Altagas Ltd. · TSX:ALA
Altagas — Q3 2025 Earnings Presentation
25 slides from Altagas's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Financial Results and Corporate Update
Q3 2025 Financial Results and Corporate Update October 30, 2025
Slide 2: Forward-Looking Information
Forward-Looking Information This presentation contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "likely", "will", "intend", "contemplate", "plan", "anticipate", "believe", "aim", "seek", "future", "commit", "propose", "contempl
Slide 3: Agenda
Agenda 1 2025 Business Plan 2 Q3 2025 Highlights Sanctioning New Growth Projects 3 and Our Growth Backlog 4 REEF and Pipestone II Project Updates 5 Macro Environment 6 Q3 2025 Segment Results & Highlights 7 Outlook & Strategy 8 Value Proposition 3
Slide 4: 2025 Business Plan
1 2025 Business Plan Long-term Strategic Priorities Remain Unchanged Focus on growing, de-risking, and strengthening the enterprise. 1 2 3 Optimize Assets For Active Balance Sheet Maximum Returns De-Risking Deleveraging Increase throughput, extend asset Execute long-term commercial contracting 4.65x
Slide 5: Q3/2025 Highlights
2 Q3/2025 Highlights Financial Performance Business Execution Normalized EBITDA1,2 Normalized NormalizedEPS EPS 1,31 Midstream Activity Utilities Activity ($MM) ($/share) Active rate cases in D.C. and VA with rates Record global export volume; YTD expected to be in place early 2026 $294 $0.14 av
Slide 6: New Growth Projects
3 New Growth Projects Newly sanctioned projects will drive significant shareholder value creation 1 2 3 REEF Optimization 1 Dimsdale Expansion Phase I Keweenaw Connector Expands REEF Phase I propane export capacity Phase I expansion adds 6 Bcf to 21 Bcf 30-mile pipeline in Keweenaw Peninsula b
Slide 7: Growth Backlog Continues to Increase
3 Growth Backlog Continues to Increase Strong growth opportunities: AltaGas Growth Investment Capacity and Growth Backlog (2026-2028) ~$5.0 billion of total expected investment capacity with ~$3.5 billion of growth investment capacity over the next three years, while living within leverage guardra
Slide 8: REEF Update
4 REEF Update Milestones Cleared To-Date Delivery 2024 2025 2026 Final Investment Decision FEED Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site Clearing Commercial Contracting EPF1 Project Execution Site Prep. Uplands Cost Exposure Installation ~77% project costs committed or incurred to date; ~70
Slide 9: REEF Construction Progress
4 REEF Construction Progress Accumulator and Bullet Shipping Uplands Construction On route for delivery to Prince Rupert Progressing in line with development plan Jetty Trestle Placement Railroad and Utility Corridor Construction Platform setting for dock Phase one near completion 9
Slide 10: Pipestone II – Mechanically Complete
4 Pipestone II – Mechanically Complete Milestones Cleared To-Date Site Clearing FEED Acid Gas Wells Gathering System Facility Construction Project Execution EPC Contracting ~100% project work executed or under firm price EPC Acid Gas Injection Wells Drilled and Completed Gathering System Completed.
