Slide 1: Fundamentally Focused – Corporate Investor Presentation
Fundamentally Focused Corporate Investor Presentation
Slide 2: Forward-Looking Information
Forward-Looking Information This presentation contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "likely", "will", "intend", "contemplate", "plan", "anticipate", "believe", "aim", "seek", "future", "commit", "propose", "contempl
Slide 3: Two Core Businesses, One Strong Platform
Two Core Businesses, One Strong Platform Integrated Midstream Business – from wellhead to global markets GAS NGLs C3 & C4 C3 & C4 C3 & C4 (ALA-TSX) A leading energy Midstream infrastructure platform that 3rd Party AltaGas AltaGas AltaGas AltaGas 3rd Party WELLHEAD GAS GATHERING NGL EXTRACTION TRANSP
Slide 4: 2026 Strategic Priorities
2026 Strategic Priorities Focused on growing, de-risking, and strengthening the enterprise 1 2 3 4 5 Optimize Assets Active Maintain Advance Rigorous For Maximum Risk Balance Sheet Key Growth Capital Returns Management Strength Projects Allocation Increase throughput, Execute long-term Target invest
Slide 5: Increasing Durability of the Platform
Increasing Durability of the Platform Continued progress on increasing contracted cash flows Divesting Non-Core, Increasing Commercial Delivering a Low-Risk A Commodity Sensitive Assets B C Business Model Contracting 2020 2026E Long-term Target Normalized EBITDA1 by Contract Type2 Normalized EBITDA1
Slide 6: Execution Delivers Compounding Long-Term Value
Execution Delivers Compounding Long-Term Value Normalized Earnings Normalized EBITDA1 Dividends Share Price Performance Per Share1 Per Share1 Midstream Index Blended Index 7-Year 14% CAGR 7-Year 9% CAGR Leveraged Halved ALA-CA LDC Index 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E 2
Slide 7: 2026 Dividend Increase and Forward Outlook
2026 Dividend Increase and Forward Outlook Dividend Philosophy • Plan to return capital through sustainable annual dividend increases. $1.34/Share 2026 Dividend • Compound at long-term rates that aligns with AltaGas’ long-term Represents 6% Y/Y increase. normalized EPS1 growth. 50-60% Target Payout
Slide 8: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation Low Risk Infrastructure 1 Platform Providing Stable and 2 Visible, Industry Leading Growth 3 Disciplined Capital Allocation Growing Earnings / Cash Flows Robust energy fundamentals U
Slide 9: Low-Risk Energy Infrastructure
Low-Risk Energy Infrastructure Diversified Utilities and Midstream Platform Low Risk Infrastructure Platform Investment Grade Credit Rating Strong Commercial Constructs Long-life infrastructure assets that Commercial Contract Type2 Credit Ratings provide durable and growing normalized EPS and FFO S&
Slide 10: Macro Set Up is Strong
Macro Set Up is Strong Macro Data Points Interest Inflation FX (USD/ Rates CAD 2025 2026 2025 2026 2025 2026 Utility Key Macroeconomic Data Points nil 4x Low High Below Avg Above Avg Low High Cost of Gas Substitution Population Growth Regulatory Jurisdictions Investment Opportunities Midstream Key M
Slide 11: Affordability is Most Important Issue
Affordability is Most Important Issue Natural Gas is Clearly Advantaged Customer Affordability in Focus Electricity is Losing Customer Favor as Costs Soar Average U.S. Rate Increases1 • Acute focus on US Electric Utility Customer Satisfaction & Avg. Monthly Bill2 Gas Electric affordability from – Cu
Slide 12: Energy Shortages Are Real
Energy Shortages Are Real Natural Gas is Critical to Balancing Long-Term Needs Gas is the Growing Market Balancer Data Centre Power Demand Outlook petroleum and other 100,000 4,000 renewables Current Utility Power nuclear 75,000 Billion KWh 3,000 Forecasted Utility Power natural gas (MW) 2,000 coal
Slide 13: Global LPG Fundamentals are Robust
Global LPG Fundamentals are Robust Call on Canada is Growing Asian LPG Demand Continues to Grow With a Rising Call for Non-U.S. LPG Supply Asian LPG Demand Growth – Incremental Propane Demand China Imports of Five-Year Outlook from PDH Additions +23% U.S. Propane +300 -56% Additional Propane Demand
Slide 14: Long-Term Asian Demand is Robust
