Altagas Ltd. · TSX:ALA
Altagas — Q1 2026 Earnings Presentation
24 slides from Altagas's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Financial Results and Corporate Update
Q1 2026 Financial Results and Corporate Update April 30, 2026
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", "contem
Slide 3: Table of Contents
Table of Contents 01 Q1 2026 Achievements 02 Midstream & Utilities Growth Projects 03 LPG Market Update 04 2026 Strategic Priorities 05 Q1 2026 Segmented Results & Highlights 06 2026 Financial Guidance and Capital Spending 07 AltaGas Value Proposition 3
Slide 4: Q1/26 Highlights
Q1/26 Highlights Financial Business Updates Normalized EBITDA 1,2 Normalized EPS 1,3 ($millions) ($/share) $818 $1.33 • Guidance: Expected to be at top of range; potential to exceed on LPG market strength. $689 $1.15 • Leverage: 4.4x Adjusted Net Debt/Normalized EBITDA1 vs. 4.7x at 2025 YE; below ta
Slide 5: REEF Growth Projects
REEF Growth Projects Continued Project Execution REEF Phase 1 | Target COD: Q4/2026 REEF Optimization Phase 1 | Target COD: H2/2027 Key Milestones Key Stats Key Milestones Key Stats Commercial Contracting • Up to 56,000 Bbl/d – Final Investment Decision • Up to 30,000 Bbl/d of propane propane and bu
Slide 6: REEF Construction Progress
REEF Construction Progress Fundamentally Focused – First Quarter Results Presentation Construction Progress Continues 6
Slide 7: Significant Organic Growth Opportunities Drive Long-Term Growth
Significant Organic Growth Opportunities Drive Long - Term Growth Utilities Midstream LPG Extraction, Transportation, Utilities Gas Gathering & Global Exports Fractionation & Liquids Storage and Logistics Processing Handling >4,500 rail cars ~1.6 MM customers Fundamentally Focused – First Quarter Re
Slide 8: ARP Investments Support Reliability and Safety
ARP Investments Support Reliability and Safety Pipe Replacement ARP Programs Iron Protected Steel Plastic Others Current Approved Spend US$ 1 Current Approved Duration1 (Miles) 800 662 600 $150MM District SAFE Plan D.C. 400 348 201 Commencing July 2026 200 (US$25 MM remaining on existing plan) Jun/2
Slide 9: Growth Backlog Continues to Increase
Growth Backlog Continues to Increase AltaGas Growth Investment Capacity1 ▪ ~$5.0 billion of total investment capacity. and Growth Backlog (2026-2028) o invest ~$2.2 2026-2028 billion in Utilities growth, ▪ ~$3.5 billion of growth investment capacity. ($mm) and ~$1.1 billion in Midstream growth, Capi
Slide 10: Middle East Conflict Reshaping Global LPG Trade Flows
Middle East Conflict Reshaping Global LPG Trade Flows Significant Short - Term Disruption China LPG Imports By Region2 ▪ Strait of Hormuz passages account 7% 13% 12% for 32% of global LPG supply. 1.3 MMBbl/d 1 ▪ In April, Middle East supply fell from 40% 52% 40% Supply impact from 1.5 mm → 0.2 mm Bb
Slide 11: AltaGas is Diversifying Canadian Exports to Asia
AltaGas is Diversifying Canadian Exports to Asia Supply disruptions altering short and long - term LPG flows AltaGas represents AltaGas has represented >10% of China’s YTD propane imports >15% of South Korea’s LPG imports in recent years Fundamentally Focused – First Quarter Results Presentation Alt
Slide 12: 2026 Strategic Priorities
2026 Strategic Priorities Continued focus on growing, de - risking, and strengthening the enterprise 1 2 3 4 5 Optimize Active Risk Maintain Advance Rigorous Assets For Management Balance Sheet Key Growth Capital Maximum Strength Projects Allocation Fundamentally Focused – First Quarter Results Pres
