Capital Power Corporation · TSX:CPX

Capital Power — Investor Presentation (January 2026)

38 slides from Capital Power's investor presentation, January 2026

  1. Slide 1: Investor Presentation January 2026

    Investor Presentation January 2026

  2. 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

  3. Slide 3: Our Business

    Capital Power | 3 Our Business North America’s 5th Largest Independent Gas Power Producer Natural Storage & Supply Gas Renewables & Trading

  4. Slide 4: The Natural Gas Expansion Era

    Capital Power | 4 The Natural Gas Expansion Era

  5. 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.

  6. 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

  7. 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

  8. 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

  9. Slide 9: Our Strategy

    Capital Power | 9 Our Strategy Acquire to grow, optimize to add value

  10. 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+%

  11. 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

  12. 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

  13. Slide 13: Operational Discipline is our Edge

    Capital Power | 13 Operational Discipline is our Edge Positioned to optimize natural gas assets

  14. 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)

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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)

  21. 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

  22. 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

  23. Slide 23: Well Positioned for Long-Term Growth

    Capital Power | 23 Well Positioned for Long-Term Growth

  24. 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

  25. 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

  26. 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

  27. 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

  28. Slide 28: A Proven, Return-driven Financial Model

    Capital Power | 28 A Proven, Return-driven Financial Model

  29. 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

  30. 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

  31. 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 ~ ~ ~ ~

  32. Slide 32: CPX Value Proposition

    Capital Power | 32 CPX Value Proposition

  33. 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.

  34. 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

  35. 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

  36. 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

  37. Slide 37: Investor Relations

    Capital Power | 37 Investor Relations Roy Arthur VP, Investor Relations and Investment Partnerships investor@capitalpower.com TSE: CPX capitalpower.com

  38. 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

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