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Pembina Pipeline
Pembina Pipeline (PPL) investor relations material
Pembina Pipeline Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Reported Q4 2025 earnings of CAD 489 million and Adjusted EBITDA of CAD 1.075 billion; full-year earnings reached CAD 1.694 billion and Adjusted EBITDA CAD 4.289 billion.
Achieved record annual pipelines and facilities volumes of 3.7 million BOE/d, up 3% year-over-year.
Advanced major growth projects, including Cedar LNG, Greenlight Electricity Centre, RFS IV, Wapiti Expansion, and K3 Cogeneration, all progressing on or under budget and on schedule.
Sanctioned over CAD 625 million (USD 600 million) in new pipeline expansions, including Fox Creek to Namao, Birch to Taylor, and Taylor to Gordondale.
Strengthened long-term resilience through extensive recontracting and new long-term agreements with key customers, supporting future volume and cash flow stability.
Financial highlights
Q4 Adjusted EBITDA decreased 14% year-over-year, mainly due to lower marketing and new ventures contribution and changes in Alliance Pipeline toll structure.
Q4 earnings fell 15% year-over-year, impacted by higher depreciation, lower other expenses, and various gains/losses on derivatives.
Full-year adjusted cash flow from operating activities was CAD 2.854 billion, or CAD 4.91 per share, down from CAD 3.265 billion (CAD 5.70/share) in 2024.
Full year revenue was CAD 7.778 billion, up CAD 394 million year-over-year; Q4 revenue was CAD 1.913 billion, down CAD 232 million from Q4 2024.
Capital expenditures totaled CAD 784 million for 2025, down CAD 171 million year-over-year.
Outlook and guidance
2026 Adjusted EBITDA guidance set at CAD 4.125–4.425 billion; midpoint implies 5% CAGR in fee-based Adjusted EBITDA per share from 2023–2026.
2026 expected to be peak investment year for Cedar LNG, with leverage (debt/EBITDA) peaking at 3.7–4.0x and returning to target range post-2026.
Focus on safe, reliable operations, disciplined capital allocation, and advancing major projects including Greenlight and ethane supply infrastructure.
Continued emphasis on long-term, fee-based cash flow growth and sustainable dividend policy.
April 7th webcast planned to provide a detailed long-term outlook and business update.
Cedar LNG 10% EBITDA increase: cash flow impact?
Ethane supply FID: key factors for 2026 decision?
What caused Marketing & New Ventures EBITDA decline?
Greenlight FID timeline and key hurdles
Capital-light expansion strategy for pipelines
Future investment capacity and funding strategy
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Next Pembina Pipeline earnings date
AGM 20268 May, 2026
Pembina Pipeline
Next Pembina Pipeline earnings date
AGM 20268 May, 2026
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Frequently asked questions
Pembina Pipeline Corporation provides transportation and midstream services for the energy sector, including pipelines for oil, natural gas, and natural gas liquids. It also engages in gas processing, storage, and marketing services for customers in Canada and the United States. The company’s activities support the production and distribution needs of the energy industry. Pembina Pipeline Corporation is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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