Slides
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Investor Presentation January 2026
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2|Capital Power Our Platform Scale1 Stability Cumulative Growth and Capacity 16 Enterprise Value 10 Market Capitalization Investment Grade BBB- / BBB (low) ~$ ~$ BB High Quality Cash Flows Diverse fleet across 5 key North American markets 8.5 Invested (M&A) B Positioned to grow and create shareholder value ~$ 75 Long-Term Contracted Adj. EBITDA5 % 90 A-rated PPA Counterparties % 12 GW ~90% Natural Gas ~60% U.S. ~ ~ 2 4 3
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3|Capital Power Natural Gas Our Business North America’s 5th Largest Independent Gas Power Producer Supply & Trading Storage & Renewables
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4|Capital Power The Natural Gas Expansion Era
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5|Capital Power We Need More Firm Power Natural gas is the only meaningful, near-term source of firm supply that can be delivered affordably and meet speed-to-market needs. Market Signals Investment Signals Grid Firming Infrastructure Electricity Demand Long-Term Power Prices Contract Length
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6|Capital Power U.S. AI Infrastructure Growth U.S. Data Centre Power DemandHyperscaler Capex (US$ B) 0 100 200 300 400 500 600 700 2024 2025 2026 ~100 GW 2025 - 2030 ~17% CAGR 2025 - 2030 1 2
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7|Capital Power 567 201 154 134 103 101 0 100 200 300 400 500 600 Natural Gas Coal Wind Solar Nuclear Hydro Natural Gas is the Answer Current U.S. Power Capacity (GW) 2030 Forecast: U.S. will need 20% more power generation Largest source of US power generation today and tomorrow 1 2
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8|Capital Power ~11,500 ~2,500 2,250 1,000 Nuclear Greenfield Expansion Uprate Natural Gas is the Answer Faster speed to market, lowest cost to consumers Cost of Incremental Firm Capacity (US$/kW) 1 – 2 yrs3 – 4 yrs5 – 7 yrs10+ yrs Natural gas fired generation Time to completion 1
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9|Capital Power Our Strategy Acquire to grow, optimize to add value
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10|Capital Power Fleet Contracts, Trading Balance Sheet, Funding, Resources Acquisitions, Development Target ROE 13-15+% Growth Asset Commercial Enterprise ROE 9-13+% ~25 GW Pipeline of Opportunities Our Strategy • Acquire to grow • Optimize to add value
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11|Capital Power Fleet Optimization M&A + Development 25 GW Pipeline We have a deep pipeline with a proven ability to convert 20% 45% 35% Gas Fleet Optimization Co-located Batteries Low Carbon Solutions (2035+) Greenfield M&A 5% 95% ~17 GW~8 GW ~
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12|Capital Power Our 2030 Targets Growing MWs and Margin 13-15% ~50%8-10% AFFO2/Share Growth CAGR Additional Owned U.S. Capacity of 3.5 GW +100bps from 2024 Investor Day Cash Flow U.S. Growth TSR 1
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13|Capital Power Operational Discipline is our Edge Positioned to optimize natural gas assets
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14|Capital Power Delivering Reliability and Extending Life ~0-5 ~5-20 ~20-25 ~25-40+ Plant Life (Years) Maintenance $ per kW - year New Plant Stable Investment Genesee 1/2 Goreway, Hummel Harquahala, La Paloma, Rolling Hills Arlington, Decatur, Frederickson Contracted through 50 yrs age MCV Stable
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15|Capital Power Optimization Delivered Methodically add value to our sites project after project ExpansionRepower Upgrades Battery Storage Life Extension Genesee 1&2 MCV through 2040 East Windsor Decatur | Goreway | York Goreway | York 180 MW 100 MW Total 170 MW1.4 GW
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16|Capital Power We acquire molecules of natural gas. We convert them into megawatts. We monetize the produced electricity. The Power Value Chain • Capacity Contracts • PPAs • Merchant Sales Operations Commercial and Trading Molecule Megawatt Monetize • Upgrades • Uprates • Capital Efficiency
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17|Capital Power PJM Clean Spark Spread + Capacity Value 0 10 20 30 40 50 60 70 80 2024 2025 2026 2027 2028 2029 2030 $/MWh Value of Reliable MWs is Increasing Gas capacity is valuable in our markets 1 1Alberta Clean Spark Spread 0 50 100 150 200 250 300 350 400 2024 2025 2026 2027 2028 2029 2030 $/kW-year
