Slide 1: Q4 2025 Financial Results and Corporate Update
Q4 2025 Financial Results and Corporate Update March 6, 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", "contempl
Slide 3: Table of Contents
Table of Contents 01 2025 Achievements 02 Midstream & Utilities Growth Project Updates 03 Utilities Affordability and LPG Market Updates 04 Q4 2025 Achievements and Highlights 05 Balance Sheet Strength 06 2026 Financial Guidance and Capital Spending 07 Value Proposition 3
Slide 4: 2025 Achievements
2025 Achievements Financial Strong Execution of 2025 Strategic Priorities Normalized EBITDA1,2 Normalized EPS1,3 Top of guidance range Upper-half of guidance range 1 Optimize Assets for Maximum Return Record LPG exports at ~126,000 Strong volumes across platform: G&P Bbl/d. +7% Y/Y; North Pine +8% Y
Slide 5: Pipestone II: Online and Operating Near Capacity
Pipestone II: Online and Operating Near Capacity Executed as Planned $450 MM project delivered on time and on budget. Fully backed by long-term commercial contracting. Adds Valuable Montney Processing Capacity Adds 100 Mmcf/d deep cut sour gas processing capacity. Adds 20,000 Bbl/d of liquids handli
Slide 6: REEF Growth Projects
REEF Growth Projects Continued Project Execution Set to Improve Canadian Connectivity 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 3
Slide 7: REEF Has Made Significant Progress Since Last Year
REEF Has Made Significant Progress Since Last Year February 2025 February 2026 See REEF’s Construction Progress Since 2024: VIDEO LINK 7
Slide 8: Final Two LPG Storage Vessels Arrived This Week
Final Two LPG Storage Vessels Arrived This Week 8
Slide 9: Midstream Growth Projects
Midstream Growth Projects RIPET Methanol Removal | Target COD: Q4/2026 Dimsdale Phase 1 & 2 | Target COD: Q4/2026 & Q2/2027 Key Milestones Key Stats Key Milestones Key Stats Final Investment Decision • Enhances C3 specification Final Investment Decision • Combined 36 Bcf gas storage expansion Commer
Slide 10: Midstream Long Term Growth Projects
Midstream Long Term Growth Projects Townsend De-Propanizer Additional Liquids Infrastructure Expanding Export Capabilities • Advancing certain unit-train infrastructure REEF Optimization 2 • Progressing enhanced liquids handling capacity within the NEBC Montney. opportunities which will complement •
Slide 11: Utilities Near-to-Medium Term Growth Projects
Utilities Near-to-Medium Term Growth Projects Keweenaw Connector Modernization Programs Data Centers Positive FID. Actively being executed. Executed agreement for first phase of 24 US$135 MM cost with early 2027 MW data center in Maryland. Over $1.7 B of ARP spending approved in-service date. or wai
Slide 12: Natural Gas Remains the Affordable and Reliable Solution
Natural Gas Remains the Affordable and Reliable Solution 1 Natural Gas is the Most Affordable Heating Source 2 Cost Advantage Widens as Electric Rates Increase Cost of delivered electricity >3x that of Natural Gas 2024-2025 Median Authorized Rate Increases1 Michigan Michigan 12% U.S. U.S. Average Av
Slide 13: Constructive LPG Fundamentals
Constructive LPG Fundamentals 1 Asian LPG Demand Continues to Grow 2 With a Rising Call for Non-U.S. LPG Supply Asian LPG Demand Growth – Incremental Propane Demand Five-Year Outlook from PDH Additions China Imports of U.S. +300 +23% Propane -56% Additional Propane Demand (MBbl/d) +219 +179 2020 202
Slide 14: AltaGas is Diversifying Exports Across North Asia
AltaGas is Diversifying Exports Across North Asia… AltaGas LPG Export Destinations AltaGas Delivers 120 100 Japan South Korea 7% China 3% Other 1% 29% 45% 14% of South Korea’s propane imports Propane used for home heating + 11% 31% petrochemical; butane used for transportation 80 36% and fuel blendi
Slide 15: While Also Investing in Asian Economic Activity
…While Also Investing in Asian Economic Activity Japan South Korea >US$200MM Investment • Currently • Constructed two VLGCs in country. constructing two • Took delivery in Dec 2023 and Feb VLGCs in country. >US$200MM 2024. Investment • Delivery expected in Q2/2026 and Q4/2026. China ~$190MM • Constr
