Capital Power Corporation · TSX:CPX
Capital Power — Q4 2024 Earnings Presentation
21 slides from Capital Power's earnings presentation, Feb 26, 2025
Slide 1: Powering the North American energy expansion
Powering the North American energy expansion Year End 2024 | Analyst Presentation
Slide 2: Agenda
Agenda Q4 2024 | 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: Cautionary statement: forward-looking information and non-GAAP measures
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 net finance expense, income tax expense, forward-looking information. Actual results could differ
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: 2024 highlights
2024 highlights Deliver ~ 38 TWh Deliver Record generation from strategically positioned fleet 2024 generation Execution of major turnarounds at seven facilities Sell down of Canadian renewable assets 1.2 Build ~ GW Build Completed: Genesee 1 & 2 repower Capacity completed and advanced1 Advanced: On
Slide 6: 2024: Record annual generation | ~38 TWh
2024: Record annual generation | ~38 TWh Total CPX generation capacity GW1 Capacity added1 ~10.0 Development ~150 MW wind | ~120 MW solar ~6.5 Acquisition ~2,600 MW natural gas Uprate / Expansion ~590 MW expansions 2020 2024 1. Based on Capital Power’s ownership interest 6
Slide 7: 2024: Increased diversification | Highly contracted U.S. portfolio
2024: Increased diversification | Highly contracted U.S. portfolio 2020 - $955M Adjusted EBITDA 2024 - $1,333M Adjusted EBITDA 22% 78% 43% 57% Canada US Canada US Significant increase in U.S. capacity and adjusted EBITDA, positions us for success in the energy expansion. 1. Adjusted EBITDA contribut
Slide 8: 2024: Ontario facility expansions in progress
2024: Ontario facility expansions in progress | Platform for capturing future value Ontario capacity MW 105 Investment in Canada’s 60 largest market enhances 170 CPX value / positioning: ~335 MW additional capacity 1,200 Increases weighted average contract life Dispatchable capacity Supports grid re
Slide 9: 2024: Genesee off-coal | Repowering complete
2024: Genesee off-coal | Repowering complete Genesee Generating Station capacity MW Repowering positions CPX to succeed ~500 MW additional capacity 500 Generation capacity Future data ~1.9 GW center potential 1,400 Maximization of Most efficient asset life CCGT in Canada Legacy capacity Repowering F
Slide 10: 2024: Renewable sell-down | Optimizing our portfolio
2024: Renewable sell-down | Optimizing our portfolio and crystalizing returns Asset Rotation Crystalized 49% sell-down of Proceeds returns ownership interest $333 M1 Proceeds received Two Canadian exceeded targeted Wind facilities returns for renewables Renewable sell-down aligns with our portfolio
Slide 11: CPX: Largely insulated from potential tariffs
CPX: Largely insulated from potential tariffs Limited direct impacts from tariffs: Marginal exposure to cross-border commodity sales for RECs and electricity Limited near-term supply chain impacts to our projects in development Local fuel procurement and energy sales insulate our business from tarif
Slide 12: Capital Power investment thesis
Capital Power investment thesis Strong Large, diversified In-house Proven ability to Contracted cash fundamentals existing operational acquire and flow provides favour existing gas generation and commercial optimize thermal stability and low- generation capacity footprint expertise generation assets
Slide 13: Q4 2024 financial performance
$ 823 M $ 330 M Adjusted Revenues and other income(1) EBITDA - $63M YoY Q4 2024 + $17M YoY Financial performance $ 182 M $ 438 M Net cash flows AFFO + $20M YoY from operating activities + $456M YoY 1. Before unrealized changes in fair value of commodity derivatives & emission credits 13
Slide 14: Year-end 2024 financial performance
$ 3,329 M $ 1,333 Adjusted M Revenues and other income(1) - $389M YoY Year-end EBITDA - $122M YoY 2024 financial performance $ 817 M 1,144 M $ Net cash flows AFFO - $2M YoY from operating activities +$322M YoY 1. Before unrealized changes in fair value of commodity derivatives & emission credits. 14
Slide 15: US growth and contractedness drives stability in our portfolio
US growth and contractedness drives stability in our portfolio Adjusted EBITDA YE 2023 to YE 2024 comparison $780 $656 $550 $369 $342 $333 -29% +78% -3% Alberta U.S. Rest of Canda YE 2023 YE 2024 1. Adjusted EBITDA values do not include corporate costs. 15
Slide 16: 2025: Guidance summary
2025: Guidance summary $M Adjusted EBITDA AFFO Sustaining Capex 1,340-1,440 1,310-1,410 195-225 850-950 180-200 770-870 2024 Revised Guidance 2025 Guidance 2024 Guidance 2025 Guidance 2024 Guidance 2025 Guidance 16
Slide 17: Delivered 2024 Strategic Priorities
Delivered 2024 Strategic Priorities Deliver Build Create Provide safe, reliable generation Complete Genesee Repower Advance balanced energy / low and transition off coal carbon solutions • ~38 TWh across our fleet • COD Genesee 1 & 2 Repower • Evaluated data center opportunities Execution of major t
Slide 18: 2025: Strategic Priorities
2025: Strategic Priorities Contract Optimization Re-contract / contract flexible generation (including data centers) Uprate and Expand Maximize facility asset life and value Acquire Expand flexible generation portfolio Develop Grow renewables portfolio 18
Slide 19: Questions & Answers
Questions & Answers 19
Slide 20: Forward-looking information
Forward-looking information Forward-looking information or statements included in this presentation are provided to inform our shareholders and • the impact of climate change, including our assumptions relating to our identification of future risks and potential investors about management’s assessme
Slide 21: Investor Relations
Investor Relations Roy Arthur VP, Investor Relations 1-403-736-3315 | investor@capitalpower.com capitalpower.com 21