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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.
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.
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