Keyera Corp. · TSX:KEY
Keyera — Investor Presentation (September 2026)
43 slides from Keyera's investor presentation, Sep 4, 2026
Slide 1: Entering the Next Phase of Disciplined Growth and Value Creation
Entering the Next Phase of Disciplined Growth and Value Creation Strategic Growth Outlook to 2029 September 4, 2026
Slide 2: Forward-Looking Information
FORWARD-LOOKING INFORMATION To provide readers with information regarding Keyera, including its assessment of future plans, Proposed construction and completion schedules and budgets for capital projects are subject to many operations and financial performance, certain statements contained herein co
Slide 3: Non-GAAP and Other Financial Measures
NON-GAAP AND OTHER FINANCIAL MEASURES This presentation refers to certain financial and other measures that are not determined in accordance Fee-Based Adjusted EBITDA per Share with Generally Accepted Accounting Principles (GAAP), such as: EBITDA, adjusted EBITDA, fee-based While fee-based adjusted
Slide 4: Entering the Next Phase of Disciplined Growth and Value Creation
Entering the Next Phase of Disciplined Growth and Value Creation Strategic Growth Outlook to 2029 September 4, 2026
Slide 5: Today's Discussion
Today’s Entering the next phase of disciplined Discussion growth and value creation ✓ Proven track record of strategy execution and disciplined capital allocation has delivered exceptional shareholder value ✓ Western Canada’s liquids growth opportunity and how Keyera is positioned to enable it ✓ Del
Slide 6: Today's Discussion
Today’s Discussion Presentation Structure o Strategic Overview o Macro Outlook Supports Keyera’s Growth Strategy o Industry Leading Growth o Marketing Outlook and 2026 Marketing Guidance o Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Strategic Growth Outlook to 2029 6
Slide 7: Strategic Overview
Today’s Discussion Presentation Structure o Strategic Overview o Macro Outlook Supports Keyera’s Growth Strategy o Industry Leading Growth o Marketing Outlook and 2026 Marketing Guidance o Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Strategic Overview 7
Slide 8: A Proven Track Record of Strategy Execution (2008)
A Proven Track 2008 Record of Strategy Execution The evolution of Keyera's platform G&P 16 Gas Plants NGL Midstream Rimbey Pipeline Fractionation KFS & Rimbey Frac & Storage Strategic Overview 8
Slide 9: A Proven Track Record of Strategy Execution (2014)
A Proven Track 2014 Record of Strategy Execution The evolution of Keyera's platform North G&P 2 Gas Plants South G&P 17 Gas Plants NGL Midstream Rimbey Pipeline Fractionation KFS & Rimbey Frac & Storage Alberta AEF Enviro Fuels Fort Saskatchewan Oilsands Condensate System Strategic Overview 9
Slide 10: A Proven Track Record of Strategy Execution (2020)
A Proven Track 2020 Record of Strategy Execution The evolution of Keyera's platform North G&P 3 Gas Plants South G&P 9 Gas Plants NGL Midstream Keylink, Rimbey Pipeline Fractionation KFS & Rimbey Frac & Storage Alberta AEF Enviro Fuels Fort Saskatchewan Oilsands Condensate System, Norlite Strategic
Slide 11: A Proven Track Record of Strategy Execution (2025)
A Proven Track 2025 Record of Strategy Execution The evolution of Keyera's platform North G&P 4 Gas Plants South G&P 6 Gas Plants NGL Midstream KAPS, Keylink, Rimbey Pipeline Fractionation KFS & Rimbey Frac & Storage Alberta AEF Enviro Fuels Fort Saskatchewan Oilsands Condensate System, Norlite Stra
Slide 12: Strategy Execution Delivering Fee-Based Growth
