Capital Power Corporation · TSX:CPX
Capital Power — Investor Presentation (May 2026)
21 slides from Capital Power's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Forward-looking information; Non-GAAP financial measures and ratios
| 2 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 Certain information in this presentation and
Slide 3: North America needs more power. Natural gas is the best positioned technology
Capital Power | 3 North America needs more power. Natural gas is the 1 best positioned technology Capital Power has a proven strategy and scalable 2 platform 1 3 ~$1 billion incremental adjusted EBITDA opportunity 4 Diversification is enhancing portfolio value 5 Compelling and balanced total return
Slide 4: U.S. AI Infrastructure Growth
Capital Power | 4 U.S. AI Infrastructure Growth 1 2 Hyperscaler Capex (US$ B) U.S. Data Centre Power Demand 750 500 ~100 GW 2025 - 2030 ~17% CAGR 250 2025 - 2030 0 2024 2025 2026 1. Cre dit insights (Fitch So lutio ns) 2. Citi data cen ter po wer pla y estimate; “th e chips have to go somewhere”
Slide 5: Natural Gas is the Answer
Capital Power | 5 Natural Gas is the Answer Faster speed to market, lowest cost to consumers 1 Cost of Incremental Firm Capacity (US$/kW) ~11,500 Natural gas fired generation ~2,500 2,250 1,000 Nuclear Greenfield Expansion Uprate 10+ yrs 5 – 7 yrs 3 – 4 yrs 1 – 2 yrs Time to completion 1. Nuclear co
Slide 6: Our Platform
Capital Power | 6 Scale1 17 10 ~$ B ~$ B Enterprise Market Value Capitalization 2 Investment Grade BBB- / BBB (low) Our Platform Stability Positioned to grow and 90 ~ 75 3 ~ % % A-rated PPA create shareholder value Counterparties Long-Term Contracted Adj. EBITDA5 High Quality Cash Flows Cumulative G
Slide 7: Our Strategy
Capital Power | 7 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 8: Relentless Execution of Strategic Priorities
Capital Power | 8 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 2 ~ 1 GW GW MW MW PJM Acquisition Contracted Uprates & Expansions Renewable capacity 1. Includes re-contracting from
Slide 9: $1 Billion Opportunity
Capital Power | 9 $1 Billion Opportunity Incremental Adj. EBITDA 3 Potential ($M) Merchant Merchant: ~5 GW 1 Merchant $350 – 650/ MWh + $10-20 M $1 B Opportunity $350 – 650 M Incremental cash flow from merchant spark spreads and incremental uncontracted volumes Contracted Contracted 2 ~$275 – 350 M
Slide 10: Long-Term Contracting: Contracted EBITDA
Capital Power | 10 Long-Term Contracting Clear track record for commercial optimization 18% Arlington Valley CAGR (4-Year) 0.6 GW MCV Contracted EBITDA 1.2 GW Ontario 1.5 GW 1 Arlington Valley 0.8 GW 2021 2022 2023 2024 2025 2026 1. Goreway/York/East Windsor Energy (including capacity uprates, BESS
Slide 11: Strong Positioning
Capital Power | 11 Strong Positioning Stable contracted base with meaningful upside ~20% Medium-term 1 contracted ~ 12 GW ~40% Merchant Portfolio ~40% Long-term 2 contracted ~7GW Available (~60% of portfolio) for contracting 1. Medium-term contracts have expiries prior to 2031. 2. Long-term contract
Slide 12: Managing Risk through Trading
Capital Power | 12 6 Merchant Facilities Managing Risk through Trading Hedging programs balance 3 Commodities merchant upside with cash Gas, Power, Environmental Credits flow stability 5 Trading Markets AB, ON, PJM, MISO, WECC
Slide 13: Market Diversification
Capital Power | 13 MISO 9% Market Other U.S. 10% AESO 28% Diversification ~12 Strong fundamentals PJM 18% GW across core markets IESO 11% Other Can. WECC 3% 20% Net Operating Capacity
Slide 14: Opportunity Across Geography
Capital Power | 14 Opportunity Across Geography Strong fundamentals across core markets 4% Annual Power Demand Growth 3% 2% 1% 0% 2024 2025 Alberta DSW MISO Ontario PJM Average Source: Alberta, Alberta Electric System Operator (AESO). DSW, Western Electricity Coordinating Council (WECC). PJM, PJM In
Slide 15: Opportunity Across Technology
Capital Power | 15 Opportunity Across Technology Strong growth among our three core technologies Power Generation Growth by Technology (CAGR) ~ 80 % ~7 % ~5 ~ 0.5 % % Total Power Generation Natural Gas Renewables Storage Source: EIA. Natural gas and renewables growth based on 20-year historical US p
Slide 16: Proven Long-Term Growth
| 16 Proven Long-Term Growth Dividend Per Share ($) Adjusted EBITDA ($M) ~7% CAGR ~13% CAGR 1,580 2.69 1.51 509 2016 2025 2016 2025 12 20% TSR Consecutive years CAGR of dividend increases (10-Year)
Slide 17: Our 2030 Targets
Capital Power | 17 Our 2030 Targets 1 8-10% Cash Flow AFFO / Share Growth CAGR 2 ~ 50 % U.S. Growth Additional Owned U.S. Capacity of 3.5 GW 13-15 % Annual TSR +100bps from 2024 Investor Day 1. 2026 base year for growth outlook through 2030. 2. AFFO per share is a Non-GAAP ratio. See Non-GAAP Financ
Slide 18: Reaffirming 2026 Guidance Ranges
Capital Power | 18 Reaffirming 2026 Guidance Ranges 1 Adjusted EBITDA AFFO 1 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 19: CPX Value Proposition
Capital Power | 19 CPX Value Proposition
Slide 20: We are Positioned to Deliver Long-Term Reliable Growth
Capital Power | 20 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 21: 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