AltaGas (ALA) Corporate presentation summary

Strategic priorities and business model

• Focus on growing, de-risking, and strengthening per share value through asset optimization, risk management, and disciplined capital allocation.

• Maintains a diversified, low-risk platform with 86% of 2026E normalized EBITDA from utilities, take-or-pay, or fee-for-service contracts.

• Significant reduction in commodity exposure, targeting 90% contracted EBITDA by 2026.

• Prudent capital allocation with a $1.8B capital budget for 2026, emphasizing modernization, growth, and system reliability.

• Strong balance sheet with a target leverage range of 4.5x–5.0x adjusted net debt to normalized EBITDA and investment grade credit ratings.

Utilities segment growth and modernization

• Utilities serve ~1.6 million customers with a regulated rate base of ~$5.5B and ~8% CAGR since 2019.

• Ongoing modernization programs with over $1.5B in system upgrades planned over the next five years.

• Data center growth and service territory expansions drive new customer connections and long-term demand.

• Focus on safety, reliability, and customer affordability, with active advocacy for energy choice.

• Large pipeline replacement backlog represents substantial future investment opportunities.

Midstream segment and export platform

• Integrated midstream business from wellhead to global markets, with 2.5 Bcf/d processing and 155 MBbl/d export capability.

• West Coast export advantage provides significant time and cost savings over U.S. Gulf Coast routes.

• RIPET tolling delivers a ~$6/Bbl netback premium over U.S. alternatives, supporting robust export economics.

• Strong project execution track record, with $2B in capital deployed across 14 projects, all delivered on or under budget.

• Active risk management with 84% of 2026 frac-exposed volumes and 91% of global export volumes hedged or tolled.