Q2 2025 Financial Results and Corporate Update August 1, 2025
Agenda 1 Q2 2025 Achievements & Strategy Execution 2 REEF and Pipestone II Project Updates 3 Macro Environment 4 2025 Business Plan 5 Q2 2025 Segment Results & Highlights 6 2025 Outlook & Strategy 7 AltaGas Value…
1 Q2/2025 Highlights Financial Performance Business De-Risking Normalized EBITDA1,2 Normalized NormalizedEPS EPS 1,31 Global Export Contracting WGL Regulatory Activity (MM) (/share) Pembina tolling agreement for 10,000 Filed VA…
2 REEF Update Milestones Cleared To-Date Delivery 2024 2025 2026 Jetty Construction Final Investment Decision FEED Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site Clearing Commercial Contracting EPF1 Site Prep. Project…
2 REEF: Open Market Access Built for Phased Growth REEF Build to Scale A Optimization 1 REEF designed to add cost-effective phased volumes by Small project to optimize throughput by additional 15-20 kbd of propane. leveraging common…
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 Global LPG Demand Growth Backstopped by Top Tier Resource Asian LPG Demand Outlook LPG Demand Driven by PDH Build Outs in China 4.0 Other APAC India 1.6 3.5 Japan South Korea 1.4 China PDH C3 Demand Capacity China 1.2 3.0…
3 Montney Economics Among Strongest in North America The Montney is the growth engine of the WCSB, driven by high liquids yields and high productivity wells North American Gas Plays - Half Cycle Economics1,2 WCSB Natural Gas Supply1 AB…
3 Strong Demand for Gas Utilities Investments Modernization Capital Drives Rate Base Growth Large Backlog of Pipe Replacement 5,000 Other Plastic Protected Steel Iron 6 US Billions (Rate Base) 4,000 5 Miles of Pipe 3,000…
4 2025 Business Plan Long-term Strategic Priorities Remain Unchanged Focus on growing, de-risking, and strengthening the enterprise. 1 2 3 Optimize Assets For Balance Sheet Active De-Risking Maximum Returns Deleveraging…
5 Midstream Q2/25 Performance Q2/25 Midstream results exceeded expectations, supported by record global exports Normalized Midstream EBITDA1 Global Exports 150,000 RIPET Ferndale Record second quarter global exports 125,000…
5 Utilities Q2/25 Performance Q2/25 Utilities results in-line with expectations driven by modernization investments Normalized Utilities EBITDA1 Capital Investments Rate base growth through modernization 96MM directed to ARP and…
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 Q2/25) (including 50% 4.65x debt treatment for prefs + hybrids) 4.6x (including 50% debt treatment for prefs + hybrids) Adjusted Net Debt…
7 AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation Low Risk Energy Infrastructure Visible, Industry- Disciplined Capital 1 2 3 Platform Providing Stable and…
7 Execution Delivers Compounding Long-term Value Normalized Earnings Normalized Adjusted Net Debt1,2 / Share Price Per Share1 EBITDA1 Normalized EBITDA Performance Midstream Index LDC Index Blended Index ALA-CA 2018 2019 2020…
Appendix: Q2 2025 Variances 19
Consolidated: Q2/25 vs. Q2/24 Normalized EBITDA1,2 ( millions) -5 40 252 12 342 295 Q2 2024 Corp/ Q2 2025 Utilities Midstream Actual Other Actual Pipeline modernization spending (ARPs in Strong global exports performance…
Consolidated: Q2/25 vs. Q2/24 Income (Loss) Before Income Taxes1 ( millions) -9 217 226 64 -46 Q2 2024 Corp/ Q2 2025 Utilities Midstream Actual Other Actual Unrealized gains on risk management Unrealized gains on risk…
Midstream: Q2/25 vs. Q2/24 Normalized EBITDA1,2 ( millions) 40 -11 215 175 Q2 2024 Q2 2025 Midstream Actual Actual Strong global exports performance (volumes and margins) Increased NEBC processing volumes (incl.…
Utilities: Q2/25 vs. Q2/24 Normalized EBITDA1,2 ( millions) 12 134 122 Q2 2024 Q2 2025 Utilities Actual Actual Pipeline modernization spending (ARPs in WGL and SEMCO) Favorable weather (Michigan) Asset Optimization…
Corporate/Other: Q2/25 vs. Q2/24 Normalized EBITDA1,2 ( millions) -2 -7 -5 2 Q2 2024 Q2 2025 Corporate Actual Actual Corporate G&A Notes: 1) Non-GAAP financial measure; see discussion in the advisories; 2) Numbers…
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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