Strategy Execution Delivering Fee-Based Growth Built through system expansions and integration Consistent Growth in Fee-Based Adjusted EBITDA per Share1 (2008-2025) FINANCIAL COMMODITY COVID-19 PANDEMIC ✓ Consistent CRISIS PRICE COLLAPSE growth in fee- based adjusted EBITDA 1 $3.75 from Liquids Infr
Slide 13: Disciplined Capital Allocation Driving Sustainable Dividend Growth
Disciplined Capital Allocation Driving Sustainable Dividend Growth Growth in fee-based cash flow and DCF per share1,2 has supported sustained dividend increases Sustainable dividend growth Sustained Delivery of Growth in Distributable Cash Flow (DCF)1,2 and Dividend per Share supported by: FINANCIAL
Slide 14: Proven Track-Record of Creating Strong Long-Term Value
Proven Track-Record of Creating Strong Long-Term Value Delivered industry-leading total shareholder returns (TSR)1 Total Shareholder Return (Gross)1 Performance (January 1, 2008 – May 29, 2026) ✓ Among the top performing midstream companies over the long-term. 1550% 1508% ✓ Average annual total shar
Slide 15: Plains' NGL Business Acquisition
Plains’ NGL Business Acquisition Entering the Next Phase of Disciplined Growth and Value Creation Strategic Overview 15
Slide 16: Plains' NGL Business Acquisition Creates a More Competitive NGL Platform
Plains’ NGL Business Acquisition Creates a More Competitive NGL Platform Enabling customers to capture higher netbacks PRODUCT CAPABILITIES DEMAND DRIVERS OPPORTUNITY Keyera Plains Pro Forma Expected oil sands growth will require more ✓ Further integration into Keyera’s industry leading condensate C
Slide 17: Delivering Value of Strategic Plains' NGL Business Acquisition
Delivering Value of Strategic Plains’ NGL Business Acquisition Remain on track to deliver announced shareholder value METRIC ANNOUNCEMENT (JUNE 2025) TODAY STATUS Accretion to DCF/Sh1,2 Mid-teens within the first twelve months Mid-teens within the first twelve months ✓ on track Synergies $100 millio
Slide 18: Macro Outlook Supports Keyera's Growth Strategy
Today’s Discussion Presentation Structure ✓ Strategic Overview o Macro Outlook Supports Keyera’s Growth Strategy o Industry Leading Growth o Marketing Outlook and 2026 Marketing Guidance o Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Macro Outlook Supports Keyera’s Growth Str
Slide 19: Growing NGL Supply Driven by the Montney and Duvernay
Growing NGL Supply Montney (Mbpd) Source: Peters & Co. Driven by the Montney 800 2025 -2029 CAGR: 5% 600 ✓ The liquids-rich Montney is the and Duvernay 400 Propane fastest growing region with the largest NGL supply Butane 200 ✓ Keyera’s Northern G&P assets Oil sands growth and expanding export Conde
Slide 20: Today's Discussion
Today’s Discussion Presentation Structure ✓ Strategic Overview ✓ Macro Outlook Supports Keyera’s Growth Strategy o Industry Leading Growth o Marketing Outlook and 2026 Marketing Guidance o Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Industry Leading Growth 20
Slide 21: Industry-Leading Fee-Based Adjusted EBITDA per Share Growth
Industry-Leading Fee-Based Adjusted EBITDA per Share1 Growth Driven by synergies, capacity fill, sanctioned growth projects and acquisitions Expected Fee-Based Adjusted EBITDA per Share1 Growth Rate Drivers of Expected Fee-Based Adjusted EBITDA per Share1 Growth 2025 2026 2027 2028 2029 7-8% Fee-Bas
Slide 22: Near-Term Synergies are Highly Achievable
Near-Term Synergies are Highly Achievable Josephburg Terminal $120 to $140 million of run-rate synergies1 within $90 million of targeted near-term run-rate $120 to $140 million near-term run-rate twelve months synergies achieved on day one synergy highly achievable $120 - $140 million 1 Corporate Co
