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Capital Power (CPX) investor relations material
Capital Power Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved strong Q3 2025 results with adjusted EBITDA of $477M and AFFO of $369M, driven by U.S. flexible generation, major acquisitions, and new long-term contracts.
Commissioned 170 MW of Ontario battery storage, contracted through 2047, and advanced flexible generation and solar projects.
Extended Midland Cogeneration Venture contract to 2040, securing incremental revenue and boosting annual adjusted EBITDA by up to $140M.
Integrated Hummel Station and Rolling Hills, the largest acquisition to date, with above-expectation performance and meaningful EBITDA contribution.
CFO Sandra Haskins announced retirement after 23 years, with a transition plan in place.
Financial highlights
Q3 2025 adjusted EBITDA: $477M, up $76M year-over-year; AFFO: $369M, up $54M year-over-year.
Q3 2025 revenues: $1,213M, up from $1,030M in Q3 2024; net income: $153M (Q3 2024: $178M).
Net cash flows from operating activities for Q3 2025: $404M, up $168M year-over-year.
Nine months 2025 adjusted EBITDA: $1,166M, up 15% year-over-year; AFFO: $822M, up 28%.
Dividend per common share declared in Q3 2025: $0.6910, up from $0.6519 in Q3 2024.
Outlook and guidance
2025 guidance reaffirmed: adjusted EBITDA $1.5–$1.65B, AFFO $950M–$1.1B, sustaining CapEx $215–$245M.
Alberta and PJM portfolios are well-hedged through 2028, with favorable forward pricing and strong contract coverage.
Alberta forward pricing projects 90% rise in spark spreads between 2026 and 2028, supporting maintenance timing.
Maintenance schedule updated to optimize asset availability for strong market fundamentals post-2026.
Dividend increased by 6% for 2025, with long-term targeted growth of 2–4% after 2025.
Genesee capacity: What is the path to full output?
PJM market: How to mitigate capacity price dampening?
Dividend growth: How does it fund future growth?
MCV data center: timing, expansion, pricing outlook?
Alberta maintenance: rationale for 2026+ market capture?
Genesee's 450MW: strategy for Alberta data centers?
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Next Capital Power earnings date
Investor Day 20259 Dec, 2025
Next Capital Power earnings date
Investor Day 20259 Dec, 2025
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Frequently asked questions
Capital Power Corporation develops, acquires, operates, and optimizes power generation facilities across North America. The company produces electricity from a diversified portfolio that includes natural gas, wind, and solar power assets. It also engages in trading and marketing of electricity and related commodities. It is headquartered in Edmonton, Canada, and its shares are listed on the TSX.
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