Pembina Pipeline Corporation · TSX:PPL
Pembina Pipeline — Investor Presentation (September 2026)
48 slides from Pembina Pipeline's investor presentation, September 2026
Slide 1: Pembina Pipeline Corporation Investor Presentation
Pembina Pipeline Corporation Investor Presentation Investor Presentation TSX: PPL; NYSE: PBA September 2026
Slide 2: Forward-Looking Statements and Information
Forward-Looking Statements and Information This presentation contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legi
Slide 3: Pembina's Value Proposition
Pembina’s Value Proposition Executing our 3Cs Strategy drives growth and value creation What How Why 3Cs Strategy We Do What We Say Invest in Pembina Capture Operational excellence Premier integrated value chain across all premier resource plays to commodities grow and strengthen our Competitive pro
Slide 4: Our Advantage
Our Advantage Fully integrated wellhead-to-market energy infrastructure across all hydrocarbon products Large, integrated asset base provides unparalleled customer value across Integration all hydrocarbon products from the top North American resource base Pembina’s scale, combined with major project
Slide 5: The Pembina Store
The Pembina Store Integrated service offering creates an enduring competitive advantage
Slide 6: Transformational WCSB Developments with Global Relevance
Transformational WCSB Developments with Global Relevance Continued momentum in volume growth on Pembina systems driven by several WCSB catalysts Growing Export WCSB Catalyst Evolution Capacity Executed: TMX Expansion (~590 mbpd) Crude Proposed / In Progress(1): ~180 mbpd - 800 mbpd new third-party e
Slide 7: Integrated Growth Driving Value Across Our Entire Business
Integrated Growth Driving Value Across Our Entire Business Oil, natural gas, condensate, and NGL drive interconnected WCSB growth(1) ~6,800 West Coast Oil Pipeline WCSB Oil ~5,400 ~5,800 Production(2) 8%+ mbpd Growth 2025 2035 ~850 WCSB ~520 Condensate 62% Production Growth mbpd 2025 2035 ~960 ~690
Slide 8: Strategically Located Transportation and Midstream Assets
Strategically Located Transportation and Midstream Assets Strategically located assets and integrated value chain position Pembina to capture WCSB growth 7
Slide 9: Growth Outlook to 2030
Growth Outlook to 2030 Core business and value chain extensions combine for visible and competitive growth 5-7% fee-based adjusted $0.00/sh. EBITDA(1) per share CAGR to 2030 - $0.30/sh. $0.40/sh. - $0.65/sh. $8.25/sh. - $8.90/sh. $1.10/sh. - $1.20/sh. $6.76/sh. 2026 Volume Growth and Projects Other
Slide 10: Business Overview
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Slide 11: Strategically Located Pipelines
Strategically Located Pipelines(1) Strategically located pipelines for transportation of natural gas, crude oil, condensate and NGL ~3.0 mmbpd hydrocarbon transportation capacity ~10 mmbbl above ground storage capacity Conventional pipelines transport crude oil, condensate, ethane- plus NGL and prop
Slide 12: Extensive Gas Processing, Fractionation, Storage and Export Facilities
Extensive Gas Processing, Fractionation, Storage and Export Facilities(1) Portfolio of industry-leading facilities creates value-added flexibility and optionality for customers ~6.8 bcf/d gas processing capacity including ~504 mmcf/d deep cut processing capacity ~115 mbpd condensate stabilization ~4
Slide 13: Marketing Unlocks Incremental Value for Pembina
Marketing Unlocks Incremental Value for Pembina Marketing pairs access to commodities with an extensive asset base to enrich the value of Canadian energy Key Advantages to Marketing Business 1 Enhances the value, optimizes, and enables growth of our infrastructure 2 Asymmetric upside through leading
Slide 14: Industry Leading NGL Market Optionality
Industry Leading NGL Market Optionality Extensive portfolio of industry-leading facilities creates value-added flexibility and optionality Edmonton & Younger Propane portfolio diversified across North American and global markets, with Sarnia (Conway Market) flexible transport options—rail, pipeline,
Slide 15: Superior Service Offering Across All Commodities
Superior Service Offering Across All Commodities(1) Pembina is best positioned to benefit from growth across all commodities in the WCSB Canadian Natural Gas Liquids (NGL) Natural Gas Condensate Crude Oil Peers - (Ethane, Propane, Butane) WCSB Service Offering by Gathering & Domestic Export LNG C2 +
Slide 16: Diversified and Highly Contracted Business with ~70% Take-or-Pay
Diversified and Highly Contracted Business with ~70% Take-or-Pay Pembina’s business is highly diversified and substantially underpinned by fee-based, high take-or-pay contracts Division Commodity Type Marketing & Commodity Pipelines NGL Crude Oil & Take-or-Pay / Cost- New Ventures Exposed Condensate
