Slide 1: Natural Gas Drives Reliability, Growth and Shareholder Value
Natural Gas Drives Reliability, Growth and Shareholder Value Q3 2025 | Analyst Presentation
Slide 2: Agenda
Agenda Q3 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: Forward-looking and Non-GAAP financial measures cautionary statement
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, income tax expense, depreciation and forward-looking information. Actual results could differ ma
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: Q3 2025 Highlights
Q3 2025 Highlights: Multiple contracts to 2040 and beyond Optimize: 1.2 • Execution of a long-term contract with improved economics for Midland Cogeneration ~ Venture (MCV) through to 2040 1 • Commissioned two Ontario Battery Energy Storage Systems (BESS) contracted to 2047; GW Recontracted to 2040
Slide 6: Commercial Optimization at MCV
Contract optimization Commercial Optimization at MCV Increased duration and superior economics Recontract at MCV Improved US$100mm1 annual adjusted EBITDA increase economics Contracted 1,240 MW1 capacity Counterparty Consumers Energy | IG-Rated Utility Expiration 2040 10-Year extension Data Center -
Slide 7: Ontario Growth Projects
Optimize, expand and develop Ontario Growth Projects Enhancing capacity, contractedness and adding battery technology Ontario flexible generation weighted average contract life 12 ~11 years 170 MW | 2047 expiry ~$35M annual adjusted EBITDA Battery Energy 10 Storage Systems 8 70MW | 2035 expiry 6 2 C
Slide 8: PJM assets: Strong first full quarter
Acquire PJM assets: Strong first full quarter Higher dispatch and energy margin Hummel and Rolling Hills capacity factor Crystalizing value 8% • ~9 GW hedged through 2027 90% 5 year historical average • All investment grade counterparties 80% Q3 2025 capacity factor Hedging and capacity Strong capac
Slide 9: Q3 Financial Performance
Q3 Financial Performance Newly acquired assets driving growth Q3 2025 9 month Financial Financial Performance Performance AFFO $369 M +$54 M YoY $882 M +$240 M YoY Adjusted EBITDA $477 M + $76 M YoY $1,166 M + $153 M YoY Revenues and other income1 $1,084 M + $199 M YoY $2,768 M +$262 M YoY Net cash
Slide 10: Alberta Outage Update
Alberta Outage Update Sustaining capital schedule positions portfolio to better capture rising prices Alberta Pool Price ($/MWh) $100 Forwards $90 $80 Current outage Elevated $70 maintenance schedule window AB forward prices imply $60 ~90% increase in spark 2 spreads (2026 to 2028) Ensures reliabili
Slide 11: 2025 Guidance Summary
2025 Guidance Summary Reaffirming 2025 guidance ranges Adjusted EBITDA ($M) AFFO ($M) Sustaining Capex ($M) 1,500 -1,650 950-1,100 882 YTD 1,166YTD 215-245 134 YTD 9-month 2025 Revised 2025 Guidance 9-month 2025 Revised 2025 Guidance 9-months 2025 Revised 2025 Guidance 11
Slide 12: We have successfully executed our 2025 priorities
We have successfully executed our 2025 priorities Creating shareholder value on multiple fronts Midland Cogeneration Venture Uprates / Expansion 1 ~1.2GW | 2040 expiry Optimize & ~60 MW | 100 MW Recontract Completed Advancing Expand PJM market entry Projects 2 3 ~2.2 GW ~170 MW | ~180 MW BESS Solar
Slide 13: Congratulations
Congratulations Sandra
Slide 14: Investor Day 2025
Investor Day 2025 Toronto - Ontario December 9 | Goreway Power Station Tour December 10 | Presentations and Q&A 14
Slide 15: Questions & Answers
Questions & Answers 15
Slide 16: Appendix
2s Oo = 7) rok oY <x 16
Slide 17: CPX 2025 Guidance Summary
CPX 2025 Guidance Summary Revised guidance for PJM acquisition Net Capacity Proportion of total Generation Capacity Availability (GW) net capacity (TWh) Factor U.S. Flexible Generation 6.2 53% 17 48% 90% Canada Flexible Generation 4.2 35% 16 47% 92% U.S. Renewables 0.6 5% 2 43% 97% Canada Re
Slide 18: Alberta portfolio position
Alberta portfolio position Power 2026 2027 2028 Hedged volume (GW) 12,000 6,500 3,000 Weighted average price (CAD $/MWh) Low-$70s Mid-$70s High-$70s Market price Forward Alberta pool price (CAD $/MWh) $51.00 $61.00 $78.00 Natural Gas 2026 2027 2028 Hedged volume (TJ) 70,000 55,000 30,000 Weighted
Slide 19: PJM portfolio position
PJM portfolio position Power 2026 2027 2028 Hedged volume (GW) 9,500 9,000 5,500 Weighted average price (USD $/MWh) High-$40s High-$40s High-$40s Market price PJM AEP (USD $/MWh) 49 50 50 PJM PPL(USD $/MWh) 45 46 46 Natural Gas 2026 2027 2028 Hedged volume (TJ) 75,000 70,000 45,000 Weighted avera
Slide 20: Forward-looking information
Forward-looking information Forward-looking information or statements included in this MD&A are provided to inform our shareholders and potential • electricity and other energy and carbon prices, investors about management’s assessment of Capital Power’s future plans and operations. This information
Slide 21: Investor Relations
Investor Relations Roy Arthur VP, Strategy, Planning, and Investor Relations 1-403-736-3315 | investor@capitalpower.com capitalpower.com 21