Slide 1: Investor Presentation
Investor Presentation FEBRUARY 2026 1
Slide 2: Forward-Looking Information
FORWARD-LOOKING INFORMATION To provide readers with information regarding Keyera, including its assessment of future plans, All forward-looking information involve known and unknown risks, uncertainties and other factors operations and financial performance, certain statements contained herein conta
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 with Generally Accepted Accounting Principles (GAAP), such as: EBITDA, adjusted EBITDA, distributable cash flow (DCF), DCF per share, payout ratio, return on i
Slide 4: Why Invest In Keyera?
Why Invest In Keyera? A Long History of Delivering Shareholder Value by Utilizing our Asset Base and Exercising Financial Discipline $4.00 18.0x FINANCIAL COMMODITY COVID-19 PANDEMIC CRISIS PRICE COLLAPSE $3.50 $3.73 16.0x 7% $3.00 $3.08 $3.26 $3.03 $3.36 $3.35 DCF/sh1,2 14.0x DCF/sh CAGR1,2 $2.95 $
Slide 5: Long-Term Volume Growth Supported By New Basin Egress
Long-Term Volume BRITISH COLUMBIA ALBERTA Growth Supported By New Basin Egress MONTNEY 449 Tcf OIL SANDS 298 Bbbl Canada’s World Class Energy Resource DUVERNAY One of the world’s largest holders of oil & gas 77 Tcf Ksi Lisims Coastal Gas Link reserves REEF LNG +2.1 Bcf/d RIPET Inter-Basin One of the
Slide 6: Keyera Benefits From Expected Basin Growth
Keyera Benefits From Expected Basin Growth Strategically Located Fully-Integrated Assets Oil & Gas Production Forecast for Western Canada 26 Forecast 5.6 5.4 24 Gas Production 5.2 Oil Production 22 (MBbl/d) (Bcf/d) 5.0 20 4.8 4.6 18 4.4 16 4.2 14 4.0 2027E 2025E 2026E 2028E 2029E 2030E 2024 2018 201
Slide 7: Delivering Energy Infrastructure Solutions
Delivering Energy Infrastructure Solutions Focused on Maximizing Customer Netbacks Fee-For-Service Infrastructure + Marketing Demand West Coast Export Natural Gas (C1) Power generation, industrial use, heating, cooking Ethane (C2) Petchem products Residential heating, cooking, Propane (C3) petchem p
Slide 8: Fee-Based Adjusted EBITDA CAGR of 7-8% from 2024 to 2027
Fee-Based Adjusted EBITDA1 CAGR of 7-8% from 2024 to 2027 Supported by Continued Filling of Available Capacity and Capital-Efficient Growth Projects 2024 2025 2026E 2027E Continued filling of Wapiti Fee-based Adj. EBITDA1 Continued filling of Simonette ($MM) Liquids growth opportunity at Rimbey Cont
Slide 9: Continued Momentum in 2025
Continued Momentum in 2025 Making Meaningful Progress in Executing our Strategy Sanctioned Frac II ▪ Adds 8,000 bpd of frac capacity under long-term take-or-pay contracts Debottleneck ▪ Expected in-service date: mid-2026 Signed Commercial ▪ Extends Keyera’s value chain providing diversified market a
Slide 10: Plains Acquisition Extending Keyera's Integrated Value Chain
Plains Acquisition Extending Keyera’s Integrated Value Chain Complements Keyera’s Existing Business with an Expanded NGL Service Offering and Diversified Market Access ▪ Enhances scale of NGL infrastructure with Pro Forma Business Statistics △ the addition of Plains’ gathering, fractionation G&P Cap
Slide 11: Plains Acquisition Creates a Cross-Canada NGL Corridor
Plains Acquisition Creates a Cross-Canada NGL Corridor Connecting Production to Key Demand Centers, Delivering Greater Flexibility and Market Access for Customers Extension of KAPS’ reach Increasing into NE B.C. Basin Supply Expanded Capacity KFS Frac II, III, PFS AltaGas Commercial Market Agreement
