Capital Power Corporation · TSX:CPX
Capital Power — Investor Presentation (March 2026)
34 slides from Capital Power's investor presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Our Platform
Capital Power | 2 Scale1 17 10 ~$ B ~$ B Enterprise Market Value Capitalization 2 Investment Grade BBB- / BBB (low) Our Platform Stability Positioned to grow and 90 75 ~ % ~ % 3 create shareholder value A-rated PPA Long-Term Counterparties Contracted Adj. EBITDA5 High Quality Cash Flows Cumulative G
Slide 3: Forward-looking information and Non-GAAP financial measures
| 3 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 disposals and other transactions, unrealize
Slide 4: Our Business
Capital Power | 4 Our Business North America’s 5th Largest Independent Gas Power Producer Natural Storage & Supply Gas Renewables & Trading
Slide 5: Relentless Execution of Strategic Priorities
| 5 Relentless Execution of Strategic Priorities Delivered in 2025 and continuing in 2026 and beyond Contract Uprate & Acquire Develop Optimization Expand 2.2 ~ 2 385 300 1 2 GW GW MW MW PJM Acquisition Contracted Uprates & Expansions Renewable capacity 1. Includes re-contracting from MCV (jointly o
Slide 6: The Natural Gas Expansion Era
Capital Power | 6 The Natural Gas Expansion Era
Slide 7: We Need More Firm Power
Capital Power | 7 We Need More Firm Power Market Signals Investment Signals Grid Firming Electricity Long-Term Contract Infrastructure Demand Power Prices Length Natural gas is the only meaningful, near-term source of firm supply that can be delivered affordably and meet speed-to-market needs.
Slide 8: U.S. AI Infrastructure Growth
Capital Power | 8 U.S. AI Infrastructure Growth 1 2 Hyperscaler Capex (US$ B) U.S. Data Centre Power Demand 700 600 ~100 GW 2025 - 2030 500 ~17% CAGR 400 300 2025 - 2030 200 100 0 2024 2025 2026 1. Credit insights (Fitch Solutions). 2. Citi data center power play estimate; “the chips have to go some
Slide 9: Natural Gas is the Answer
Capital Power | 9 1 Current U.S. Power Capacity (GW) 600 567 500 Natural Gas 400 2030 Forecast: 2 U.S. will need 20% more is the Answer 300 power generation Largest source of US 201 power generation today 200 154 134 and tomorrow 100 103 101 0 Natural Gas Coal Wind Solar Nuclear Hydro 1. American pu
Slide 10: Natural Gas is the Answer
Capital Power | 10 Natural Gas is the Answer Faster speed to market, lowest cost to consumers 1 Cost of Incremental Firm Capacity (US$/kW) ~11,500 Natural gas fired generation ~2,500 2,250 1,000 Nuclear Greenfield Expansion Uprate 10+ yrs 5 – 7 yrs 3 – 4 yrs 1 – 2 yrs Time to completion 1. Nuclear c
Slide 11: Our Strategy
Capital Power | 11 Our Strategy Acquire to grow, optimize to add value
Slide 12: Our Strategy
Capital Power | 12 Our Strategy • Acquire to grow • Optimize to add value Enterprise Balance Sheet, ~25 GW Pipeline Commercial Funding, Resources of Opportunities Contracts, Trading Asset Target ROE Fleet 13-15+% Growth Acquisitions, Development ROE 9-13+%
Slide 13: ~25 GW Pipeline
Capital Power | 13 Fleet Optimization M&A + Development 5% ~ 25 GW Pipeline 35% We have a deep ~8 GW 45% ~17 GW pipeline with a proven ability to convert 20% 95% Gas Fleet Optimization Co-located Batteries Low Carbon Solutions (2035+) Greenfield M&A
Slide 14: Our 2030 Targets
Capital Power | 14 Our 2030 Targets 1, 2 U.S. expansion to drive cash flow per share growth and returns 8-10% ~50% 13-15% Cash Flow U.S. Growth Annual TSR AFFO / Share Additional Owned U.S. +100bps from Growth CAGR Capacity of 3.5 GW 2024 Investor Day 1. AFFO per share is a Non-GAAP ratio. See Non-G
Slide 15: Driving Gas Fleet Value
Capital Power | 15 Driving Gas Fleet Value Operational and Commercial Discipline
Slide 16: Asset Optimization
Capital Power | 16 Asset Optimization Unlocking asset value through disciplined execution Battery Energy Storage Systems ~ 385 MW Incremental capacity 170 MW Across two facilities added through optimization Capacity Uprates ~110 MW Across three facilities 1 90-100% Contracted Expansion ~ 5-17% Incre
Slide 17: The Power Value Chain
Capital Power | 17 The Power Value Chain We acquire molecules of natural gas. We convert them into megawatts. We monetize the produced electricity. Operations Commercial and Trading • Upgrades • Uprates • Capacity Contracts • Capital Efficiency • PPAs • Merchant Sales Molecule Megawatt Monetize
Slide 18: Managing Risk through Trading
