AltaGas (ALA) investor relations material

Executive summary

• Q3 normalized EBITDA was $389 million, up 45% from $268 million; normalized EPS was $0.29 versus $0.04 in Q3 2025.

• Record LPG exports to Asia, stronger margins, Pipestone II contributions and improved fractionation and liquids handling drove results; 2026 results are tracking toward the high end of raised guidance.

Financial highlights

• Revenue was $3.431 billion versus $2.598 billion YoY; normalized net income was $91 million, or $0.29/share, versus $11 million, or $0.04/share.

• Normalized FFO was $249 million, or $0.80/share, versus $148 million, or $0.49/share; cash from operations was $122 million versus $34 million.

• GAAP net loss attributable to common shares was $21 million, or $0.07/share, versus $25 million, or $0.08/share; higher unrealized risk-management, D&A and FX losses partly offset operating improvement.

Outlook and guidance

• 2026 normalized EBITDA guidance is $2.0–$2.1 billion and normalized EPS guidance is $2.35–$2.60; results are expected toward the high end of both ranges.

• The 2026 capital program is ~$1.8 billion, excluding ARO; ~61% is allocated to Utilities, ~36% to Midstream and the balance to Corporate / Other.

• REEF Phase I is ~90% complete and on track for Q1 2027 start-up; REEF Optimization I targets H2 2027 service, while Optimization II is targeted for FID before year-end.

• Dimsdale Phase I is on track for year-end 2026 service; Phase II is expected to add 30 Bcf by mid-2027. RIPET methanol removal is expected in service by year-end 2026, and NEBC Liquids Expansion targets mid-2028 service.