Pembina Pipeline (PPL) Investor presentation summary

Strategic growth and value creation

• Pursuing a 3Cs strategy: Capture premier resource plays, Connect core commodities to coastlines, and Catalyze new demand platforms in key markets.

• Integrated value chain across all commodities, targeting 5-7% fee-based adjusted EBITDA per share CAGR through 2030.

• Growth projects are funded within free cash flow and financial guardrails, emphasizing a low-risk business model with long-term, take-or-pay contracts.

• Track record of on-time and on-budget project execution, supporting visible and tangible growth.

Asset base and market positioning

• Fully integrated wellhead-to-market infrastructure across hydrocarbon products, providing scale and market access.

• Strategic assets in Western Canada Sedimentary Basin (WCSB) support growth in oil, gas, NGL, and condensate.

• Extensive gas processing, fractionation, storage, and export facilities, including major projects like Cedar LNG and Prince Rupert Terminal.

• Superior service offering across all commodities compared to peers, with a diversified and highly contracted business (~70% take-or-pay).

Major projects and capital allocation

• ~$5 billion of projects under construction, including Cedar LNG, Greenlight Electricity Centre, and Heartland Extraction Plant.

• Cedar LNG is on track, over 80% of costs committed, with a 70% EPC lump sum agreement to mitigate cost overrun risk.

• Greenlight Electricity Centre underpinned by a 20-year agreement with Meta, structured as a tolling arrangement.

• Prudent capital allocation with a strong BBB credit rating, targeting senior debt to EBITDA of 3.5x-4.25x.