Altagas Ltd. · TSX:ALA
Altagas — Investor Presentation (December 2025)
55 slides from Altagas's investor presentation, December 2025
Slide 1: Fundamentally Focused – Corporate Investor Presentation
Fundamentally Focused Corporate Investor Presentation
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: Two Core Businesses, One Strong Platform
Two Core Businesses, One Strong Platform Gas Gathering NGL Extraction Transportation, Global Wellhead & Processing & Fractionation Storage & Rail Logistics Export Markets A leading energy infrastructure platform that Midstream GAS NGLs C3 & C4 C3 & C4 C3 & C4 invests in and operates long-life infras
Slide 4: 2026 Strategic Priorities
2 2026 Strategic Priorities Long-term Strategic Priorities Remain Unchanged Focus on growing, de-risking, and strengthening the per share value of the enterprise. 1 2 3 Optimize Assets For Active Maintain Balance Maximum Returns Risk Management Sheet Strength Increase throughput, extend asset Execut
Slide 5: AltaGas History – Repositioning the Platform Since 2019
AltaGas History – Repositioning the Platform Since 2019 Historical: Three Pillar 2019 Forward: Repositioning the Platform WGL Acquisition – 2016-2018 Infrastructure Platform Eight new Board members Management Added outside executive talent / Governance + Hired/promoted >50% new leaders Utiliti
Slide 6: Corporate Activity and Focus Since 2019
Corporate Activity and Focus Since 2019 Divestitures Additions Distributed Generation Ferndale LPG Terminal 1 37.5% equity and controlling stake of Power Petrogas from SAM Holdings Generation Refocused 1 the Business Hydro Ferndale LPG Terminal Smaller Gas 25.9% equity of Petrogas from Idemitsu Util
Slide 7: Increasing Durability of the Platform
Increasing Durability of the Platform Continued progress on increasing contracted cashflows Divesting Non-Core, Commodity A B Increasing Commercial Contracting C Delivering a Low-Risk Business Model Sensitive Assets 2020 Normalized EBITDA1 2026E Normalized EBITDA1 Long-term Target By Contract Type2
Slide 8: Execution Delivers Compounding Long-term Value
Execution Delivers Compounding Long-term Value Normalized Earnings Normalized Dividend Share Price Per Share1, 2 EBITDA1, 2 Per Share Performance ALA-CA Midstream Index LDC Index Blended Index 2021 2022 2023 2024 2025E 2026E 2021 2022 2023 2024 2025E 2026E 2021 2022 2023 2024 2025 2026E 2021 2022 20
Slide 9: 2026 Dividend Increase and Forward Outlook
2026 Dividend Increase and Forward Outlook Plan to return capital through sustainable annual $1.34/Share DIVIDEND dividend increases 2026 Dividend PHILOSOPHY Compound at strong long-term rates that aligns with AltaGas’ long-term normalized EPS1 growth Represents 6% Y/Y increase. 50-60% Payout Ra
Slide 10: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation 1 Low Risk Energy Infrastructure 2 Visible, Industry- 3 Disciplined Capital Platform Providing Stable and Leading Growth Allocation Growing Earnings / Cash Flows Robust energy fundam
Slide 11: Low-Risk Energy Infrastructure
Low-Risk Energy Infrastructure Steady and Reliable Growth Low Risk Energy Investment Grade Credit Rating Strong Commercial Constructs Infrastructure Platform Commercial Contract Type2 Credit Ratings Long-life infrastructure 11% Utilities S&P Fitch Moody’s assets that provide durable BBB- BBB Fee
Slide 12: Macro Set Up
Macro Set Up Macro Data Points Interest Rates Inflation FX (USD/CAD) 2026 2026 2026 Utility Key Macroeconomic Data Points nil 4x Low High Below Avg Above Avg Low High Cost of Gas Substitution Population Growth Regulatory Jurisdictions Investment Opportunities Midstream Key Macroeconomic Data Points
Slide 13: Gas and NGL Fundamentals Drive Midstream Growth
