)

AltaGas (ALA) investor relations material
AltaGas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong Q2 2025 results with normalized EBITDA of $342M (up 16% year-over-year) and normalized EPS of $0.27 (up from $0.14), driven by robust Midstream and Utilities performance.
Record global LPG export volumes to Asia and new long-term tolling agreements support growth and de-risking strategy.
Advanced major projects (REEF, Pipestone II) on time and on budget, supporting long-term growth.
Strengthened balance sheet with adjusted net debt to normalized EBITDA at 4.6x, below or near long-term target.
Continued disciplined capital allocation, deleveraging, and focus on sustainable dividend growth.
Financial highlights
Q2 2025 normalized EBITDA reached $342M, up from $295M; normalized EPS was $0.27, nearly double prior year.
Net income before income taxes was $226M, compared to a loss of $46M in Q2 2024; net income to common shares was $175M, up from a $42M loss.
Utilities segment Q2 normalized EBITDA was $134M, up 10% from $122M, supported by modernization and favorable weather.
Midstream segment Q2 normalized EBITDA was $215M, up 23% from $175M, driven by record export volumes and higher margins.
Reduced adjusted net debt by $215M quarter-over-quarter; leverage at 4.6x, in line with long-term target.
Outlook and guidance
Reiterated 2025 guidance: normalized EBITDA of $1,775M–$1,875M and normalized EPS of $2.10–$2.30.
Capital budget for 2025 set at $1.4B, with 51% to Utilities and 45% to Midstream, focused on growth projects.
Committed to 5%-7% annual dividend growth, underpinned by strong platform growth and comfortable payout ratio.
On track to reach long-term leverage target of 4.65x adjusted net debt to normalized EBITDA in 2025.
Modernization and system expansion to continue driving organic growth and future investments.
Next AltaGas earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage