Capital Power Corporation · TSX:CPX
Capital Power — Investor Day (December 2025)
82 slides from Capital Power's investor day presentation, Dec 10, 2025
Slide 1: Powering Growth through Natural Gas
Powering Growth through Natural Gas Investor Day | December 10, 2025
Slide 2: Territorial Acknowledgement
Capital Power | 2 Territorial Acknowledgement Capital Power respectfully acknowledges that today’s event takes place on the traditional territories of many nations, including the Mississaugas of the Credit, the Anishinaabeg, the Chippewa, the Haudenosaunee, and the Wendat peoples who have called thi
Slide 3: Agenda
Capital Power | 3 Agenda Deliberate Growth, Durable Performance Roy Arthur, VP, Investor Relations and Investment Partnerships The Natural Gas Expansion Era Avik Dey, President and CEO Operational Discipline is our Edge Steve Wollin, SVP, Chief Operating Officer Jason Comandante, SVP, Supply & Tradi
Slide 4: Executive Team
Capital Power | 4 Executive Team Avik Dey Sandra Haskins Scott Manson Steve Wollin Jason Comandante Pauline McLean Ferio Pugliese May Wong President and Chief SVP, Finance & Chief Incoming Interim Chief SVP, Chief SVP, Supply SVP, External SVP, Chief SVP, Energy Markets Executive Officer Financial O
Slide 5: Deliberate Growth, Durable Performance
Capital Power | 5 Deliberate Growth Durable Performance Roy Arthur, Investor Relations & Investment Partnerships
Slide 6: Outsized Returns
Capital Power | 6 1 10-Year Total Shareholder Return CPX ~20% ~$45 Share Price Appreciation ~$20 / Share Dividends Paid Outsized Returns ~15% ~12% ~11% Top quartile TSX returns ~10% ~10% over the last 10 years S&P/TSX Midstream Canadian IPP TSX S&P 500 CPX Capped Peers Utilities Index Dividend % Sha
Slide 7: Relentless Execution
Capital Power | 7 Relentless Execution 10 years of growth and performance 1 ~$2 B Dividends Paid 2 ~4X Capacity 10 Acquisitions
Slide 8: Commitments Kept
Capital Power | 8 Expand Flexible Generation Fleet +2.2 GW PJM acquisition Commitments Kept Grow Renewables +300 MW Investor Day 2024 Portfolio Solar developments Enhance Returns through Trading +75 % Increase in trading activity +500 MW 1 Create Balanced Energy Solutions Data Centre MOUs
Slide 9: Capital Power
Capital Power | 9
Slide 10: The Natural Gas Expansion Era
Capital Power | 10 The Natural Gas Expansion Era Avik Dey, President & Chief Executive Officer
Slide 11: We are Natural Gas
Capital Power | 11 We are Natural Gas. Our mission is to own and operate high quality generation assets we can grow. We expect this will lead to annual TSR of 13-15%1.
Slide 12: A Growth Era for Power has Arrived
Capital Power | 12 A Growth Era for Power has Arrived AI Infrastructure Boom + Growing Reliability Gap for Power = Natural Gas Expansion
Slide 13: U.S. AI Infrastructure Growth
Capital Power | 13 U.S. AI Infrastructure Growth 1 2 Hyperscaler Capex (US$ B) U.S. Data Centre Power Demand 700 600 ~100 GW 2025 - 2030 500 ~17% CAGR 400 300 2025 - 2030 200 100 0 2024 2025 2026
Slide 14: We Need More Firm Power
Capital Power | 14 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 15: Natural Gas is the Answer
Capital Power | 15 1 Current U.S. Power Capacity (GW) 600 567 500 Natural Gas 400 2030 Forecast: 2 U.S. will need 20% more is the Answer 300 power generation Largest source of US 201 power generation today 200 154 134 and tomorrow 100 103 101 0 Natural Gas Coal Wind Solar Nuclear Hydro
Slide 16: Natural Gas is the Answer
Capital Power | 16 Natural Gas is the Answer Faster speed to market, lowest cost to consumers 1 Cost of Incremental Firm Capacity (US$/kW) ~11,500 Natural gas fired generation ~2,500 2,250 1,000 Nuclear Greenfield Expansion Uprate 10+ yrs 5 – 7 yrs 3 – 4 yrs 1 – 2 yrs Time to completion
Slide 17: Our Business
Capital Power | 17 Our Business North America’s 5th Largest Independent Gas Power Producer Natural Storage & Supply Gas Renewables & Trading
Slide 18: Our Platform
Capital Power | 18 Scale1 16 10 ~$ B ~$ B Enterprise Market Value Capitalization 2 Investment Grade BBB- / BBB (low) Our Platform Stability Positioned to grow and 90 75 ~ % ~ % 3 create shareholder value A-rated PPA Long-Term Counterparties Contracted Adj. EBITDA5 High Quality Cash Flows Cumulative