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18|Capital Power Managing Risk through Trading Hedging programs balance merchant upside with cash flow stability Gas, Power, Environmental Credits 6 Merchant Facilities 5 Trading Markets AB, ON, PJM, MISO, WECC 3 Commodities
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19|Capital Power Significant Opportunity to Contract Assets ~4 GW ~5 GW ~3 GW ~12 GW Long-Term Contracted Renewables, Ontario Flexible Generation, MCV Contracted 2029 to 2032 CAISO, DSW, PNW Fully Merchant 1 Alberta and PJM
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20|Capital Power Range implies ~$225 - $300 M of incremental Adj. EBITDA2, including MCV 2026 2029-2032 Potential ~3 GW (2029-2032 expiry) U.S. Contracted Portfolio Adj. EBITDA2 ($M) 40 - 60% increase1 Contracting • Earlier Engagement • Higher Prices • Longer Duration
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21|Capital Power Balanced Energy Solutions Creating bespoke outcomes for hyperscalers and other data centres Reliable power, fast deployment Essential infrastructure Strategic locations with available land Future ready sustainability and compliance
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22|Capital Power ~$275 – 350 M $350 – 650 M • Existing capacity de-risks long-term growth • Significant upside with minimal capital Contracted Up to $1 B total Merchant Incremental Adj. EBITDA3 Potential ($M) 1 $1 B Opportunity Merchant: 5 GW + $10-20 / MWh Incremental cash flow from merchant spark spreads and incremental uncontracted volumes Contracted: 3 GW + $55-75 / kW year Incremental contracted cash flow from existing assets and uprates 1 2
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23|Capital Power Well Positioned for Long-Term Growth
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24|Capital Power We Continue to Grow and Invest Ahead of Key Themes $3.0 B Rolling Hills & Hummel $1.5 B Harquahala & La Paloma $270 M Frederickson $1 B Goreway $400 M Arlington Valley $600 M Decatur $1.2 B Midland Co-Generation Venture $500 M York & East Windsor 170 MW York & Goreway BESS Stable Contracted Cash Flow with Merchant Upside Growing Reliability Gap for Power: Increasing U.S. Asset Base AI Infrastructure Boom: Increasing Merchant Exposure BESS Capitalizing Reliability & AI Themes 2017 2017 2018 2019 2022 2023 2024 2025 2025
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25|Capital Power Why Buy Gas Assets? Faster growth with superior returns to new builds ~US$ 2,500/kW CPX Average Acquisition price New Build Cost Approximate Cost ($/kW) 1 Acquisition New build ~US$ 1,000-1,500/kW
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26|Capital Power ~7x ~6x ~$8 B in M&A1 Adjusted EBITDA3 Multiples Acquisitions Are Just the Start Optimization significantly enhances value Optimization pathways offer $300+ M2 Adj. EBITDA3 with minimal capital
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27|Capital Power Investment Partnership MOU with Apollo Funds Up to US$3 Billion to Pursue US Merchant Natural Gas Assets Expands M&A Accelerates U.S. Merchant Thermal Growth Enhances Accretion and Preserves Balance Sheet Strength 25%+ Ownership Interest; up to US$750 M Commitment Asset Management and Performance Fees Operatorship
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28|Capital Power A Proven, Return-driven Financial Model
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29|Capital Power 80% 20% Disciplined Capital Allocation 13-15% Total Shareholder Return Target 30-50% Target Payout Ratio Target Capital Allocation 2026 - 2030 Natural Gas Storage & Renewables 2- 4% Dividend Growth to 2030
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30|Capital Power 2025 Guidance 2026 Guidance 2025 Guidance 2026 Guidance 2025 Guidance 2026 Guidance 2026 Guidance Summary ($M) Adjusted EBITDA1 AFFO1 Sustaining CAPEX 2026 dividend growth rate: 2% 1,500 – 1,650 1,565 – 1,765 950 – 1,100 890 – 1,010 215 – 245 290 – 330 Reaffirming 2025 and introducing 2026 guidance ranges1
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31|Capital Power 8 Fleet Optimization Capital Power’s Per Share Growth More Capacity Our Pipeline Higher Margin Commercial M&A + Development Contracted Upside Merchant Upside GW ~ GW ~ 17 GW ~ 5 GW ~ 3 1
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32|Capital Power CPX Value Proposition
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33|Capital Power 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.
