Slide 1: 2026 Financial Guidance and Outlook
2026 Financial Guidance and Outlook December 2, 2025
Slide 2: Forward-Looking Information
Forward-Looking Information TThis 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", "contemp
Slide 3: Agenda
Agenda Mountain Valley Pipeline 1 2026 Guidance Highlights 2 2026 Strategic Priorities 3 Macro Drivers that Support our Business 4 2026 Capital Spending 5 Budget Headwinds and Tailwinds 6 Expanded Investment Capacity Target Leverage Metrics & Dividend 7 Growth 8 Project Updates 3
Slide 4: 2026 Guidance Highlights
1 2026 Guidance Highlights 2026 Normalized EBITDA1 2026 Dividend Increase $1.34 +8% $1.26 +6% Y/Y mid-point Annual Increase growth 2025E 2026E 2025E 2026E 2026 Normalized EPS1 2026 Capital Program 1 Asset Modernization + New Customer Connects +6% $1.6 Billion 2 Maintenance + System Betterment REEF P
Slide 5: 2026 Strategic Priorities
2 2026 Strategic Priorities Long-term Strategic Priorities Remain Unchanged Focus on growing, de-risking, and strengthening the per share value of the enterprise. 1 2 3 Optimize Assets For Active Maintain Balance Maximum Returns Risk Management Sheet Strength Increase throughput, extend asset Execut
Slide 6: Gas and NGL Fundamentals Drive Midstream Growth
3 Gas and NGL Fundamentals Drive Midstream Growth WCSB Natural Gas Production +3.9 Bcf/d WCSB NGL Production Outlook (2024-2030) Deep Basin Duvernay Other +280,000 Bbl/d AB Montney BC Montney 1.8 20 1.6 15 MMBbl/d 1.4 Bcf/d 10 1.2 5 1.0 0.8 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20
Slide 7: Strong Demand for Gas Utilities Investments
3 Strong Demand for Gas Utilities Investments PJM – Virginia Peak Summer Load Forecasts (MW) Gas Generation Plans Accelerating to Meet Increased Demand 2022 Forecast 2023 Forecast 40 50,000 Feb 2025 Oct 2025 +8% Planned Gas Generation 2024 Forecast 2025 Forecast 39 40,000 +4% 30 +43% 29 Adds (GW) 30
Slide 8: Regulatory Outcomes Support Utilities Investment
3 Regulatory Outcomes Support Utilities Investment D.C. Rate Case Order Summary Historical U.S. Utilities Average Rate Case Orders – As % of Ask US$20.9 million net rate increase, excluding ARP modernization 60% rider roll-in. 40% Effective Jan 1, 2026, with 9.65% allowed ROE, unchanged and 20%
Slide 9: 2026 Capital Budget Breakdown
4 2026 Capital Budget Breakdown Capital Budget of $1.6 Billion in 2026, allocated between a combination of short and long-term projects across portfolio. $1.6 Billion 2026 Investment Focus Other Growth • Business development and optimization • REEF: Completion of Phase 1 near year end 2026. Advance
Slide 10: 2026 Capital Allocation
4 2026 Capital Allocation Capital Allocation 2026 Capital Budget: ~$1.6 Billion Organic growth opportunities across both businesses. Midstream allocation falling as large growth projects are Capital deployment reflects the continued investment in growth completed. opportunities. Growth investments a
Slide 11: Key 2026 Sanctioned Growth Projects
4 Key 2026 Sanctioned Growth Projects Newly sanctioned projects will drive significant shareholder value creation 1 2 3 REEF Optimization 1 Dimsdale Phase I Expansion Keweenaw Connector Expands REEF Phase I propane export capacity Phase I expansion adds 6 Bcf (21 Bcf total) 30-mile pipeline in
Slide 12: Other Potential Growth Projects
4 Other Potential Growth Projects Backlog of strong organic projects to support long term growth Dimsdale Phase II Expansion North Pine Expansion Pipestone III Data Centers Natural gas storage to balance Strategic fractionation facility Strong customer demand for Opportunities advancing for
Slide 13: 2026 Financial Guidance
5 2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) $1,925 - $2,025 Tailwinds / Headwinds $1,775 - $1,875 $2.25 + New rates in VA, D.C. + MD $2.20 - $2.45 + Utilities rate base investments $2.10 - $2.30 Midstream: (ARP & customer growth) $2.00 Midstream: 4
Slide 14: Expanded Investment Capacity
6 Expanded Investment Capacity Cashflow Growth and Equity Raise Drive Higher Annual Investment Capacity Prudent Capital Allocation with Growing Investment Capacity Adjusted Net Debt/normalized EBITDA1,2 Annual Investment Capacity target of 4.5x - 5.0x ~$1.6-1.8B Balance MVP retention and financing
Slide 15: Strong Commitment to Balance Sheet
7 Strong Commitment to Balance Sheet Targeting BBB (mid) Credit Ratings Adjusted Net Debt-to-normalized EBITDA1 4.5x 4.65x 5.0x Leverage targets calibrated to align with Fitch and S&P BBB (mid) credit ratings. Expects to remain around previously stated leverage target of 4.65x with fluctuations
Slide 16: 2026 Dividend Increase and Forward Outlook
7 2026 Dividend Increase and Forward Outlook Plan to return capital through sustainable annual $1.34/Share DIVIDEND dividend increases 2026 Dividend PHILOSOPHY Compound at strong long-term rates that aligns with AltaGas’ long-term normalized EPS1 growth Represents 6% Y/Y increase. 50-60% Payout
Slide 17: REEF Update
8 REEF Update Milestones Cleared To-Date Delivery 2024 2025 2026 Final Investment Decision FEED Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site Clearing Commercial Contracting EPF1 Project Execution Site Prep. Uplands Cost Exposure Installation ~80% project costs committed or incurred to date; ~73
Slide 18: REEF Construction Progress
8 REEF Construction Progress Bullets and Accumulator Uplands Construction Placed Onsite Progressing in line with development plan Jetty Trestles in Place Railroad and Utility Corridor Construction Topside for Dock Phase one near completion 18
Slide 19: Pipestone II – Ready for December 2025 Start-up
8 Pipestone II – Ready for December 2025 Start-up Milestones Cleared To-Date Site Clearing FEED Acid Gas Wells Gathering System Facility Construction Project Execution EPC Contracting ~100% project work executed or under firm price EPC Acid Gas Injection Wells Drilled and Completed Gathering System
Slide 20: Execution Delivers Compounding Long-term Value
Execution Delivers Compounding Long-term Value Normalized Earnings Normalized Dividend Share Price Per Share1, 2 EBITDA1, 2 Per Share Performance ALA-CA Midstream Index LDC Index Blended Index 2021 2022 2023 2024 2025E 2026E 2021 2022 2023 2024 2025E 2026E 2021 2022 2023 2024 2025 2026E 2021 2022 20
Slide 21: 2026 Normalized EBITDA Seasonality Expectations
2026 Normalized EBITDA Seasonality Expectations Consolidated Normalized EBITDA1 Midstream Normalized EBITDA1 Utilities Normalized EBITDA1 by Quarter by Quarter by Quarter 43%- 47% 36%-40% 28%-32% 30%-34% 27%-31% 25%-29% 21%-25% 18%-22% 15%-19% 13%-17% 10%-14% 9%-13% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 22: 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 Development and Investor Relations Aaron.Swanson@altagas.ca Jon.Morrison@altagas.ca Jennifer Sudermann Bl