Gibson Energy (GEI) Q4 2025 earnings summary

Executive summary

• Achieved all five 2025 strategic priorities, including safety, Gateway execution, growth, high performance teams, and cost discipline.

• Surpassed 10 million hours without a lost time injury and completed major facility turnarounds.

• Announced acquisition of Chauvin crude oil infrastructure assets for CAD 400 million, expected to close in Q2 2026, and completed $215 million equity financing.

• Finished 2025 as the top-performing North American midstream company for total recordable injury frequency.

• Announced a 5% dividend increase, marking the seventh consecutive annual rise.

Financial highlights

• Record Infrastructure Adjusted EBITDA of CAD 622 million for 2025, with a quarterly high of CAD 160 million in Q4.

• Consolidated Adjusted EBITDA was CAD 581 million for the year, with Q4 at CAD 145 million.

• Net income for FY 2025 was CAD 214 million, up from CAD 145 million in FY 2024.

• Distributable Cash Flow for the year was CAD 337 million, with Q4 at CAD 79 million.

• Infrastructure throughput increased 13% year-over-year, reaching 813 million barrels.

Outlook and guidance

• Targeting over 7% annual infrastructure EBITDA growth over the next five years.

• 2026 growth capital outlook set at CAD 100 million, focused on organic, customer-backed projects.

• Reiterated Marketing guidance of CAD 0–10 million per quarter for 2026, expecting a muted year.

• Anticipates closing the Chauvin acquisition in Q2 2026, subject to regulatory approvals.