Pembina Pipeline Corporation

Q2 2026 performance & guidance reaffirmed (solid, trending to midpoint) - Adjusted EBITDA: $1.064B in Q2 2026. - YoY: Up $51M (+5%) vs Q2 2025 (strong ops partially offset by Alliance Pipeline toll/revenue sharing changes announced last year). - Earnings: $512M (+23% YoY); Adjusted earnings: $415M (+10% YoY). - 2026 outlook: Reaffirmed guidance $4.35B–$4.55B adjusted EBITDA; management says it’s trending toward the midpoint. - Seasonality expectation: Q3 EBITDA lower than Q2 (seasonal + timing + onetime items), while Q4 expected stronger. Over last 5 years, Q3 has contributed 23%–27% of full-year; 2026 is expected at the low end.

Execution across “3C” strategy: new assets entering service + major progress on growth projects - Capture (WCSB volumes / NGL strength): Placed RFS IV fractionator into service in late May, on time and under budget; adds 55,000 bpd propane + fractionation capacity at Redwater. - Connect (export / LNG): Cedar LNG progressing well toward first exports in late 2028; achieved milestones including mechanical completion of the pipeline supplying the facility and moving the floating LNG vessel from dry dock to wet dock in South Korea. - Catalyze (new demand / extraction + power): - Sanctioned Heartland Extraction Plant (capital-efficient), monetizing Yellowhead extraction rights. - Expanded long-term relationship with Dow: contracted ethane supply +15%. - Greenlight Electricity Center (932 MW gas-fired) sanctioned/FID achieved—dedicated power to a new Alberta Meta data center—positioned as a new “gas-to-power + data center demand” growth platform.

Marketing/commodity exposure: upside exists but Q3 margin likely pressured by spreads + higher spend - Marketing impacted by wider WCSB & US NGL frac spreads, benefiting from higher NGL prices, strong operational execution, and premium propane exposure via West Coast exports—but also higher realized losses on NGL derivatives and lower realized gains on crude derivatives. - For rest of 2026, key expected headwinds vs H1: - NGL frac spread seasonality: hedged ~90% in Q3 vs ~40% in Q4. - Higher integrity & maintenance spend in 2H: Q3 typically highest operating-expense quarter (guided to look similar to 2025 where Q3 = 27% of full-year OPEX). - Cochin: lower second-half throughput contribution as firm commitments shift earlier in year; second-half EBITDA more correlated with condensate prices. - Alliance: Q3 expected lower and Q4 higher due to seasonality/capacity use. - PGI: relatively stronger in Q4 from new assets and nonrecurring revenue recognition.