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Pembina Pipeline (PPL) investor relations material
Pembina Pipeline Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 adjusted EBITDA was CAD 1.034 billion, up 1% year-over-year, while earnings fell 26% to CAD 286 million; revenue was $1,791 million, down $53 million year-over-year.
2025 adjusted EBITDA guidance was narrowed to CAD 4.25–4.35 billion, reflecting year-to-date results and commodity price outlook.
Strategic progress included a 20-year LNG agreement with PETRONAS, advancement of the Greenlight Electricity Centre, and major pipeline recontracting.
Cash flow from operating activities for Q3 2025 was $810 million, with adjusted cash flow from operating activities at $648 million.
Major project execution and new commercial agreements continue to drive long-term growth.
Financial highlights
Q3 adjusted EBITDA rose 1% year-over-year to CAD 1.034 billion, driven by higher pipeline and facilities volumes.
Q3 earnings fell 26% year-over-year to CAD 286 million, impacted by higher depreciation, asset impairments, and lower derivative gains.
Q3 2025 revenue was $1,791 million, down from $1,844 million year-over-year.
Capital expenditures for Q3 2025 were $178 million, down from $262 million in Q3 2024.
Total pipeline and facilities volumes reached 3.6 million BOE/d, up 2% year-over-year.
Outlook and guidance
2025 adjusted EBITDA guidance tightened to CAD 4.25–4.35 billion, with core business volumes trending at or above plan.
2026 outlook and capital budget to be provided in mid-December; continued confidence in achieving long-term growth targets.
Future capital expenditures for the remainder of 2025 are estimated at $225 million, focused on RFS IV, NEBC expansions, and other growth projects.
Cedar LNG: Upside from increased feed gas capacity?
Greenlight: Clarify 2027 vs 2030 timelines?
Conventional pipe: How are margins sustained vs competition?
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Next Pembina Pipeline earnings date
Q4 202527 Feb, 2026
Next Pembina Pipeline earnings date
Q4 202527 Feb, 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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