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34|Capital Power Non-GAAP financial measures and ratiosCertain information in this presentation and responses to questions contain forward-looking information within the meaning of Canadian securities law. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information as a result of certain material factors or assumptions that were applied in drawing conclusions or making forecasts or projections as reflected in the forward-looking information. Additional information about the material factors and risks that could cause actual results to differ materially from the conclusions, forecasts or projections in the forward-looking information and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are disclosed on slides 78 and 79 of this presentation and in the Company’s third quarter Management’s Discussion and Analysis (MD&A) prepared as of October 29, 2025, which is available under the Company’s profile on SEDAR+ at sedarplus.ca and on the Company’s website at capitalpower.com. Unless otherwise indicated, the information contained in this presentation is as of December 10, 2025, and is subject to change and will not be updated or revised. 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 changes in fair value of commodity derivatives and emission credits, other expenses from the Company’s joint venture interests, acquisition and integration costs, and other items that are not reflective of the Company’s facility operating performance (adjusted EBITDA), and (ii) AFFO as specified financial measures. Adjusted EBITDA and AFFO are both non-GAAP financial measures. Capital Power also uses AFFO per share as a specified performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share. These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of Capital Power, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of the Company’s results of operations from management’s perspective. Reconciliations of these non-GAAP financial measures are disclosed in the Company’s Management’s Discussion and Analysis (MD&A) prepared as of October 29, 2025, for the third quarter of 2025, which is available under the Company’s profile on SEDAR+ at sedarplus.ca and on the Company’s website at capitalpower.com. Cautionary statement
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35|Capital Power Forward-looking information This presentation and responses to questions contains forward-looking information or statements (collectively, forward-looking information) to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this presentation is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes or statements regarding an outlook. Material forward-looking information in this presentation includes, but is not limited to, expectations regarding: • the outcomes resulting from the memorandum of understanding (MOU) with Apollo Global Management (Apollo Funds); • the outcomes resulting from the MOU with the data centre developer; • the Company’s priorities, platform, and future growth strategies; • the Company’s 2030 targets, including U.S. capacity, total shareholder return, AFFO per-share growth, and dividend growth; • the Company’s target return on equity, target capital allocation for 2026-2030 and the target payout ratio; • the anticipated benefits, outcomes, projected timing, and terms of strategic agreements; • power requirements and demand (including those associated with AI and data centres), future growth, and emerging opportunities in the Company’s target markets, including those related to natural gas, battery energy storage systems, and site optimization potential; • 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 optimization of its fleet and the impact thereof, the size and advance of its development, optimization, contracting and M&A pipelines, including opportunities for expansions, co-located battery projects, repowering initiatives, and CCS opportunities; • electricity market trends, including forecasted clean spark spreads in Alberta and PJM; • various aspects of commercial and partnership arrangements; and • the Company’s 2025 and 2026 financial guidance, including expected Adjusted EBITDA, AFFO, sustaining capital expenditures, and annual dividend growth. These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate. The material factors and assumptions used to develop the forward-looking information relate to: • electricity, other energy and carbon prices; • the Company’s performance; • the Company’s business prospects and opportunities including expected growth and capital projects; • the status and impact of policy, legislation and regulations; • effective tax rates; • the development and performance of technology; and • foreign exchange rates.
