Capital Power Corporation · TSX:CPX
Capital Power — Investor Presentation (January 2026)
38 slides from Capital Power's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 2026
Slide 2: Our Platform
Capital Power | 2 Scale1 16 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: Our Business
Capital Power | 3 Our Business North America’s 5th Largest Independent Gas Power Producer Natural Storage & Supply Gas Renewables & Trading
Slide 4: The Natural Gas Expansion Era
Capital Power | 4 The Natural Gas Expansion Era
Slide 5: We Need More Firm Power
Capital Power | 5 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 6: U.S. AI Infrastructure Growth
Capital Power | 6 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
Slide 7: Natural Gas is the Answer
Capital Power | 7 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
Slide 8: Natural Gas is the Answer
Capital Power | 8 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
Slide 9: Our Strategy
Capital Power | 9 Our Strategy Acquire to grow, optimize to add value
Slide 10: Our Strategy
Capital Power | 10 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 11: ~25 GW Pipeline
Capital Power | 11 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 12: Our 2030 Targets
Capital Power | 12 Our 2030 Targets 1 Growing MWs and Margin 8Cash -10% Flow ~50% U.S. Growth 13-TSR 15% AFFO2/Share Additional Owned U.S. +100bps from Growth CAGR Capacity of 3.5 GW 2024 Investor Day
Slide 13: Operational Discipline is our Edge
Capital Power | 13 Operational Discipline is our Edge Positioned to optimize natural gas assets
Slide 14: Delivering Reliability and Extending Life
Capital Power | 14 Delivering Reliability and Extending Life New Investment Stable Stable Plant Maintenance $ per kW - year Genesee Goreway, Harquahala, Arlington, 1/2 Hummel La Paloma, Decatur, Rolling Hills Frederickson Contracted MCV through 50 yrs age ~0-5 ~5-20 ~20-25 ~25-40+ Plant Life (Years)
Slide 15: Optimization Delivered
Capital Power | 15 Optimization Delivered Methodically add value to our sites project after project Repower Battery Storage Expansion 1.4 GW 170 MW 100 MW Genesee 1&2 Goreway | York East Windsor Upgrades Life Extension Total 180 MW Decatur | Goreway | York MCV through 2040
Slide 16: The Power Value Chain
Capital Power | 16 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 17: Value of Reliable MWs is Increasing
Capital Power | 17 Value of Reliable MWs is Increasing Gas capacity is valuable in our markets Alberta Clean Spark Spread 1 PJM Clean Spark Spread + Capacity Value 1 400 80 350 70 300 60 250 50 $/kW-year $/MWh 200 40 30 150 20 100 10 50 0 0 2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028
Slide 18: Managing Risk through Trading
Capital Power | 18 6 Merchant Facilities Managing Risk through Trading Hedging programs balance 3 Commodities merchant upside with cash Gas, Power, Environmental Credits flow stability 5 Trading Markets AB, ON, PJM, MISO, WECC
Slide 19: Long-Term Contracted and Merchant Capacity
Capital Power | 19 ~12 GW Long-Term ~4 GW Contracted Renewables, Ontario Flexible Generation, MCV Significant Opportunity to Contract Assets ~3 GW Contracted 2029 to 2032 CAISO, DSW, PNW Fully ~5 GW Merchant1 Alberta and PJM
Slide 20: Contracting
Capital Power | 20 U.S. Contracted Portfolio Adj. EBITDA2 ($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)
Slide 21: Balanced Energy Solutions
Capital Power | 21 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 22: $1 B Opportunity
Capital Power | 22 Incremental Adj. EBITDA3 Potential ($M) 1 Merchant: 5 GW Merchant + $10-20 / MWh $1 B Opportunity $350 – 650 M Incremental cash flow from merchant spark spreads Up to $1 B total and incremental uncontracted volumes • Existing capacity de-risks long-term growth 1 • Significant upsi
Slide 23: Well Positioned for Long-Term Growth
Capital Power | 23 Well Positioned for Long-Term Growth
Slide 24: We Continue to Grow and Invest Ahead of Key Themes
Capital Power | 24 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 $1.5 B York & York & East Arlington Co-Generation Harquahala & Goreway Windsor Valley Venture La Paloma BESS 2017 20
Slide 25: Why Buy Gas Assets?
Capital Power | 25 1 Approximate Cost ($/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 26: Acquisitions Are Just the Start
Capital Power | 26 Adjusted EBITDA3 Multiples ~$8 B in Optimization Acquisitions Are M&A1 pathways offer $300+ M2 Adj. Just the Start EBITDA3 with minimal capital Optimization significantly enhances value ~7x ~6x
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$750 M Accelerates U.S. Merchant Commitment Thermal Growth Asset Management and Enhances Accretion and Performance Fees Preserves B
Slide 28: A Proven, Return-driven Financial Model
Capital Power | 28 A Proven, Return-driven Financial Model
Slide 29: Disciplined Capital Allocation
Capital Power | 29 Disciplined Capital Allocation 13-15% Total Shareholder Return Target Storage & Renewables 20% 2- 4% Target Capital Allocation 80% Natural Gas 2026 - 2030 Dividend Growth to 2030 30-50% Target Payout Ratio
Slide 30: 2026 Guidance Summary ($M)
Capital Power | 30 2026 Guidance Summary ($M) Reaffirming 2025 and introducing 2026 guidance ranges1 Adjusted EBITDA1 AFFO1 Sustaining CAPEX 1,565 – 1,765 1,500 – 1,650 950 – 1,100 890 – 1,010 290 – 330 215 – 245 2025 Guidance 2026 Guidance 2025 Guidance 2026 Guidance 2025 Guidance 2026 Guidance 202
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 ~ ~ ~ ~
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: Cautionary statement Non-GAAP financial measures and ratios
Capital Power | 34 Cautionary statement Non-GAAP financial Certain information in this presentation and responses to questions contain forward-looking information within the meaning of Canadian securities law. measures and ratios Actual results could differ materially from conclusions, forecasts or
Slide 35: Forward-looking information
Capital Power | 35 Forward-looking information • cost of incremental capacity and market fundamentals in existing and target markets; • the ability to capitalize on the Company's growth plans, including contracting existing and prospective assets and the impact thereof, expansion and This presentati
Slide 36: Forward-looking information continued
Capital Power | 36 Forward-looking • • • changes in the availability of fuel; ability to realize the anticipated benefits of acquisitions; limitations inherent in the Company’s review of acquired assets; information continued • changes in general economic and competitive conditions, including inflat
Slide 37: Investor Relations
Capital Power | 37 Investor Relations Roy Arthur VP, Investor Relations and Investment Partnerships investor@capitalpower.com TSE: CPX capitalpower.com
Slide 38: End Notes
Capital Power | 38 End Notes Page 22 Page 2 1. Merchant range reflects US$5 – 10/ MWh for PJM assets (Rolling Hills and Hummel at 85% and 1. As of December 5, 2025 30% capacity factor, respectively). For Alberta merchant upside potential reflects incremental $10 – 20/ 2. Investment Grade Credit Rati