Capital Power Corporation · TSX:CPX
Capital Power — Investor Presentation (September 2025)
24 slides from Capital Power's investor presentation, September 2025
Slide 1: Powering the North American energy expansion
Powering the North American energy expansion September 2025 | Investor Presentation
Slide 2: 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 ~$ 16 bn Enterprise Value ~$ 9 bn Market Capitalization BBB Fitch S&P - BBB DBRS LOW Enhanced institutional ownership Investment grade rated 12GW of Capacity Cumulative G
Slide 3: Creating Balanced Energy Solutions
Creating Balanced Energy Solutions Flexible Generation Renewables Trading & Origination • Critical, dispatchable supply • Affordable and clean • Actively trade in North American • Reliable and affordable • Carbon market opportunities power, gas and environmental markets • Value creation and optimiza
Slide 4: Natural gas is fueling the energy expansion
Reliable Affordable Clean Natural gas is fueling the energy expansion 4
Slide 5: Strong fundamentals
Strong fundamentals Gas is critical to grid reliability US Natural Gas Power Generation (TWh)1 2,000 1,750 CAGR1,2 U.S. Power - All Technologies 1,500 ~0.5% 1,250 CAGR1,2 U.S. Power - Natural Gas 1,000 ~5.0% 750 U.S. GDP 500 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 6: Multiple sources of growth driving power demand
US Power Demand CAGR (%)(1) 0.9% 2.9% ~70% 0.6% Multiple sources of growth driving 0.8% power demand 0.6% Residential C&I (ex DC) Transportation Data Centers Total ~70% of projected power demand growth is not from data centers 1. Goldman Sachs global investment research, EIA: Total demand CAGR of 2.
Slide 7: Strong power fundamentals favour existing natural gas generation
Strong power fundamentals favour existing natural gas generation Multi-faceted power Natural gas: Existing natural demand growth fueling the future gas undervalued • C&I • Reliable • Compelling acquisition • Residential • Affordable opportunity • Transportation • Clean • Data centers CPX has multipl
Slide 8: Capital Power Update
Reliable Affordable Clean Capital Power Update Positioned to succeed amid energy expansion 8
Slide 9: 2025 Strategic Priorities
2025 Strategic Priorities Acquire Expand flexible generation portfolio Optimize and Expand Maximize facility asset life and value Contract Optimization Re-contract / contract flexible generation (including data centers) Develop Grow renewables portfolio 9
Slide 10: Enhanced U.S. Flexible Generation
Acquire 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% Generat
Slide 11: Rising Pricing in PJM
Acquire 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 $15 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 2023 2024 Jan-Jun 2025 A
Slide 12: Genessee is Positioned for Success
Optimize and Expand Genessee is Positioned for Success Genesee Repower increased profitability amid trough in power prices Alberta Pool Price Illustrative Genesee Clean Spark Spread ($/MWh) ($/MWh) $150 $60 $125 $45 ~10% $100 ~70% $75 $30 $50 $15 $25 $0 $0 2023 2025 2023 2025 YTD w. repower Through
Slide 13: Strong Market Fundamentals
Recontracting Strong Market Fundamentals We are well positioned for re-contracting across our portfolio MISO • Elevated capacity at the cap of $329/mw-day (up ~22% since previous auction) 9% PJM • Strong energy pricing and spark spreads AESO Other U.S. 28% 10% • RA pricing rising - tightening supply
Slide 14: Resilient amid uncertainty
Resilient amid uncertainty Our business is largely insulated from tariffs Operationally insulated Strategically positioned assets Contracted / hedged Adjusted EBITDA High-quality counterparties and strong contractual underpinning Fundamentals support growth A-rated counterparties Limited near-term s
Slide 15: CPX Investment Thesis
CPX Investment Thesis Strong fundamentals favour existing gas generation capacity Large, diversified existing generation footprint Unparallel in-house operational and commercial expertise Proven ability to acquire and optimize thermal generation assets Contracted cash flow provides stability and low
Slide 16: Appendix
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Slide 17: Genesee off-coal | Repowering complete
Genesee off-coal | Repowering complete Genesee Generating Station capacity MW Repowering positions CPX to succeed ~500 MW additional capacity 500 Generation capacity Future data ~1.9 GW center potential 1,400 Maximization of Most efficient asset life CCGT in Canada Legacy capacity Repowering Future
Slide 18: Revised 2025 Guidance Summary ($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 19: 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 20: Hummel Generating Station
High Quality Assets Hummel Generating Station 1,124 MW | Pennsylvania | 100% CPX ownership Large, new & efficient power generation in PJM MAAC Contribution to market and customer reliability • High historical capacity factor (~80%1), potential to increase over time • Low heat rate (6.8 mmbtu/MWh)
Slide 21: Rolling Hills Generating Station
High Quality Assets Rolling Hills Generating Station 1,023 MW | Ohio | 100% CPX ownership Combustion turbine peaking facility in PJM RTO Contribution to market and customer reliability • Flexible peaker, fast ramping capability • Elevated capacity factors given increasing PJM demand profiles St
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 capitalpower.com 24
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