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36|Capital Power Forward-looking information continued Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: • identifying and completing acquisitions contemplated by the MOU with the Apollo Funds, and the timing thereof, and completing documentation with the Apollo Funds in respect of the contemplated investment partnership; • completing documentation with the data centre developer in respect of the energy supply agreement (ESA), and the data centre developer's development and completion of a data centre contemplated in any ESA; • changes in electricity, natural gas and carbon prices in markets in which the Company operates; • changes in energy commodity market prices and the use of derivatives; • regulatory and political environments including changes to environmental, climate, financial reporting, market structure, tax legislation, and U.S. trade and tariff policy; • disruptions, or price volatility within the Company’s supply chains; • generation facility availability, wind capacity factor and performance including maintenance expenditures; • ability to fund current and future capital and working capital needs, including in respect of the funding commitments under the funding commitments with Apollo Funds; • acquisitions and developments including timing and costs of regulatory approvals and construction; • changes in the availability of fuel; • ability to realize the anticipated benefits of acquisitions; • limitations inherent in the Company’s review of acquired assets; • changes in general economic and competitive conditions, including inflation and recession; • changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs; • completion rates of hyperscale and colocation facilities, including operating and under-construction sites; and • the timing and realization of embedded site optimization, asset contracting, and the development and M&A pipelines. For further discussion on risks, assumptions, and uncertainties that could cause actual results to differ from anticipated results, refer to the “Risks and Risk Management” section of the Company’s 2024 Integrated Annual Report, prepared as of February 25, 2025 and to the risks, assumptions, and uncertainties described in other documents filed by Capital Power with the Canadian securities regulators from time to time which are available on SEDAR+ at sedarplus.ca. Readers are cautioned not to place undue reliance on any such forward- looking information, which speak only as of the date made and that other events or circumstances, although not listed above, could cause Capital Power's actual results to differ materially from those estimated or projected and expressed in, or implied by the forward-looking information. Capital Power does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking information to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
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Capital Power 37| Roy Arthur VP, Investor Relations and Investment Partnerships capitalpower.com Investor Relations investor@capitalpower.com TSE: CPX
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38|Capital Power End Notes Page 2 1. As of December 5, 2025 2. Investment Grade Credit Ratings – S&P (BBB-), Fitch (BBB-) and DBRS (BBB low) 3. Inclusive of long-term hedges 3. 4. Over the last 10 years. 5. See Non-GAAP Financial Measures and Ratios Page 6 1. Credit insights (Fitch Solutions) 2. Citi data center power play estimate; “the chips have to go somewhere” Page 7 1. American public power association 2. Source S&P Global Commodity Insights, from 2024 to 2030 Page 8 1. Nuclear cost of incremental generation based on Lazard LCOE report. Natural gas fired generation incremental capacity based on average internal estimates. Page 12 1. 2026 base year for growth outlook through 2030. 2. See Non-GAAP Financial Measures and Ratios Page 17 1. Assumes 7 MMBtu/MWh heat rate. Based on : S&P Capital IQ Pro data and internal forecasts. Page 20 1. Range reflects a 40 – 60% illustrative increase in annual capacity payments for Arlington Valley, Decatur, Frederickson, Harquahala, and La Paloma. MCV added at actual agreed terms previously disclosed (~85% increase in capacity payments reflecting incremental US $50M, net to Capital Power). 2. See Non-GAAP Financial Measures and Ratios Page 22 1. Merchant range reflects US$5 – 10/ MWh for PJM assets (Rolling Hills and Hummel at 85% and 30% capacity factor, respectively). For Alberta merchant upside potential reflects incremental $10 – 20/ MWh with 466MW of capacity (current MSSC limit) plus up to 100MW of additional capacity above the MSSC for Genesee 1 and 2 at 85% capacity factor. Incremental capacity at Genesee above the MSSC limit is subject to regulatory approval. 2. Contracted upside based on U.S. flexible generation assets with contracts expiring between 2029 and 2032; also includes uprates for various US natural gas sites including: Arlington Valley, Harquahala, La Paloma, and Rolling Hills. 3. See Non-GAAP Financial Measures and Ratios Page 30 1. See Non-GAAP Financial Measures and Ratios Page 31 1. Include uprates and other low capital intensity optimization, significant expansions, batteries collocated at existing sites, repower projects and CCS opportunities