Gibson Energy Inc. · TSX:GEI
Gibson Energy — Investor Day (December 2025)
49 slides from Gibson Energy's investor day presentation, December 2025
Slide 1: Focused Disciplined Growth – Investor Day Presentation
Focused Disciplined Growth Investor Day Presentation December 2025
Slide 2: Welcome to Gibson Energy's 2025 Investor Day
Welcome to Gibson Energy’s 2025 Investor Day + Team Introduction + Strategy, Performance & 2026 Priorities + Why Invest in Gibson? + Growth Outlook + Financial Summary + Closing Remarks and Q&A 2 DECEMBER 2025 | TSX GEI
Slide 3: Gibson Energy Snapshot & Strategy
Gibson Energy Snapshot & Strategy Safely connecting customers to global markets through innovative and reliable energy solutions Corporate Critically Located, Highly Contracted Committed Compelling Information Best-in-Class Infrastructure to Disciplined Total Return Liquids Infrastructure Business F
Slide 4: Gibson Energy Team
Gibson Energy Team Experienced leadership team with a focus on safety and execution Curtis Philippon Riley Hicks Dave Gosse Kelly Holtby Blake Hotzel Beth Pollock President & CEO SVP & CFO SVP & COO SVP, Commercial SVP, Commercial VP, Capital Markets Development Development & Corporate (Canada) (U.S
Slide 5: Best-In-Class Safety Performance
Best-In-Class Safety Performance Continuous improvement of our safety programs and culture is driving industry-leading performance Industry-Leading Employee Total Recordable Injury Frequency(1,2) Industry-leading safety metrics across Canada and the U.S. Great operations start with great safety + En
Slide 6: Strategy, Performance & 2026 Priorities
Strategy, Performance & 2026 Priorities DECEMBER 2025 | TSX GEI
Slide 7: Focused and Disciplined Strategy
Focused and Disciplined Strategy Premier crude oil Infrastructure assets underpin compelling per share value proposition Crude Oil Crown Jewel Infrastructure Focus Asset Base Growth Positioned to capitalize on increased global Optimize the performance of each asset Executing on pipeline of organic o
Slide 8: Business Evolution Since Last Investor Day
Business Evolution Since Last Investor Day Disciplined execution transforming Gibson into a more diversified and resilient Infrastructure platform Expanded critical Infrastructure footprint Sustained Infrastructure EBITDA(1) growth >130% >100% increase increase 25.1 mmbl 10.6 $299 mmbl mm 2018 2019
Slide 9: 2025 Has Been a Record Year
2025 Has Been a Record Year Safely enhanced critical Infrastructure and on track to deliver on growth commitments High Delivering Growth Cost Focus Safety Performing on Gateway Focus Initiative Teams Top decile operator Completed Completed new Added commercial Drove operational Duvernay excellence b
Slide 10: 2026 Strategic Priorities
2026 Strategic Priorities Continue to deliver Infrastructure growth by delivering extended offerings to customers Safety Customers Growth Technology People Maintain Expand Invest in Deliver Digital High-Performance, Industry-Leading Relationships and Infrastructure Innovation and Ownership Culture S
Slide 11: Why Invest in Gibson?