Slide 17: Industry Leading Project Execution
Industry Leading Project Execution Distinguished track record of delivering >$6 billion of major projects on-time and on-budget Major Projects since 2017 Completed On-Time? Completed On-Budget? Facilities RFS III Ahead of schedule Under budget Duvernay I Ahead of schedule Under budget Duvernay II On
Slide 18: Environmental, Social, and Governance (ESG) Stewardship
Environmental, Social, and Governance (ESG) Stewardship Continue to progress across our ESG priorities, as highlighted in our 2025 Sustainability Report ESG Ratings(2) Target Target 2026 ESG Leader Target Target Target 17
Slide 19: ~$5 Billion of Projects Under Construction to Meet Growing Demand and Extend the Value Chain
~$5 Billion of Projects Under Construction to Meet Growing Demand and Extend the Value Chain 19
Slide 20: Superior Project Execution
Superior Project Execution Capital efficient, safe, on-time, and on-budget expansions to meet customer demand K3K3 Cogeneneration Cogeneration $70mm (net) In-service since March 2026 (28 MW)(28 MW) ✓ On track to deliver ~$2 billion (net) of projects on-time and ~5% under budget from 2024 to 2026 Wap
Slide 21: Cedar LNG Project is Trending On-Time and On-Budget
Cedar LNG Project is Trending On-Time and On-Budget Over 80% of costs have been committed to date Project is under a 70% EPC lump sum agreement which insulates partners from cost overrun risk Key Construction Milestones End • FLNG vessel moves from dry dock to wet dock of • Cedar Pipeline mechanical
Slide 22: Cedar Pipeline Cedar LNG
Cedar Pipeline (8.8km) Cedar LNG Marine Terminal LNG Canada Cedar LNG CGL Delivery Point Meter Station to Cedar LNG Cedar Link Pipeline (1.1km)
Slide 23: Cedar LNG Attractive Economics
Cedar LNG Attractive Economics Long-term, low-risk cash flow with asymmetric upside • Fee-for-service commercial model ensures Pembina’s base level of secured cash flow while retaining incremental upside participation without commodity downside risk Secure Base Cash Annual Adjusted EBITDA (net)(1) F
Slide 24: Leading Supplier of Ethane to Alberta's Growing Petrochemical Industry
Leading Supplier of Ethane to Alberta’s Growing Petrochemical Industry Heartland Extraction Plant to meet incremental ethane demand • Pembina’s fully integrated ethane value chain best suited to supply petrochemical feedstock Pembina’s • Deep Cut gas processing plants (PGI) and straddle plants (Youn
Slide 25: Projects Under Development Driving Further Growth and New Integrated Services
Projects Under Development Driving Further Growth and New Integrated Services 25
Slide 26: Building a Business – Leveraging our Advantage
Building a Business – Leveraging our Advantage Pembina is best positioned to capture economic benefits from Alberta Industrial Heartland growth Existing Footprint • The Redwater Complex – largest fractionation facility in Canada with unequaled downstream connectivity • Large land base – grid connect
Slide 27: Greenlight Electricity Centre
Greenlight Electricity Centre Integration and extension of Pembina’s natural gas value chain through durable demand platforms Pembina, Morgan Stanley Infrastructure Partners, and Kineticor are partners in the Greenlight Electricity Centre Limited Partnership, which is developing large-scale natural
Slide 28: Greenlight Electricity Centre
Greenlight Electricity Centre Constructing a low-risk extension of the natural gas value chain through long-term contracted gas-to-power Capital Cost Estimate ~85% of project costs are de-risked through EPC and turbine agreements Project Spending Profile Commercial Highlights • Underpinned by a 20-y
Slide 29: Clearwater Formation - Emergence of the Next Resource Play
Clearwater Formation - Emergence of the Next Resource Play Pembina’s assets are supporting growing recoveries and technological advancements in the Clearwater formation Clearwater Play At A Glance(1) Pembina Nipisi Pipeline 2.0 ~100,000 bpd Nipisi Pipeline is fully contracted and has delivered a ~50
Slide 30: Pembina's Growth Path
Pembina’s Growth Path Growing fee-based business with value-enhancing marketing overlay 5-7% fee-based adjusted EBITDA per share CAGR through 2030 Future Fee-based Opportunities Sanctioned Under Development Capture • RFS IV expansion (Q2 2026) • Additional pipeline debottlenecks premier resource pla
Slide 31: Financial Outlook
Financial Outlook 31
Slide 32: Prudent Capital Allocation
Prudent Capital Allocation Committed to strategy execution and growth with disciplined financial stewardship • Maintain strong BBB rating → 13 consecutive years as BBB (stable) • Target Proportionately Consolidated Senior Debt to EBITDA of 3.5x - 4.25x 1 Balance sheet strength • One of 5 North Ameri
Slide 33: Growth Outlook to 2030
