Slide 1: Q4 2024 Financial Results and Corporate Update
Q4 2024 Financial Results and Corporate Update March 7, 2025
Slide 2: Forward-Looking Information
Forward-Looking Information This presentation contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "likely", "will", "intend", "contemplate", "plan", "anticipate", "believe", "aim", "seek", "future", "commit", "propose", "contempl
Slide 3: Agenda
Agenda 1 2024 Achievements 2 REEF and Pipestone II Project Updates 3 Keyera Commercial Agreements 4 Macro Environment 5 Longer-term Growth Projects 6 Q4/24 Results and 2025 Outlook Execution of Strategic Priorities Driving Shareholder 7 Value 3
Slide 4: 2024 Achievements
1 2024 Achievements Financial Execution and Growth Normalized EBITDA1 Normalized EPS1 Robust Global Exports Strong Utilities Execution Top of guidance range Upper-half of guidance range Record volumes of >122 kbd across Increased EBITDA by 14% Y/Y; strong 80 VLGCs cost management and execution $1.76
Slide 5: REEF Update
2 REEF Update Milestones Cleared To-Date Delivery 2024 2025 2026 Overburden Removal Final Investment Decision FEED Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site Clearing Base Commercial Contracting EPF1 Site Prep. Project Execution Uplands EPC Contracting Installation ~50% firm price EPC awarded
Slide 6: Pipestone II Update
2 Pipestone II Update Milestones Cleared To-Date Delivery 2024 2025 Final Investment Decision Site Clearing Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FEED Acid Gas Wells Gathering System Acid Gas Wells Gas Gathering Project Execution Facility EPC Contracting Principally all work executed or under firm price
Slide 7: "Win-Win" Industry Solutions
3 “Win-Win” Industry Solutions RIPET & REEF Pipestone Far East Index (FEI) I & II Propane and Butane Tolling has provided Keyera Fort ~US$5/Bbl Saskatchewan (KFS) Asian Markets Leveraging each company’s Better propane netback vs. US Markets the past infrastructure to drive competitive two years. Fer
Slide 8: Global Export – Long-Term Tolling Outlook
3 Global Export – Long-Term Tolling Outlook Global Export Tolling Volumes >100 kbd of tolling post REEF ISD 2022 2023 2024 Post REEF ISD Global Export Tolling Derisks Business Over Long-term 8
Slide 9: Strong Environment for Gas Utilities Investments
4 Strong Environment for Gas Utilities Investments U.S. Natural Gas Demand U.S. Household Energy Demand U.S. Gas-Fired Electrical Generation 90 Consumption per Home, Gas vs. Electric petroleum and other 4,000 85 125 renewables Natural Gas Electricity 80 100 3,000 nuclear Billion KWh Bcf/d natural ga
Slide 10: Robust Asian Demand Supports Midstream Expansion
4 Robust Asian Demand Supports Midstream Expansion Global Natural Gas Demand Global LPG Exports Canadian Energy Export Projects 4.0 75 3.5 60 Coastal Gas Link (MMboe/d) 3.0 Recently TMX Expansion MMBbl/d 45 2.5 2.0 Completed LNG Canada 30 1.5 Norway 15 1.0 Middle East Woodfibre and Cedar LNG 0
Slide 11: Attractive Runway of Utilities Growth Projects
5 Attractive Runway of Utilities Growth Projects Utilities Project Backlog to Drive Long-Term Shareholder Value Modernization Programs New Meter Growth Keweenaw Connector Data Centers Over $1.7B of ARP spending Continue to grow residential and System expansion within Opportunities advancing
Slide 12: Data Center Growth Opportunity
5 Data Center Growth Opportunity Share of Top U.S. Data Center Locations Virginia* Summer Peak Load 55 Our Path for Value Creation Peak Summer Load Our service territory covers the most Historical Forecast (GW) Northern 45 2022 Forecast active area globally for data center Virginia 2025 Forecast O
