Keyera (KEY) Investor presentation summary

Strategic overview

• Demonstrated consistent execution of growth strategy and disciplined capital allocation, resulting in exceptional shareholder value and industry-leading total shareholder returns since 2008.

• Platform evolution includes expansions in gas processing, liquids infrastructure, and integration of key assets across Western Canada.

• Acquisition of Plains' NGL business enhances competitiveness, expands product capabilities, and delivers significant synergies and accretion to distributable cash flow per share.

• Fee-based adjusted EBITDA per share has grown at an 8% CAGR since 2008, underpinned by long-term take-or-pay contracts and integration across the NGL value chain.

• Sustained dividend growth supported by growing fee-based cash flow, conservative payout ratios, and strong balance sheet.

Macro outlook and growth drivers

• Liquids-rich Montney and Duvernay regions drive NGL supply growth, with Keyera's assets well-positioned to capture expanding volumes.

• Oil sands growth and export capacity expansion support continued liquids drilling activity and demand for condensate.

• KAPS pipeline and North G&P assets are strategically located in the fastest-growing NGL supply regions, supporting long-term growth.

• Ongoing and planned expansions in fractionation, storage, and rail terminal infrastructure to meet customer demand and enhance value chain competitiveness.

• Capital-efficient debottlenecks and greenfield opportunities under evaluation to unlock further processing and transportation capacity.

Financial performance and guidance

• Industry-leading fee-based adjusted EBITDA per share growth, with 2024-2027 CAGR tracking at 13-14% and a 2027-2029 target CAGR of 7-8%.

• Plains' NGL acquisition expected to deliver $120-$140 million in synergies within the first year, with accretion to DCF per share in the mid-teens.

• 2026 proforma guidance includes fee-based adjusted EBITDA per share CAGR of 16-18% (2025-2027) and 7-8% (2027-2029), growth capex of $650-$725 million, and maintenance capex of $70-$90 million.

• Financial framework targets net debt/adjusted EBITDA of 2.5x-3.0x, project return on capital of 10-15%, and dividend payout ratio of 50-70%.

• Dividend per share has grown at a 6% CAGR since 2008, with a 7% CAGR in distributable cash flow per share over the same period.