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Capital Power (CPX) investor relations material
Capital Power Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Closed the largest U.S. acquisition, adding 2.2 GW and expanding total capacity to 12 GW, transforming the business and increasing U.S. flexible generation to 60%.
Achieved commercial operation on a 40MW Goreway uprate, extended contract to 2035, and advanced 310MW of Ontario projects and two North Carolina solar projects.
Delivered 9 TWh of power in Q2 2025, with portfolio now spanning five core markets and reducing single-market exposure.
Maintained investment grade credit ratings and positioned as the 5th largest North American gas-focused IPP.
Increased annual dividend by 6% for the 12th consecutive year.
Financial highlights
Q2 2025 adjusted EBITDA was $322M (flat year-over-year); AFFO was $235M, up $57M; revenues ranged from $441M to $769M due to acquisition timing.
H1 2025 adjusted EBITDA was $689M, up $77M; AFFO totaled $453M, up $126M.
Net cash flows from operating activities were $143M in Q2 2025.
Dividend increased by 6%, maintaining payout and leverage guardrails.
Net loss of $(131)M in Q2 2025, compared to net income of $76M in Q2 2024, mainly due to unrealized derivative losses.
Outlook and guidance
2025 adjusted EBITDA guidance raised to $1.5B–$1.65B; AFFO guidance increased to $950M–$1.1B; sustaining capital forecasted at $215M–$245M.
Dividend payout ratio targeted at 30–50%, with 6% CAGR for dividends and 7% for AFFO per share (2020–2025).
Integration of Hummel and Rolling Hills is a key priority for 2025.
Guidance reflects nearly seven months of PJM asset contributions and stable to rising power prices in key markets.
Board approved a 6% dividend increase for 2025, with targeted long-term dividend growth of 2–4% after 2025.
What's the target unit restoration date?
What's the expected REM implementation year?
What's the outlook for PJM peak demand?
Genesee 1GW data center path forward?
M&A market outlook and execution capability?
PJM market outlook and portfolio diversification impact?
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Next Capital Power earnings date
Q3 202529 Oct, 2025
Next Capital Power earnings date
Q3 202529 Oct, 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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