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AltaGas (ALA) investor relations material
AltaGas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 delivered strong operational and financial results, with record global LPG export volumes and robust performance in both Midstream and Utilities segments.
Strategic priorities remain focused on growth, de-risking, and disciplined capital allocation, with asset optimization and operational excellence.
Multiple new growth projects were sanctioned, including REEF Optimization 1, Dimsdale gas storage expansion, and Keweenaw Connector Pipeline.
Continued progress on major projects, with mechanical completion of Pipestone II and significant construction milestones at REEF.
Robust macroeconomic trends and rising North American energy demand support long-term growth and infrastructure investment.
Financial highlights
Q3 2025 normalized EBITDA was $268 million, down from $294 million in Q3 2024, mainly due to the absence of a prior-year pension settlement.
Normalized EPS for Q3 2025 was $0.04, compared to $0.14 in Q3 2024.
Q3 capital investment totaled $206 million, with $121 million directed to modernization and $33 million for new meter connections.
Normalized net income was $11 million, down from $42 million in Q3 2024.
Normalized funds from operations (FFO) rose to $148 million from $105 million in Q3 2024.
Outlook and guidance
2025 full-year guidance for normalized EBITDA of $1,775–$1,875 million and normalized EPS of $2.10–$2.30 is reiterated.
2025 capital budget remains at $1.4 billion, with 51% allocated to Utilities and 45% to Midstream.
Growth investment capacity of $3.5 billion is expected over the next three years, with a focus on Utilities and Midstream projects.
Aggregate cash savings of $30 million over five years expected from new hybrid notes.
Anticipated CapEx uptick in 2026 due to new FIDs and ongoing project execution.
How do MVP Boost/Southgate impact sale?
How are data center ventures de-risked?
Synergies from Dimsdale/REEF expansions?
Prioritize growth projects given returns?
REEF Opti 2 sanctioning timeline?
Western Canada gas storage outlook?
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Q4 20254 Mar, 2026
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Frequently asked questions
AltaGas Ltd. operates as an energy infrastructure company in North America. It owns and operates power generation facilities; natural gas liquefaction, storage, and distribution and transmission assets; and on-site natural gas production facilities, as well as produces natural gas liquids (NGL), primarily propane, butane, condensate and produced water.
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