Altagas Ltd. · TSX:ALA
Altagas — Q3 2026 Earnings Presentation
23 slides from Altagas's earnings presentation, Oct 29, 2026
Slide 1: Q3/2026 Financial Results and Corporate Update
Q3/2026 Financial Results and Corporate Update October 29, 2026
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: Overview
Overview 1 Q3/2026 Highlights 2 REEF Update and Other Project Updates 3 LPG Market Update 4 Canadian Egress Opportunities 5 Utilities Rate Case Summary 6 Q3/2026 Segmented Results and Highlights 7 2026 Financial Guidance and Capital Spending 8 AltaGas Value Proposition 3
Slide 4: Q3/26 Highlights
Q3/26 Highlights Financial Business and Regulatory Updates Normalized EBITDA1,2 Normalized EPS1,3 ($millions) $389 ($/share) $0.29 • Guidance: expect to be near the top–end of recently increased 2026 ranges. • Leverage: 4.3x adjusted net debt/normalized EBITDA1; below target 4.5x-5.0x range. $268 +4
Slide 5: REEF Growth Projects
REEF Growth Projects Continued Project Execution REEF Phase 1 | Target COD: Q1/2027 REEF Optimization Phase 1 | Target COD: H2/2027 Key Milestones Key Stats Key Milestones Key Stats Commercial contracting • Up to 56,000 Bbl/d – propane Final Investment Decision • Up to 30,000 Bbl/d of propane and bu
Slide 6: REEF Jetty Construction Complete
REEF Jetty Construction Complete Focus Shifting to Mooring System and Suction Anchor Installation In-Water Works | Jetty Related Work Complete Construction below the waterline or directly in the marine environment. Complete Permanent Piles Jetty Piers: 48/48 completed; Loading platform: 24/24 comple
Slide 7: RIPET Methanol and Dimsdale Gas Storage Project Updates
RIPET Methanol and Dimsdale Gas Storage Project Updates 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 • Allows Canadian propane full access • Final Investment Decision • Co
Slide 8: Global Supply Disruption Reinforces Export Platform Value
Global Supply Disruption Reinforces Export Platform Value Prolonged Market Disruptions Create a Significant Opportunity for Canadian Energy Exports 1 Strait of Hormuz LPG Export Volumes Remain Constrained 2 >240 MMBbls of Global LPG Supply has Been Disrupted 2.0 Daily Trailing 5 Day Avg. Cumulative
Slide 9: Canada Egress Opportunities Drive Basin Growth
Canada Egress Opportunities Drive Basin Growth Montney, Oilsands and Global Exports at the Center Canadian Crude Pipeline Capacity Canadian Gas Production (2025-2035) Canadian NGL Outlook, by Play (2025-2035) and Expansions (2026-2030+) 2,000 7.0 Deep Basin Cardium Deep Basin Operational Sanctioned
Slide 10: Connecting Canada to the World, One Phase at a Time
Connecting Canada to the World, One Phase at a Time Expansion Projects Benefit From REEF Common Infrastructure Global Exports Growth FID Capacity Build-Up (Bbl/d) D E A REEF Phase 1: 56 MBbl/d Propane 60,000 ~300,000 Propane and butane capacity with overbuilt common Butane infrastructure (dock, rail
Slide 11: Utilities Rate Case Activity
Utilities Rate Case Activity Continued Execution of Utilities’ Strategic Priorities Consistent regulatory activity has led to constructive rate case outcomes and greater visibility of future earnings $115MM Approved Revenue (US$) Incremental 9.67% Allowed ROE (average across jurisdictions) $1B (US$)
Slide 12: 2026 Strategic Priorities
2026 Strategic Priorities Focused on growing, de-risking, and strengthening the enterprise 1 2 3 4 5 Optimize Assets Active Maintain Advance Rigorous For Maximum Risk Balance Sheet Key Growth Capital Returns Management Strength Projects Allocation Increase throughput, Execute long-term Target invest
Slide 13: Midstream – Q3/26 Performance
Midstream – Q3/26 Performance Normalized EBITDA1 Global Exports Performance RIPET Ferndale 150 $337 MM 120 ~147 MBbl/d 90 MBbl/d Export Volumes; 60 11% Y/Y Growth +65% 30 $204 MM 0 2020 2021 2022 2023 2024 2025 2026 Q3 2025 Q3 2026 Midstream Infrastructure Growth Performance Drivers: • Strong global
Slide 14: Utilities – Q3/26 Performance
Utilities – Q3/26 Performance Normalized EBITDA1 Business Updates • Rate Case Activity: Two rate cases completed in Virginia and Michigan. $68 MM $66 MM • SEMCO Acquisition: added ~US$20 MM of rate base and 5,800 customers. • Keweenaw Connector: 85% complete; on target for year end 2026 completion.
