East Index (FEI) I & II Propane and Butane Tolling has provided Keyera Fort US5/Bbl Saskatchewan (KFS) Asian Markets Leveraging each companys Better propane netback vs. US…
3 Global Export Long-Term Tolling Outlook Global Export Tolling Volumes 100 kbd of tolling post REEF ISD 2022 2023 2024 Post REEF ISD Global Export Tolling Derisks Business Over Long-term 8
4 Strong Environment for Gas Utilities Investments U.S. Natural Gas Demand U.S. Household Energy Demand U.S. Gas-Fired Electrical Generation 90 Consumption per Home, Gas vs. Electric petroleum and other 4,000 85 125 renewables…
4 Robust Asian Demand Supports Midstream Expansion Global Natural Gas Demand Global LPG Exports Canadian Energy Export Projects 4.0 75 3.5 60 Coastal Gas Link (MMboe/d) 3.0 Recently TMX Expansion MMBbl/d 45 2.5 2.0…
5 Attractive Runway of Utilities Growth Projects Utilities Project Backlog to Drive Long-Term Shareholder Value Modernization Programs New Meter Growth Keweenaw Connector Data Centers Over 1.7B of ARP spending Continue to grow…
5 Data Center Growth Opportunity Share of Top U.S. Data Center Locations Virginia* Summer Peak Load 55 Our Path for Value Creation Peak Summer Load Our service territory covers the most Historical Forecast (GW) Northern 45…
5 Attractive Runway of Near-to-Medium Term Growth Projects Midstream Project Backlog to Drive Long-Term Shareholder Value Dimsdale Expansion North Pine Expansion Pipestone III REEF Expansion Premiere natural gas storage Strategic…
6 Q4/2024 Highlights Financial Performance Commercial Agreements Normalized EBITDA1 Normalized EPS1 REEF Tolling Agreements Townsend Agreement (MM) 520 Reached base tolling target in Feb 2025 +100 MMcf/d 0.76 0.76 502 Two new…
6 Utilities Q4/24 Performance Q4/24 Utilities results exceeded expectations; cost management playing key role Normalized Utilities EBITDA1 Cost Management Initiatives Rate base growth through modernization 7% Y/Y reduction in O&M at…
6 Midstream Q4/24 Performance Strategic infrastructure continues to contribute to outsized growth, supported by strong global exports Global Exports Export Tolled Volumes 150,000 Tolled volumes RIPET Ferndale Global Export…
6 2025 Capex Budget 2025 Capital Budget: 1.4 Billion Midstream Allocation Capital deployment reflects the continued strong growth Strong organic growth opportunities across both platforms driving opportunities. Largest 2025 capital…
6 Leverage Targets Leverage Targets Trailing Metrics (Medium to Long-Term) (As of Q4/24) 5.0x (including 50% (including 50% debt treatment for 4.65x debt treatment for prefs + hybrids) prefs + hybrids) (excludes prefs…
6 2025 Business Plan Continue to Execute on our Long-term Strategic Priorities Focus on growing, de-risking, and strengthening the enterprise. 1 2 3 Optimize Assets For Continued Balance Sheet Active De-Risking Maximum Returns…
7 Executing on Strategic Priorities to Compound Long-term Value Normalized Earnings Normalized Adjusted Net Debt1,2 / Share Price Per Share1 EBITDA1 Normalized EBITDA Performance Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 2018…
Appendix: Q4 2024 Variances 22
Consolidated: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ( millions) 0 -7 294 25 -4 252 520 502 Q4 2023 Corp/ Q4 2024 Utilities Midstream Actual Other Actual ARP modernization investments Global exports performance (offset by…
Consolidated: Q4/24 vs. Q4/23 Income (Loss) Before Income Taxes1 ( millions) -11 102 231 -21 161 Q4 2023 Corp/ Q4 2024 Utilities Midstream Actual Other Actual Primarily same factors impacting Unrealized gains on risk…
Consolidated: Q2/23 FY 2024vs.vs.Q2/22 FY 2023 Normalized EBITDA1,2 -33 ( millions) 101 126 1,769 1,575 2023 Actual Utilities Midstream Corporate/Other 2024 Actual Partial settlement of WGLs post Global exports…
Consolidated: FY 2024 vs. FY 2023 Income (Loss) Before Income Taxes1 ( millions) -259 -93 186 912 912 746 YE 2023 YE 2024 Utilities Midstream Corp/Other Actual Actual Primarily same factors impacting Primarilysame…
Midstream: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ( millions) -18 0 -11 182 182 Q4 2023 Q4 2024 Midstream Actual Actual Globalexports performance (offset by higher tolling volumes) Additionof Pipestone assets (Pipestone I +…
Midstream: FY 2024 vs. FY 2023 Normalized EBITDA1,2 ( millions) 684 94 101 607 -17 785 590 684 2023 2024 Midstream Actual Actual Global exports performance (offset by higher tolling volumes) Frac& Liquids handling…
Utilities: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ( millions) 25 336 311 Q4 2023 Q4 2024 Utilities Actual Actual ARP modernization investments Lower O&M DC Rate case (2022) New meter growth Favourable USD/CAD FX rate,…
Utilities: FY 2024 vs. FY 2023 Normalized EBITDA1,2 ( millions) 142 1,012 -16 886 870 YE 2023 Asset Sales & YE 2023 YE 2024 Utilities Actual One-Time Items Run Rate Actual Sale of Alaska Utilities Partial settlement of…
Corporate/Other: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ( millions) -7 -8 9 2 Q4 2023 Q4 2024 Corporate Actual Actual Blythe performance due to transmission congestion Notes: 1) Non-GAAP financial measure; see…
Corporate/Other: FY 2024 vs. FY 2023 Normalized EBITDA1,2 ( millions) 5 -33 -28 YE 2023 YE 2024 Corporate Actual Actual Blythe performance due to transmission congestion Corporate G&A Notes: 1) Non-GAAP financial…
Contact Information For more information visit www.altagas.ca or reach out to one of the following: Jon Morrison Aaron Swanson Senior Vice President, Corporate Vice President, Investor Relations Development and Investor Relations…
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