Capital Power Corporation · TSX:CPX
Capital Power — Q1 2026 Earnings Presentation
25 slides from Capital Power's earnings presentation, Apr 29, 2026
Slide 1: Resilience Amid Volatility
Resilience Amid Volatility Balanced Returns, Consistent Strategy Analyst Presentation | Q1 2026
Slide 2: Agenda
Agenda Business Highlights Avik Dey, President and CEO Financial Review Kevin MacIntosh, Chief Financial Officer Closing Remarks Avik Dey, President and CEO Q&A Avik Dey Kevin MacIntosh President and CEO SVP, Finance and CFO Capital Power | 2
Slide 3: Territorial Acknowledgement
Territorial Acknowledgement In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island (North America). We acknowledge the diverse Indigenous communities that a
Slide 4: Forward-looking information and Non-GAAP financial measures
Forward-looking Non-GAAP financial information measures and ratios Cautionary statement Capital Power uses (i) earnings before income tax expense, depreciation and amortization, net finance expense, foreign exchange gains or losses, gains or losses on Certain information in this presentation and res
Slide 5: Key Messages
Key Messages Stability Risk / Return Diversification Our strong performance continues We remain confident in delivering amid macro uncertainty We are diversified across multiple growth without changing our risk / We have a solid track record of markets and see growth opportunity return proposition l
Slide 6: Q1 2026 Highlights
Q1 2026 Highlights • Successfully extended long-term contract for Arlington Valley to 2038 Optimize • Arlington Valley and Hummel upgrades on track (50-75 MW of incremental capacity) • Advancing commercial optimization opportunities in Alberta and the U.S. Growth Build • Advancing construction on fo
Slide 7: Gas Generation is Structurally Advantaged
Gas Generation is Structurally Advantaged Low-cost fuel insulated from macro volatility Volatility Index 1 up 60% Oil Futures 2 up 25% Gas Futures 3 down 7% Data reflects changes from December 10, 2025 (CPX Investor Day) to March 31, 2026. 1. Volatility measured using the VIX Index. 2. Based on aver
Slide 8: Long-Term Contracting
Long-Term Contracting Clear track record for commercial optimization 18% Arlington Valley CAGR (4-Year) MCV 0.6 GW Contracted EBITDA 1.2 GW Ontario 1.5 GW 1 Arlington Valley 0.8 GW 2021 2022 2023 2024 2025 2026 1. Goreway/York/East Windsor Energy (including capacity uprates, BESS and expansions). Ca
Slide 9: Strong Positioning
Strong Positioning Stable contracted base with meaningful upside ~20% Medium-term 1 contracted ~12 GW ~40% Merchant Portfolio ~40% Long-term 2 contracted ~7GW Available (~60% of portfolio) for contracting 1. Medium-term contracts have expiries prior to 2031. 2. Long-term contracts have expiries from
Slide 10: Why Alberta?
