Tidewater Midstream & Infrastructure Ltd. · TSX:TWM

Tidewater Midstream & Infrastructure — Investor Presentation (August 2026)

15 slides from Tidewater Midstream & Infrastructure's investor presentation, August 2026

1. Slide 1: Corporate Presentation | August 2026

   TSX: TWM Corporate Presentation | August 2026 TIDEW ATER MIDSTREAM AND I N F R A S T R U C T U R E | T S X: T W M T I D E W A T E R M I D S T R E A M A N D I N F R A S T R U C T U R E | T S X: T W M 1

2. Slide 2: Disclaimers

   DISCLAIMERS CAUTIONARY NOTE: This presentation has been prepared by Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction. FORW

3. Slide 3: Disclaimers

   DISCLAIMERS Forward-looking statements contained in this presentation may not be appropriate for purposes other than this presentation. In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation’s control. Such risks and uncertainties inc

4. Slide 4: Corporate Overview

   Corporate Overview Tidewater is a diversified energy infrastructure company with a highly integrated value chain – strategic position across midstream, downstream and renewable assets provides superior value for shareholders Fuels Prince George Refinery (“PGR”): Sole refinery in the B.C. interior, s

5. Slide 5: Investment Highlights

   Investment Highlights 1 ✓ Tidewater offers the most direct publicly traded refining exposures in Canada ✓ PGR is one of only two conventional fuel producers in B.C. and the only refinery efficiently serving interior B.C.; well Irreplaceable High- positioned to support growing resource development Qu

6. Slide 6: Tidewater Then vs. Now – From Buildout Risk to Cash Flow Generation

   Tidewater Then vs. Now – From Buildout Risk to Cash Flow Generation Pre-2023: Buildout / Balance Sheet Pressure Today: Cash Flow / Deleveraging / Focus HDRD Buildout Consumed Capital HDRD Now Contributing EBITDA / FCF Capital-intensive construction phase; gross capital HDRD operations now provide me

7. Slide 7: Irreplaceable High-Quality Assets: Fuels

   Irreplaceable High-Quality Assets Asset Catalyst & Highlights Historical 2-1-1 Crack Spreads (C$/bbl):  Top quartile crack spreads within North America Prince George Refinery achieves premium refining margins  Long-term fundamentals supported by global supply constraints, sustained crack spread st

8. Slide 8: Tangible Near-Term Growth Opportunities | SAF

   Tangible Near-Term Growth Opportunities | SAF Tidewater evaluating a 6.5 Mbbl/d SAF facility, targeting an FID by H2 2026 with facility commissioning by YE 2029 SAF Overview Project Highlights ▪ Sustainable Aviation Fuel (“SAF”) is a non- ✓ Strong balance of demand-pull / supply-push fundamentals pe

9. Slide 9: Guidance and Outlook

   Guidance and Outlook 2026 guidance represents a clear inflection point with management expanding FCF, resetting the balance sheet, and positioning for long-term success Tidewater Midstream Tidewater Midstream Tidewater Renewables (Deconsolidated) (Consolidated) 2026E Adj. EBITDA(1) Guidance $100 – 1

10. Slide 10: Catalysts and Strategic Priorities

    Catalysts and Strategic Priorities ✓ Use FCF to accelerate debt paydown and strengthen long-term capital structure (targeting Net Debt / Adj. EBITDA(1) <2.0x by YE 2026) ✓ Maintain existing leverage target of 1.5x – 2.5x Net Debt / Adj. EBITDA(1) Balance Sheet ✓ Opportunity to evaluate capital alloc

11. Slide 11: Appendix

    TIDEWATER ~~ tsx-tTwu Z Midstream and Infrastructure Ltd. Appendix

12. Slide 12: Overview of Fuels & Midstream Business Units

    Overview of Fuels & Midstream Business Units Fuels Midstream Conventional Renewable Sole refinery in the B.C. interior, serving a highly ▪ Hydrogenation-Derived Renewable Diesel (“HDRD”) is Brazeau River Complex competitive regional market the first commercial-scale renewable diesel facility in ▪ 18

13. Slide 13: Supportive Fundamentals | Geopolitical & Regulatory Tailwinds

    Supportive Fundamentals | Geopolitical & Regulatory Tailwinds Tidewater benefits from lasting macro tailwinds and is well positioned to capture outsized value Domestic Energy Security and Energy Transition Energy Security: Recent global tensions and Underserved Market: PGR is the only refinery Feder

14. Slide 14: Supportive Fundamentals | Fuels, Natural Gas, and NGLs

    Supportive Fundamentals | Fuels, Natural Gas, and NGLs Demand for natural gas and refined products has shown long-term resiliency, with upside from enhanced economic activity across the country Canadian Fuel Sales Volumes (Road Vehicles Only)(1) ▪ Canadian fuel demand has been resilient and growing

15. Slide 15: Slide 15

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