Capital Power Corporation · TSX:CPX
Capital Power — Q2 2025 Earnings Presentation
24 slides from Capital Power's earnings presentation, Jul 30, 2025
Slide 1: U.S. growth drives portfolio transformation
U.S. growth drives portfolio transformation Q2 2025 | Analyst Presentation
Slide 2: Agenda
Agenda Q2 2025 | Analyst presentation 1. Business Highlights | Avik Dey - President & CEO 2. Financial Review | Sandra Haskins - SVP, Finance & CFO 3. Closing Remarks | Avik Dey - President & CEO 4. Q&A | Management Sandra Haskins SVP, Finance & Chief Financial Officer Avik Dey President & CEO 2
Slide 3: Forward-looking and Non-GAAP financial measures cautionary statement
Forward-looking Non-GAAP financial information measures and ratios Cautionary statement Certain information in this presentation and responses to questions contain Capital Power uses (i) earnings before, income tax expense, depreciation and forward-looking information. Actual results could differ ma
Slide 4: 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, or North America. Capital Power’s head office is located within the trad
Slide 5: Q2 2025 Highlights: Expanded U.S. Presence
Q2 2025 Highlights: Expanded U.S. Presence Buy: • Closed highly accretive PJM acquisition; largest in company history • U.S. flexible generation capacity increased to 60% ~ 22 . GW Generation acquired Optimize: • Achieved commercial operation on 40MW Goreway uprate • Advanced ~310MW of flexible gene
Slide 6: Capital Power Today: Leading North American IPP
Capital Power Today: Leading North American IPP Positioned to grow and create shareholder value Greater Scale1 Enhanced Stability ~$ 17 bn Enterprise Value ~$ 10 bn Market Capitalization BBB Fitch S&P - BBB DBRS LOW Enhanced institutional ownership Investment grade rated 12GW of Capacity Cumulative
Slide 7: Enhanced U.S. Flexible Generation
Enhanced U.S. Flexible Generation Natural gas is critical to meeting growing U.S. electricity demand 2022 2025 ~5.2 GW of flexible generation capacity ~10.4 GW of flexible generation capacity U.S. Flexible ~1.5GW 6.2 GW Generation of U.S. Flexible Canada Flexible of U.S. Flexible 30% Generation Gene
Slide 8: Strong Market Fundamentals
Strong Market Fundamentals We are well positioned for re-contracting across our portfolio MISO • Elevated capacity at the cap of $329/mw-day (up ~22% since previous auction) 9% PJM • Strong energy pricing and spark spreads AESO Other U.S. 28% 10% • RA pricing rising - tightening supply, increased de
Slide 9: Rising Pricing in PJM
Rising Pricing in PJM Elevated capacity pricing and energy prices in contango Historical PJM Auction Prices 1 PJM AEP-Dayton Power Price 2 (per MW-day) ($/MWh) $60 $329 Forwards $270 $45 $30 Historical $50 $34 $29 $15 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 2023 2024 Jan-Jun 2025 Aug-Dec 2
Slide 10: Genesee is Positioned for Success
Genessee is Positioned for Success Genesee Repower increased profitability amid trough in power prices Alberta Pool Price Illustrative Genesee Clean Spark Spread ($/MWh) ($/MWh) $150 $60 $125 $45 ~10% $100 ~70% $75 $30 $50 $15 $25 $0 $0 2023 2025 2023 2025 YTD w. repower Through increased efficiency
Slide 11: Superior Asset Composition
Superior Asset Composition U.S. growth further enhances asset positioning for commercial optimization Average Asset Age 1 Average Heat Rate 1 (yrs) (MMBtu/MWh) 9.1 30.6 7.9 18.0 Capital Power Peer Average Capital Power Peer Average 1. Peer group is comprised of Constellation, Vistra, Talen and NRG u
Slide 12: Diverse Funding Sources Include U.S. Debt
Diverse Funding Sources Include U.S. Debt Proven ability to rapidly raise and deploy capital Sources of funding Cumulative 2020 – 2025 (Q2 YTD) Common Equity4 Access to low-cost capital 20% Multiple sources of funding Asset Sales3 Debt 1 4% 44% Continued ability to finance growth Partnerships 11% In
Slide 13: Growing within our Guardrails
Growing within our Guardrails Consistently increasing our dividend and cash flow per share 60% Dividend Payout Ratio 50% 30 – 50% targeted dividend payout ratio 40% 30% Strong total shareholder 20% return driven by growth within our guardrails 10% 0% 2020 2021 2022 2023 2024 CAGR of 6% and 7% for di
Slide 14: Q2 2025 Financial Performance
$ 769 M Revenues and $ 322M Adjusted other income(1) EBITDA $64M YoY -$1M YoY Q2 2025 Financial Performance $ 235 M AFFO $ 143 M Net cash flows from operating activities $57M YoY $7M YoY 1. Before unrealized changes in fair value of commodity derivatives & emission credits. 14
Slide 15: Q2 2025: Adjusted EBITDA
Q2 2025: Adjusted EBITDA Strong flexible generation portfolio contributions Adjusted EBITDA1 $163 $166 $141 Q2 2025 actuals $128 adjusted for sell- down transaction +10% +2% -7% -15% $41 $35 $29 $27 U.S. Flexible Generation Canada Flexible Generation U.S. Renewables Canada Renewables Q2 2024 Q2 2025
Slide 16: H1 2025 Financial Performance
$ 1,684M Revenues and $ 689M Adjusted other income(1) EBITDA $63M YoY $77M YoY H1 2025 Financial Performance $ 453 MAFFO $ 353 M Net cash flows from operating activities $126M YoY -$117M YoY 1. Before unrealized changes in fair value of commodity derivatives & emission credits. 16
Slide 17: Revised 2025 Guidance Summary ($M)
Revised 2025 Guidance Summary ($M) Reflects addition of PJM assets Adjusted EBITDA AFFO Sustaining Capex 950-1,100 1,500 -1,650 850-950 1,340-1,440 215-245 195-225 453 YTD 690 YTD 73 YTD Original 2025 Guidance H2 2025 Revised 2025 Guidance Original 2025 Guidance H1 2025 Revised 2025 Guidance Origina
Slide 18: Positioned for superior shareholder value creation
Positioned for superior shareholder value creation Compelling fundamentals: strengthening market fundamentals drive rising value for our existing generation Operational expertise: in-house expertise maximizes efficiency and asset life Proven ability to grow: multiple avenues for growth include acqui
Slide 19: Investor Day 2025
Investor Day 2025 Toronto - Ontario December 9 | Goreway Power Station Tour December 10 | Presentations and Q&A 19
Slide 20: Questions & Answers
Questions & Answers 20
Slide 21: Appendix
Appendix 21
Slide 22: CPX 2025 Guidance Summary
CPX 2025 Guidance Summary: Revised reporting structure Net Capacity Proportion of total Generation Capacity Availability (GW) net capacity (TWh) Factor U.S. Flexible Generation 6.2 53% 23 50% 93% Canada Flexible Generation 4.2 35% 19 55% 94% U.S. Renewables 0.6 5% 2 40% 93% Canada Renewables2 0
Slide 23: Forward-looking information
Forward-looking information Forward-looking information or statements included in this MD&A are provided to inform our shareholders and potential • electricity and other energy and carbon prices, investors about management’s assessment of Capital Power’s future plans and operations. This information
Slide 24: Investor Relations
Investor Relations Roy Arthur VP, Strategy, Planning, and Investor Relations 1-403-736-3315 | investor@capitalpower.com A white x on a yellow background Description automatically generated capitalpower.com 24