Altagas Ltd. · TSX:ALA
Altagas — Investor Presentation (June 2026)
58 slides from Altagas's investor presentation, June 2026
Slide 1: Fundamentally Focused
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 C5 long-life inf
Slide 4: 2026 Strategic Priorities
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 Execute
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 25.9% equity of Petrogas from Idemitsu Smaller Gas 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 2025 2026E 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E 2021 2022 2023
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
Slide 10: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation 1 2 3 Low Risk Infrastructure Visible, Industry- Disciplined Capital Platform Providing Stable Allocation Leading Growth and Growing Earnings / Cash Flows Robust energy fundamentals
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 11% ▪ Utilities Long-life infrastructure S&P Fitch Moody’s assets that provide durable ▪ Fee for Serv
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: 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 Planned Gas Generation 2024 Forecast 2025 Forecast +8% 39 40,000 +4% 30 +43% 29 Adds (GW) 30,0
Slide 14: 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 15: LPG Fundamentals Remain Constructive
LPG Fundamentals Remain Constructive Asian LPG Demand Continues to Grow With a Rising Call for Non-U.S. LPG Supply Asian LPG Demand Growth – Incremental Propane Demand Five-Year Outlook from PDH Additions +300 China Imports of U.S. +23% Additional Propane Propane -56% Demand (MBbl/d) +219 +179 2020
Slide 16: 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 Over 4.0 MMBbl/d Asian Propane Import Demand (2025 → 2040) Asian Butane Import Demand (2025 → 2040) (Domestic Demand – Domestic Supply = Import Requirements) (Domestic Demand – Domestic Supply = Import Requirements)
Slide 17: Canada: Natural Gas and NGL Outlook is Robust
Canada: Natural Gas and NGL Outlook is Robust Canadian Natural Gas Production (2025-2035) WCSB NGL Outlook, by Product (2025-2035) WCSB NGL Outlook, by Play (2025-2035) 2,000 Ethane Propane 2,000 Cardium Deep Basin Deep Basin Duvernay Butane Natural Gasoline Duvernay AB Montney Montney Others 25 Fie
Slide 18: Montney: Liquids-rich Growth in the AltaGas Fairway
Montney: Liquids-rich Growth in the AltaGas Fairway Montney Well Licences (2018-2025) Montney NGL Outlook (2025-2035) 2,000 Natural Gasoline Field Condensate 1,200 Butane Propane Ethane 1,600 1,000 800 Well Licences 1,200 +113 MBbl/d MBbl/d 600 LPGs by 2035 800 400 400 200 0 0 2018 2019 2020 2021 20
Slide 19: BC: Activity Montney Focused and Driven by LNG Canada
BC: Activity Montney Focused and Driven by LNG Canada B.C. Well Permits (2018-2026 YTD) B.C. Montney NGL Supply, by Area (2020-2030) B.C. Montney NGL Supply, by Product (2020-2030) 500 500 1,400 Blueberry/Northern BC 450 Ethane Propane 450 1,200 Dawson Creek Butane Natural Gasoline 400 400 Heritage
Slide 20: 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 21: 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 22: High Growth Rate Regulated Utilities Platform
High Growth Rate Regulated Utilities Platform High Growth Utilities Platform 2025 Utility Revenues ▪ ~1.6 million customers, with DMV population to grow >30% faster than national average over the next 5 years1 ▪ ~70% of revenue from residential customers 70% Residential ▪ Limited weather/usage sensi
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
Continuing to Improve Returns at WGL ~$25MM of C Lever to help partially offset D potential annual net income value creation1 C E Allowed ROE B C ~$70MM of annual net income value D Legend: A creation1 B 10-20 bps A Active regulatory A ~80 bps Operational D 30-60 bps Active Business Excellence: Cost
Slide 25: Address Aging Infrastructure
Address Aging Infrastructure 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. Pre19