Why Invest in Gibson? DECEMBER 2025 | TSX GEI
Slide 12: Critically Located, Best-in-Class Liquids Infrastructure
Critically Located, Best-in-Class Liquids Infrastructure Over 25 million barrels of terminal capacity supporting critical North American crude egress Edmonton: 1 in 44 1 in WCSB barrels WCSB through barrels GEI terminals through GEI terminals 3.0 mmbbl tankage Hardisty: ~50 %% 13.5 mmbbl tankage Moo
Slide 13: Creditworthy, Diversified Customers Underpin Growth
Creditworthy, Diversified Customers Underpin Growth Creditworthy counterparties support long-term Infrastructure growth and stable cash flows Canadian Producers are Growing Customer Sub-IG or Not “[CNRL] has the potential to increase non-upgraded bitumen Credit Strength Rated output by ~340 mbbl/d b
Slide 14: Major Contract Extensions of 20 and 10 Years at Edmonton
Major Contract Extensions of 20 and 10 Years at Edmonton Long-term contract extensions enhance stability and quality of Infrastructure cash flows Renewed a long-term take-or-pay agreement for refined products services for a total term of 20 years with a senior integrated oil sands customer Extended
Slide 15: Stable, Contracted, High-Quality Cash Flows
Stable, Contracted, High-Quality Cash Flows Stable Infrastructure business growth allows for consistent performance in all oil price environments Infrastructure EBITDA(1) has remained within ±$5 million of its mean since Q3 2023 (post-Gateway), despite >30% swings in WTI (2) ($mm) Infrastructure EBI
Slide 16: Proven Record of Delivering Shareholder Returns
Proven Record of Delivering Shareholder Returns Reliable, growing dividends deliver attractive returns for shareholders Dividend Growth Track Record Attractive Dividend Yield Relative to Investment Grade Peers(1,2) 6 Consecutive 5.3% CAGR 6.9% 7th Highest Yield annual dividend increases vs. peer ave
Slide 17: Attractive Total Return Proposition
Attractive Total Return Proposition Gibson expects to generate a total return of over 100% by the end of 2030 Historical Total Shareholder Return (Since 2021)(1) Forward Total Shareholder Return Proposition (by 2030) TSR: 68% 7%+ Share Price Annual Infrastructure EBITDA 22% per share(2) growth Appre
Slide 18: Growth Outlook
Growth Outlook DECEMBER 2025 | TSX GEI
Slide 19: Long-Term Demand for Oil and Energy Security Will Fuel Growth
Long-Term Demand for Oil and Energy Security Will Fuel Growth Critical, crown jewel assets positioned to capitalize on increased global oil demand and growing exports Global Oil Supply & Demand Forecast(1) Total Crude Exports Forecast(1) WCSB Production Forecast(2) (mmbbl/d) (mmbbl/d) (mmbbl/d) ~900
Slide 20: Positioned for Disciplined, Consistent Infrastructure Growth
Positioned for Disciplined, Consistent Infrastructure Growth Sustained growth through efficient capital deployment and supported by scale advantage Infrastructure EBITDA per share Growth(1) ($/Share) Power of Small Numbers 7%+ Small projects deliver impactful CAGR returns with limited risk (’25E-’30
Slide 21: Disciplined, High-Return Growth 2026 & Beyond
Disciplined, High-Return Growth 2026 & Beyond Expand critical Infrastructure footprint through disciplined growth within target 5–7x build multiple Producer Extend Pipeline DRU Gateway Dock New Tanks Optimization Partnerships Network Expansion Expansion 2026-2030 2026-2030 2026-2030 2028+ 2026-2030
Slide 22: 2026 Growth Capital: Targeting $100-150mm ($50mm+ Sanctioned)
2026 Growth Capital: Targeting $100-150mm ($50mm+ Sanctioned) Majority of $50mm sanctioned capital related to Wink-to-Gateway integration project Wink Terminal Expansion NM OK Two new 50,000 barrel tanks and other facility upgrades at the Wink Terminal to meet customer demand and relieve capacity 2