Slide 13: Utilities – Q1/26 Performance
Utilities – Q1/26 Performance Normalized EBITDA 1 Business Updates Data Centers $555MM ▪ First and second agreements for behind- the-meter connection in MD and VA. 11% Data Centers ▪ Multi-phase projects with expected larger follow-on phases. $501MM Y/Y Growth 2 projects in Q1/26 ▪ Multiple FEED stu
Slide 14: Regulatory Updates
Regulatory Updates District of Maryland Virginia Michigan Current Columbia Final Order Received Nov-25 Rate Case Application H2/26 Rate Case Application H2/26 Rate Case Application H2/26 ▪ Filed: Aug 2024 ▪ Filed: Dec 2025 ▪ Filed: Jul 2025 ▪ Filed: Feb 2026 ▪ Revenue: US$21 MM ▪ Revenue: US$67 MM b
Slide 15: Midstream – Q1/26 Performance
Midstream – Q1/26 Performance Normalized EBITDA 1 Global Exports Performance RIPET Ferndale 120 $273MM 90 ~ 125 MBbl/d MBbl/d 60 39% Export Volumes; 5% Y/Y Growth 30 $197MM Fundamentally Focused – First Quarter Results Presentation Y/Y Growth 0 2020 2021 2022 2023 2024 2025 2026 Q1 2025 Q1 2026 Mids
Slide 16: 2026 Financial Guidance
2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) ($/Share) $1,925 - $2,025 5-Year $1,863 $2.20 – $2.45 6% CAGR Tailwinds / Headwinds + LPG spreads and margins Fundamentally Focused – First Quarter Results Presentation Midstream Midstream 42% 44% - 48% + A
Slide 17: 2026 Capex Budget
2026 Capex Budget Capital Allocation 1 2026 Capital Budget: $1.7 Billion $1,800 Utilities 4% Midstream Midstream Utilities $1,600 Corporate / Other 3% $1,400 5% 31% 15% $1,200 26% Fundamentally Focused – First Quarter Results Presentation 2% 1% 45% 41% 40% $1,000 1% 41% 16% C$MM 28% 1% 12% 20% $800
Slide 18: Executing on Balance Sheet Objectives
Executing on Balance Sheet Objectives Adjusted Net Debt - to- Normalized EBITDA 1,2 Adjusted Net Debt-to-Normalized EBITDA2 2026-2028 4.5x 5.0x 5.5x Q1/26 TTM Target Range 5.0x Target Range Investing Below Investing at Top of Investment Capacity Investment Capacity 4.5x 5.1x Fundamentally Focused –
Slide 19: Priorities Execution to Compound Long-term Value
Priorities Execution to Compound Long - term Value Normalized Earnings Normalized EBITDA1 Dividends Share Price Performance Per Share1 Per Share1 Midstream Index 7-Year 14% CAGR 7-Year 9% CAGR Leveraged Halved Blended Index ALA-CA LDC Index Fundamentally Focused – First Quarter Results Presentation
Slide 20: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation 1 2 3 Low Risk Energy Infrastructure Platform Visible, Industry-Leading Growth Disciplined Capital Allocation Providing Stable and Growing Earnings Fundamentally Focused – First Quar
Slide 21: Appendix
Appendix Q1 2026 Supplementary Tables
Slide 22: Consolidated: Q1/26 vs. Q1/25
Consolidated: Q1/26 vs. Q1/25 Normalized EBITDA1,2 ($ millions) -1 76 818 Fundamentally Focused – First Quarter Results Presentation 54 689 Q1 2025 Utilities Midstream Corp/ Q1 2026 Actual Other Actual ▲ D.C./VA Rate Case ▲ Global exports performance ▼ Blythe performance (transmission ▲ Gain on part
Slide 23: Consolidated: Q1/26 vs. Q1/25
Consolidated: Q1/26 vs. Q1/25 Income (Loss) Before Income Taxes ($ millions) 12 -315 513 Fundamentally Focused – First Quarter Results Presentation -3 207 Q1 2025 Utilities Midstream Corp/ Q1 2026 Actual Other Actual ▲ Primarily same factors impacting ▼ Higher unrealized losses on risk ▼ Higher Inte
Slide 24: 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 Fundamentally Focused – First Quarter Results Presentation Development and Investor Relations Aaron.Swans