Why Alberta? Structurally advantaged with a track record of load colocation ~ 2 GW 1 $ 2-3 /GJ 2 ~ 3 GW 3 Co-located Load | 25% of Market Underutilized Infrastructure Abundant Low-Cost Fuel Constructive Energy-Only Market 1. Represents Alberta Electric System Operator's (AESO) estimated large load a
Slide 11: Opportunity Across Geography
Opportunity Across Geography Strong fundamentals across core markets 4% Annual Power Demand Growth 3% 2% 1% 0% 2024 2025 Alberta DSW MISO Ontario PJM Average Source: Alberta, Alberta Electric System Operator (AESO). DSW, Western Electricity Coordinating Council (WECC). PJM, PJM Interconnection. MISO
Slide 12: Opportunity Across Technology
Opportunity Across Technology Strong growth among our three core technologies Power Generation Growth by Technology (CAGR) ~ 80 % ~7 % ~5 ~ 0.5 % % Total Power Generation Natural Gas Renewables Storage Source: EIA. Natural gas and renewables growth based on 20-year historical US power generation. St
Slide 13: Proven Long-Term Growth
Proven Long-Term Growth Dividend Per Share ($) Adjusted EBITDA ($M) ~7% CAGR ~13% CAGR 1,580 2.69 1.51 509 2016 2025 2016 2025 12 20% TSR Consecutive years CAGR of dividend increases (10-Year) Capital Power | 13
Slide 14: Ongoing Commitment to Balance Sheet Discipline
Ongoing Commitment to Balance Sheet Discipline ~ 75 % 1 BBB- / BBB (low) 9-11 Years Long-term Contracted EBITDA S&P, Fitch, DBRS Weighted Average Contract Life 1. Long-term contracted EBITDA includes longer duration hedges. Capital Power | 14
Slide 15: Q1 2026 Financial Performance
Q1 2026 Financial Performance Strong results fueled by generation strength, diversification and M&A Q1 2026 Financial Performance Adjusted EBITDA 1 $404 M + $37 M YoY 1 1 AFFO $154 M - $64 M YoY Revenues and $1,205 M + $217 M YoY other income Net cash flows from operating activities $312 M + $102 M
Slide 16: Reaffirming 2026 Guidance Ranges
Reaffirming 2026 Guidance Ranges Adjusted EBITDA AFFO 1 Sustaining CAPEX 1 $1,565 M – 1,765 M $890 M – 1,010 M $290 M – 330 M 1. AFFO and Adjusted EBITDA are Non-GAAP financial measures. See Non-GAAP Financial Measures and Ratios. Capital Power | 16
Slide 17: Our 2030 Targets
Our 2030 Targets 1 U.S. expansion to drive cash flow per share growth and returns 8-10% Cash Flow AFFO / Share 2 Growth CAGR ~ 50 % U.S. Growth Additional Owned U.S. Capacity of 3.5 GW 13-15 % Annual TSR +100bps from 2024 Investor Day 1. 2026 base year for growth outlook through 2030. 2. AFFO per sh
Slide 18: Questions & Answers
Questions & Answers Capital Power | 18
Slide 19: Appendix
Appendix Capital Power | 19
Slide 20: CPX 2026 Guidance Summary
CPX 2026 Guidance Summary Net Capacity Proportion of total Generation Capacity Availability (GW) net capacity (TWh) Factor U.S. Flexible Generation 6.2 51% 27.6 51% 92% Canada Flexible Generation 4.4 36% 18.0 53% 92% U.S. Renewables 0.6 5% 2.2 39% 96% Canada Renewables 0.9 8% 2.7 35% 97% Total 1
Slide 21: EBITDA to AFFO Reconciliation
EBITDA to AFFO Reconciliation Q1 2026 Actuals ($M) 2026 Guidance ($M) 1 Adjusted EBITDA 404 1,565-1,765 Interest payments (89) (365) 2 Income tax and other (47) (15) 3 Sustaining capital (107) (290) – (330) Preferred share dividends (7) (28) 1 Adjusted funds from operations 154 890-1,010 1. AFFO a
Slide 22: PJM and Alberta Portfolio Position
PJM and Alberta Portfolio Position Portfolio Hedged Volumes (March 31, 2026) Alberta PJM 20261 2027 2028 20261 2027 2028 Hedged Power (GWh) 9,000 8,500 4,500 7,500 9,500 5,500 2 Weighted Average Price ($/MWh) Low-$70s Low-$70s Mid-$70s High-$40s High-$40s High-$40s Hedged Natural Gas 3 65,000 60,000
Slide 23: Q1 2026 Results by Facility
Q1 2026 Results by Facility Detailed Results by Facility Click to download Capital Power | 23
Slide 24: Forward-looking information
Forward-looking information Forward-looking information or statements (collectively, “forward-looking information”) included in this Whether actual results, performance or achievements will conform to our expectations and presentation are provided to inform our shareholders, potential investors and
Slide 25: Investor Relations
Investor Relations Noreen Farrell Director, Investor Relations 1-403-461-5236 investor@capitalpower.com TSX: CPX Capital Power | 25