Slide 1: Q2/2026 Financial Results and Corporate Update
Q2/2026 Financial Results and Corporate Update July 30, 2026
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: Overview
Overview 1 Q2/2026 Highlights 2 REEF Update 3 Midstream and Utilities Growth Projects 4 LPG Market Update 5 Strategic Priorities 6 Q2/2026 Segmented Results and Highlights 7 2026 Financial Guidance and Capital Spending 8 AltaGas Value Proposition 3
Slide 4: Q2/26 Highlights
Q2/26 Highlights Financial Increased 2026 Guidance Normalized EBITDA1,2 Normalized EPS1,3 ($millions) $391 ($/share) $0.31 + 6% Normalized EPS: $2.35 – $2.60 over original guidance Previously $2.20 – 2.45 $342 + 4% Normalized EBITDA: $2.0 – $2.1 billion +14% $0.27 +15% over original guidance Previou
Slide 5: REEF Growth Projects
REEF Growth Projects Continued Project Execution REEF Phase 1 | Target COD: Q1/2027 REEF Optimization Phase 1 | Target COD: H2/2027 Key Milestones Key Stats Key Milestones Key Stats Commercial Contracting • Up to 56,000 Bbl/d – propane Final Investment Decision • Up to 30,000 Bbl/d of propane and bu
Slide 6: REEF Jetty Progress
REEF Jetty Progress Critical Paths Showing Strong Progress with Key Risk Mitigants in Place In-Water Works | Target Completion: September 2026 Construction below the waterline or directly in the marine environment. Permanent Piles Complete Complexity A Jetty Piers: 48/48 completed; Loading platform:
Slide 7: REEF Onshore Progress
REEF Onshore Progress Commissioning Phase About to Commence Uplands | Target Completion: Q1/2027 Onshore terminal construction – storage, processing, utilities, buildings, etc. Mechanical Completion Complete Complexity 90% complete. Mechanical contractor demobilizing. Low Electrical and Instrumentat
Slide 8: Secured Medium-to-Long Term Growth
Secured Medium-to-Long Term Growth Projects Remain on Schedule and on Budget Project Project Description Capital1 FID COD Segment RIPET Methanol Providing a higher spec propane, enabling RIPET to expand $37 MM Q4/2026 Removal market access to downstream customers in Asia. (Net) Midstream 36 Bcf/d ex
Slide 9: Middle East Disruption Highlights Value of Export Platform
Middle East Disruption Highlights Value of Export Platform Significant Supply Disruption Having Long-Term Impacts; Large Opportunity for Canada 1 Strait of Hormuz LPG Export Volumes Remain Extremely Low 3 Evaluating Ability to Add Ethane Exports to Product Offering 2.1 Daily Trailing 5 Day Avg. 1,20
Slide 10: Connecting Canada to the World, One Phase at a Time
Connecting Canada to the World, One Phase at a Time Expansion Projects Benefit From Common Infrastructure Global Exports Growth FID Capacity Build-Up (Bbl/d) D E A REEF Phase 1: 56 MBbl/d Propane 60,000 ~300,000 Propane and butane capacity with overbuilt common Butane infrastructure (dock, rail, uti
Slide 11: 2026 Strategic Priorities
2026 Strategic Priorities Continued execution of growing, de-risking, and strengthening the enterprise 1 2 3 4 5 Optimize Assets Active Risk Maintain Balance Advance Rigorous Capital For Maximum Management Sheet Key Growth Allocation Returns Strength Projects 144 MBbl/d 91% 4.4x ~85% $1.8 billion Re
Slide 12: Utilities – Q2/26 Performance
Utilities – Q2/26 Performance Normalized EBITDA1 Business Updates • ARP Execution: Replaced over 20 miles of $142 MM pipe through ARP programs YTD. • Modernizations: D.C. District SAFE re-opened with extension of PROJECTpipes 2 granted. +6% $134 MM • Keweenaw Connector: construction started – target
Slide 13: Regulatory Updates