Slide 13: Attractive Runway of Near-to-Medium Term Growth Projects
5 Attractive Runway of Near-to-Medium Term Growth Projects Midstream Project Backlog to Drive Long-Term Shareholder Value Dimsdale Expansion North Pine Expansion Pipestone III REEF Expansion Premiere natural gas storage Strategic fractionation facility Strong customer demand for Customer dem
Slide 14: Q4/2024 Highlights
6 Q4/2024 Highlights Financial Performance Commercial Agreements Normalized EBITDA1 Normalized EPS1 REEF Tolling Agreements Townsend Agreement ($MM) $520 Reached base tolling target in Feb 2025 +100 MMcf/d $0.76 $0.76 $502 Two new contracts with high-single digit average contract length Pipestone
Slide 15: Utilities – Q4/24 Performance
6 Utilities – Q4/24 Performance Q4/24 Utilities results exceeded expectations; cost management playing key role Normalized Utilities EBITDA1 Cost Management Initiatives Rate base growth through modernization 7% Y/Y reduction in O&M at WGL and SEMCO investments and new customer connects. Driven b
Slide 16: Midstream – Q4/24 Performance
6 Midstream – Q4/24 Performance Strategic infrastructure continues to contribute to outsized growth, supported by strong global exports Global Exports Export Tolled Volumes 150,000 Tolled volumes RIPET Ferndale Global Export Volumes 125,000 Continue to de-risk the 100,000 global exports platform +
Slide 17: 2025 Financial Guidance
6 2025 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) $1,769 $1,775 - $1,875 Tailwinds / Headwinds $2.25 + Higher utilization at $2.00 $2.10 - $2.30 Montney facilities Midstream: ~44% Midstream: ~ 42% - 46% + Colder weather (DC & MI) $1.75 + Cost management
Slide 18: 2025 Capex Budget
6 2025 Capex Budget 2025 Capital Budget: $1.4 Billion Midstream Allocation Capital deployment reflects the continued strong growth Strong organic growth opportunities across both platforms – driving opportunities. Largest 2025 capital outlays include REEF, Pipestone II, healthy competition for capit
Slide 19: Leverage Targets
6 Leverage Targets Leverage Targets Trailing Metrics (Medium to Long-Term) (As of Q4/24) 5.0x (including 50% (including 50% debt treatment for 4.65x debt treatment for prefs + hybrids) prefs + hybrids) (excludes prefs 4.0x (excludes prefs + hybrids) 4.4x + hybrids) Adjusted Net Debt to Adjusted Net
Slide 20: 2025 Business Plan
6 2025 Business Plan Continue to Execute on our Long-term Strategic Priorities Focus on growing, de-risking, and strengthening the enterprise. 1 2 3 Optimize Assets For Continued Balance Sheet Active De-Risking Maximum Returns Deleveraging Increase throughput, extend asset lives Execute long-term co
Slide 21: Executing on Strategic Priorities to Compound Long-term Value
7 Executing on Strategic Priorities to Compound Long-term Value Normalized Earnings Normalized Adjusted Net Debt1,2 / Share Price Per Share1 EBITDA1 Normalized EBITDA Performance Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 2018 2019 2020 2021 2022 2023 2024 2025E 2018 2019 2020 2021 2022 2023 2024 202
Slide 22: Appendix: Q4 2024 Variances
Appendix: Q4 2024 Variances 22
Slide 23: Consolidated: Q4/24 vs. Q4/23
Consolidated: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ($ millions) 0 -7 294 25 -4 252 520 502 Q4 2023 Corp/ Q4 2024 Utilities Midstream Actual Other Actual ▲ ARP modernization investments ▲ Global exports performance (offset by ▼ Blythe performance due to transmission ▲ Lower O&M higher tolling volumes