Slide 23: North G&P: Strong Utilization with Expansion Potential
North G&P: Expanding North G&P capacity to accommodate growing supply (mmcf/d) 1,000 Strong Utilization with 800 600 Expansion Potential 400 200 Strong producer demand is driving high - utilization at North G&P facilities and supporting 2020A 2021A 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E fut
Slide 24: KAPS: A Highly Strategic Pipeline, Enhancing Competitiveness
KAPS: A Highly Strategic Pipeline, Enhancing Competitiveness Zone 4 extends reach into Northeast British Columbia Montney growth corridors supporting long-term growth Continued Contracting Strength • Supported by high-quality counterparties driving stable, long-term fee-based cash flow growth • ~12-
Slide 25: Advancing Fractionation Growth to Meet Customer Demand
Advancing Fractionation Growth to Meet Customer Demand Capital efficient expansions that are on time and on budget KFS Frac II Debottleneck: (+8,000 bbls/d) KFS North Phase 2 Expansion: (+8,000 bbls/d) KFS Frac III New Build (+47,000 bbls/d) • June 2026 in-service • Follows successful 22,000 bbl/d P
Slide 26: ACE Terminal: Efficient Path from Fort Saskatchewan to Premium West Coast Market
ACE Terminal: Efficient Path from Fort Saskatchewan to SHELL Premium West Coast Market IPL Increasing value chain competitiveness Rail to AltaGas CN export facilities KEYERA ACE (RIPET/REEF) JOSEPHBURG Increasing Keyera’s Competitiveness LAND ✓ Efficient rail link from Fort Saskatchewan to west coas
Slide 27: Growth of Industry-Leading Condensate System
Growth of Industry-Leading Condensate System Capital efficient debottlenecks increase capacity to meet growing oilsands demand Oil sands condensate balance (kbpd) Industry Leading Condensate System 2025 -2029 CAGR: 3% 1,000 • Decades of investment creating strong connectivity across supply and deman
Slide 28: Potential Growth Opportunities 2029+
Potential Growth Opportunities 2029+ Daylighting Select Future Investment Opportunities Gathering & Processing Future Capacity Expansions On Expanding ACE Rail Terminal Condensate System Growth Capacity Growth KAPS (Phase 2) • Further debottlenecking of • Potential to increase capacity to • Capital
Slide 29: Consistent Delivery of Fee-Based Adjusted EBITDA per Share Growth
Consistent Delivery of Fee-Based Adjusted EBITDA per Share1 Growth Continuation of fee-based growth through strengthening and extending Keyera’s integrated value-chain Sustained Delivery of Growth in Fee-Based Adjusted EBITDA per Share1 FINANCIAL COMMODITY COVID-19 PANDEMIC ✓ Continued growth in fee
Slide 30: Marketing Outlook and 2026 Marketing Guidance
Today’s Discussion Presentation Structure ✓ Strategic Overview ✓ Macro Outlook Supports Keyera’s Growth Strategy ✓ Industry Leading Growth o Marketing Outlook and 2026 Marketing Guidance o Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Marketing Outlook and 2026 Marketing Guida
Slide 31: Marketing Segment Drives Higher Returns
Marketing Cash Flow Reinvested to Accelerate Fee-Based Growth Marketing Segment Drives Higher Returns Marketing contributions strengthen value- chain utilization, accelerates deleveraging and Use proceeds to deleverage, and Growing Marketing segment re-investment into fee-based businesses, and cash
Slide 32: Breaking Down the Components of Marketing
Disciplined Risk Management Process Business Mix – Average 2027E – 2029E Breaking Down • Financial hedges utilized to protect Liquids Infrastructure the Components inventory and future margin ~51% • Risk committee composed of Senior of Marketing Management, meeting weekly • Significant percentage of