Slide 26: Accelerated Replacement Programs
Accelerated Replacement Programs The Foundation for Improved Safety and Reliability with Better Outcomes for All Stakeholders More than US$1.5 Billion of System Modernization Programs over next 5 years1 APRP Maturity (Year) 2026 2027 2028 2029 2030 New STRIDE 3 Plan Maryland STRIDE 3 US$224 MM remai
Slide 27: Invest in Core Platform
Invest in Core Platform Investments in Utilities since 2018 Material Decline in Leaks1 New Business WGL SEMCO >35% reduction ARP investments ARP Programs C$6.0 billion in leaks since in WGL are paying invested Sytem Betterment/Other 2019 off with material reductions in leak, driving improved safety
Slide 28: Utilities Near-to-Medium Term Growth Projects
Utilities Near-to-Medium Term Growth Projects Keweenaw Connector Modernization Programs Data Centers Positive FID. Actively being executed. Two data center agreements executed US$135 MM cost with early 2027 for behind-the-meter connection in Over $1.7 B of ARP spending Virginia and Maryland. in-serv
Slide 29: Data Center Growth Opportunity
Data Center Growth Opportunity Data Centers Driving US Power Demand Share of Top U.S. Data Center Locations PJM – Data Center Power Demand Forecast 700 Terawatt-hours 12% Data Center Consumption 600 Share of US Power Demand Share of US Power 10% Northern 500 Demand Virginia 20,000 Dominion NOVEC Oth
Slide 30: Advance System Expansion and Reliability Projects
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 w
Slide 31: Advocating for Customer Choice
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 2026
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$6/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 AltaGas Delivered (2025) 90% of our global exports are Global LPG Exports, By Country (2015-2025) transacted with 4.5 investment grade counter 14% parties or fully secured. of South Korea’s 4.0 LPG imports 3.5 Propane used for home heating + petrochemica
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: Midstream Growth Projects
Midstream Growth Projects RIPET Methanol Removal | Target COD: Q4/2026 Dimsdale Phase 1 & 2 | Target COD: Q4/2026 & Q2/2027 Key Milestones Key Stats Key Milestones Key Stats Final Investment Decision • Enhances C3 specification Final Investment Decision • Combined 36 Bcf gas storage expansion Commer
Slide 38: Attractive Runway of Long-Term Growth Projects
Attractive Runway of Long-Term Growth Projects Townsend De-Propanizer Additional Liquids Infrastructure Expanding Export Capabilities REEF Optimization 2 • Advancing certain unit-train infrastructure • Progressing enhanced liquids handling • Adds up to 60,000 Bbl/d of LPG capacity. opportunities whi
Slide 39: Strengthening the AltaGas Value Chain
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, ~1
Slide 40: Global Exports Optimization and Growth
Global Exports Optimization and Growth RIPET, Ferndale and REEF Phase 1 + Opti 1 200,000 RIPET ▪ Optimization opportunities across existing platform Throughput (Bbl/d) Ferndale will build on track record of growing from ~35 MBbl/d in 150,000 200+ MBbl/d 2019 to >125 MBbl/d currently. 100,000 ▪ Inclu
Slide 41: REEF - A Multi-Phased Growth Project
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 offloadin
Slide 42: REEF - Logistical Advantages
REEF - Logistical Advantages Proposed Container Terminal Marine ▪ Deepest natural harbour Prince Rupert Grain (Viterra, Cargill, Richardson) in North America ▪ Ice free port year-round ▪ Easy VLGC access and movement RIPET Trigon (AltaGas/Vopak Coal Exports ▪ Long-term multi vessel loading capabilit
Slide 43: Ridley Island is Center For Canadian Export Development
Ridley Island is Center For Canadian Export Development Town of Prince Rupert Prince Rupert Grain Proposed (Viterra, Cargill, Richardson) Container WATSON ISLAND Terminal Pembina Propane Exports Jetty Area Coal Exports District of (Trigon) Port Edward REEF RIPET (AltaGas/Vopak) (AltaGas/Vopak) Phase