Gas and NGL Fundamentals Drive Midstream Growth WCSB Natural Gas Production +3.9 Bcf/d WCSB NGL Production Outlook (2024-2030) Deep Basin Duvernay Other +280,000 Bbl/d AB Montney BC Montney 1.8 20 1.6 15 MMBbl/d 1.4 Bcf/d 10 1.2 5 1.0 0.8 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2020
Slide 14: Strong Demand for Gas Utilities Investments
Strong Demand for Gas Utilities Investments PJM – Virginia Peak Summer Load Forecasts (MW) Gas Generation Plans Accelerating to Meet Increased Demand 2022 Forecast 2023 Forecast 40 50,000 Feb 2025 Oct 2025 +8% Planned Gas Generation 2024 Forecast 2025 Forecast 39 40,000 +4% 30 +43% 29 Adds (GW) 30,0
Slide 15: Asian LPG Import Demands to Grow >40% by 2040
Asian LPG Import Demands to Grow >40% by 2040 Propane and Butane Imports to Grow to 4.0 MMBbl/d Asian Propane Import Demand (2022 2040) Asian Butane Import Demand (2022 2040) (Domestic Demand – Domestic Supply = Import Requirements) (Domestic Demand – Domestic Supply = Import Requirements) 2,500
Slide 16: Canada: Natural Gas and NGL Outlook is Robust
Canada: Natural Gas and NGL Outlook is Robust Canadian Natural Gas Production (2020-2030) WCSB NGL Outlook, by Product (2020-2030) WCSB NGL Outlook, by Play (2020-2030) 25 2,000 2,000 Cardium Deep Basin Duvernay Cardium Deep Basin Duvernay Ethane Propane Alberta Montney BC Montney Other 1,800 Butane
Slide 17: Alberta: Marked Montney Liquids-rich Growth on Horizon
Alberta: Marked Montney Liquids-rich Growth on Horizon Alberta Montney NGL Outlook (2020-2030) Deep Basin NGL Outlook (2020-2030) 800 250 700 200 600 500 150 MBbl/d MBbl/d 400 100 300 200 50 Pipestone Growth Area Harmattan Growth Area 100 0 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20
Slide 18: BC: Progressing Resource Stewardship Efforts Supports Development
BC: Progressing Resource Stewardship Efforts Supports Development B.C. Well Permits (2018-2025 YTD) B.C. Montney NGL Supply, by Area (2020-2030) B.C. Montney NGL Supply, by Product (2020-2030) 500 500 1,200 Blueberry/Northern BC 4x Increase 450 Ethane Propane 450 Dawson Creek 1,000 Butane Natural Ga
Slide 19: Montney Economics Among Strongest in North America
Montney Economics Among Strongest in North America The Montney is the growth engine of the WCSB, driven by high liquids yields and high productivity wells North American Gas Plays - Half Cycle Economics1,2 WCSB Natural Gas Supply1 AB Montney Core Montney Core Other Nat Gas 22% NEBC Montney Core Mont
Slide 20: Canadian LNG Developments Drive Adjacent Opportunities
Canadian LNG Developments Drive Adjacent Opportunities Associated LPGs2 Project Summary Export Capacity1 (Propane / Butane) $48.0B3 Phase 1 LNG export Phase 1 Liquids Per Phase facility in Kitimat, BC with in- 14 mmtpa ~50 Mbbl/d service reached on June 30, Phase 2: 2025. Phase 2 awaiting FID. +14 m
Slide 21: Excess Canadian LPGs Best Served in Premiere Asian Markets
Excess Canadian LPGs Best Served in Premiere Asian Markets WCSB Propane Supply Available for Exports (2022-2040) 450 400 Traditional Regional Demand Eastern CAD Demand PDH Available to Export 350 WCSB LPG Available for Exports (2022-2040) 300 350 MBbl/d 250 200 300 Total LPG Propane Available Availa
Slide 22: High Growth Rate Regulated Utilities Platform
High Growth Rate Regulated Utilities Platform High Growth Utilities Platform 2024 Utility Revenues ~1.6 million customers with population growing ~40% faster than the national average1 ~70% of revenue from residential customers 70% Residential Limited weather/usage sensitivity across ~70% of r
Slide 23: Utilities Strategic Focus
Utilities Strategic Focus 1 2 3 4 Growth Improve Invest in Core Opportunities Policy / Returns Platform related to Advocacy Climate Leadership Initiatives Continue closing the Modernize network Focus on energy Build alliances with ROE gap to enhance safety efficiency programs, multiple advoc
