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Pembina Pipeline (PPL) investor relations material

Pembina Pipeline Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

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.

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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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