Slide 15: 2026 Financial Guidance
2026 Financial Guidance Expect to land towards upper-end of guidance ranges Normalized EBITDA1,2 Guidance Normalized EPS1,2,3 Guidance ($ millions) ($/Share) $2,000 - $2,100 5-Year YTD 2026 Q4 2026 8% CAGR $1,863 $2.35 – $2.60 Tailwinds Tailwinds + LPG spreads and + LPG spreads and Midstream Midstre
Slide 16: 2026 Capex Budget
2026 Capex Budget Capital Allocation1 2026 Capital Budget: $1.8 Billion Utilities 3% Midstream Utilities $1,800 Midstream Corporate / Other $1,600 3% 15% $1,400 5% 36% 22% $1,200 40% 45% 16% 2% 1% 45% $1,000 1% 41% C$MM 28% 1% 12% 20% 18% $800 10% $600 61% 15% 29% $400 87% 79% 52% 70% 89% 54% REEF P
Slide 17: Strong Commitment to Balance Sheet
Strong Commitment to Balance Sheet Targeting BBB-Mid Credit Ratings Trailing 12 month Adjusted Net Debt-to-Normalized EBITDA1,2 BBB- (Positive Outlook) FFO-to-Net Debt3 2026-2028 5.5x Upgrade Threshold Downgrade Threshold 16% 11% 5.0x Expected Range Target Range 4.5x BBB (Stable Outlook) 5.1x 4.7x D
Slide 18: Priorities Execution to Compound Long-term Value
Priorities Execution to Compound Long-term Value Normalized Earnings Normalized EBITDA1 Dividends Share Price Performance Per Share1 Per Share Midstream Index 7-Year 14% CAGR 7-Year 9% CAGR Leveraged Halved Blended Index ALA-CA LDC Index 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E
Slide 19: AltaGas Value Proposition
AltaGas Value Proposition Diversified, Low-Risk Business Model with Visible Growth and Disciplined Capital Allocation 1 2 3 Low Risk Energy Infrastructure Visible, Industry-Leading Growth Disciplined Capital Allocation Platform Providing Stable and Growing Earnings / Cash Flows Utilities modernizati
Slide 20: Q3 2026 Supplementary Tables
NTD – DOES NOT REFLECT UPDATES FOR Q2 Appendix Q3 2026 Supplementary Tables
Slide 21: Consolidated: Q3/26 vs. Q3/25
Consolidated: Q3/26 vs. Q3/25 Normalized EBITDA 1,2 ($ millions) (10) 133 389 (2) 268 Q3 2025 Actual Utilities Midstream Corp/Other Q3 2026 Actual ▲ Pipeline Replacement ▲ Global exports performance ▼ G&A costs (partially driven by ▲ Asset Optimization (margins & volumes) stock price and incentive p
Slide 22: Consolidated: Q3/26 vs. Q3/25
Consolidated: Q3/26 vs. Q3/25 Income (Loss) Before Income Taxes ($ millions) 46 (48) (20) (30) (8) Q3 2025 Actual Utilities Midstream Corp/Other Q3 2026 Actual ▲ Lower unrealized losses on risk ▲ Primarily same factors impacting ▼ Primarily same factors impacting management contracts normalized EBIT
Slide 23: Contact Information
Contact Information For more information visit altagas.com or reach out to one of the following: Jon Morrison Senior Vice President, Corporate Development and Investor Relations [email protected] Aaron Swanson Vice President, Investor Relations [email protected] Jennifer Sudermann Sr. M