Pembina Pipeline (PPL) investor relations material

Executive summary

• Q2 2025 adjusted EBITDA was $1.013B, down 7% year-over-year, with earnings of $417M, and full-year guidance updated to $4.225B–$4.425B.

• Major capital projects, including Cedar LNG, RFS-4, and Greenlight Electricity Center, are progressing on time and under budget, with Cedar LNG expected in service by late 2028.

• Over $1B in NGL and condensate pipeline expansions are advancing, supported by long-term contracts and strong WCSB fundamentals.

• Recent acquisitions and optimization projects, such as the Prince Rupert terminal, are enhancing export capabilities and cost efficiency.

• Announced major propane export agreements and new infrastructure commitments in the Montney region.

Financial highlights

• Q2 2025 revenue was $1,792M, down from $1,855M in Q2 2024; net revenue was $1,184M.

• Adjusted EBITDA for Q2 2025 was $1,013M, down 7% year-over-year; earnings per share were $0.65, down from $0.75.

• Cash flow from operating activities in Q2 2025 was $790M, a decrease of $164M year-over-year.

• Capital expenditures for Q2 2025 were $197M, down from $265M in Q2 2024.

• For the six months ended June 30, 2025, revenue was $4,074M (up $679M year-over-year), adjusted EBITDA was $2,180M (up $45M), and earnings per share were $1.45 (down $0.04).

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance updated to $4.225B–$4.425B, with Q3 expected to be consistent with Q2 and a stronger Q4 anticipated.

• 2025 capital investment program increased to $1.3B, mainly for expansions, acquisitions, and project advancement.

• Future capital expenditures for the remainder of 2025 are estimated at $500M, focused on pipeline expansions, Redwater projects, and energy transition initiatives.

• Fee-based EBITDA per share growth of 4%–6% through 2026 is reiterated, despite the Alliance settlement headwind.

• Long-term contracts and take-or-pay agreements underpin volume growth and revenue stability.