Slide 23: Capital-Free Growth Levers Driving 2%+ CAGR from Infrastructure
Capital-Free Growth Levers Driving 2%+ CAGR from Infrastructure Unlock an average of 2%+ per year of incremental value through optimization Asset Utilization Pricing Cost Discipline Terminals Gateway Contract Structure Cost Efficiency Reduction in Marketing Opportunity for additional Standard contra
Slide 24: Growth Expectations
Growth Expectations Deliver 7%+ Infrastructure EBITDA per share(1) growth through focused capital investment and optimization Growth Projects Capital-Free Upside Deliver at 5-7x build multiple Asset utilization Deploy $700mm to $1B Pricing opportunity 7% + of growth capital over the next 5 years Cos
Slide 25: Financial Summary
Financial Summary DECEMBER 2025 | TSX GEI
Slide 26: Financial Principles
Financial Principles Strong cash flow visibility and disciplined financial targets support sustained growth Highly Secured >95% of Infrastructure revenues from take-or-pay and high-quality fee-for-service contracts(1) Contract Structure Quality of Cash Flows Creditworthy >85% of Infrastructure reven
Slide 27: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Balancing disciplined growth and meaningful capital returns to create long-term, per share value Disciplined capital allocation ensures financial strength and drives long-term value Core Priorities Secondary Priorities Fund Invest in Maintain Fund steady Ex
Slide 28: Growth Driven by Infrastructure
Growth Driven by Infrastructure Enhanced quality of cash flows through stable Infrastructure EBITDA growth Segment EBITDA(1) Growth ($mm; $/share) Marketing >8% $70 0 Infrastructure $5. 00 Infrastructure EBITDA per Infrastructure EBITDA / Share $63 $4. 50 share(1) CAGR (2020-2025E) $60 0 $145 $4. 00
Slide 29: Cost Focus Initiative
Cost Focus Initiative Cost discipline has driven significant improvement in operating efficiency Significant Year-over-Year Reduction in Cost per Barrel Employee-led efficiencies driving ~30% reduction in operating cost per barrel and $25mm in total run-rate savings $25mm Target achieved Financial I
Slide 30: Strong Financial Position
Strong Financial Position Strong balance sheet and low leverage relative to peers provides financial flexibility for growth 2025E Net Debt / 2025E Adjusted EBITDA(1) (x) 4.3x 4.4x 4.1x 4.1x 3.9x 3.7x 2.9x Peer A Peer B GEI Peer C Peer D Peer E Peer F 1) Net Debt to Adjusted EBITDA does not have a st
Slide 31: 2026E – 2030E Funding Outlook
2026E – 2030E Funding Outlook Ample capacity to deliver on growth objectives, while remaining committed to Financial Principles Debt (~25%) Next five years of growth to be funded Growth Capital & primarily with internally generated cash flow Share Buybacks Limited incremental debt requirements are D
Slide 32: Financial Outlook
Financial Outlook Driving shareholder value through organic growth, asset optimization and top tier dividend yield Infrastructure EBITDA per Share(1) DCF per Share(1) Dividend per Share ($/share) ($/share) ($/share) 7%+ ~10% 3-5% CAGR CAGR CAGR (’25E-’30E) (’25E-’30E) (’25E-’30E) $2.31 $1.72 $3.70 $
Slide 33: Driving Compelling Shareholder Returns Through 2030
Driving Compelling Shareholder Returns Through 2030 Underpinned by steady growth, disciplined capital allocation, and consistent dividend increases 2030E Total Shareholder Return Breakdown (%) Compelling Total Shareholder Return over the next five years, driven by consistent EBITDA and dividend grow
Slide 34: Closing Remarks and Q&A
Closing Remarks and Q&A DECEMBER 2025 | TSX GEI
Slide 35: Why Invest in Gibson?