Slide 11: Strong Long-Term Gas Fundamentals Support Growth
5 Strong Long-Term Gas Fundamentals Support Growth Fundamentals Support Additional Storage in Western Canada Increased Need For Natural Gas Storage Capacity 36 AECO Spot Price (C$/Gj) $3 34 Days to Fill Storage 35 34 $2 32 Capacity 32 $1 30 31 30 $0 28 29 ($1) 26 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 2
Slide 12: Strong Demand for Gas Utilities Investments
5 Strong Demand for Gas Utilities Investments Large Backlog of Pipe Replacement Natural Gas Most Affordable In WGL Service Territory 5,000 Other Plastic Protected Steel Iron $6.00 Natural Gas Electricity 4,000 $4.50 Natural gas >3x ($US /Therm) Energy Cost Miles of Pipe 3,000 $3.00 more affordable $
Slide 13: Midstream – Q3/25 Performance
6 Midstream – Q3/25 Performance Q3/25 Midstream results exceeded expectations, supported by record global exports Normalized Midstream EBITDA1 Global Exports Record global exports performance. 150,000 RIPET Ferndale Global Export Volumes 125,000 Montney volume growth at Townsend, +4% 100,000 Bla
Slide 14: Mountain Valley Pipeline Update
6 Mountain Valley Pipeline Update AltaGas continues to move through its sale process for its interest in MVP, inclusive of recent positive developments on the pipeline, and expects to provide an update in the coming weeks. MVP Mainline delivered another strong Following oversubscribed open seaso
Slide 15: Utilities – Q3/25 Performance
6 Utilities – Q3/25 Performance Q3/25 Utilities results in-line with expectations driven by modernization investments Normalized Utilities EBITDA1 Capital Investments $121MM directed to ARP and Rate base growth through modernization modernization initiatives. investments and new customer additio
Slide 16: 2025 Financial Guidance
7 2025 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) $1,769 $1,775 - $1,875 Tailwinds / Headwinds $2.25 + Utilities cost management $2.10 - $2.30 $2.00 + Utilities asset optimization Midstream: ~44% Midstream: activity ~ 42% - 46% $1.75 + MVP equity earning
Slide 17: 2025 Capex Budget
7 2025 Capex Budget 2025 Capital Budget: $1.4 Billion Capital Allocation Capital deployment reflects the continued strong growth Strong organic growth opportunities across both platforms – driving opportunities. Largest 2025 capital outlays include REEF, Pipestone II, healthy competition for capital
Slide 18: AltaGas Value Proposition
8 AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation Low Risk Energy Infrastructure Visible, Industry- Disciplined Capital 1 2 3 Platform Providing Stable and Leading Growth Allocation Growing Earnings / Cash Flows Robust energy fund
Slide 19: Appendix: Q3 2025 Variances
Appendix: Q3 2025 Variances 19
Slide 20: Consolidated: Q3/25 vs. Q3/24
Consolidated: Q3/25 vs. Q3/24 Normalized EBITDA1,2 ($ millions) -49 0 23 294 268 Q3 2024 Corp/ Q3 2025 Utilities Midstream Actual Other Actual ▼ Partial settlement of Washington Gas’ ▲ Strong global exports performance ▲ Lower corporate G&A post-retirement benefit pension plan (volumes and margins)
Slide 21: Consolidated: Q3/25 vs. Q3/24
Consolidated: Q3/25 vs. Q3/24 Income (Loss) Before Income Taxes1 ($ millions) 20 -44 -20 5 -1 Q3 2024 Corp/ Q3 2025 Utilities Midstream Actual Other Actual ▼ Primarily same factors impacting ▲ Primarily same factors impacting ▼ Higher interest costs normalized EBITDA normalized EBITDA ▲ Lower transi
Slide 22: Midstream: Q3/25 vs. Q3/24
Midstream: Q3/25 vs. Q3/24 Normalized EBITDA1,2 ($ millions) 23 -11 204 181 Q3 2024 Q3 2025 Midstream Actual Actual ▲ Strong global exports performance (volumes and margins) ▲ NEBC volume growth (Townsend & Blair Creek) ▲ Frac & Liquids Handling (Dimsdale storage and marketing margins) ▲ Higher extr
Slide 23: Utilities: Q3/25 vs. Q3/24
Utilities: Q3/25 vs. Q3/24 Normalized EBITDA1,2 ($ millions) -49 117 68 Q3 2024 Q3 2025 Utilities Actual Actual ▼ Partial settlement of Washington Gas’ post-retirement benefit pension plan (recognized Q3/24) ▲ WGL ARP ▲ Lower O&M ▲ Retail margins Notes: 1) Non-GAAP financial measure; see discussion
Slide 24: Corporate/Other: Q3/25 vs. Q3/24
Corporate/Other: Q3/25 vs. Q3/24 Normalized EBITDA1,2 ($ millions) -4 -4 0 Q3 2024 Q3 2025 Corporate Actual Actual ▲ Lower corporate G&A ▼ Lower Blythe power generation Notes: 1) Non-GAAP financial measure; see discussion in the advisories; 2) Numbers may not add due to rounding. 24
Slide 25: Contact Information
Contact Information For more information visit www.altagas.ca or reach out to one of the following: Jon Morrison Aaron Swanson Senior Vice President, Corporate Vice President, Investor Relations Development and Investor Relations Aaron.Swanson@altagas.ca Jon.Morrison@altagas.ca Jennifer Sudermann Bl