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Keyera (KEY) investor relations material
Keyera Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Realized margin in the fee-for-service business grew over 10% year-over-year, driven by strong Gathering & Processing and Liquids Infrastructure performance, while Marketing segment results declined.
Over 100,000 barrels per day of new contracting secured on CAPS, with fractionation capacity now substantially contracted and average contract life extending from 7 to 11 years by 2028.
Major growth projects (KFS Frac II debottleneck, Frac III expansion, KAPS Zone 4) are advancing on time and on budget, supported by significant take-or-pay contracts.
Pending acquisition of Plains' Canadian NGL business will add scale, expand reach, and enhance customer flexibility; expected to close in Q1 2026, pending regulatory approvals.
Achieved 2025 GHG Intensity Reduction Target of 25% a year ahead of schedule, reflecting ongoing sustainability efforts.
Financial highlights
Adjusted EBITDA (excluding deal/integration costs) was CAD 286 million for the quarter, down from CAD 322 million in Q3 2024.
Distributable cash flow reached CAD 186 million (CAD 0.81 per share); net earnings were CAD 85 million, both down from Q3 2024.
Gathering and Processing realized margin rose to CAD 112 million from CAD 99 million year-over-year; Liquids Infrastructure realized margin increased to CAD 147 million from CAD 135 million.
Marketing segment realized margin dropped to CAD 73 million from CAD 135 million year-over-year, mainly due to reduced condensate imports and lower blending activity.
Fee-for-service realized margin increased by over 10% year-over-year.
Outlook and guidance
Full-year 2025 Marketing realized margin expected between CAD 280 million and CAD 300 million, impacted by a CAD 50 million unplanned AEF outage; long-term annual base Marketing guidance reaffirmed at CAD 310 million–CAD 350 million, assuming normalized commodity prices and AEF at capacity.
Growth capital for 2025 revised to CAD 220 million–CAD 240 million (down from CAD 275 million–CAD 300 million) due to deferred spending; maintenance capital now CAD 60 million–CAD 70 million.
Cash taxes for 2025 expected at CAD 90 million–CAD 100 million.
2026 standalone guidance: growth capital CAD 400 million–CAD 475 million, maintenance capital CAD 130 million–CAD 150 million (including a six-week AEF turnaround); targeting 7%–8% compound annual growth rate in fee-based adjusted EBITDA from 2024–2027.
AEF 2026 turnaround impact on marketing guide?
KAPS expansion beyond pump station additions?
Future synergies beyond Plains' initial $100M?
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Frequently asked questions
Keyera Corp is a Canadian energy infrastructure company that provides natural gas processing, transportation, and storage services. The company also engages in liquids handling, fractionation, and marketing, serving energy producers in the Western Canada Sedimentary Basin. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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