Gibson Energy Inc. · TSX:GEI
Gibson Energy — Investor Presentation (February 2026)
34 slides from Gibson Energy's investor presentation, February 2026
Slide 1: Focused Disciplined Growth – Corporate Presentation Q4 2025
Focused Disciplined Growth Corporate Presentation Q4 2025 FEBRUARY 2026 | TSX GEI
Slide 2: Gibson Energy Snapshot
Gibson Energy Snapshot Safely connecting customers to global markets through innovative and reliable energy solutions Corporate Critically Located, Highly Contracted Committed Compelling Information Best-in-Class Infrastructure to Disciplined Total Return Liquids Infrastructure Business Financial Pr
Slide 3: Why Invest in Gibson?
Why Invest in Gibson? Disciplined strategy and premier crude oil Infrastructure assets underpin compelling value proposition Critically Located, Best-in-Class Customer Focused, Top Decile Liquids Infrastructure Operator with Ownership Mentality Optimize utilization & performance Ensure alignment wit
Slide 4: Focused and Disciplined Strategy
Focused and Disciplined Strategy Premier crude oil Infrastructure assets underpin compelling per share value proposition Crude Oil Crown Jewel Infrastructure Focus Asset Base Growth Positioned to capitalize on increased global Optimize the performance of each asset Executing on pipeline of organic o
Slide 5: Best-In-Class Safety Performance
Best-In-Class Safety Performance Continuous improvement of our safety programs and culture is driving industry-leading performance Industry-Leading Employee Total Recordable Injury Frequency(1,2) Industry-leading safety metrics across Canada and the U.S. Great operations start with great safety + En
Slide 6: Critically Located, Best-in-Class Liquids Infrastructure
Critically Located, Best-in-Class Liquids Infrastructure Over 25 million barrels of terminal capacity supporting critical North American crude egress Edmonton: 1 in 44 1 in WCSB barrels WCSB through barrels GEI terminals through GEI terminals 3.0 mmbbl tankage Hardisty: ~50 %% 13.5 mmbbl tankage Moo
Slide 7: Strategically Aligned with Long-Term Oil Market Growth
Strategically Aligned with Long-Term Oil Market Growth Critical, crown jewel assets positioned to capitalize on increased global oil demand and growing exports Global Oil Supply & Demand Forecast(1) Total Crude Exports Forecast(1) WCSB Production Forecast(2) (mmbbl/d) (mmbbl/d) (mmbbl/d) ~900 9%+ ~3
Slide 8: Positioned for Disciplined, Consistent Infrastructure Growth
Positioned for Disciplined, Consistent Infrastructure Growth Sustained growth through efficient capital deployment and supported by scale advantage Infrastructure EBITDA per Share Growth(1) ($/Share) Power of Small Numbers 7%+ Small projects deliver impactful CAGR returns with limited risk (’25A-’30
Slide 9: Attractive Total Return Proposition
Attractive Total Return Proposition Gibson expects to generate a total return of over 100% by the end of 2030 Historical Total Shareholder Return (Since 2021)(1) Forward Total Shareholder Return Proposition (by 2030) TSR: 88% 7%+ Annual Infrastructure EBITDA 34% Share Price per share(2) growth Appre
Slide 10: Disciplined, High-Return Growth 2026 & Beyond
Disciplined, High-Return Growth 2026 & Beyond Expand critical Infrastructure footprint through disciplined growth within target 5–7x build multiple Producer Extend Pipeline DRU Gateway Dock New Tanks Optimization Partnerships Network Expansion Expansion 2026-2030 2026-2030 2026-2030 2028+ 2026-2030
Slide 11: Canadian Assets
Canadian Assets FEBRUARY 2026 | TSX GEI
Slide 12: Hardisty Terminal and DRU
Hardisty Terminal and DRU Dominant land position with a long history of operations and the optionality for continued growth Hardisty Terminal Hardisty DRU Essential location tied to the oil sands with 500+ acres Sole access point for DRU egress from WCSB at Hardisty available for new tankage Most co
Slide 13: Edmonton Terminal
Edmonton Terminal Attractive terminal position, with two new tanks recently placed in-service Prime location near two major refineries, pipeline alley, and CN/CP rail access Three TMX-connected tanks doubled footprint, backed by long-term agreements with strong counterparties Strategic producer part
Slide 14: Moose Jaw Facility
Moose Jaw Facility Oil processing facility producing asphalt, roofing flux, wellsite fluids, and intermediate feedstocks ~24,000 Connected Comprehensive to road, rail and Product Range Barrels per Day pipeline for optimal with diverse selection of asphalt of throughput capacity egress products and d
Slide 15: Acquisition of Complementary Chauvin Infrastructure Assets
Acquisition of Complementary Chauvin Infrastructure Assets TSX I GEI FEBRUARY 2026 | TSX GEI
Slide 16: Transaction Summary
Transaction Summary Expands conventional heavy crude capabilities with immediate organic growth upside Gibson to acquire ~30 mbbl/d(1) 50% of volume Two actionable Teine Energy’s crude oil pipeline & contracted with expansion infrastructure Teine Energy opportunities portfolio of Hardisty oil hub-co
Slide 17: Transaction Highlights
