Pembina Pipeline (PPL) Registration filing summary

Company overview and business model

• Operates as a leading energy transportation and midstream service provider with a 70+ year history in North America, owning pipelines, gas processing, infrastructure, logistics, and export terminals.

• Provides integrated value chain solutions connecting producers and consumers globally, emphasizing safety, reliability, and sustainability.

Financial performance and metrics

• Earnings coverage ratio improved from 3.0x for the year ended December 31, 2024, to 3.7x for the twelve months ended September 30, 2025.

• Adjusted dividend requirements for Class A Preferred Shares were $102 million (2024) and $164 million (2025), with adjusted interest expenses of $654 million (2024) and $623 million (2025).

• Profit before adjusted interest and income tax was $2,295 million (2024) and $2,905 million (2025).

Use of proceeds and capital allocation

• Net proceeds from securities sales may be used for asset and corporate acquisitions, financing growth opportunities, debt repayment, capital programs, working capital, and general corporate purposes.

• Proceeds not immediately used may be invested in short-term marketable investment grade securities.