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Keyera
Keyera (KEY) investor relations material
Keyera Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
2025 was a transformational year with record fee-based segment margins, three major growth projects sanctioned, a strategic Simonette acquisition, and the announced $5.15 billion Plains Canadian NGL business acquisition expected to close in Q1 2026.
Achieved 7% CAGR in distributable cash flow per share and 6% CAGR in dividends per share since 2008, demonstrating resilience and a strong balance sheet.
Fully integrated liquids infrastructure platform supports growth from Montney and Duvernay, with a deep inventory of capital-efficient projects.
Leadership structure was reorganized to enhance competitiveness and execution ahead of the Plains acquisition closing.
Focused on optimizing the asset base and preparing for integration of new assets to drive long-term shareholder value.
Financial highlights
Adjusted EBITDA for 2025 was $1.13 billion, or $1.16 billion excluding acquisition-related items; distributable cash flow was $735 million ($3.21/share), or $767 million ($3.35/share) excluding acquisition-related items.
Net earnings for 2025 were $432 million, down from $487 million in 2024, mainly due to lower Marketing segment contributions and acquisition/integration costs.
Dividends declared totaled $486 million ($2.12/share), with a payout ratio of 66% (63% adjusted for acquisition-related items).
Net debt to adjusted EBITDA at year-end was 1.8x, below the 2.5–3.0x target, with investment grade credit ratings and $2.3 billion in cash.
Gathering & Processing and Liquids Infrastructure segments delivered record annual realized margins of $439 million and $593 million, respectively.
Outlook and guidance
2026 stand-alone guidance (pre-Plains closing): growth capital expenditures of $400–$475 million, maintenance capital of $140–$160 million, and cash taxes of $60–$70 million, reflecting a decrease due to the AEF outage.
Marketing segment margin guidance for 2026 will reflect a $110 million impact from the AEF outage, with updated guidance to be provided in Q1 2026.
Plains acquisition expected to deliver $100 million in annual cost synergies and expand the NGL value chain across Canada and into the U.S.
Pro forma guidance and comprehensive outlook for the combined platform to be issued after the Plains acquisition closes.
Reiterated 7%-8% fee-for-service EBITDA growth outlook through 2027, supported by high take-or-pay contracts and sanctioned projects.
Plains acquisition: how to enhance customer service?
AEF outage: ensuring long-term asset integrity
Post-Plains, capital allocation priorities?
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Next Keyera earnings date
Q1 202614 May, 2026
Keyera
Next Keyera earnings date
Q1 202614 May, 2026
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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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