Slide 19: Our Strategy
Capital Power | 19 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 20: ~25 GW Pipeline
Capital Power | 20 Fleet Optimization M&A + Development 5% ~ 25 GW Pipeline 35% We have a deep ~8 GW 45% ~17 GW pipeline with a proven ability to convert 20% 95% Gas Fleet Optimization Co-located Batteries Low Carbon Solutions (2035+) Greenfield M&A
Slide 21: Our Proven and Reliable Playbook
Capital Power | 21 Our Proven and Reliable Playbook Proven Our Long-Term Platform Edge Growth Commercialize 12 GW BBB- / BBB (low) 1 Credit ratings Operate Trade ~ 800 Employees
Slide 22: Our Platform: All core markets are growing
Capital Power | 22 Alberta 1.8% CAGR 2.8 GW Ontario Our Platform 1.7% CAGR All core markets are growing MISO 1.6% CAGR 1.4 GW Market WECC 0.8 GW PJM 1 2-3% CAGR 3.1% CAGR 10-year power demand CAGR by market CPX Capacity 2 2.3 GW 2.2 GW
Slide 23: Our Edge
Capital Power | 23 Commercialize Our Edge Operational discipline drives our value Operational Discipline creation strategy Operate Trade
Slide 24: Our 2030 Targets
Capital Power | 24 Our 2030 Targets 1 Growing MWs and Margin 8Cash -10% Flow ~50% U.S. Growth 13-TSR 15% AFFO2/Share Additional Owned U.S. +100bps from Growth CAGR Capacity of 3.5 GW 2024 Investor Day
Slide 25: We are Positioned to Deliver Long-Term Reliable Growth
Capital Power | 25 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 26: Operational Discipline is our Edge
Capital Power | 26 Operational Discipline is our Edge Steve Wollin, SVP, Chief Operating Officer Andrew Pearson, VP, U.S. Thermal Jason Comandante, SVP, Supply & Trading
Slide 27: Asset Optimization
Capital Power | 27 Asset Optimization Uniquely positioned to optimize natural gas assets and create 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 28: Best-in-class operators, superior assets, optimization delivered
Capital Power | 28 Best-in-class operators Superior assets History of optimization delivered
Slide 29: Best-in-class Operators
Capital Power | 29 Best-in-class Operators Hands-on operational approach sets us apart from our peers Experienced Fleetwide experts In-house construction Efficient integration team driving optimization and engineering capability 480+ years 150 1,310 MWs 40+ of operational planned outages1 constructe
Slide 30: Defining Great Assets
Capital Power | 30 Defining Great Assets Characteristics Performance Traits Equivalent Availability Scale (EAF) Age Heat Rate Technology Per Unit Cost
Slide 31: Great Assets: Characteristics vs Peers
Capital Power | 31 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
Slide 32: Great Assets: Performance vs Peers
Capital Power | 32 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-year vs $28
Slide 33: Delivering Reliability and Extending Life
Capital Power | 33 Delivering Reliability and Extending Life New Investment Stable Stable Plant Maintenance $ per kW - year Genesee Goreway, Harquahala, Arlington, 1/2 Hummel La Paloma, Decatur, Rolling Hills Frederickson Contracted MCV through 50 yrs age ~0-5 ~5-20 ~20-25 ~25-40+ Plant Life (Years)
Slide 34: Optimization Delivered
Capital Power | 34 Optimization Delivered Methodically add value to our sites project after project Repower Battery Storage Expansion 1.4 GW 170 MW 100 MW Genesee 1&2 Goreway | York East Windsor Upgrades Life Extension Total 180 MW Decatur | Goreway | York MCV through 2040
Slide 35: Asset Optimization in Action
Capital Power | 35 More capacity +900 MW Asset Brownfield Optimization 23% lower cost in Action Lower cost $30/kW reduced to $23/kW (From 2019 Operated Thermal Fleet) Lower operating emissions 37% lower carbon 0.63 T/MWh to 0.4 T/MWh
Slide 36: Gas Fleet Optimization
Capital Power | 36 ~ 3 GW Gas Fleet Optimization Gas Fleet Optimization (Uprates, Expansions, Repowers) Top tier sites primed for growth through commercial enhancement 12 GWExisting Fleet
Slide 37: Commercial Optimization
Capital Power | 37 Commercial Optimization Maximizing capacity 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 38: Value of generation is increasing. We are positioned to capture it.