Long-Term Asian Demand is Robust Asian Propane and Butane Imports to Grow to Over 4.0 MMBbl/d, >40% by 2040 Asian Propane Import Demand (2025 2040) Asian Butane Import Demand (2025 2040) (Domestic Demand – Domestic Supply = Import Requirements) (Domestic Demand – Domestic Supply = Import Require
Slide 15: Canadian Natural Gas and NGL Supply Growth is Robust
Canadian Natural Gas and NGL Supply Growth is Robust Canadian Natural Gas Production (2025-2035) WCSB NGL Outlook, by Product (2025-2035) WCSB NGL Outlook, by Play (2025-2035) 2,000 Ethane Propane 2,000 Cardium Deep Basin Deep Basin Duvernay Butane Natural Gasoline Duvernay AB Montney 25 Montney Fie
Slide 16: Montney Economics Among Strongest in North America
Montney Economics Among Strongest in North America Montney is the Growth Engine of the WCSB; High Liquids Yields and High Productivity Wells WCSB Natural Gas Supply1 North American Gas Plays – Half Cycle Economics1,2 22% Montney Montney Core Deep Basin AB Montney Core 4% Other Nat Gas 54% Duvernay N
Slide 17: Continued Liquids-rich Growth
Continued Liquids-rich Growth Basin Growth Concentrated in Liquids-rich Montney is in the AltaGas Fairway Montney Well Licences (2018-2026 YTD) Montney NGL Outlook (2025-2035) Alberta 1,200 Natural Gasoline Field Condensate BC Butane Propane Ethane 1,000 1,051 1,285 800 Montney Well Licenses 1,006 +
Slide 18: Canadian LNG will Continue to Add Additional NGLs
Canadian LNG will Continue to Add Additional NGLs Export Associated LPGs2 WCSB LNG Export Projects Project Summary Capacity1 (Propane / Butane) $48.0B Phase 1 export Phase 1: +0.8 Proposed facility in Kitimat, BC. 14 mmtpa In-service June 30, 2025. 40-45 Mbbl/d 20-25 Mbbl/d Phase 2 awaiting FID; on
Slide 19: High Growth Rate Regulated Utilities Platform
High Growth Rate Regulated Utilities Platform High Growth Strong and Utilities Platform Transparent Growth • ~1.6 million customers, with • Growth driven by modernization DMV population to grow ~30% programs and customer faster than the national average additions over the next five years1 • Moderniz
Slide 20: Utilities Strategic Focus
Utilities Strategic Focus 01 02 03 04 Customer Safety Reliability Built for Growth Affordability • Top quartile safety • Modernize network • Operate with cost • Regulated customer performance to enhance safety discipline growth and reliability • Actively manage • Advocate for natural • Capturing lar
Slide 21: Continuing to Improve Returns at WGL
Continuing to Improve Returns at WGL Outperformance of Allowed ROE cost management Asset Optimization 2026 Expected 0-40+ bps Performance < 100 BPS of • Active regulatory Underearning • Active business +240 bps management • Cost management WGL Regulatory ROE increase since 2019 Achievement driven by
Slide 22: ARP Investments Support Reliability and Safety
ARP Investments Support Reliability and Safety Asset Modernization Pipe Replacement ARP Programs (Miles) Iron Protected Steel Plastic Others Current Approved Spend US$1 Current Approved Duration1 800 662 600 Filed District SAFE Plan $150MM D.C. 400 348 (US$18 MM approved on Pipes 2, 201 while SAFE i
Slide 23: Utilities Near-to-Medium Term Growth Projects
Utilities Near-to-Medium Term Growth Projects Keweenaw Connector Modernization Programs Data Centers Positive FID. Actively being executed. Two data center agreements executed for behind-the-meter connections in US$135 MM cost with 2026 year-end ~US$1.5 B of ARP spending approved or Virginia and Mar
Slide 24: Invest in Core Platform
Invest in Core Platform ARP investments in WGL are paying off with material reductions in leaks, driving improved safety and reliability with environmental and emissions benefits. Investments in Utilities since 2018 Material Decline in Leaks1 C$7.1 billion >35% reduction in invested2 leaks since 201
Slide 25: Data Center Growth Opportunity
Data Center Growth Opportunity Virginia Michigan Maryland Number of Data Centers Number of Data Centers Number of Data Centers 25 15 458 50 40 371 Current Planned Current Planned Current Planned • Most active Data Center location in the U.S.; 17 • Planned Data Centers in Michigan would see a 50% • M
Slide 26: Premier, Globally Connected Midstream Platform
