Capital Power Corporation · TSX:CPX
Capital Power — Q4 2025 Earnings Presentation
25 slides from Capital Power's earnings presentation, Mar 4, 2026
Slide 1: Relentless execution: Natural gas fueled growth
Relentless execution Natural gas fueled growth Analyst Presentation | Year End 2025
Slide 2: Agenda
Agenda Business Highlights Avik Dey, President and CEO Financial Review Scott Manson, Interim Chief Financial Officer Closing Remarks Avik Dey, President and CEO Q&A Management Avik Dey Scott Manson President and Chief Interim Chief Executive Officer Financial Officer Capital Power | 2
Slide 3: Territorial Acknowledgement
Territorial Acknowledgement In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island (North America). We acknowledge the diverse Indigenous communities that a
Slide 4: Forward-looking information and Non-GAAP financial measures
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 disposals and other transactions, unrealized ch
Slide 5: Relentless Execution of Strategic Priorities
Relentless Execution of Strategic Priorities Delivered in 2025 and executing again in 2026 Contract Uprate & Acquire Develop Optimization Expand 2.2 ~ 2 385 300 1 2 GW GW MW MW PJM Acquisition Contracted Uprates & Expansions Renewable capacity Capital Power | 5
Slide 6: 2025 Highlights
2025 Highlights US diversification and enhanced contractual underpinning • Executed a new long-term contract for Midland1 Cogeneration Venture (MCV) through 2040 Optimize • Extended long-term contract for Arlington valley to 2038 1 • Entered two MOUs to support data centers (500MW) under long-term c
Slide 7: Growth and Optimization in Action
Growth and Optimization in Action 2025 demonstrated our ability to acquire and optimize to create value Enterprise Balance Sheet, Commercial Funding, Resources Contracts, Trading Asset Target ROE Fleet 13-15+% Growth Acquisitions, Development Capital Power | 7
Slide 8: Growth Through Acquisition
Growth Through Acquisition Enhanced strategic positioning and diversification 2025 2026 (January) (pro forma) Capacity: 9.6 GW Scale: +2.2 GW Capacity: 11.8 GW U.S. Capacity: 48% Increased U.S. capacity U.S. Capacity: 57% Average Age: ~26 years 1 Younger, more efficient fleet Average Age: ~22 years1
Slide 9: Asset Optimization
Asset Optimization Unlocking asset value through disciplined execution Battery Energy Storage Systems ~ 385 MW Incremental capacity 170 MW Across two facilities added through optimization Capacity Uprates ~110 MW Across three facilities 1 90-100% Contracted Expansion ~ 5-17% Increase to underlying ~
Slide 10: Commercial Optimization
Commercial Optimization Unlocking asset value through proven, disciplined execution ~ 2 GW 1 10-15 $185-225/kw Long-term Contracted Years contract duration EBITDA per unit of capacity MCV Arlington Valley Contracting 1 Re-contracting 2 3 1,240 MW contracted 600 MW contracted Capital Power | 10
Slide 11: Commercial Optimization
Commercial Optimization Continued focus on contracting for longer duration at superior pricing Total Portfolio Capacity ~4.8 GW 2032 – 2047 Renewables, Long duration Ontario, MCV, AV contracts ~12 GW 2026 - 2031 ~2.4 GW Contracted with CAISO, DSW nearer term expiries Key focus areas for future contr
Slide 12: Enterprise Optimization
Enterprise Optimization Accessing multiple pools of low-cost capital to fund growth Equity Debt Financing Financing • Gross proceeds: $667 M • >U.S.$2 B financing including • Includes ~$150 M private inaugural U.S. offering placement with AIMCO Capital Power | 12
Slide 13: Q4 and Year-End 2025
Q4 and Year-End 2025 1 Significant growth driven by U.S. expansion Q4 YE 2025 Financial Performance 2025 Financial Performance AFFO $244 M + $62 M YoY $1,066 M +$242 M YoY Adjusted EBITDA $414 M + $84 M YoY $1,580 M + $237 M YoY Revenues and $1,078 M + $225 M YoY $3,720 M - $56 M YoY other income2 N
Slide 14: 2026 Guidance Ranges
2026 Guidance Ranges 1 Adjusted EBITDA AFFO Sustaining CAPEX $1,565 M – 1,765 M $890 M – 1,010 M $290 M – 330 M Capital Power | 14
Slide 15: $1 B Opportunity
$1 B Opportunity Existing capacity de-risks long-term growth while offering significant upside with minimal capital Incremental Adj. EBITDA3 Potential ($M) Merchant Merchant: 5 GW 1 Merchant $350 – 650/ MWh + $10-20 M $1 B Opportunity $350 – 650 M Incremental cash flow from merchant spark spreads an
Slide 16: Our 2030 Targets
Our 2030 Targets 1, 2 U.S. expansion to drive cash flow per share growth and returns 8-10% ~50% 13-15% Cash Flow U.S. Growth Annual TSR AFFO / Share Additional Owned U.S. +100bps from Growth CAGR Capacity of 3.5 GW 2024 Investor Day Capital Power | 16
Slide 17: Questions & Answers
Questions & Answers Capital Power | 17
Slide 18: Appendix
Appendix Capital Power | 18
Slide 19: CPX 2026 Guidance Summary
CPX 2026 Guidance Summary Net Capacity Proportion of total Generation Capacity Availability (GW) net capacity (TWh) Factor U.S. Flexible Generation 6.2 51% 27.6 51% 92% Canada Flexible Generation 4.4 37% 18.1 53% 92% U.S. Renewables 0.6 5% 2.2 39% 96% Canada Renewables 0.9 8% 2.7 35% 97% Total 1
Slide 20: EBITDA to AFFO Reconciliation
1 EBITDA to AFFO Reconciliation 2025 Actuals ($M) 2026 Guidance ($M) Adjusted EBITDA 1,580 1,565-1,765 Interest payments (263) (365) 2 Income tax, net 110 70 3 Working capital and other (96) (85) 4 Sustaining capital (238) (290) – (330) Preferred share dividends (27) (28) Adjusted funds from oper
Slide 21: PJM and Alberta Portfolio Position
PJM and Alberta Portfolio Position Portfolio Hedged Volumes (December 31, 2025) Alberta ($CAD) PJM ($USD) 2026 2027 2026 2027 Hedged Power (GW) 1.4 0.8 1.1 1.1 Weighted Average Price ($/MWh) Low-$70s Mid-$70s High-$40s High-$40s Hedged Natural Gas* 80 56 75 70 Weighted Average Price* ($/MMBtu) <$4 <
Slide 22: Detailed Results by Facility
Detailed Results by Facility Q4 2025 Year End 2025 Results by Facility Results by Facility Click to Click to download download Capital Power | 22
Slide 23: End Notes
End Notes Page 5 Page 15 1. Includes re-contracting from MCV (jointly owned with 50% working interest with Manulife Investment 1. Merchant range reflects US$5 – 10/ MWh for PJM assets (Rolling Hills and Hummel at 85% and Management), and Arlington Valley 30% capacity factor, respectively). For Alber
Slide 24: 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
Slide 25: Investor Relations
Investor Relations Roy Arthur VP, Investor Relations and Investment Partnerships 1-403-736-3315 investor@capitalpower.com TSE: CPX capitalpower.com Capital Power | 25