Capital Power | 38 Value of generation is increasing. We are positioned to capture it.
Slide 39: The Power Value Chain
Capital Power | 39 The Power Value Chain We acquire molecules of natural gas. We convert them into megawatts. We monetize the produced electricity. Operations Commercial and Trading • Upgrades • Uprates • Capacity Contracts • Capital Efficiency • PPAs • Merchant Sales Molecule Megawatt Monetize
Slide 40: How We Monetize MWs: Value Maximization
Capital Power | 40 How We Monetize MWs Value Maximization Commercial Balanced Energy Trading Increasing margins and Solutions managing risk Increase Gas Fleet Optimization ~3 MW ~7 GW ~5 GW Contracted Merchant
Slide 41: Value of Reliable MWs is Increasing
Capital Power | 41 Value of Reliable MWs is Increasing Gas capacity is valuable in our markets Alberta Clean Spark Spread 1 PJM Clean Spark Spread + Capacity Value 1 400 80 350 70 300 60 250 50 $/kW-year $/MWh 200 40 30 150 20 100 10 50 0 0 2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028
Slide 42: Managing Risk through Trading
Capital Power | 42 6 Merchant Facilities Managing Risk through Trading Hedging programs balance 3 Commodities merchant upside with cash Gas, Power, Environmental Credits flow stability 5 Trading Markets AB, ON, PJM, MISO, WECC
Slide 43: Long-Term Contracted Portfolio
Capital Power | 43 ~12 GW Long-Term ~4 GW Contracted Renewables, Ontario Flexible Generation, MCV Significant Opportunity to Contract Assets ~3 GW Contracted 2029 to 2032 CAISO, DSW, PNW Fully ~5 GW Merchant1 Alberta and PJM
Slide 44: Contracting
Capital Power | 44 U.S. Contracted Portfolio Adj. EBITDA2 ($M) Range implies ~$225 - $300 M of incremental Adj. EBITDA2, including MCV Contracting • Earlier Engagement 40 - 60% increase1 • Higher Prices • Longer Duration 2026 2029-2032 Potential ~3 GW (2029-2032 expiry)
Slide 45: MCV: Two Avenues of Value Creation
Capital Power | 45 MCV: Two Avenues of Value Creation 1 1 2 Long-Term Contract Balanced Energy Solution Improved Economics from Long-Term Contract (Gross) ~100M Annual Adj. EBITDA2 Contracted Capacity (Gross) 1,240 MW +250 MW Leading co-location data Counterparty IG utility centre developer
Slide 46: Balanced Energy Solutions
Capital Power | 46 Reliable power, fast deployment Balanced Energy Solutions Essential infrastructure Creating bespoke outcomes for hyperscalers and other Strategic locations with available land data centres Future ready sustainability and compliance
Slide 47: Balanced Energy Solutions
Capital Power | 47 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
Slide 48: $1 B Opportunity
Capital Power | 48 Incremental Adj. EBITDA3 Potential ($M) 1 Merchant: 5 GW Merchant + $10-20 / MWh $1 B Opportunity $350 – 650 M Incremental cash flow from merchant spark spreads Up to $1 B total and incremental uncontracted volumes • Existing capacity de-risks long-term growth 1 • Significant upsi
Slide 49: Well Positioned for Long-Term Growth
Capital Power | 49 Well Positioned for Long-Term Growth Roger Huang, VP Corporate Development
Slide 50: Well Positioned for Long-Term Growth
Capital Power | 50 Well Positioned for Long-Term Growth 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 51: Attractive returns, large opportunity set, differentiated strategy
Capital Power | 51 Attractive returns Large opportunity set (~17 GW) Optimization drives differentiated strategy Track record of acquisitions
Slide 52: We Continue to Grow and Invest Ahead of Key Themes
Capital Power | 52 We Continue to Grow and Invest Ahead of Key Themes $600 M $1 B $270 M $3.0 B Decatur Goreway Frederickson Rolling Hills $1.2 B & Hummel 170 MW $500 M $400 M Midland $1.5 B York & York & East Arlington Co-Generation Harquahala & Goreway Windsor Valley Venture La Paloma BESS 2017 20
Slide 53: Why Buy Gas Assets?