Slide 16: 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 2026- 2028~$2.2 billion in Utilities growth, ~$3.5 billion of growth investment capacity. and ~$1.1 billion in Midstream growth, Capital $3
Slide 17: Q4/25 Highlights
Q4/25 Highlights Financial De-Risking The Future Normalized EBITDA1,2 Normalized EPS1,3 ($millions) ($/share) Q4/25 Financial Regulatory Approvals RIPET Labour Agreement $564 $0.77 Headwinds: $0.76 New 5-year agreement that D.C. rate case settled at 61% of $520 – Rising share requested increase4
Slide 18: Utilities – Q4/25 Performance
Utilities – Q4/25 Performance Normalized EBITDA1 Customer Usage and Transport Rate base growth through modernization 19% Y/Y increase in WGL customer usage investments and asset optimization and transport. 14% initiatives. 18% 18% Y/Y increase in SEMCO customer Y/Y Growth Favorable weather i
Slide 19: Midstream – Q4/25 Performance
Midstream – Q4/25 Performance Normalized EBITDA1 Strong Global Exports Performance 120 RIPET Stronger export volumes and margins. Ferndale 11% Stronger Pipestone and North Pine >124 Mbbl/d 90 MBbl/d throughput. 60 Y/Y Growth Q4 Exports & Growth partially offset by Harmattan Record quarterly vo
Slide 20: Executed on Balance Sheet Objectives
Executed on Balance Sheet Objectives Adjusted Net Debt-to-Normalized EBITDA1,2 Adjusted Net Debt-to-normalized EBITDA2 2026-2028 4.5x 5.0x 5.5x Target Range 5.0x Target Range Investing Below Investing at Top of Investment Capacity Investment Capacity 4.5x 5.1x 4.7x Debt-to-FFO3 2026-2028 Upgrade Dow
Slide 21: 2026 Financial Guidance
2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) ($/Share) $1,925 - $2,025 5-Year $1,863 6% CAGR $2.20 – $2.45 Tailwinds / Headwinds + Colder weather + Asset Optimization Midstream Midstream: 42% 42% - 46% + LPG spreads and margins + MVP Performance – Ret
Slide 22: 2026 Capex Budget
2026 Capex Budget Capital Allocation1 2026 Capital Budget: $1.6 Billion $1,800 Utilities 4% Midstream Utilities $1,600 Midstream Corporate / Other 2% $1,400 9% 14% 5% 27% $1,200 18% 42% 2% 1% 45% 15% $1,000 1% 41% C$MM 51% 28% 1% 12% 20% $800 10% 22% $600 29% 69% $400 87% 79% 52% 70% 89% 54% REEF Ph
Slide 23: Priorities Execution to Compound Long-term Value
Priorities Execution to Compound Long-term Value Normalized Earnings Normalized EBITDA1 Dividends Share Price Performance Per Share1 Per Share1 Midstream Index 7-Year 14% CAGR 7-Year 9% CAGR Leveraged Halved Blended Index ALA-CA LDC Index 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E
Slide 24: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation 01 02 03 Low Risk Energy Infrastructure Visible, Industry-Leading Growth Disciplined Capital Allocation Platform Providing Stable and Growing Earnings / Cash Flows Utilities moderniz
Slide 25: Q4 2025 Supplementary Tables
Appendix Q4 2025 Supplementary Tables
Slide 26: Consolidated: Q4/25 vs. Q4/24
Consolidated: Q4/25 vs. Q4/24 Normalized EBITDA1,2 ($ millions) 20 -24 48 564 520 Q4 2024 Utilities Midstream Corp/ Q4 2025 Actual Other Actual ▲ Partial settlement of WGL’s post ▲ Global exports performance ▼ Blythe performance (transmission retirement pension plan (margins & volumes) congestion) ▲
Slide 27: Consolidated: Q4/25 vs. Q4/24
Consolidated: Q4/25 vs. Q4/24 Income (Loss) Before Income Taxes ($ millions) -19 -17 115 310 231 Q4 2024 Utilities Midstream Corp/ Q4 2025 Actual Other Actual ▲ Primarily same factors impacting ▼ Lower unrealized gains on risk ▼ Primarily same factors impacting normalized EBITDA management contracts
Slide 28: Consolidated: FY 2025 vs. FY 2024
Consolidated: FY 2025 vs. FY 2024 Normalized EBITDA1,2 ($ millions) -13 33 74 1,863 1,769 2024 Utilities Midstream Corp/ 2025 Actual Other Actual ▲ ARP modernization investments ▲ Global exports performance ▲ Blythe performance ▲ Favorable weather impacts (margins & volumes) ▲ Asset optimization ▲ M
Slide 29: Consolidated: FY 2025 vs. FY 2024
Consolidated: FY 2025 vs. FY 2024 Income (Loss) Before Income Taxes ($ millions) -23 111 195 1,029 746 2024 Utilities Midstream Corp/ 2025 Actual Other Actual ▲ Primarily same factors impacting ▲ Primarily same factors impacting ▼ Primarily same factors impacting normalized EBITDA normalized EBITDA
Slide 30: 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