Slide 24: Continuing to Improve Returns at WGL
1 Continuing to Improve Returns at WGL ~$40MM of C Lever to help partially offset D potential annual net income value creation1 C E Allowed ROE B C Legend: ~$70MM of D annual net income value creation1 A B 20-40 bps A Active regulatory Operational Excellence: Cost D 30-60 bps A ~120 bps Active Busin
Slide 25: Address Aging Infrastructure
Address Aging Infrastructure 2 Utilities Positioned for Large Ongoing Investment Opportunities (Miles) 2,000 Iron Plastic Protected Steel Others 1,500 D.C. 1,000 500 0 2,000 1,500 Maryland 1,000 500 0 2,000 1,500 Michigan 1,000 500 0 2,000 1,500 Virginia 1,000 500 0 Source: Internal data, PHMSA. Pre
Slide 26: Accelerated Replacement Programs
Accelerated Replacement Programs 2 The Foundation for Improved Safety and Reliability with Better Outcomes for All Stakeholders Approximately US$1.3 billion of System Modernization Programs over next 4 years1 APRP Maturity (Year) 2024 2025 2026 2027 2028 2029 New STRIDE 3 Plan Maryland US$330MM US$2
Slide 27: Invest in Core Platform
2 Invest in Core Platform Investments in WGL since 2018 Material Decline in Leaks1 New Business WGL SEMCO C$5.0 billion ~50% reduction ARP investments System Betterment/Other invested in leaks over the in WGL are paying ARP Programs past five years off with material reductions in leak, driving impro
Slide 28: Attractive Runway of Utilities Growth Projects
2 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 $1.8B of ARP spending Continue to grow residential and System expansion within Opportunities advancing
Slide 29: Advance System Expansion and Reliability Projects
2 Advance System Expansion and Reliability Projects Advance pragmatic extension to service territory to bring natural gas to currently unserved customers A and progress long-term projects focused on improving system reliability B for the long-term. 10% of homes within the states Washington Gas SEMCO
Slide 30: RNG Advancements
3 3 RNG Advancements WGL is advancing several RNG opportunities across Pursuing various RNG interconnect opportunities the DMV within Michigan with two recently completed Currently, five to ten in-territory facilities are Opportunities are focused on in-territory dairy potential sources of s
Slide 31: Advocating for Customer Choice
4 Advocating for Customer Choice Advocating for Energy Choice Washington Gas, along with local unions, restaurant associations, business counsels, housing and building associations, filed two AltaGas will be very active in statement of claims challenging two proposed local gas bans. advocacy in 20
Slide 32: Premiere, Globally Connected Midstream Platform
Premiere, Globally Connected Midstream Platform Robust long-term fundamentals, supported by West Coast LNG Industry-leading Montney footprint – positioned to attract volumes and value chain opportunities Visible near and long-term growth De-risking commercial framework Strong counter-party credit: 8
Slide 33: The AltaGas West Coast Advantage
The AltaGas West Coast Advantage AltaGas’ West Coast Advantage results in significant increases in producers’ realized LPG prices and creates tailwinds for the broader energy industry. 10-11 days 18+ 25+ days days 1 North American West Coast LPG exports have a Panama canal 1 congestion can add 10+ d
Slide 34: Battle of the Barrels Leaves Asian Tolling as Clear Winner
Battle of the Barrels Leaves Asian Tolling as Clear Winner RIPET Tolling has Averaged ~US$5/Bbl Netback Premium Over Conway Over the Past Two Years Excess Canadian propane and butane that is available for exports at Fort Saskatchewan A has two options – going to Asia B via rail and AltaGas global ex
Slide 35: North America Balancing the Global LPG Market
