Capital Power Corporation · TSX:CPX
Capital Power — Q1 2025 Earnings Presentation
22 slides from Capital Power's earnings presentation, May 1, 2025
Slide 1: Growth and Resiliency
Growth and Resiliency Q1 2025 | Analyst Presentation
Slide 2: Agenda
Agenda Q1 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: Cautionary statement 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: Q1 2025 highlights
Q1 2025 highlights 9.6 TWh of generation across our portfolio Advanced ~350 MW of flexible generation in Ontario Completed 43% of planned outage days ~300 MW of new renewables projects Deliver Announced highly accretive PJM acquisition1 in Alberta and North Carolina Build 96 650 ~ TWh ~ MW Q1 2025 .
Slide 6: Strong fundamentals
Strong fundamentals Natural 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 20
Slide 7: Resilient amid uncertainty
Resilient amid uncertainty Our business is largely insulated from tariffs Operationally insulated Strategically positioned assets ~90% High-quality counterparties and strong contractual underpinning Fundamentals support growth Contracted / hedged A-rated Adjusted EBITDA1 counterparties2 Limited near
Slide 8: Data Centre Update
Data Centre Update Continued value for existing generation and strong data centre demand Alberta Balance of Portfolio ● Uncontracted capacity available; potential ● Uncontracted capacity available post 2027 for incremental generation ● Engaging counterparties ● Advancing load (expected to be phased)
Slide 9: Revised reporting segments
Revised reporting segments Technology and geography Flexible Generation1 Renewables / Other U.S. Canada U.S. Canada Facilities Facilities 6 9 6 9 Current Net Capacity Current Net Capacity ~ 4.0 GW ~ 4.2 GW ~ 0.6 GW ~ 0.8 GW 1. Note: Trading and origination will be included with Flexible Generation 9
Slide 10: Flexible Generation - Canada
Flexible Generation - Canada Growth and enhancement through development, uprates and repowering Flexible Generation Portfolio - Canada Capacity Heat Rate1,2 Age1 W.A. Contract Life3 Post Uprates / Repowering4 ~ 4.6 ~7.6 ~15 ~13 Uprates and repowering improves scale, efficiency and age of our Canadia
Slide 11: Flexible Generation – U.S.
Flexible Generation – U.S. Growth and enhancement through acquisition Flexible Generation Portfolio – U.S. Capacity Heat Rate 1,2 Age1 Capacity Factor Post Acquisition ~ 6.2 ~7.2 ~19 62 3 PJM acquisition improves existing GW MMBTU/MWh Years % portfolio in multiple ways. Record dispatch from legacy a
Slide 12: Diversification from PJM Acquisition
Diversification from PJM Acquisition No single market will represent more than 30% of our portfolio Net Operating Capacity by Region Current Owned Capacity Pro Forma Owned Capacity MISO MISO 9% 11% AESO 35% AESO Other U.S. 28% Other U.S. 10% 12% 9.6 11.8 GW PJM GW 18% IESO 11% WECC 25% IESO 13% Othe
Slide 13: Proven and prudent capital allocation
Proven and prudent capital allocation Driving growth and returns through market cycles Strong ● Preserved BBB- / BBB(low) credit rating Balance Sheet (S&P / DBRS) ● Largest equity financing in company history External ● $667M in common equity including private Capital placement with AIMCO ● Execu
Slide 14: Q1 2025 financial performance
$ 915 M Revenues and $ 367M Adjusted other income(1) EBITDA - $1M YoY $88M YoY Q1 2025 financial performance $ 218 MAFFO $ 210 M Net cash flows from operating activities $76M YoY -$124M YoY 1. Before unrealized changes in fair value of commodity derivatives & emission credits. 14
Slide 15: Q1 2025 Strong contributions from all segments
Q1 2025 Strong contributions from all 4 segments Adjusted EBITDA1 Q1 2024 to Q1 2025 comparison $250 $207 $200 $179 2025 actuals adjusted for sell- $150 down transaction $119 $100 $84 +11% +1% $50 $44 $45 +42% +16% $28 $31 $- U.S. Flexible Generation Canada Flexible Generation U.S. Renewables Canada
Slide 16: 2025 Guidance summary
2025 Guidance summary $M Reaffirming 2025 guidance ranges Adjusted EBITDA AFFO Sustaining Capex 850-950 1,340-1,440 195-225 367 YTD 218 YTD 46 YTD Q1 2025 2025 Guidance Q1 2025 2025 Guidance Q1 2025 2025 Guidance 16
Slide 17: 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 17
Slide 18: Questions & Answers
Questions & Answers 18
Slide 19: Appendix
2s Oo = 7) rok oY <x 19
Slide 20: CPX 2025 Guidance Summary: Revised reporting structure
CPX 2025 Guidance Summary: Revised reporting structure Proportion of total Net Capacity (GW) Generation (TWh) Capacity Factor Availability net capacity U.S. Flexible Generation 4.0 41% 17 48% 90% Canada Flexible Generation 4.2 43% 16 47%1 92% U.S. Renewables 0.6 6% 2 43% 97% Canada Renewables2 0.8 9
Slide 21: 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 22: Investor Relations
Investor Relations Roy Arthur VP, Strategy, Planning, and Investor Relations 1-403-736-3315 | investor@capitalpower.com capitalpower.com 22