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Keyera (KEY) investor relations material
Keyera Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Delivered strong Q2 results with significant commercial momentum, major growth projects sanctioned, and a transformational $5.15B Plains Canadian NGL acquisition expanding scale and service offering, expected to deliver $100M in annual synergies.
Demonstrated 7% CAGR in distributable cash flow per share and 3–6% CAGR in dividends per share since 2008, with a strong balance sheet and disciplined capital allocation.
Secured over 100,000 barrels per day of new long-term contracted volumes on CAPS/KAPS zones, with frac capacity at KFS now substantially contracted.
Board approved a 4% annual dividend increase, reflecting confidence in sustainable growth and stable fee-for-service cash flows.
Positioned for long-term growth through capital-efficient investments, basin growth, and sustainability initiatives.
Financial highlights
Q2 adjusted EBITDA was $252M (Q2 2024: $326M), including $12M in one-time transaction costs for the Plains acquisition.
Distributable cash flow was $159M ($0.69/share); net earnings were $127M, down from $142M year-over-year; payout ratio at 75%.
Fee-for-service segments contributed $255M in realized margins, up over 8% year-over-year, driven by Gathering & Processing and Liquids Infrastructure.
Marketing segment realized margin declined to $60M (Q2 2024: $136M) due to softer commodity pricing and outages.
Weighted average shares outstanding: 229.2M; total liquidity of $1.5B at Q2 2025, with no draws on the $1.5B credit facility.
Outlook and guidance
Reaffirmed 2025 marketing realized margin guidance of $310M–$350M, including $50M AEF outage impact.
Growth capital guidance revised to $275M–$300M for 2025; maintenance capital at $70M–$90M; cash taxes for 2025 forecasted at $100M–$110M.
Growth target of 7%–8% annual fee-based adjusted EBITDA CAGR from 2024 to 2027 remains on track, with growth expected to continue into the next decade.
Annual growth capital spending from 2026–2027 expected to average $350M–$450M, self-funded.
Ongoing integration of Plains acquisition and ramp-up of growth projects to drive near- and long-term earnings.
Assess Plains NGL acquisition synergies.
Explain KAPS expansion's impact on Montney.
How does AEF outage affect marketing margin?
Plains' acquisition: customer feedback?
KAPS contracts: how layer in by quarter?
Duvernay: plans for Simonette plant?
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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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