Gibson Energy (GEI) Q3 2025 earnings summary

Executive summary

• Achieved record throughput across Canadian and U.S. terminals in Q3 2025, with Canadian volumes up 26% and U.S. Gateway terminal throughput up 30% year-over-year.

• Edmonton terminal throughput more than doubled year-over-year; Hardisty and Gateway also set new records.

• Completed major capital projects, including the Cactus II connection at Gateway, increasing Permian supply access.

• Advanced strategic priorities: safety, Gateway execution, growth, high-performance teams, and cost focus.

• Appointed Blake Hutsell/Hotzel as SVP, Commercial Development U.S., to drive U.S. growth.

Financial highlights

• Infrastructure Adjusted EBITDA reached $154 million in Q3 2025, up $4 million year-over-year and near record levels.

• Marketing Adjusted EBITDA was $7 million in Q3 2025, down $7 million year-over-year and consistent with guidance.

• Consolidated Adjusted EBITDA was $147 million in Q3 2025, $4 million lower year-over-year due to lower marketing contributions.

• Distributable cash flow was $86 million in Q3 2025, down $3 million year-over-year, with $9 million in cost savings realized.

• Net income was $46 million in Q3 2025, down $8 million year-over-year.

Outlook and guidance

• Expect stable macro environment in Q4 2025 and into 2026, with marketing EBITDA for 2025 around $20 million.

• Infrastructure EBITDA per share growth targeted at over 5% over the next five years.

• Gateway EBITDA growth run rate milestone of 15%-20% expected in Q4, with further upside in 2026 as Cactus II ramps.

• Leverage and payout ratios expected to return to target ranges (3-3.5x debt/EBITDA) in the first half of 2026.

• Positioned to exceed the $25 million cost savings target for 2025.