Capital Power Corporation · TSX:CPX
Capital Power — Debt Investor Presentation (June 2026)
25 slides from Capital Power's debt investor presentation, June 2026
Slide 1: Fixed Income Investor Presentation
Fixed Income Investor Presentation June 2026 Sarah O’Connor, Vice President, Treasurer Quyen Tucunel, Head of Credit Risk & Treasury
Slide 2: Our Platform
Capital Power | 2 Our Platform Positioned to grow and create stakeholder value Scale1 Investment Grade Ratings2 18 11 BBB BBB ~$ B ~$ B — LOW Enterprise Market Value Capitalization Fitch S&P DBRS Stability Cumulative Growth and Capacity 90 8.5 4 75 12 3 ~ % ~ % ~$ B ~ GW A-rated PPA Long-Term Invest
Slide 3: Our Business
Capital Power | 3 Our Business North America’s 5th Largest Independent Gas Power Producer Natural Storage & Supply Gas Renewables & Trading
Slide 4: We Need More Firm Power
Capital Power | 4 We Need More Firm Power Market Signals Investment Signals Grid Firming Electricity Long-Term Contract Infrastructure Demand Power Prices Length Natural gas is the only meaningful, near-term source of firm supply that can be delivered affordably and meet speed-to-market needs.
Slide 5: U.S. AI Infrastructure Growth
Capital Power | 5 U.S. AI Infrastructure Growth 1 2 Hyperscaler Capex (US$ B) U.S. Data Centre Power Demand 750 500 ~100 GW 2025 - 2030 ~17% CAGR 250 2025 - 2030 0 2024 2025 2026 1. Credit insights (Fitch Solutions) 2. Citi data center power play estimate; “the chips have to go somewhere”
Slide 6: Natural Gas is the Answer
Capital Power | 6 Natural Gas is the Answer Faster speed to market, lowest cost to consumers 1 Cost of Incremental Firm Capacity (US$/kW) ~11,500 Natural gas fired generation ~2,500 2,250 1,000 Nuclear Greenfield Expansion Uprate 10+ yrs 5 – 7 yrs 3 – 4 yrs 1 – 2 yrs Time to completion 1. Nuclear co
Slide 7: Our Strategy
Capital Power | 7 Our Strategy • Acquire to grow • Optimize to add value Enterprise Balance Sheet, ~25 GW Pipeline Commercial Funding, Resources of Opportunities Contracts, Trading Asset Target ROE Fleet 13-15+% Growth Acquisitions, Development ROE 9-13+%
Slide 8: Why Buy Gas Assets?
Capital Power | 8 1 Approximate Cost ($/kW) ~US$ 2,500/kW Why Buy Gas Assets? Faster growth with superior ~US$ 1,000-1,500/kW returns to new builds CPX Average New Build Cost Acquisition New build Acquisition price 1. Based on recent precedent transactions and internal estimates.
Slide 9: Investment Partnership MOU with Apollo Funds
Capital Power | 9 Investment Partnership MOU with Apollo Funds Up to US$3 Billion to Pursue US Merchant Natural Gas Assets 25%+ Ownership Interest; Expands M&A up to US$750 M Accelerates U.S. Merchant Commitment Thermal Growth Asset Management and Enhances Accretion and Performance Fees Preserves Ba
Slide 10: Acquisitions Are Just the Start
Capital Power | 10 Adjusted EBITDA3 Multiples ~$8 B in Optimization Acquisitions Are M&A1 pathways offer $300+ M2 Adj. EBITDA3 with Just the Start minimal capital Optimization significantly enhances value ~7x ~6x 1. Represents the acquisition cost based on net working interest of assets acquired fro
Slide 11: Great Assets
Capital Power | 11 Great Assets Characteristics vs Peers Bigger Assets Scale 770 MW vs 585 MW1 Age Younger Fleet 23 Yrs vs 28 Yrs1 Technology Proven and Supported Technology Siemens | GE | Mitsubishi | Vestas 1. Average US Gas Plants 2024 EIA-860
Slide 12: Great Assets
Capital Power | 12 Great Assets Performance vs Peers Equivalent Availability More Reliable 1 (EAF) Availability of 91% vs 83% Heat Rate More Efficient 2 7.5 vs 8.2 MMBtu/kWh Per Unit Cost Lower Fleet Sustaining Capital Costs $20/kW vs $28 1. US Gas Comparator Plants NERC GADS 2020-2024 2. US Gas Pla
Slide 13: Commercial Optimization
Capital Power | 13 Commercial Optimization Unlocking asset value through proven, disciplined execution ~ 2 GW 1 10-15 $185-225/kW Long-term Contracted Years contract duration EBITDA per unit of capacity MCV Arlington Valley Contracting 1 Re-contracting 2 3 1,240 MW contracted 600 MW contracted 1. In
Slide 14: Commercial Optimization
Capital Power | 14 Commercial Optimization Continued focus on contracting for longer duration at superior pricing Total Portfolio Capacity ~4.8 GW 2032 – 2047 Renewables, Long duration Ontario, MCV, AV contracts ~12 GW 2026 - 2031 ~2.4 GW Contracted with CAISO, DSW nearer term expiries Key focus are
Slide 15: Balanced Energy Solutions
Capital Power | 15 Balanced Energy Solutions Crystallizing value for our merchant fleet for longer duration and at superior pricing Alberta Binding MOU for an Energy Supply Agreement1 IG data centre 250 MW 10+ years developer 1. If the ESA is not executed Capital Power will receive a break fee.