Slide 12: Plains Acquisition Accelerates Keyera's Growth with Scalable Platform
Plains Acquisition Accelerates Keyera’s Growth with Scalable Platform Positioned for Rapid Expansion Through Near-Term Execution, Synergy Realization, and Capital-Efficient Growth 2024 2025 2026E 2027E 2028E Substantial Fee-Based Adjusted EBITDA1 Growth Continued filling of Wapiti Continued filling
Slide 13: Extending Growth Beyond 2027
Extending Growth Beyond 2027 Preview of Select Future Investment Opportunities Condensate AEF Debottleneck System Growth Expanding Expanding Rail Development of North Region and Logistics Conventional Gathering & Energy and Low- Capabilities Carbon Hub at Processing Capacity Josephburg Investor Pres
Slide 14: Allocating Capital to the Most Value-Accretive Opportunities
Allocating Capital to the Most Value-Accretive Opportunities Keyera Pipestone Gas Plant FINANCIAL FRAMEWORK & CAPITAL ALLOCATION TARGET NEAR-TERM CONTEXT • Maintain investment grade credit rating Credit Ratings BBB Preserve Financial Strength • Preserve financial strength and Flexibility ▪ 1.8x5 net
Slide 15: Solid Financial Position
Solid Financial Position Well Positioned to Pursue Accretive Growth Opportunities TERM DEBT MATURITY BEYOND 2030 Keyera Standalone 1.8x3 net debt to adjusted EBITDA1 at Debt financing for the acquisition of Q4/25 Plains’ Canadian NGL business Investment grade credit ratings TERM DEBT MATURITIES (C$M
Slide 16: High Quality Cash Flow
High Quality Cash Flow 2025 Cash Flow Composition Revenue Break-Down Total Realized Margin1 (by customer type) Break-Down Non 22% Investment 23% Non Fee-for-Service Realized Grade Fee-for-Service Margin1 Break-Down 38% Non Take-or-Pay 78% Investment Grade 77% Fee-for-Service 62% Take-or-Pay Investor
Slide 17: 2026 Guidance
2026 Marketing Realized Fee-Based Adjusted EBITDA1 Margin1 Guidance 2026 7%-8% Updated with Q1 2026 results, after the NGL Guidance CAGR (’24 - ’27) contract season Maintenance Growth Capital Expenditures Capital Expenditures Cash Taxes $400-$475 MM $140-$160 MM $60-$70 MM FY 2026 FY 2026 FY 2026 In
Slide 18: Our Sustainability Progress
Our Sustainability Progress Ensuring Long-Term Business Sustainability ESG Rating of AAA Top 20th Percentile Canada’s Top 100 Employers for 2025 for Refiner & Pipelines, for the third consecutive year Meaningful Emissions Reductions recognized for ‘Strong ESG Alberta’s Top 85 Employers for 15 consec
Slide 19: Why Invest In Keyera?
Why Invest In Keyera? A Long History of Delivering Shareholder Value by Leveraging our Asset Base and Exercising Financial Discipline $4.00 18.0x FINANCIAL COMMODITY COVID-19 PANDEMIC CRISIS PRICE COLLAPSE $3.73 16.0x $3.50 7% $3.00 $3.08 $3.26 $3.03 $3.36 $3.35 DCF/sh1,2 14.0x DCF/sh CAGR1,2 $2.95
Slide 20: Notes
NOTES Slide 4 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” for additional information. 2. Keyera calculates distributable cash flow per share after cash taxes and maintenance capi
Slide 21: Contact Information
CONTACT INFORMATION 1-888-699-4853 Dan Cuthbertson ir@keyera.com General Manager, Investor Relations Tyler Monzingo, MBA Senior Specialist, Investor Relations WWW.KEYERA.COM Keyera Corp. The Ampersand, West Tower 200 144 – 4th Avenue SW Calgary, Alberta T2P 3N4 Investor Presentation 21