Capital Power | 18 6 Merchant Facilities Managing Risk through Trading Hedging programs balance 3 Commodities merchant upside with cash Gas, Power, Environmental Credits flow stability 5 Trading Markets AB, ON, PJM, MISO, WECC
Slide 19: Commercial Optimization
Capital Power | 19 Commercial Optimization Unlocking asset value through proven, disciplined execution ~ 2 GW 1 10-15 $185-225/kW Long-term Contracted Years contract duration EBITDA per unit of capacity MCV Arlington Valley Contracting 1 Re-contracting 2 3 1,240 MW contracted 600 MW contracted
Slide 20: Commercial Optimization
Capital Power | 20 Commercial Optimization Continued focus on contracting for longer duration at superior pricing Total Portfolio Capacity ~4.8 GW 2032 – 2047 Renewables, Long duration Ontario, MCV, AV contracts ~12 GW 2026 - 2031 ~2.4 GW Contracted with CAISO, DSW nearer term expiries Key focus are
Slide 21: Contracting
Capital Power | 21 U.S. Contracted Portfolio Adj. EBITDA2 ($M) Range implies ~$225 - $300 M of incremental Adj. EBITDA2, including MCV Contracting • Earlier Engagement 40 - 60% increase1 • Higher Prices • Longer Duration 2026 2029-2032 Potential ~3 GW (2029-2032 expiry) 1. Range reflects a 40 – 60%
Slide 22: Balanced Energy Solutions
Capital Power | 22 Reliable power, fast deployment Balanced Energy Solutions Essential infrastructure Creating bespoke outcomes for hyperscalers and other Strategic locations with available land data centres Future ready sustainability and compliance
Slide 23: $1 B Opportunity
Capital Power | 23 $1 B Opportunity Existing capacity de-risks long-term growth while offering significant upside with minimal capital Incremental Adj. EBITDA3 Potential ($M) Merchant Merchant: 5 GW 1 Merchant $350 – 650/ MWh + $10-20 M $1 B Opportunity $350 – 650 M Incremental cash flow from mercha
Slide 24: Positioned to Deliver Sustainable Long-Term Growth
Capital Power | 24 Positioned to Deliver Sustainable Long-Term Growth
Slide 25: We Continue to Grow and Invest Ahead of Key Themes
Capital Power | 25 We Continue to Grow and Invest Ahead of Key Themes $600 M $1 B $270 M $3.0 B Decatur Goreway Frederickson Rolling Hills $1.2 B & Hummel 170 MW $500 M $400 M Midland $1.5 B York & York & East Arlington Co-Generation Harquahala & Goreway Windsor Valley Venture La Paloma BESS 2017 20
Slide 26: Why Buy Gas Assets?
Capital Power | 26 1 Approximate Cost ($/kW) ~US$ 2,500/kW Why Buy Gas Assets? Faster growth with superior ~US$ 1,000-1,500/kW returns to new builds CPX Average New Build Cost Acquisition New build Acquisition price
Slide 27: Investment Partnership MOU with Apollo Funds
Capital Power | 27 Investment Partnership MOU with Apollo Funds Up to US$3 Billion to Pursue US Merchant Natural Gas Assets 25%+ Ownership Interest; Expands M&A up to US$750 M Accelerates U.S. Merchant Commitment Thermal Growth Asset Management and Enhances Accretion and Performance Fees Preserves B
Slide 28: A Proven, Return-driven Financial Model
Capital Power | 28 A Proven, Return-driven Financial Model
Slide 29: Disciplined Capital Allocation
Capital Power | 29 Disciplined Capital Allocation 13-15% Total Shareholder Return Target Storage & Renewables 20% 2- 4% Target Capital Allocation 80% Natural Gas 2026 - 2030 Dividend Growth to 2030 30-50% Target Payout Ratio
Slide 30: 2026 Guidance Ranges
Capital Power | 30 2026 Guidance Ranges 1 Adjusted EBITDA AFFO Sustaining CAPEX $1,565 M – 1,765 M $890 M – 1,010 M $290 M – 330 M 1.AFFO and Adjusted EBITDA are Non-GAAP financial measures. See Non-GAAP Financial Measures and Ratios.
Slide 31: Capital Power's Per Share Growth
Capital Power | 31 Capital Power’s Per Share Growth More Capacity Higher Margin Our Pipeline Commercial Fleet M&A + Merchant Contracted Optimization 1 Development Upside Upside 8 GW 17GW 5GW 3GW ~ ~ ~ ~ 1. Include uprates and other low capital intensity optimization, significant expansions, batterie
Slide 32: CPX Value Proposition
Capital Power | 32 CPX Value Proposition
Slide 33: We are Positioned to Deliver Long-Term Reliable Growth
Capital Power | 33 We are Positioned to Deliver Long-Term Reliable Growth o North America needs more reliable power. o Additional natural gas generation is required. o Capital Power has a proven and scalable platform. o We have relentless execution and long-term reliable growth.
Slide 34: 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 presentation are provided to inform our shareholders, potential investors and ot