Growth Outlook to 2030 Core business and value chain extensions combine for visible and competitive growth Heartland Extraction Plant (late 2029) ✓ Sanctioned May 25, 2026 Higher Utilization of Existing Assets Greenlight Electricity Centre (H2 2030) Nipisi Expansion ✓ Sanctioned July 2, 2026 5-7% Ta
Slide 34: Maintaining the Financial Guardrails
Maintaining the Financial Guardrails Pembina’s financial risk parameters for executing our strategy 2025 2026 (F) Maintain target of 80% fee-based contribution to ~85% - 1 ~89% adjusted EBITDA(1)(2) 90% 2 Target <100% payout of fee-based distributable ~70% 65-70% cash flow (Standard Payout Ratio)(2)
Slide 35: Commitment to a Strong BBB Credit Rating
Commitment to a Strong BBB Credit Rating Pembina remains committed to prudent financial management and maintaining a strong BBB credit rating Proportionately Consolidated Debt-to-Adjusted EBITDA(1) Pembina’s Debt Maturity Profile(2) $4,000 4.25x Senior Debt Term Loan Revolving Credit Hybrid ~85 of P
Slide 36: Funding Plan for 2026 to 2030
Funding Plan for 2026 to 2030 Pembina’s visible 5-7% fee-based growth will be executed within financial guardrails ~$3.0Bn ✓ Resilient business supported by ~$3.0Bn $16.5Bn - $18.0Bn long term fee-for-service contracts $6.9Bn - $8.3Bn $3.3Bn - $7.3Bn plus incremental marketing upside Incremental Pro
Slide 37: 2026 Adjusted EBITDA Guidance
2026 Adjusted EBITDA Guidance(1) 2026 Adjusted EBITDA Guidance range of $4.35 - $4.55 billion $4.55B • Higher volumes and margin on certain pipelines (primarily Peace - Pipeline, Nipisi Pipeline and Cochin Pipeline) $4.35B $4.41B • Expected in-service of the RFS IV Expansion, Wapiti Expansion, K3 Co
Slide 38: 2026 Capital Program
2026 Capital Program 2026 Capital supports Pembina’s LNG & LPG Export Strategy and Growing Demand from WCSB Volume Growth $1.6 Billion Capital Program: • RFS IV Expansion • Fox Creek-to-Namao Expansion • Prince Rupert Terminal optimization • Birch-to-Taylor Expansion • Taylor-to-Gordondale Expansion
Slide 39: Pembina's Value Proposition
Pembina’s Value Proposition Executing our 3Cs Strategy drives growth and value creation What How Why 3Cs Strategy We Do What We Say Invest in Pembina Capture Operational excellence Premier integrated value chain across all premier resource plays to commodities grow and strengthen our Competitive pro
Slide 40: Endnotes
Endnotes Slide 5: Transformational WCSB Developments with Global Relevance (1) Includes Enbridge Mainline optimizations, Express optimization, TMX DRA and optimizations. Slide 29: Pembina’s Growth Path (2) Source: AltaGas disclosure, Trigon disclosure, and Pembina estimates. (1) (1) Adjusted EBITDA
Slide 41: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Throughout this presentation, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either excl
Slide 42: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("adjusted EBITDA") and adjusted EBITDA per Common Share Year Ended Year Ended Year Ended Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance cos
Slide 43: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Adjusted EBITDA From Equity Accounted Investees In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line
Slide 44: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Adjusted Cash Flow From Operating Activities and Adjusted Cash Flow From Operating Year Ended Activities per Common Share ($ millions, except as noted) Notes December 31, 2025 Adjusted cash flow from operating activities is a non-GAAP measure which is defined as
Slide 45: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Fee-Based Contribution to Adjusted EBITDA Year Ended ($ millions, except as noted) Notes December 31, 2025 Fee-based contribution to adjusted EBITDA is a non-GAAP measure defined as the portion of adjusted EBITDA derived from the fee-based, non commodity exposed
Slide 46: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Year Ended ($ millions, except as noted) Notes December 31, 2025 Cash Flow After Dividends and Free Cash Flow Cash flow from operating activities 3,301 Cash Flow After Dividends and Free Cash Flow are non-GAAP measures and Cash Flow After Dividends paid – common
Slide 47: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Rating Agency FFO-to-Debt Year Ended Year Ended ($ millions, except as noted) Notes December 31, 2024 December 31, 2025 Rating Agency FFO-to-Debt is a non-GAAP ratio defined and used by Pembina to replicate one of the Company’s rating agency methodologies, in th
Slide 48: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Year Ended Year Ended December ($ millions, except as noted) Notes December 31, 2024 31, 2025 Senior Debt Loans and borrowings (current) 1,525 600 Senior debt is a non-GAAP measure and is defined as the sum of current and non-current loans and borrowings. Senior
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