Capital Power Corporation · TSX:CPX
Capital Power — Investor Presentation (September 2026)
19 slides from Capital Power's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026
Slide 2: Forward-looking Non-GAAP financial information measures and ratios
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 Additional information about the material factor
Slide 3: Our Platform
3 Our Platform Leading North Visible and Durable Significant Embedded Balanced Total American Power Cash Flows Upside with Financial Return Proposition Producer Flexibility 12 GW 75% 2 $1.25 Billion 3 8 – 10%6 Generating capacity Long-term contracted EBITDA Embedded upside AFFO per share CAGR target
Slide 4: Why invest in Capital Power?
Why invest in Capital Power? 11 North America needs more power. Natural gas is the best positioned technology 22 Capital Power has a proven strategy and scalable platform 33 Our existing assets offer significant incremental upside 44 We are diversified across multiple core power markets 55 Compellin
Slide 5: An Era of Accelerating Electricity Demand
An Era of Accelerating Electricity Demand U.S. electricity demand by end use (TWh)1 7,500 Flat <1% CAGR, 2010–25 Accelerating 3.5% CAGR, 2025–40 25 – 30 % 5,000 of new demand from data centers, underpinned by surging hyperscaler capex (70% CAGR, ‘24 – ’27E²) +6% CAGR 2,500 Load from industrial resho
Slide 6: Alberta is Playing a Leading Role
Alberta is Playing a Leading Role Policy clarity is enabling data-center load on top of native demand growth 1 Alberta Peak Demand Growth (GW) +15-30% vs. 2025 9.6 ~1.8 GW Data-center load sanctioned to date 10 – 15% 1 Expected reduction in reserve margin by 2030 2025 Base System Phase 1 DC 2030E Ca
Slide 7: Natural Gas is the Answer
7 Natural Gas is the Answer Faster speed to market, lowest cost to consumers 1 Cost of Incremental Firm Capacity (US$/kW) ~11,500 Natural gas fired generation ~2/3 ~2,500 Of 2026 announced data 2,250 center capacity is backed 1,000 by natural gas Nuclear Greenfield Expansion Uprate TIME TO COMPLETIO
Slide 8: Our Strategy
8 Our Strategy Acquire to grow, optimize to enhance 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+% Capital Power | 8
Slide 9: Embedded Growth Opportunity
9 Embedded Growth Opportunity1 Strong fundamentals driving increase in previously identified upside Incremental Annual EBITDA4 Opportunity 5 GW 2 Merchant + $10-20 / MWh Incremental cash flow from merchant $375 – 700 M spark spreads and additional uncontracted volumes $ 1.25 B Contracted Opportunity
Slide 10: Strong Positioning
Strong Positioning Stable contracted base with meaningful upside 1 ~20% Medium-term contracted ~12 GW ~40% Portfolio Merchant 2 ~40% Long-term contracted ~7GW Available (~60% of portfolio) for contracting Capital Power | 10 1. Medium-term contracts have expiries prior to 2031. 2. Long-term contracts
Slide 11: Commercial Optimization
11 Commercial Optimization Maximizing Value Per Unit of Capacity Through Long-Term Contracting 2022 2023 2025 2026 Market WECC1 IESO2 MISO4 WECC1 AESO Capacity 600 MW 1,685 MW3 1,240 MW3 600 MW 250 MW Added Term 6 Years 8 Years 10 Years 7 Years >10 years Counterparty Utility IESO Consumers6 Utility
Slide 12: Alberta Energy Supply Agreement
Alberta Energy Supply Agreement Commercially optimizing our strategically positioned portfolio Key Contract Terms Strategic Benefits 250 MW Optimizes merchant portfolio by adding Capacity and energy, expected 2H 2028 contracted cash flow at compelling pricing No capital investment required >10 Years
Slide 13: Favorable Market Dynamics Unlocking Value
13 Favorable Market Dynamics Unlocking Value Our two largest markets have the strongest tailwinds for data center demand growth C AP A C I T Y B Y M AR K E T — 1 2 G W 1 AESO • Policy clarity (Phase 2A BYOG2) • Demand growth (1.8 GW of DC3 demand to-date) AESO • Long-term contracting opportunities •
Slide 14: Genesee: Embedded Optionality
Genesee: Embedded Optionality AL R E A D Y I N P L AC E Investment-grade Generation in operation Interconnection at scale Industrial-scale land counterparty Genesee 1, 2 & 3 (~2GW) Established transmission access 20,000+ acres available on site BBB- / BBB (low)1 ratings support long-dated offtake W
Slide 15: Reaffirming 2026 Guidance Ranges
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 Capital Power | 15 1. AFFO and Adjusted EBITDA are Non-GAAP financial measures. See Non-GAAP Financial Measures and Ratios.
Slide 16: Our 2030 Targets
Our 2030 Targets 1 8-10% AFFO / Share 2 Growth CAGR Cash Flow ~50% Additional Owned U.S. Capacity of 3.5 GW U.S. Growth 13-15% Balanced returns from dividend yield and base business growth Annual TSR 1. 2026 base year for growth outlook through 2030. 2. AFFO per share is a Non-GAAP ratio. See Non-GA
Slide 17: CPX Value Proposition
CPX Value Proposition Capital Power | 17
Slide 18: We are Positioned to Deliver Long-Term Reliable Growth
We are Positioned to Deliver Long-Term Reliable Growth • North America needs more reliable power. • Additional natural gas generation is required. • Capital Power has a proven and scalable platform. • We have relentless execution and long-term reliable growth. Capital Power | 18
Slide 19: 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 predictions is presentation are provided to inform our shareholders, potential i
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