Slide 44: REEF: Open Market Access Built for Phased Growth
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 30,000 Bbl/d of propane. leveraging common infrastructure (dock, rail, utilitie
Slide 45: REEF Growth Projects
REEF Growth Projects REEF Phase 1 | Target COD: Q4/2026 REEF Optimization Phase 1 | Target COD: H2/2027 Key Milestones Key Stats Key Milestones Key Stats Commercial Contracting • Up to 56,000 Bbl/d – Final Investment Decision • Up to 30,000 Bbl/d of propane propane and butane >1.4 million hours work
Slide 46: REEF Construction Progress
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 46
Slide 47: Pipestone II – Online and Operating Near Capacity
Pipestone II – Online and Operating Near Capacity Executed as Planned $450 MM project delivered on time and on budget. Fully backed by long-term commercial contracting. Adds Valuable Montney Processing Capacity Adds 100 MMcf/d deep cut sour gas processing capacity. Adds 20,000 BBl/d of liquids handl
Slide 48: MVP Provides Further Growth Opportunities
MVP Provides Further Growth Opportunities While not material on a consolidated level for AltaGas, MVP provides attractive expansion projects that will enhance shareholder value. Key highlights on the MVP Growth Projects: • Highly oversubscribed open season drove a 20% increase in planned expansion s
Slide 49: Near-term Project Level EBITDA Growth
Near-term Project Level EBITDA Growth Supported by Fully Subscribed Take-or-Pay Contracts with Investment Grade Shippers • MVP is set to show significant EBITDA growth1 post expansion projects; supported by industry-leading FCF conversion. MAINLINE AltaGas Post Expansion MVP EBITDA Estimated AltaGas
Slide 50: Proven Track Record of Midstream Project Execution
Proven Track Record of Midstream Project Execution Legend Key Project Project Execution Targeted Completion Delivery Metrics1 Actual Completion NEBC Programs: 1) Townsend I -8 % 14 ▪ 198 MMcf/d facility Total Under Budget Projects Project FID 2) North Pine + Townsend I ▪ 10,000 Bbl/d LPG frac. Facil
Slide 51: 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 2025 2026E 2025 2026E 2026 Normalized EPS1 2026 Capital Program 1 Asset Modernization + New Customer Connects +6% $1.7 Billion 2 Maintenance + System Betterment REEF Phase
Slide 52: 2026 Capital Budget Breakdown
2026 Capital Budget Breakdown Capital Budget of $1.7 Billion in 2026, allocated between a combination of short and long-term projects across portfolio. $1.7 Billion 2026 Investment Focus Other Growth • Business development and optimization • REEF: Completion of Phase 1 near year end 2026. Advance RE
Slide 53: 2026 Capital Allocation
2026 Capital Allocation Capital Allocation1 2026 Capital Budget: ~$1.7 Billion Organic growth across enterprise. Midstream allocation declines in 2026 as large Capital deployment reflects the continued investment in growth growth projects are completed. opportunities. $1,800 4% Utilities Midstream U
Slide 54: 2026 Financial Guidance
2026 Financial Guidance Normalized EBITDA1,2 Guidance Normalized EPS1,3 Guidance ($ millions) ($/Share) $1,925 - $2,025 5-Year $2.20 – $2.45 $1,863 Tailwinds / Headwinds 6% CAGR + Colder weather Midstream: Midstream: + Asset Optimization Midstream: Midstream 42% 42% 42% -- 46% 46% + LPG spreads and
Slide 55: 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 56: Strong Commitment to Balance Sheet
Strong Commitment to Balance Sheet Targeting BBB (mid) Credit Ratings Adjusted Net Debt - to- Normalized EBITDA 1,2 Adjusted Net Debt-to-normalized EBITDA2 2026-2028 4.5x 5.0x Q1/26 5.5x TTM Target Range 5.0x Target Range Investing Below Investment Investing at Top of Capacity Investment Capacity 4.
Slide 57: 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 58: 2026 Hedging
2026 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