Capital Power | 53 1 Approximate Cost ($/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
Slide 54: Acquisitions Are Just the Start
Capital Power | 54 Adjusted EBITDA3 Multiples ~$8 B in Optimization Acquisitions Are M&A1 pathways offer $300+ M2 Adj. Just the Start EBITDA3 with minimal capital Optimization significantly enhances value ~7x ~6x
Slide 55: Our Acquisition Strategy
Capital Power | 55 Our Acquisition Strategy We are an active and engaged long-term owner of assets Power Markets Focused Asset Accretive Consistent that Need Gas Selection Acquisition Execution • Dependent on gas for • Seek operatorship • Actively hedge • Operational integration baseload • Identify
Slide 56: M&A Pipeline
Capital Power | 56 M&A Pipeline • Right markets • Right assets ~16 GW M&A Opportunities • Right price
Slide 57: Investment Partnership MOU with Apollo Funds
Capital Power | 57 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$750 M Accelerates U.S. Merchant Commitment Thermal Growth Asset Management and Enhances Accretion and Performance Fees Preserves B
Slide 58: Greenfield Development
Capital Power | 58 Greenfield Development • Right customer ~1 GW Pipeline • Right contract (Storage & Renewables) • Right opportunity
Slide 59: Our Pipeline
Capital Power | 59 Total Opportunity Set 13% 6% Our Pipeline ~25 GW 11% 5% We are positioned for 65% long-term growth Gas Fleet Optimization Co-located Batteries Low Carbon Solutions (2035+) Greenfield M&A Our Fleet M&A + Development ~8 GW ~17 GW
Slide 60: A Proven, Return-driven Financial Model
Capital Power | 60 A Proven, Return-driven Financial Model Scott Manson, Incoming Interim Chief Financial Officer1
Slide 61: Enterprise Optimization
Capital Power | 61 Enterprise Optimization Disciplined Financial Strategy Enterprise Balance Sheet, ~25 GW Pipeline Commercial Funding, Resources of Opportunities Contracts, Trading Asset Target ROE Fleet 13-15+% Growth Acquisitions, Development ROE 9-13+%
Slide 62: Balanced total return, prudent balance sheet, differentiated funding
Capital Power | 62 Balanced total return Prudently managed balance sheet Differentiated funding model
Slide 63: Dividend & Cash Flow Growth
Capital Power | 63 Dividend Per Share ($) Adjusted EBITDA2 ~6% CAGR ($M) ~12% CAGR 1 2.67 1,575 Dividend & Cash Flow Growth 1.51 509 Long-term growth driven by disciplined capital allocation 2016 2025 2016 2025 12 Consecutive years of dividend increases 20% TSR CAGR
Slide 64: Disciplined Capital Allocation
Capital Power | 64 Disciplined Capital Allocation 13-15% Total Shareholder Return Target Storage & Renewables 20% 2- 4% Target Capital Allocation 80% Natural Gas 2026 - 2030 Dividend Growth to 2030 30-50% Target Payout Ratio
Slide 65: Prudently Managed Balance Sheet
Capital Power | 65 We Have Delivered this Growth with our Prudently Managed Balance Sheet BBB- / ~75% Long-term 9-11 Yrs Weighted Average BBB (low) S&P, Fitch, DBRS contracted Contract Life
Slide 66: 2026 Guidance Summary ($M)
Capital Power | 66 2026 Guidance Summary ($M) Reaffirming 2025 and introducing 2026 guidance ranges1 Adjusted EBITDA1 AFFO1 Sustaining CAPEX 1,565 – 1,765 1,500 – 1,650 950 – 1,100 890 – 1,010 290 – 330 215 – 245 2025 Guidance 2026 Guidance 2025 Guidance 2026 Guidance 2025 Guidance 2026 Guidance 202
Slide 67: Capital Power's Per Share Growth
Capital Power | 67 Capital Power’s Per Share Growth More Capacity Higher Margin Our Pipeline Commercial Fleet M&A + Merchant Contracted Optimization 1 Development Upside Upside 8 GW 17GW 5GW 3GW ~ ~ ~ ~
Slide 68: CPX Value Proposition
Capital Power | 68 CPX Value Proposition
Slide 69: Continued Strategy Acceleration: 2030 Targets
Capital Power | 69 Continued Strategy Acceleration: 2030 Targets1 8Cash -10% Flow ~50% U.S. Growth 13-TSR 15% AFFO2/Share Additional Owned U.S. +100bps from Growth CAGR Capacity of 3.5GW 2024 Investor Day
Slide 70: We are Positioned to Deliver Long-Term Reliable Growth
Capital Power | 70 We are Positioned to Deliver Long-Term Reliable Growth o North America needs more reliable power. o Additional natural gas generation is required. o Capital Power has a proven and scalable platform. o We have relentless execution and long-term reliable growth.