Transaction Highlights Strategically located crude oil infrastructure platform directly connected to the Hardisty oil hub Platform Connectivity Resource Customers Growth Value Value chain Expands and Proven and Establishes Shovel-ready Delivers mid extension extends attractive relationship with port
Slide 18: Two Immediately Actionable Organic Growth Projects
Two Immediately Actionable Organic Growth Projects Near-term infrastructure growth projects competitive with highest-return organic opportunities Gibson Hardisty Connection ✓ Conditionally sanctioned project to add interconnection with Gibson's existing Hardisty terminal assets (currently connected
Slide 19: U.S. Assets
U.S. Assets FEBRUARY 2026 | TSX GEI
Slide 20: Key Gateway Milestones
Key Gateway Milestones Track record of successful execution since acquisition in 2023 Achieved goal of z 15-20% EBITDA growth at Gateway Enhanced Quality Enhanced Cash Flow Completed Dredging Enhanced Connectivity Achieved of Cash Flow with Stability With to Increase Loading to Key Basins through 15
Slide 21: Gateway Terminal
Gateway Terminal Financial and operational strengths enable the most efficient U.S. crude export solution 2025 Volumes (1) Two deep water VLCC-capable docks with maximum (mbbl/d) allowable draft and direct access to key basins ~19% 714 598 Ample storage capacity (8.6 mmbbls) with land for 6 mmbbls o
Slide 22: Wink-to-Gateway Integration Project
Wink-to-Gateway Integration Project Majority of $50mm sanctioned capital related to Wink-to-Gateway integration project Wink Terminal Expansion NM OK Two new 50,000 barrel tanks and other facility upgrades at the Wink Terminal to meet customer demand and relieve capacity 2 New Tanks Permian constrai
Slide 23: Wink Terminal - Driving Value through Integration with Gateway
Wink Terminal - Driving Value through Integration with Gateway Delivering improved producer netbacks and increased supply liquidity for Gateway customers Marathon Flintlock Pipeline Jackrabbit Commercial integration is driving incremental volumes to Terminal Gateway, now representing ~90% of Wink th
Slide 24: Financial Summary
Financial Summary FEBRUARY 2026 | TSX GEI
Slide 25: Financial Principles
Financial Principles Strong cash flow visibility and disciplined financial targets support sustained growth Highly Secured >95% of Infrastructure revenues from take-or-pay and high-quality fee-for-service contracts(1) Contract Structure Quality of Cash Flows Creditworthy >85% of Infrastructure reven
Slide 26: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Balancing disciplined growth and meaningful capital returns to create long-term, per share value Disciplined capital allocation ensures financial strength and drives long-term value Core Priorities Secondary Priorities Fund Invest in Maintain Fund steady Ex
Slide 27: Stable, Contracted, High-Quality Cash Flows
Stable, Contracted, High-Quality Cash Flows Stable Infrastructure business growth allows for consistent performance in all oil price environments Infrastructure EBITDA(1) has demonstrated stability since Q3 2023 (post-Gateway), despite meaningful fluctuations in WTI (2) ($mm) Infrastructure EBITDA (
Slide 28: Growth Driven by Infrastructure
Growth Driven by Infrastructure Enhanced quality of cash flows through stable Infrastructure EBITDA growth Segment EBITDA(1) Growth ($mm; $/share) Marketing >6% $70 0 Infrastructure $5. 00 Infrastructure EBITDA per Infrastructure EBITDA / Share share(1) CAGR (2021-2025) $63 $15 $4. 50 $60 0 $145 $4.
Slide 29: Proven Record of Delivering Shareholder Returns
Proven Record of Delivering Shareholder Returns Reliable, growing dividends deliver attractive returns for shareholders Dividend Growth Track Record Attractive Dividend Yield Relative to Investment Grade Peers(1,2) 7 Consecutive 5.2% CAGR 5th Highest Yield annual dividend increases among Investment
Slide 30: Appendix
Appendix FEBRUARY 2026 | TSX GEI
Slide 31: Marketing Upside Accelerates Infrastructure Reinvestment
Marketing Upside Accelerates Infrastructure Reinvestment Asset backed Marketing business creates value for customers by leveraging Infrastructure across N.A. Key Drivers Performance Levers ↑ Wider Differentials Tops ↑ Wider 2:1:1 Crack Spreads Refined ↑ Drilling Activity Drilling Fluids Products ↑ W
Slide 32: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile Significant available liquidity and staggered debt maturity profile Debt Maturity Profile ($mm) Senior $1B BBB– rating Sustainability Linked Credit Facility(1) BBB(low) rating Senior Unsecured 3.60% Senior Notes Senior Senior Senior Unsecured Unsecured Unsecured
Slide 33: Forward-Looking Statement Notice
Forward-Looking Statement Notice Definitions All references in this presentation (the “Presentation”) to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates. Forward-Looking Statements Certain statements contained in this Presentation cons
Slide 34: Specified Financial Measures
Specified Financial Measures Specified Financial Measures This presentation contains references to certain non-IFRS financial measures and ratios and industry measures that are used by the Company, as indicators of financial performance. These measures include: EBITDA, Adjusted EBITDA, Net Debt, Dis
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