Slide 16: Managing Risk through Trading
Capital Power | 16 6 Merchant Facilities Managing Risk through Trading Hedging programs balance 3 Commodities merchant upside with cash Gas, Power, Environmental Credits flow stability 5 Trading Markets AB, ON, PJM, MISO, WECC
Slide 17: Reducing Volatility and Risk through Extensive Hedging
Capital Power | 17 Reducing Volatility and Risk through Extensive Hedging Alberta Power Market | Spot Price & Captured Price $250 Spot Power Price Average ($/MWh) Realized Average Power Price ($/MWh) Forward Alberta Power Prices ($/MWh) Weighted Average Hedged Prices ($/MWh)1,2 $200 Despite Alberta
Slide 18: Market Diversification
Capital Power | 18 MISO 9% Market Other U.S. 10% AESO 28% Diversification 12 Strong fundamentals PJM 18% GW across core markets IESO 11% Other Can. WECC 3% 20% Net Operating Capacity
Slide 19: Proven Track Record of Disciplined Funding
Capital Power | 19 Proven Track Record of Disciplined Funding Disciplined, responsible growth • Proven capital allocation framework supporting portfolio growth • Holistic and multi-faceted capital screening criteria which underpins credit strength Balanced Funding Mix Funding Sources 2020 – 2025 Pr
Slide 20: Low-risk Capitalization
Capital Power | 20 Low-risk Capitalization Disciplined Debt Maturity Profile (C$M)1 $1,200 $1,000 $800 US$700 US$150 $65 $600 $600 $600 $50 US$500 $400 $450 $400 $350 $350 $200 $275 $160 $210 US$65 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 CAD Capital Markets USD Capital Markets USD Priva
Slide 21: We are Positioned to Deliver Long-Term Reliable Growth
Capital Power | 21 We are Positioned to Deliver Long-Term Reliable Growth o North America needs more reliable power. o Additional natural gas generation is required. o Capital Power has a proven and scalable platform. o We have relentless execution and long-term reliable growth.
Slide 22: Appendix
Capital Power | 22 Appendix
Slide 23: Reaffirming 2026 Guidance Ranges
Capital Power | 23 Reaffirming 2026 Guidance Ranges 1 Adjusted EBITDA AFFO 1 Sustaining CAPEX $1,565 M – 1,765 M $890 M – 1,010 M $290 M – 330 M 1. AFFO and Adjusted EBITDA are Non-GAAP financial measures. See Non-GAAP Financial Measures and Ratios.
Slide 24: Forward-looking information and Non-GAAP financial measures and ratios
| 24 Forward-looking Non-GAAP financial information measures and ratios Cautionary statement Capital Power uses (i) earnings before, income tax expense, depreciation and amortization, net finance expense, foreign exchange gains or losses, gains or losses on disposals and other transactions, unrealiz
Slide 25: Forward-looking information
Forward-looking information Forward-looking information or statements (collectively, forward-looking information) included in this Whether actual results, performance or achievements will conform to our expectations and presentation are provided to inform our shareholders, potential investors and ot
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