Why Invest in Gibson? Disciplined strategy and premier crude oil Infrastructure assets underpin compelling value proposition Critically Located, Best-in-Class Customer Focused, Top Decile Liquids Infrastructure Operator with Ownership Mentality Optimize utilization & performance Ensure alignment wit
Slide 36: Appendix
Appendix DECEMBER 2025 | TSX GEI
Slide 37: Board of Directors
Board of Directors Diverse, complementary, deep, and specialized experience + Chair of the Board and Chair, Corporate Governance, + Chair, Audit Committee JAMES ESTEY Compensation and Nomination Committee DIANE KAZARIAN + Member of Sustainability and ESG Committee Chair, Independent + 30+ years of e
Slide 38: 70+ Years in Business
70+ Years in Business Long history of supporting the energy industry in key strategic hubs across North America 1953 1950s & 1960s 1970s & 1980s 1990 – 2020 2020s & Beyond Creation of Gibson Petroleum Construction of first storage Expansion of Infrastructure Acquisition of the Moose Jaw Transitioned
Slide 39: Proven Track Record of Capital Project Execution
Proven Track Record of Capital Project Execution Safely executed $1.4 billion in growth and sustainment investments since 2019 Capital Investment Summary (2019-2025) 2019 Viking System Length: 120 km / Capacity: 13.3 mbbl/d (%) 2019-20 2019-20 Hardisty Top of the Hill Expansion $1.4 billion Edmonton
Slide 40: Hardisty Terminal and DRU
Hardisty Terminal and DRU Dominant land position with a long history of operations and the optionality for continued growth Hardisty Terminal Hardisty DRU Essential location tied to the oil sands with 500+ acres Sole access point for DRU egress from WCSB at Hardisty available for new tankage Most co
Slide 41: Edmonton Terminal
Edmonton Terminal Attractive terminal position, with two new tanks recently placed in-service Prime location near two major refineries, pipeline alley, and CN/CP rail access Three TMX-connected tanks doubled footprint, backed by long-term agreements with strong counterparties Strategic producer part
Slide 42: Moose Jaw Facility
Moose Jaw Facility Oil processing facility producing asphalt, roofing flux, wellsite fluids, and intermediate feedstocks ~24,000 Connected Comprehensive to road, rail and Product Range Barrels per Day pipeline for optimal with diverse selection of asphalt of throughput capacity egress products and d
Slide 43: Gateway Terminal
Gateway Terminal Financial and operational strengths enable the most efficient U.S. crude export solution 2025 Volumes Two deep water VLCC-capable docks with maximum allowable draft and direct access to key basins (mbbl/d) ~20% 717 598 Ample storage capacity (8.6 mmbbls) with land for 6 mmbbls of fu
Slide 44: Driving Value through Integration of Wink and Gateway
Driving Value through Integration of Wink and Gateway Delivering improved producer netbacks and increased supply liquidity for Gateway customers Commercial integration is driving incremental volumes to Gateway, now representing ~90% of Wink throughput, and boosting overall Gateway capacity utilizati
Slide 45: Gateway: Diverse Customer Base With Global Reach
Gateway: Diverse Customer Base With Global Reach Broad range of customers and destination markets mitigates exposure to geopolitical risk Gateway 2025 YTD Export Flows and Vessel Transit Times(1) Vessel Breakdown(1) YTD Export Flows (mbbl/d) (#) Transit Time (days) 21 20 20 20 19 19 2 19 Canada 1 Eu
Slide 46: Marketing Upside Accelerates Infrastructure Reinvestment
Marketing Upside Accelerates Infrastructure Reinvestment Asset backed Marketing business creates value for customers by leveraging Infrastructure across N.A. Key Drivers Performance Levers ↑ Wider Differentials Tops ↑ Wider 2:1:1 Crack Spreads Refined ↑ Drilling Activity Drilling Fluids Products ↑ W
Slide 47: Liquidity and Debt Maturity Profile
Liquidity and Debt Maturity Profile Significant available liquidity and staggered debt maturity profile Debt Maturity Profile ($mm) Senior $1B BBB– rating Sustainability Linked Credit Facility(1) BBB(low) rating Senior Unsecured 3.60% Senior Notes Senior Senior Senior Unsecured Unsecured Unsecured
Slide 48: Forward-Looking Statement Notice
Forward-Looking Statement Notice Definitions All references in this presentation to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates. Forward-Looking Statements Certain statements contained in this document constitute forward-looking in
Slide 49: Specified Financial Measures
Specified Financial Measures Specified Financial Measures This presentation contains references to certain non-IFRS financial measures and ratios and industry measures that are used by the Company, as indicators of financial performance. These measures include: EBITDA, Adjusted EBITDA, Net Debt, Dis