Keyera (KEY) Investor update summary

Strategic Growth, Integration, and Outlook

• Closed the Plains NGL acquisition, expanding geographic reach, efficiency, and competitiveness across North America.

• Integrated platform delivers improved connectivity, reliability, and customer value, with strong long-term customer commitments and contracted cash flow.

• Entering a new phase focused on disciplined growth and value creation through 2029, driven by system expansions, integration, and acquisitions.

• Fee-based adjusted EBITDA per share has grown at an 8% CAGR since 2008, with a targeted 16% CAGR from 2025–2027 and 7–8% from 2027–2029, supported by sanctioned projects and synergies.

• Plains acquisition expected to deliver $120–$140 million in annual synergies within 12 months, exceeding initial targets, with further upside possible.

Financial Performance, Capital Allocation, and Shareholder Returns

• Sustained growth in distributable cash flow and dividends per share, with 7% and 6% CAGRs since 2008, respectively.

• Delivered total shareholder return of over 1500% since 2008, averaging 16% annually, and returned more than $5.4 billion in dividends.

• Capital allocation priorities: maintain balance sheet strength, invest in high-quality growth, and support sustainable dividend growth.

• Growth capital for 2026 expected at $550–$625 million; maintenance capital at $240–$260 million; cash taxes at $70–$90 million.

• Leverage targeted at 2.5–3.0x net debt/adjusted EBITDA, with expectations to return to this range by end of 2027.

Growth Projects, Market Positioning, and Industry Trends

• Growth supported by capacity expansions, system fill, and new projects in high-growth regions like Montney and Duvernay.

• Major projects include KFS Frac II/III, KFS North Phase 2, ACE Terminal, and KAPS pipeline, all underpinned by long-term contracts.

• Additional growth opportunities identified beyond 2029, including greenfield developments and further expansions.

• Well positioned to benefit from rising global demand for oil, gas, and NGLs, with assets in key growth regions and high utilization of infrastructure.

• Contracted volumes and long-term agreements provide visibility and durability to cash flows.