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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tidewater Midstream and Infrastructure
Tidewater Midstream and Infrastructure (TWM) investor relations material
Tidewater Midstream and Infrastructure Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Record Q3 2026 consolidated adjusted EBITDA of $96.9 million versus $16.2 million YoY; stronger margins and utilization supported the result.
Consolidated net debt declined $139.3 million from year-end to $440.2 million, while leverage was 1.3x.
2026 adjusted EBITDA guidance increased to $300 million-$320 million from $230 million-$250 million.
Financial highlights
Q3 revenue was $628.2 million versus $353.9 million YoY; operating income was $131.6 million.
Q3 net loss attributable to shareholders narrowed to $26.2 million from $34.1 million; 9M net loss was $38.3 million versus $82.2 million.
Q3 adjusted EBITDA was $96.9 million versus $16.2 million YoY; 9M adjusted EBITDA was $235.5 million versus $28.5 million.
Operating cash flow was $114.1 million in Q3 and $190.6 million in 9M, versus cash use of $3.6 million and cash flow of $29.5 million in 2025.
Q3 distributable cash flow attributable to shareholders was $63.7 million, or $2.90 per basic share; 9M was $145.7 million, or $6.68 per share.
Outlook and guidance
2026 consolidated adjusted EBITDA guidance rose to $300 million-$320 million from $230 million-$250 million; capex guidance fell to $15 million-$20 million from $20 million-$25 million.
Revised 2026 Tidewater Renewables guidance: adjusted EBITDA of $165 million-$175 million, sales volumes of 165-175 million litres, and capex of $2 million-$3 million.
Proposed CFR amendments could add $30 million-$40 million of 2027 adjusted EBITDA from 2026 production credits and $40 million-$50 million from expected 2027 production, subject to final rules.
2027 financial results are expected to exceed 2026, supported by operations, the proposed combination and potential CFR amendments; outcomes depend on transaction and regulatory developments.
SAF project FID timing moved to H1 2027 as regulatory details, offtake and financing are assessed; termination of a crude-oil pipeline contract is expected to add ~$3 million annual adjusted EBITDA and distributable cash flow from Jan. 2027.
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Latest events from Tidewater Midstream and Infrastructure
- Deleveraging, the LCFS deal and a proposed SAF facility shape the growth plan.TWM
Corporate presentation - 0.88-share all-stock combination targets greater scale, liquidity and financing flexibility.TWMM&A announcement
- Record Q2 EBITDA, lower debt and higher FY26 guidance reflect strong margins and utilization.TWMQ2 2026
- FY26 EBITDA guidance raised to $190–210M, with growth driven by renewables and SAF expansion.TWMCorporate presentation
- Adjusted EBITDA rose to $49.7M and 2026 guidance increased amid strong market and regulatory support.TWMQ1 2026
- 2026 EBITDA guidance up 375%–440% as operational recovery, incentives, and asset sales drive leverage reduction.TWMQ4 2025
- Asset deal and credit purchase address liquidity; 2024 EBITDA guidance cut to $130–150m.TWMQ2 2024
- Six directors elected and all key motions passed, supporting energy infrastructure growth.TWMAGM 2025
- Improved financials and lower debt amid market headwinds; regulatory changes may boost margins.TWMQ4 2024
Next Tidewater Midstream and Infrastructure earnings date
Q4 202625 Mar, 2027
Tidewater Midstream and Infrastructure
Next Tidewater Midstream and Infrastructure earnings date
Q4 202625 Mar, 2027
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Frequently asked questions
Tidewater Midstream and Infrastructure Ltd. is a Canadian company engaged in the development, construction, and operation of energy infrastructure. The company focuses on the transportation, processing, storage, and marketing of natural gas, natural gas liquids (NGLs), and crude oil. Tidewater Midstream operates a network of pipelines, gas processing plants, and storage facilities, providing services to producers and customers in the energy industry. The company also engages in the marketing and trading of hydrocarbons. The company is headquartered in Calgary, Canada, and its shares are listed on the Toronto Stock Exchange.