Tidewater Midstream and Infrastructure (TWM) Corporate presentation summary

Strategic positioning and asset overview

• Operates a highly integrated value chain across midstream, downstream, and renewable assets, including the only refinery in interior B.C. and Canada’s first commercial-scale renewable diesel facility.

• Holds ~1 Bcf/d gas processing capacity, >60 Bcf gas storage, and ~30 Mbbl/d NGL extraction/fractionation.

• Evaluating a 6.5 Mbbl/d sustainable aviation fuel (SAF) facility, targeting FID by H2 2026 and commissioning by YE 2029.

• Prince George Refinery achieves premium margins due to regional supply tightness and logistics advantages.

• HDRD and SAF projects benefit from regulatory incentives and emission credits, supporting long-term demand.

Financial performance and outlook

• FY26 consolidated adjusted EBITDA guidance is $190–210 million, with net debt/adj. EBITDA forecasted to decline to <2.0x by YE 2026.

• Q1 2026 EBITDA of $49.7 million beat consensus by 30%, driven by strong renewable diesel pricing and favorable regulatory updates.

• Over 50% of 2026 renewable diesel production is committed under offtake agreements, enhancing cash flow visibility.

• Free cash flow is prioritized for debt reduction, with a run-rate net debt/adj. EBITDA target of 1.5–2.5x.

• Share price increased 214% YTD 2026, reflecting improved outlook and operational execution.

Growth opportunities and catalysts

• Major upside from commissioning the SAF facility, which could supply ~25% of B.C. jet fuel demand.

• Ongoing portfolio optimization, including asset sales and redeployment of capital into higher-return opportunities.

• Brownfield expansions and increased utilization of existing assets targeted for near-term growth.

• Advanced commercial discussions to add contracted midstream volumes at core facilities.

• Regulatory changes, such as increased blending mandates and new incentives, are expected to drive further demand for renewable fuels.