North America Balancing the Global LPG Market Global LPG Exports, By Country (2014-2024) Japan Approximately 4.5 4.0 • Home heating; more 97% environmentally-friendly of our LPG export delivers volumes are 28% 3.5 alternative to thermal coal. delivered to Japan and South Korea. 3.0 of Japan’s total
Slide 36: Midstream Strategic Focus
Midstream Strategic Focus 1 2 3 4 Leverage and De-risk Strengthen Evaluate Optimize Existing Operations the Midstream Growth Assets Framework Value Chain Opportunities Focus on growing Maintain high Strengthen Allocate capital to EBITDA through degree of long-term footprint across the the st
Slide 37: Attractive Runway of Near-to-Medium Term Growth Projects
1 Attractive Runway of Near-to-Medium Term Growth Projects Midstream Project Backlog to Drive Long-Term Shareholder Value REEF Opti 1 Dimsdale - Phase I North Pine Expansion Pipestone III Expands REEF Phase I propane Phase I expansion adds 6 Bcf Strategic fractionation facility Strong custom
Slide 38: Strengthening the AltaGas Value Chain
3 Strengthening the AltaGas Value Chain The Multifaceted Approach to Strengthening the Franchise Gas Gathering NGL Extraction, Transportation, & Processing Fractionation & Storage and Logistics Global Exports Liquids Handling Midstream 2.5 Bcf/d1 70,000 Bbl/d2; >4,500 rail cars, 15 Bcf gas storage,
Slide 39: Global Exports Optimization and Growth
3 Global Exports Optimization and Growth RIPET, Ferndale and REEF Phase 1 + Opti 1 180,000 RIPET Ferndale Optimization opportunities across existing platform 150,000 200+ MBbls/d will build on track record of growing from ~35 MBbls/d in 120,000 Bbls/d 2019 to >125 MBbls/d currently. 90,000 60,000
Slide 40: REEF - A Multi-Phased Growth Project
4 REEF - A Multi-Phased Growth Project Large-scale LPG and bulk liquids marine export terminal Phased construction for a capital-efficient build-out F Phase 1: LPG and Dock E B C A A Facility and balance of plant C Rail Offloading and Yard 56,000 Bbls/d of initial 10 x dual sided rail offload
Slide 41: REEF - Logistical Advantages
4 REEF - Logistical Advantages Marine Deepest natural harbour in North America Ice free port year-round Easy VLGC access and movement Long-term multi vessel loading capabilities Shortest shipping distance to Japan and South Korea Rail Comprehensive logistics network 10 dual sided rail
Slide 42: REEF Update
4 REEF Update Milestones Cleared To-Date Delivery 2024 2025 2026 Final Investment Decision FEED Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site Clearing Commercial Contracting EPF1 Project Execution Site Prep. Uplands Cost Exposure Installation ~77% project costs committed or incurred to date; ~70
Slide 43: REEF: Open Market Access Built for Phased Growth
4 REEF: Open Market Access Built for Phased Growth REEF Build to Scale A Optimization 1 Final Investment Decision • REEF designed to add cost-effective phased volumes by • Small project to optimize throughput by additional 25 kbd of propane. Includes leveraging common infrastructure (dock, rail, uti
Slide 44: REEF Construction Progress
4 REEF Construction Progress Bullets and Accumulator Uplands Construction Placed Onsite Progressing in line with development plan Jetty Trestles in Place Railroad and Utility Corridor Construction Topside for Dock Phase one near completion 44
Slide 45: Watson Island New 4-6 Loop Rail Track
Watson Island Pembina Prince Rupert Terminal New 4-6 Loop Rail Track 25km total track 45
Slide 46: Pipestone II – Mechanically Complete
4 Pipestone II – Mechanically Complete Milestones Cleared To-Date Site Clearing FEED Acid Gas Wells Gathering System Facility Construction Project Execution EPC Contracting ~100% project work executed or under firm price EPC Acid Gas Injection Wells Drilled and Completed Gathering System Completed.
