GSK Plc - ADR

Q2 performance: strong earnings momentum (with infrastructure leading) - Infrastructure adjusted EBITDA: CAD 169m, a CAD +17m YoY increase vs Q2’25 and CAD +9m above the prior quarterly record (Q4’25). - Drivers: stronger network utilization, Chauvin contribution, and optimization initiatives (about +8m barrels throughput vs Q2’25). - Marketing adjusted EBITDA: CAD 15m in Q2 (vs CAD 8m in Q2’25) — described as the strongest marketing quarter since Q2’24, benefiting from strong refined product crack spreads and improved Moose Jaw product mix. - Consolidated adjusted EBITDA: CAD 169m (in line with the prior quarterly record) and CAD +22m YoY. - Distributable cash flow: CAD 96m (+CAD 15m YoY), partially offset by higher financing costs and current income taxes.

Outlook / guidance: marketing seasonality + near-term operational assumptions - Management expects Q3 marketing to remain strong, tied to continued strength in refined product cracks and supportive mix. - They reiterated marketing is expected to fall within the “0 to CAD 40m” annual guidance range, and performance in Q2 was better than anticipated, trending toward the upper end of CAD 40m (year-to-date marketing: CAD 18m). - Seasonality risk: Q4 is expected to reflect refined-products seasonality (i.e., less upside vs Q3). - Exports/ship availability volatility: company expects Q3 volume to be similar to Q2 on a contractual/locked-in basis, but actual volumes depend on tanker/vessel availability and loading—described as changing daily.

Growth strategy: key capex/projects progressing + acquisition integration - Chauvin Pipeline acquisition closed May 1: adds stable contracted cash flows supported by long-term agreements (with TGE). - Hardisty connection project: started post-close; directly connects Chauvin assets to the core Hardisty terminal; expected completion in 1H’27. - Chauvin expansion (capacity +50%): engineering underway to increase effective capacity from 30,000 bpd to 45,000 bpd; on track for FID by year-end. - U.S. Wink-to-Gateway integration: on track to be placed into service by end of Q3; initial pipeline twinning work is complete to improve concurrent supply into Gateway. - Investor day growth posture remains intact: projects aim to support sustainable long-term value and per-share growth (team is targeting a CAD 1B growth capital deployment over ~5 years).