Regulatory Updates D.C. Maryland Virginia Michigan Final Order Received Nov-25 Final Order Received1 Jul-26 Rate Case Application H2/26 Rate Case Application H2/26 • Filed: Aug 2024 • Filed: Dec 2025 • Filed: Jul 2025 • Filed: Feb 2026 • Revenue: US$21 MM base • Revenue: US$38.1 MM base • Revenue: U
Slide 14: Midstream – Q2/26 Performance
Midstream – Q2/26 Performance Normalized EBITDA1 Global Exports Performance RIPET Ferndale 120 $285 MM ~144 MBbl/d 90 MBbl/d Export Volumes; 60 13% Y/Y Growth $215 MM +33% 30 0 2019 2020 2021 2022 2023 2024 2025 2026 Q2 2025 Q2 2026 Midstream Infrastructure Growth Performance Drivers: • Strong globa
Slide 15: 2026 Financial Guidance
2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,2,3 Guidance ($ millions) ($/Share) $2,000 - $2,100 5-Year $1,863 8% CAGR $2.35 – $2.60 Tailwinds / Headwinds Midstream Midstream + LPG spreads and margins 42% 48% - 52% + Asset optimization + Midstream performance + Frac spreads
Slide 16: 2026 Capex Budget
2026 Capex Budget Capital Allocation1 2026 Capital Budget: $1.8 Billion Utilities 3% Midstream Utilities $1,800 Midstream Corporate / Other $1,600 3% 15% $1,400 5% 36% 22% $1,200 40% 45% 16% 2% 1% 45% $1,000 1% 41% C$MM 28% 1% 12% 20% 18% $800 10% $600 61% 15% 29% $400 87% 79% 52% 70% 89% 54% REEF P
Slide 17: Investment Capacity Supports 2026 Capital Program
Investment Capacity Supports 2026 Capital Program Prudent Capital Allocation with Growing Annual Investment Capacity Investment Capacity ~$1.6 - 1.8B 2026E-2030E Balance Adjusted Net Debt/normalized EBITDA1,2 Additional REEF Phases target of 4.5x - 5.0x. Optional Capital Data centers Large utility
Slide 18: Executing on Balance Sheet Objectives
Executing on Balance Sheet Objectives Adjusted Net Debt-to-Normalized EBITDA1,2 Adjusted Net Debt-to-Normalized EBITDA2 2026-2028 4.5x 5.0x 5.5x Q2/26 5.0x TTM Target Range Target Range Investing Below Investment Investing at Top of 4.5x Capacity Investment Capacity 5.1x 4.7x Debt-to-FFO3 4.4x 2026-
Slide 19: Priorities Execution to Compound Long-term Value
Priorities Execution to Compound Long-term Value Normalized Earnings Normalized EBITDA1 Dividends Share Price Performance Per Share1 Per Share1 Midstream Index 7-Year 14% CAGR 7-Year 9% CAGR Leveraged Halved Blended Index ALA-CA LDC Index 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E
Slide 20: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation 1 2 3 Low Risk Energy Infrastructure Visible, Industry-Leading Growth Disciplined Capital Allocation Platform Providing Stable and Growing Earnings / Cash Flows Utilities modernizati
Slide 21: Q2 2026 Supplementary Tables
NTD – DOES NOT REFLECT UPDATES FOR Q2 Appendix Q2 2026 Supplementary Tables
Slide 22: Consolidated: Q2/26 vs. Q2/25
Consolidated: Q2/26 vs. Q2/25 Normalized EBITDA 1,2 ($ millions) (29) 70 391 8 342 Q2 2025 Actual Utilities Midstream Corp/Other Q2 2026 Actual ▲ Modernization investments ▲ Global exports performance ▼ G&A costs (incentive plans) ▲ D.C./VA rate case (margins & volumes) ▲ Retail performance ▲ Proces
Slide 23: Consolidated: Q2/26 vs. Q2/25
Consolidated: Q2/26 vs. Q2/25 Income (Loss) Before Income Taxes ($ millions) (27) 246 383 (62) 226 Q2 2025 Actual Utilities Midstream Corp/Other Q2 2026 Actual ▼ Higher unrealized losses on risk ▲ Primarily same factors impacting ▼ Higher employee incentive management contracts normalized EBITDA com
Slide 24: Contact Information
Contact Information For more information visit altagas.com or reach out to one of the following: Jon Morrison Senior Vice President, Corporate Development and Investor Relations Jon.Morrison@altagas.ca Aaron Swanson Vice President, Investor Relations Aaron.Swanson@altagas.ca Jennifer Sudermann Sr. M