Premier, Globally Connected Midstream Platform Gas Gathering LPG Extraction, Frac and Processing and Liquids Handling 2.5 Bcf/d processing 70,000 Bbl/d1 6 facilities Global Exports Transportation, ~155 MBbl/d Storage and Logistics export capability >4,500 rail cars 15 Bcf gas storage >6 MMBbls liqui
Slide 27: Midstream Strategic Focus
Midstream Strategic Focus 01 02 03 04 De-risk Advance Leverage Strengthen Operations Growth and Optimize Value Chain Framework Opportunities • Focus on growing • Maintain high degree • Strengthen footprint • Allocate capital EBITDA through of long-term take-or- across the value chain to the str
Slide 28: A High-Quality Midstream Investment Vehicle
A High-Quality Midstream Investment Vehicle Key Investment Attributes 2026E Normalized EBITDA1,3 LNG-anchored demand – West Coast Credit Quality Contract Type LNG underpins robust long-term fundamentals 10% 6% Industry-leading Montney footprint – positioned to attract volumes and value 26% chain opp
Slide 29: The AltaGas West Coast Advantage
The AltaGas West Coast Advantage AltaGas’ West Coast Advantage results in significant increases in producers’ realized LPG prices and creates tailwinds for the broader energy industry. Strait 10-11 days of Hormuz 25+ days 18+ days North American West Coast LPG exports have a PANAMA CANAL congestion
Slide 30: Battle of the Barrels Leaves Asian Tolling as Clear Winner
Battle of the Barrels Leaves Asian Tolling as Clear Winner RIPET Tolling has Averaged ~US$7/Bbl Netback Premium Over Conway Over the Past Two Years Excess Canadian propane and butane that is available for exports at Fort Saskatchewan A has two options – going to Asia B via rail and AltaGas global ex
Slide 31: North America Balancing the Global LPG Market
North America Balancing the Global LPG Market Global LPG Exports, By Country (2015-2025) AltaGas Delivered (2025) 4.5 4.0 of South Korea’s propane imports 3.5 of our global exports are Propane used for home heating + transacted with investment petrochemical; butane used for 3.0 grade counterparties
Slide 32: Midstream Growth Projects
Midstream Growth Projects Project Description FID Capital1 COD RIPET Methanol Providing a higher spec propane, enabling RIPET to expand market access to downstream $37 MM Q4/2026 Removal customers in Asia. (Net) First phase of the Ridley Island Energy Export Facility, adding 56,000 Bbl/d of LPG expo
Slide 33: Compounding Export Volumes
Compounding Export Volumes Optimization opportunities across 220+ Global Exports Volume Growth MBbl/d existing platform will build on track record of growing from ~35 MBbls/d in 2019 to 200 RIPET Ferndale REEF Phase 1 + Opti 1 >130 MBbls/d currently. RIPET, Ferndale, Throughput (MBbl/d) 150 100 Incl
Slide 34: REEF Construction Progress
REEF Construction Progress REEF Phase 1 | Target COD: Q1/2027 REEF Optimization Phase 1 | Target COD: H2/2027 Key Milestones Key Stats Key Milestones Key Stats Commercial Contracting • Up to 56,000 Bbl/d – propane Final Investment Decision • Up to 30,000 Bbl/d of propane and butane • $110 MM gross c
Slide 35: REEF Construction Progress
REEF Construction Progress 35
Slide 36: REEF - A Multi-Phased Growth Project
REEF - A Multi-Phased Growth Project REEF Large-scale NGL and bulk liquids (AltaGas/Vopak) marine export terminal E Phased construction for a capital-efficient build-out REEF Expansion Conceptual Design B F Phase 1 and Opti 1: LPG and Dock A C Coal Exports A Facility & Balance of Plant (Trigon) • 85
Slide 37: Ridley Island is Center for Canadian Export Development
Ridley Island is Center for Canadian Export Development Town of Prince Rupert Prince Rupert Grain Proposed (Viterra, Cargill, Richardson) Container WATSON ISLAND Terminal Pembina Propane Exports REEF District of Jetty Area Coal Exports (AltaGas/Vopak) Port Edward (Trigon) RIPET Phase 1 LPG Expansion
Slide 38: REEF: Open Market Access Built for Phased Growth
REEF: Open Market Access Built for Phased Growth Global Exports Growth FID Capacity Build-Up (Bbl/d) D E Propane Butane NGL/LPG A REEF Phase 1: 56 MBbl/d Propane and butane capacity with overbuilt common 60,000 ~300,000 infrastructure (dock, rail, utilities) to allow cost-effective future expansions