Slide 71: Questions & Answers
Capital Power | 71 Questions & Answers
Slide 72: Appendix
Capital Power | 72 Appendix
Slide 73: Year over Year Adjusted EBITDA Reconciliation ($M)
Capital Power | 73 Year over Year Adjusted EBITDA1 Reconciliation ($M) 1,800 $1,565-$1,765 1,700 $1,500-1,650 1,600 1,500 1,400 1,300 1,200 1,100 1,000 2025 Guidance Canada Flexible Canada Renewables U.S. Flexible U.S. Renewables Corporate 2026 Guidance Generation Generation
Slide 74: Year over Year AFFO Reconciliation ($M)
Capital Power | 74 Year over Year AFFO1 Reconciliation ($M) 1,200 1,150 1,100 950 – 1,100 1,050 1,000 890-1,010 950 900 850 800 Adj EBITDA Interest During Construction Tax & Other 2025 Guidance Financing Capex 2026 Guidance
Slide 75: Portfolio Details
Capital Power | 75 Portfolio Details Net Capacity Proportion of total Generation Capacity Availability (GW) net capacity (TWh) Factor U.S. Flexible Generation 6.2 53% 27.6 51% 92% Canada Flexible Generation 4.0 34% 18.1 53% 92% U.S. Renewables 0.6 5% 2.2 39% 96% Canada Renewables1 0.9 8% 2.7 35%
Slide 76: Contracted: Sources of Embedded Upside
Capital Power | 76 Sources of Embedded Upside – Adjusted EBITDA5 Sensitivity Nameplate Capacity (MW) Impact of +/-$10/kW-year ($MM) La Paloma 1,062 Contracted U.S. FlexGen Harquahala 488 Decatur 885 ~US$30 MM Arlington 580 Frederickson 133 Total 3,147 Impact of +/-$5/MWh1 ($MM) Rolling Hills 1,077 P
Slide 77: Cautionary statement; Non-GAAP financial measures and ratios
Capital Power | 77 Cautionary statement Non-GAAP financial Certain information in this presentation and responses to questions contain forward-looking information within the meaning of Canadian securities law. measures and ratios Actual results could differ materially from conclusions, forecasts or
Slide 78: Forward-looking information
Capital Power | 78 Forward-looking information • cost of incremental capacity and market fundamentals in existing and target markets; • the ability to capitalize on the Company's growth plans, including contracting existing and prospective assets and the impact thereof, expansion and This presentati
Slide 79: Forward-looking information continued
Capital Power | 79 Forward-looking • • • changes in the availability of fuel; ability to realize the anticipated benefits of acquisitions; limitations inherent in the Company’s review of acquired assets; information continued • changes in general economic and competitive conditions, including inflat
Slide 80: Investor Relations
Capital Power | 80 Investor Relations Roy Arthur VP, Investor Relations and Investment Partnerships [email protected] TSE: CPX capitalpower.com
Slide 81: End Notes
Capital Power | 81 End Notes Page 3 Page 18 1. Effective January 1, 2026 1. As of December 5, 2025 2. Investment Grade Credit Ratings – S&P (BBB-), Fitch (BBB-) and DBRS (BBB low) Page 4 3. Inclusive of long-term hedges 3. 1. Effective January 1, 2026 4. Over the last 10 years. 5. See Non-GAAP Finan
Slide 82: End Notes
Capital Power | 82 End Notes Page 44 Page 60 1. Range reflects a 40 – 60% illustrative increase in annual capacity payments for Arlington Valley, 1. Effective January 1, 2026. Decatur, Frederickson, Harquahala, and La Paloma. MCV added at actual agreed terms previously disclosed (~85% increase in ca