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AltaGas (ALA) investor relations material
AltaGas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
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.
Assess BASF's REEF butane export agreement.
Explain Utilities' data center venture strategy.
How does AltaGas plan to fund its 2025 capital?
Gating items for REEF Opti 1 FID?
Main hurdles for data center energy supply?
Biggest factor delaying MVP sale?
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Q3 202530 Oct, 2025
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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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