Slide 47: Proven Track Record of Midstream Project Execution
Proven Track Record of Midstream Project Execution Legend Key Project Project Targeted Completion Delivery Metrics1 Execution Actual Completion NEBC Program I -8 % 13 Townsend I Under Budget Total Projects 198 MMcf/d facility Project FID Completed NEBC Program II -14 % Under Budget North Pine + To
Slide 48: 2026 Guidance Highlights
2026 Guidance Highlights 2026 Normalized EBITDA1 2026 Dividend Increase $1.34 +8% $1.26 +6% Y/Y mid-point Annual Increase growth 2025E 2026E 2025E 2026E 2025 Normalized EPS1 2026 Capital Program 1 Asset Modernization + New Customer Connects +6% $1.6 Billion 2 Maintenance + System Betterment REEF Pha
Slide 49: 2026 Capital Budget Breakdown
2026 Capital Budget Breakdown Capital Budget of $1.6 Billion in 2026, allocated between a combination of short and long-term projects across portfolio. $1.6 Billion 2026 Investment Focus Other Growth • Business development and optimization • REEF: Completion of Phase 1 near year end 2026. Advance RE
Slide 50: 2026 Capital Allocation
2026 Capital Allocation Capital Allocation 2026 Capital Budget: ~$1.6 Billion Organic growth opportunities across both businesses. Midstream allocation falling as large growth projects are Capital deployment reflects the continued investment in growth completed. opportunities. Growth investments acr
Slide 51: 2026 Financial Guidance
2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) $1,925 - $2,025 Tailwinds / Headwinds $1,775 - $1,875 $2.25 + New rates in VA, D.C. + MD $2.20 - $2.45 + Utilities rate base investments $2.10 - $2.30 Midstream: (ARP & customer growth) $2.00 Midstream: 42%
Slide 52: Expanded Investment Capacity
Expanded Investment Capacity Cashflow Growth and Equity Raise Drive Higher Annual Investment Capacity Prudent Capital Allocation with Growing Investment Capacity Adjusted Net Debt/normalized EBITDA1,2 Annual Investment Capacity target of 4.5x - 5.0x ~$1.6-1.8B Balance MVP retention and financing p
Slide 53: Strong Commitment to Balance Sheet
Strong Commitment to Balance Sheet Targeting BBB (mid) Credit Ratings Adjusted Net Debt-to-normalized EBITDA1 4.5x 4.65x 5.0x Leverage targets calibrated to align with Fitch and S&P BBB (mid) credit ratings. Expects to remain around previously stated leverage target of 4.65x with fluctuations be
Slide 54: 2026 Normalized EBITDA Seasonality Expectations
2026 Normalized EBITDA Seasonality Expectations Consolidated Normalized EBITDA1 Midstream Normalized EBITDA1 Utilities Normalized EBITDA1 by Quarter by Quarter by Quarter 43%- 47% 36%-40% 28%-32% 30%-34% 27%-31% 25%-29% 21%-25% 18%-22% 15%-19% 13%-17% 10%-14% 9%-13% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 55: 2025 Hedging
2025 Hedging Increase tolling and reduce commodity exposure to further stabilize Midstream cashflows Hedging Philosophy Residual commodity exposures actively managed through hedging program NGL Extraction Transportation, Wellhead Gas Gathering & Fractionation Storage & Rail Global & Processing L