Capital Power Corporation · TSX:CPX
Capital Power — Q3 2026 Earnings Presentation
20 slides from Capital Power's earnings presentation, Nov 2, 2026
Slide 1: Third Quarter Results
Third Quarter Results Analyst Presentation | November 2, 2026
Slide 2: Agenda
Agenda Business Updates Avik Dey Financial Highlights & Q3 Results Kevin MacIntosh Closing Remarks Avik Dey Q&A Avik Dey Kevin MacIntosh President and Senior Vice President, Finance Chief Executive Officer and Chief Financial Officer Capital Power | 2
Slide 3: Forward-looking information and Non-GAAP financial measures
Forward-looking Non-GAAP financial information measures and ratios Cautionary statement Capital Power uses (i) earnings before income tax expense, depreciation and amortization, net finance expense, foreign exchange gains or losses, gains or losses on disposals and other transactions, unrealized cha
Slide 4: Key Messages
Key Messages 01 Solid foundation of high-quality contracted cash flows 02 Significant embedded upside 03 Strong fundamentals supports future development Capital Power | 4
Slide 5: Solid Foundation of Contracted Cash Flows
Solid Foundation of Contracted Cash Flows Long-Term Visibility High-Quality Counterparties2 ~75% Long-term contracted Adj. EBITDA1 80 – 90% Investment Grade Rated 9 – 11 yrs Historical weighted average contract life A-rated Other IG Other 1. Based on 2026 guidance range (midpoint), inclusive of long
Slide 6: A Clear Path to Contracted Growth
A Clear Path to Contracted Growth ✓ 2025 – 2026 Near – Mid Term BEYOND EMBEDDED U PSIDE ~2 GW ~3 GW Development Contracted Available to contract + uprates2 New generation + contracting MCV1 · Arlington Valley · Meta AESO · MISO · PJM · WECC AESO · IESO · PJM · WECC Signed at significantly higher pri
Slide 7: Proven Ability to Contract
Proven Ability to Contract Share of portfolio contracted since 2025 2 ~2 GW 1 14% Contracted at significantly higher prices Average ~15 yrs 1 Weighted Average Contract Life Capital Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Power 1. Includes contracted capacity placed in service and existing capacity recont
Slide 8: Significant Embedded Upside
Significant Embedded Upside Incremental annual opportunity ✓ No new shares $1.25B Adj. EBITDA1 ✓ No new project debt ✓ Limited growth capex Contracted Merchant $400 – 550M $375 – 700M Contracting, uprates (3 GW) Elevated power pricing (5 GW) AESO · MISO · PJM · WECC AESO · PJM 1. Incremental annual
Slide 9: Strong Demand Drives Portfolio Development
Strong Demand Drives Portfolio Development Development potential Why Capital Power 1 Partner of choice Investment-grade1 counterparty with proven operating record Multi-GW and deep customer relationships New on-site generation and contracting 2 Commercial and trading expertise Disciplined hedging an
Slide 10: Q3 Highlights
Q3 Highlights • Meta – Long term Energy Supply Agreement, 250 MW of capacity and energy Optimize • Uprates – advancing 45 MW1, completion expected spring 2027 Growth Build • Advancing ~180 MW of capacity (2026 / 2027 COD) +’ Output \ • 14.5 TWh of generation across our portfolio (up 8% Y/Y) Output •
Slide 11: 2026 Financial Performance
2026 Financial Performance Q3 YTD Adjusted EBITDA 1 $553 M + $76 M YoY $1,308 M + $142 M YoY 1 1 AFFO $306 M - $63 M YoY $788 M - $34 M YoY Revenues and $831 M - $382 M YoY $2,776 M + $134 M YoY other income Net cash flows from operating activities $381 M - $23 M YoY $907 M + $150 M YoY 1. Adjusted
Slide 12: 2026 Guidance
2026 Guidance 1 Adjusted EBITDA $1,565 M – 1,765 M Reaffirming Adjusted EBITDA and AFFO1 Strong year to date performance supports existing range AFFO 1 $890 M – 1,010 M Sustaining CAPEX Guidance Updated $350 M – 370 M Event driven unplanned outages, with a significant portion (up from $290 – 330 M)
Slide 13: A Track Record of Dividend Growth
A Track Record of Dividend Growth 2% Dividend ($/sh) 2.79 2026 dividend increase 1.51 13 Consecutive years of dividend increases 2016 2026E 2–4% Annual dividend growth target to 2030 Capital Power | 13
Slide 14: Questions & Answers
Questions & Answers Capital Power | 14
Slide 15: Appendix
Appendix Capital Power | 15
Slide 16: PJM and Alberta Portfolio Hedge Position
PJM and Alberta Portfolio Hedge Position Portfolio Hedged Volumes (Sep 30, 2026) Alberta PJM 2027 2028 2029 2027 2028 2029 Hedged Power (GWh) 10,500 6,500 3,500 10,500 6,000 4,000 1 Weighted Average Price ($/MWh) Mid-$60s Low-$70s Low-$70s High-$40s High-$40s High-$40s Hedged Natural Gas 2 85,000 50
Slide 17: Detailed Results by Facility
Q3 2026 Q3 2026 Results by Facility Detailed Results by Facility Click to download Click to download Capital Power | 17
Slide 18: Territorial Acknowledgement
Territorial Acknowledgement In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island (North America). We acknowledge the diverse Indigenous communities that a
Slide 19: Forward-looking information
Forward-looking information Forward-looking information or statements (collectively, forward-looking information) included in this presentation are provided to inform our shareholders, potential investors and other stakeholders about Whether actual results, performance or achievements will conform t
Slide 20: Investor Relations
Noreen Farrell Director, Investor Relations Investor 1-403-461-5236 [email protected] Relations TSX: CPX capitalpower.com Capital Power | 20