Slide 1: Maximizing Value Through Commercial Optimization
Maximizing Value Through Commercial Optimization Analyst Presentation | Q2 2026
Slide 2: Agenda
Agenda Business Highlights Avik Dey Financial Review Kevin MacIntosh Closing Remarks Avik Dey Q&A Avik Dey Kevin MacIntosh President and Senior Vice President, Finance Capital Power | 2 Chief Executive Officer and Chief Financial Officer
Slide 3: Territorial Acknowledgement
Territorial Acknowledgement In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island (North America). We acknowledge the diverse Indigenous communities that a
Slide 4: Forward-looking information and Non-GAAP financial measures
Forward-looking Non-GAAP financial information measures and ratios Cautionary statement Capital Power uses (i) earnings before income tax expense, depreciation and amortization, net finance expense, foreign exchange gains or losses, gains or losses on Additional information about the material factor
Slide 5: Q2 Key Messages
Q2 Key Messages Alberta is Open Significant Embedded Total Balanced for Business Growth Potential Return Profile Alberta rapidly emerging as a leader Disciplined growth across multiple Compelling risk adjusted in the data center space; commercial markets / technologies and ability returns balanced b
Slide 6: Q2 Highlights
Q2 Highlights • 250 MW Energy Supply Agreement secured with Meta1 Optimize • 45 MW of uprates2 underway, with completion expected in 2026 • North Carolina Solar – advancing ~180 MW of additional capacity Growth (2026 / 2027 COD) Build • East Windsor Expansion – advancing ~100 MW of additional capaci
Slide 7: Alberta Energy Supply Agreement
Alberta Energy Supply Agreement Commercially Optimizing Our Strategically Positioned Portfolio Key Contract Terms Strategic Benefits 250 MW Optimizes merchant portfolio by adding Capacity and energy, expected 2H 2028 contracted cash flow at compelling pricing No capital investment required >10 Years
Slide 8: Commercial Optimization
Commercial Optimization Maximizing Value Per Unit of Capacity Through Long-Term Contracting 2022 2023 2025 2026 Market WECC1 IESO2 MISO4 WECC1 AESO Capacity 600 MW 1,685 MW3 1,240 MW3 600 MW 250 MW Added Term 6 Years 8 Years 10 Years 7 Years >10 years Counterparty Utility IESO Consumers6 Utility Met
Slide 9: Favorable Market Dynamics Unlocking Value
Favorable Market Dynamics Unlocking Value Capacity by Market AESO WECC MISO 9% Policy clarity and demand growth Market tightening supports higher Other U.S. AESO 28% supports long-term contracting and reliability value and recontracting / 10% pricing upside expansion potential PJM 12 GW 18% PJM IESO
Slide 10: Embedded Growth Opportunity
Embedded Growth Opportunity1 Strong Fundamentals Driving Increase in Previously Identified Upside Incremental Annual EBITDA4 Opportunity 5 GW 2 Merchant + $10-20 / MWh Incremental cash flow from merchant $375 – 700 M spark spreads and additional uncontracted volumes $ 1.25 B Contracted Opportunity 3
Slide 11: Reaffirming 2026 Guidance Ranges
Reaffirming 2026 Guidance Ranges Adjusted EBITDA 1 $1,565 M – 1,765 M AFFO 1 $890 M – 1,010 M Sustaining CAPEX $290 M – 330 M 1. AFFO and Adjusted EBITDA are Non-GAAP financial measures. See Non-GAAP Financial Measures and Ratios. Capital Power | 11
Slide 12: 2026 Financial Performance
2026 Financial Performance Q2 YTD Adjusted EBITDA 1 $351 M + $29 M YoY $755 M + $66 M YoY 1 1 AFFO $328 M + $93 M YoY $482 M + $29 M YoY Revenues and $740 M + $299 M YoY $1,945 M + $516 M YoY other income Net cash flows from operating activities $214 M + $71 M YoY $526 M + $173 M YoY 1. AFFO and Adj
Slide 13: A Balanced Formula
A Balanced Formula Organic Growth, Disciplined M&A and a Growing Dividend Growth Yield Capital Investment (10 Yrs) Dividend Per Share ($) ~6% 2.79 Historical CAGR Organic 40% 1.51 M&A 60% 2016 2026E $ 12B Invested 1,2 since 2017 2% 2026 Dividend Increase 3 1.Capital invested reflects Capital Power's
Slide 14: Our 2030 Targets
Our 2030 Targets 1 8-10 % AFFO / Share Cash Flow Growth CAGR 2 ~ 50 % Additional owned U.S. capacity of 3.5 GW U.S. Growth 13-15 % Balanced returns from dividend yield and Annual TSR base business growth 1. 2026 base year for growth outlook through 2030. 2. AFFO per share is a Non-GAAP ratio. See No
Slide 15: Questions & Answers
Questions & Answers Capital Power | 15 Capital Power | 15
Slide 16: Appendix
Appendix Capital Power | 16 Capital Power | 16
Slide 17: CPX 2026 Guidance Details
CPX 2026 Guidance Details Net Capacity Proportion of total Generation Capacity Availability (GW) net capacity (TWh) Factor U.S. Flexible Generation 6.2 51% 27.6 51% 92% Canada Flexible Generation 4.4 36% 18.0 53% 92% U.S. Renewables 0.6 5% 2.2 39% 96% Canada Renewables 0.9 8% 2.7 35% 97% Total 1
Slide 18: PJM and Alberta Portfolio Hedge Position
PJM and Alberta Portfolio Hedge Position Portfolio Hedged Volumes (June 30, 2026) Alberta PJM 20261 2027 2028 20261 2027 2028 Hedged Power (GWh) 6,500 9,500 5,500 5,000 9,500 5,500 Weighted Average Price ($/MWh) 2 Low-$70s High-$60s Low-$70s High-$40s High-$40s High-$40s Hedged Natural Gas 3 45,000
Slide 19: Detailed Results by Facility
Q2 2026 Results by Facility Detailed Results by Facility Click to download Capital Power | 19
Slide 20: Forward-looking information
Forward-looking information Forward-looking information or statements (collectively, forward-looking information) included in this Whether actual results, performance or achievements will conform to our expectations and predictions is presentation are provided to inform our shareholders, potential i
Slide 21: Investor Relations
Investor Relations Noreen Farrell Director, Investor Relations 1-403-461-5236 investor@capitalpower.com TSX: CPX capitalpower.com Capital Power | 21