Slide 33: 2026 Marketing Guidance
2026 Marketing Guidance Providing near-term Marketing Segment guidance, with revised long-term base guidance range to be provided in due course Estimated 2026 Marketing Segment Realized Margin1: $320MM - $350MM Assumptions Supporting 2026 Marketing Guidance: Supporting Facts Balance of Year Price As
Slide 34: Capital Allocation Priorities and 2026 Guidance
Today’s Discussion Presentation Structure ✓ Strategic Overview ✓ Macro Outlook Supports Keyera’s Growth Strategy ✓ Industry Leading Growth ✓ Marketing Outlook and 2026 Marketing Guidance o Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Capital Allocation Priorities and 2026 Gui
Slide 35: Financial Framework and Capital Allocation Priorities Unchanged
Financial Framework and Capital Allocation Priorities Unchanged FINANCIAL FRAMEWORK & CAPITAL ALLOCATION TARGET NEAR-TERM CONTEXT Credit Ratings BBB • Prudently funded Plains’ acquisition maintains investment grade credit rating Preserve Financial Strength and Flexibility • Expect to be within targe
Slide 36: Financial Framework and Capital Allocation Priorities Unchanged
Financial Framework and Capital Allocation Priorities Unchanged FINANCIAL FRAMEWORK & CAPITAL ALLOCATION TARGET NEAR-TERM CONTEXT Credit Ratings BBB • Prudently funded Plains’ acquisition maintains investment grade credit rating Preserve Financial Strength and Flexibility • Expect to be within targe
Slide 37: Financial Framework and Capital Allocation Priorities Unchanged
Financial Framework and Capital Allocation Priorities Unchanged FINANCIAL FRAMEWORK & CAPITAL ALLOCATION TARGET NEAR-TERM CONTEXT Credit Ratings BBB • Prudently funded Plains’ acquisition maintains investment grade credit rating Preserve Financial Strength and Flexibility • Expect to be within targe
Slide 38: 2026 Proforma Guidance
2026 Proforma Guidance Fee-Based Adjusted EBITDA per Share1: Growth Capital Expenditures: 2025 – 2027 CAGR: 16%-18% 2027 – 2029 CAGR: $650MM - $725MM 7%-8% Maintenance Capital Expenditures: Cash Taxes: $240MM - $260MM $70MM-$90MM Rimbey Gas Plant Capital Allocation Priorities and 2026 Guidance See s
Slide 39: Concluding Remarks
Today’s Discussion Presentation Structure ✓ Strategic Overview ✓ Macro Outlook Supports Keyera’s Growth Strategy ✓ Industry Leading Growth ✓ Marketing Outlook and 2026 Marketing Guidance ✓ Capital Allocation Priorities and 2026 Guidance o Concluding Remarks Concluding Remarks 39
Slide 40: Entering the Next Phase of Disciplined Growth and Value Creation
Entering the Next Phase of Disciplined Growth and Value Creation Sustained Delivery of Growth in DCF1,2 and Dividends per Share Key Takeaways $5.00 18.0x Proven track record of FINANCIAL COMMODITY COVID-19 1 strategy execution and value $4.50 CRISIS PRICE COLLAPSE PANDEMIC 16.0x creation $4.00 Large
Slide 41: Q&A
Q&A Sustained Delivery of Growth in DCF1,2 and Dividends per Share Key Takeaways $5.00 18.0x Proven track record of FINANCIAL COMMODITY COVID-19 1 strategy execution and value $4.50 CRISIS PRICE COLLAPSE PANDEMIC 16.0x creation $4.00 Larger, more competitive 14.0x 2 platform driving the next $3.50 $
Slide 42: Notes
Notes Slide 12 Slide 33 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information
Slide 43: Contact Information
CONTACT INFORMATION Dan Cuthbertson General Manager, Investor Relations Tyler Monzingo, MBA Senior Specialist, Investor Relations Keyera Corp. The Ampersand, West Tower 200 1-888-699-4853 144 – 4th Avenue SW ir@keyera.com Calgary, Alberta T2P 3N4 WWW.KEYERA.COM Strategic Growth Outlook to 2029 43