Slide 39: MVP Provides Further Growth Opportunities
MVP Provides Further Growth Opportunities MVP provides attractive expansion projects that will enhance shareholder value. Key highlights on the MVP Growth Projects: • Oversubscribed open season drove a 20% increase in planned expansion size. • Project will add 600 MMcf/d of capacity with a mid-2028
Slide 40: MVP Near-term Project Level EBITDA Growth
MVP Near-term Project Level EBITDA Growth Supported by Fully Subscribed Take-or-Pay Contracts with Investment Grade Shippers MVP is set to show significant EBITDA growth1 post expansion projects; supported by industry-leading FCF conversion. AltaGas Estimated Run-rate EBITDA AltaGas 2026e EBITDA MVP
Slide 41: 2026 Guidance Highlights
2026 Guidance Highlights 2026 Normalized EBITDA1 2026 Dividend Increase $2.00 - $2.10B $1.34 $1.86B $1.26 +10% +6% Y/Y Growth (mid-point) Annual Increase 2025 2026E 2025 2026E 2026 Normalized EPS1 2026 Capital Program $2.35 - $2.60 $1.8B $2.23 +11% $1.4B $1.8B Y/Y Growth (mid-point) 2025 2026E 2025
Slide 42: 2026 Capital Allocation
2026 Capital Allocation Capital Allocation1 2026 Capital Budget: $1.8 Billion Utilities Midstream Corporate / Other Midstream Utilities 3% $1,800 $1,600 3% 15% $1,400 5% 36% 22% $1,200 40% 45% 16% 2% 1% 45% $1,000 1% 41% C$MM 1% 12% 18% 28% 20% $800 10% $600 15% 29% 61% $400 87% 79% 52% 70% 89% 54%
Slide 43: 2026 Financial Guidance
2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,2,3 Guidance ($ millions) ($/Share) $2,000 - $2,100 5-Year $1,863 8% CAGR $2.35 – $2.60 Tailwinds / Headwinds Midstream Midstream + LPG spreads and margins 42% 48% - 52% + Asset optimization + Midstream performance + Frac spreads
Slide 44: Capital Allocation Priorities
Capital Allocation Priorities We focus on prudent capital allocation with growing investment capacity • Growing investment capacity supports ongoing capital deployment that targets safety, reliability and continued growth. Annual investment Maintenance • Focus on Midstream maintenance and Utilities
Slide 45: Investment Capacity Supports 2026 Capital Program
Investment Capacity Supports 2026 Capital Program Annual Investment Capacity Growth Capital by Project $1.6 - $1.8B 2026E-2030E Optional Capital Use Optional Capital • Additional REEF Phases • Data Centers • Debt Reduction • Large Utility Customers Additional Growth Capital $0.4 - $0.5B Additional G
Slide 46: Strong Commitment to Balance Sheet
Strong Commitment to Balance Sheet Targeting BBB (mid) Credit Ratings Trailing 12 month Adjusted Net Debt-to-Normalized EBITDA1,2 BBB- (Positive Outlook) FFO-to-Net Debt3 2026-2028 5.5x Upgrade Threshold Downgrade Threshold 16% 11% 5.0x Expected Range Target Range 4.5x BBB (Stable Outlook) 5.1x 4.7x
Slide 47: 2026 Normalized EBITDA Seasonality Expectations
2026 Normalized EBITDA Seasonality Expectations Consolidated Normalized EBITDA1 Midstream Normalized EBITDA1 Utilities Normalized EBITDA1 by Quarter by Quarter by Quarter 47%- 51% 38%-42% 30%-34% 27%-31% 26%-30% 24%-28% 22%-26% 20%-24% 17%-21% 12%-16% 11%-15% 4%-8% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 48: 2026 Hedging
2026 Hedging • Increase tolling and reduce commodity exposure to further stabilize Midstream cashflows Hedging Philosophy • Residual commodity exposures actively managed through hedging program Gas Gathering NGL Extraction Transportation, Storage Exports & Processing & Fractionation and Rail Logisti
Slide 49: Appendix
Appendix
Slide 50: AltaGas History – Repositioning the Platform Since 2019
AltaGas History – Repositioning the Platform Since 2019 Historical: Three Pillar WGL Acquisition – 2016-2018 2019 Forward: Repositioning the Platform Infrastructure Platform • Ten new Board members + Management • Added outside executive talent Utilities / Governance • Hired/promoted >50% new leaders
Slide 51: Corporate Activity and Focus Since 2019
Corporate Activity and Focus Since 2019 Divestitures Additions Ferndale LPG Terminal Distributed Generation 37.5% equity and controlling stake of Petrogas from SAM Holdings Power Ferndale LPG Terminal Refocused Generation 1 the Business 25.9% equity of Petrogas from Idemitsu Hydro Smaller Gas Pipest