Slide 24: Consolidated: Q4/24 vs. Q4/23
Consolidated: Q4/24 vs. Q4/23 Income (Loss) Before Income Taxes1 ($ millions) -11 102 231 -21 161 Q4 2023 Corp/ Q4 2024 Utilities Midstream Actual Other Actual ▲ Primarily same factors impacting ▲ Unrealized gains on risk management ▼ Primarily same factors impacting normalized EBITDA contracts norm
Slide 25: Consolidated: FY 2024 vs. FY 2023
Consolidated: Q2/23 FY 2024vs.vs.Q2/22 FY 2023 Normalized EBITDA1,2 -33 ($ millions) 101 126 1,769 1,575 2023 Actual Utilities Midstream Corporate/Other 2024 Actual ▲ Partial settlement of WGL’s post ▲ Global exports performance (offset by ▼ Blythe performance due to retirement pension plan higher t
Slide 26: Consolidated: FY 2024 vs. FY 2023
Consolidated: FY 2024 vs. FY 2023 Income (Loss) Before Income Taxes1 ($ millions) -259 -93 186 912 912 746 YE 2023 YE 2024 Utilities Midstream Corp/Other Actual Actual ▲ Primarily same factors impacting ▲ Primarily same factors impacting ▼ Primarily same factors impacting normalized EBITDA normalize
Slide 27: Midstream: Q4/24 vs. Q4/23
Midstream: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ($ millions) -18 0 -11 182 182 Q4 2023 Q4 2024 Midstream Actual Actual ▲ Global exports performance (offset by higher tolling volumes) ▲ Addition of Pipestone assets (Pipestone I + Dimsdale) ▼ Lower Extraction earnings due to C2 re-injection ▼ Lower re
Slide 28: Midstream: FY 2024 vs. FY 2023
Midstream: FY 2024 vs. FY 2023 Normalized EBITDA1,2 ($ millions) 684 94 101 607 -17 785 590 684 2023 2024 Midstream Actual Actual ▲ Global exports performance (offset by higher tolling volumes) ▲ Frac & Liquids handling volumes/ margins ▲ Addition of Pipestone assets (Pipestone I + Dimsdale) ▲ MVP e
Slide 29: Utilities: Q4/24 vs. Q4/23
Utilities: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ($ millions) 25 336 311 Q4 2023 Q4 2024 Utilities Actual Actual ▲ ARP modernization investments ▲ Lower O&M ▲ DC Rate case (2022) ▲ New meter growth ▲ Favourable USD/CAD FX rate, including hedging ▼ Retail performance (compared to outsized performance
Slide 30: Utilities: FY 2024 vs. FY 2023
Utilities: FY 2024 vs. FY 2023 Normalized EBITDA1,2 ($ millions) 142 1,012 -16 886 870 YE 2023 Asset Sales & YE 2023 YE 2024 Utilities Actual One-Time Items Run Rate Actual ▼ Sale of Alaska Utilities ▲ Partial settlement of WGL’s post retirement pension plan ▲ ARP modernization investments ▲ Lower O
Slide 31: Corporate/Other: Q4/24 vs. Q4/23
Corporate/Other: Q4/24 vs. Q4/23 Normalized EBITDA1,2 ($ millions) -7 -8 9 2 Q4 2023 Q4 2024 Corporate Actual Actual ▼ Blythe performance due to transmission congestion Notes: 1) Non-GAAP financial measure; see discussion in the advisories; 2) Numbers may not add due to rounding. 31
Slide 32: Corporate/Other: FY 2024 vs. FY 2023
Corporate/Other: FY 2024 vs. FY 2023 Normalized EBITDA1,2 ($ millions) 5 -33 -28 YE 2023 YE 2024 Corporate Actual Actual ▼ Blythe performance due to transmission congestion ▼ Corporate G&A Notes: 1) Non-GAAP financial measure; see discussion in the advisories; 2) Numbers may not add due to rounding;
Slide 33: Contact Information
Contact Information For more information visit www.altagas.ca or reach out to one of the following: Jon Morrison Aaron Swanson Senior Vice President, Corporate Vice President, Investor Relations Development and Investor Relations Aaron.Swanson@altagas.ca Jon.Morrison@altagas.ca Jennifer Sudermann Bl