Slides
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Focused Disciplined Growth Investor Day Presentation December 2025
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Welcome to Gibson Energy’s 2025 Investor Day 2 DECEMBER 2025 | TSX GEI + Team Introduction + Strategy, Performance & 2026 Priorities + Why Invest in Gibson? + Growth Outlook + Financial Summary + Closing Remarks and Q&A
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Compelling Total Return Proposition Committed to Disciplined Financial Principles Highly Contracted Infrastructure Business Corporate Information Critically Located, Best-in-Class Liquids Infrastructure Safely connecting customers to global markets through innovative and reliable energy solutions Gibson Energy Snapshot & Strategy Market data as of November 21, 2025. 1) Leverage ratios exclude hybrids. Metrics used are non -GAAP measures and do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. 2) Trailing twelve months. 3) Carbon Disclosure Project (CDP). 4) Based on 2024A Revenues and Segment Profit. 5) Credit ratings on senior unsecured notes issued by Morningstar DBRS and S&P, respectively. 6) Dividend yield represents annualized quarterly dividend of $0.43 per share ($1.72). 7) Infrastructure EBITDA per share refers to Infrastructure Adjusted EBITDA per share which is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 3 DECEMBER 2025 | TSX GEI $4.1B / $6.8B Market Capitalization / Enterprise Value(1) 0.22 TRIF (2) Industry leading safety performance A- CDP (3) Five consecutive years 1 in 4 WCSB barrels through GEI terminals 2nd Largest Crude export terminal in the U.S. >25 mmbbl Tankage capacity in North America >95% Q3 2025 Segment Profit from Infrastructure ~75% Take-or-Pay Infrastructure Revenue(4) >85% Terminals Revenue from Investment Grade customers(4) 4.1x Q3 2025 Infrastructure-only leverage ratio(1) 3.9x Q3 2025 Net Debt / Adjusted EBITDA(1) BBB (low) / BBB- Maintain Investment Grade ratings(5) 6.9% Dividend yield(6) 7%+ Average annual Infrastructure EBITDA per share(7) growth 100%+ Total shareholder return over next five years
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Experienced leadership team with a focus on safety and execution Gibson Energy Team 4 DECEMBER 2025 | TSX GEI Curtis Philippon President & CEO Dave Gosse SVP & COO Riley Hicks SVP & CFO Blake Hotzel SVP , Commercial Development (U.S.) Kelly Holtby SVP , Commercial Development (Canada) Beth Pollock VP , Capital Markets & Corporate Development Andrew Kaplun VP, Crude Oil Exports Basim Abdalla VP, Information Services & Technology Erin Seaman VP, Tax Goran Popovic VP, Marketing (Canada) Ivan Burton VP, Commercial Operations Jessica Ferguson VP, Legal & General Counsel Kamran Naseer VP, Finance Kevin Gertken VP, Environment, Health & Safety (EH&S) Mirela Hiti VP, Engineering Sue Gulin VP, Human Resources
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0.22 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L Continuous improvement of our safety programs and culture is driving industry-leading performance Best-In-Class Safety Performance 5 DECEMBER 2025 | TSX GEI Industry-leading safety metrics across Canada and the U.S. 1) Source: External consultant, company disclosed data. 2) Total Recordable Injury Frequency (TRIF) calculated as the Last Twelve Months Total Recordable Injuries per 200,000 Employee -Hours. Industry-Leading Employee Total Recordable Injury Frequency(1,2) Great operations start with great safety + Engaged leadership makes safety a core value – leaders lead safely + Consistent application of standards and expectations + Q1 “Start Fresh” and Q4 “Finish Strong” campaigns drive safety focus + Use of leading indicators, pre-job hazard assessments, risk reviews, and behavior-based observations + Dedicated, proactive experts in critical areas; use of data and analysis to proactively identify trends
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DECEMBER 2025 | TSX GEI Strategy, Performance & 2026 Priorities
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Premier crude oil Infrastructure assets underpin compelling per share value proposition Focused and Disciplined Strategy Positioned to capitalize on increased global oil demand and growing North American exports Optimize the performance of each asset and grow around core assets Long-life, best-in-class assets driving complementary growth Executing on pipeline of organic Infrastructure growth Backstopped by take-or-pay agreements & high-quality counterparties Stable and growing dividend Consistent per-share Infrastructure growth Disciplined approach to capital allocation Maintain balance sheet strength and Investment Grade credit ratings High-performance teams driving differentiated results Safety is foundational We are all owners Crude Oil Focus Crown Jewel Asset Base Infrastructure Growth Total Shareholder Return Disciplined Approach People, Safety & Ownership 7 DECEMBER 2025 | TSX GEI
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Disciplined execution transforming Gibson into a more diversified and resilient Infrastructure platform Business Evolution Since Last Investor Day 8 DECEMBER 2025 | TSX GEI 1) EBITDA represents Adjusted EBITDA for respective segments. Adjusted EBITDA is a non -GAAP measure and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 2018 Q3/25 Expanded critical Infrastructure footprint Q3/252019 10.6 mmbl 25.1 mmbl >130% increase Increased stability and predictability in EBITDA(1) generation 2019 2025 61% >95% INFINF MKTG MKTG Sustained Infrastructure EBITDA(1) growth Diversified EBITDA(1) to a North American platform 2019 2025 <75%94% $299 mm 2019 2025E2019 2025E >100% increase
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Safely enhanced critical Infrastructure and on track to deliver on growth commitments 2025 Has Been a Record Year 9 DECEMBER 2025 | TSX GEI High Performing Teams Cost Focus Initiative Added commercial bench strength to drive long-term Infrastructure growth Drove operational excellence by recognizing $25 million in run-rate cost savings, with strong employee engagement Established goal-focused culture driving increased alignment Safety Delivering on Gateway Growth Focus Top decile operator Evidenced by Industry-leading safety record On track to achieve target 15-20% run-rate EBITDA(1) growth Completed dredging and Cactus II connection projects Completed new Duvernay Infrastructure as part of a long-term producer partnership Record throughput of 2.3 mmbbl/d across Canadian and U.S. terminals 10 million hours and counting without a lost-time injury Total capital investment of ~$110 million in 2025, deployed at the low end of targeted 5-7x build multiple 1) EBITDA represents Adjusted EBITDA for respective segments. Adjusted EBITDA is a non -GAAP measure and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide.
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Continue to deliver Infrastructure growth by delivering extended offerings to customers 2026 Strategic Priorities 10 DECEMBER 2025 | TSX GEI Growth Invest in Infrastructure Target capital investment of $100-150 million at 5–7x build multiples Prioritize projects at or around core facilities to meet growing customer demand Advance growing backlog of high-quality projects Customers Expand Relationships and Increase Utilization Provide Infrastructure solutions that create value for customers and drive asset utilization beyond 90% Safety Maintain Industry-Leading Safety Performance Continue to demonstrate leadership in safety and environmental performance through a strong culture of safety and operational excellence Technology Deliver Digital Innovation and Efficiency Implement data and AI-driven initiatives which improve safety, optimize operations, reduce costs, and enhance customer & employee experience People High-Performance, Ownership Culture Leverage aligned and engaged workforce to drive execution excellence and long-term, sustained growth
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DECEMBER 2025 | TSX GEI Why Invest in Gibson?
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Pipelines & Wink: 800 km NA pipeline network Edmonton: 3.0 mmbbl tankage Gateway: 8.6 mmbbl tankage Hardisty: 13.5 mmbbl tankage Moose Jaw: 24 mbbl/d throughput capacity 12 DECEMBER 2025 | TSX GEI 1 in 4 WCSB barrels through GEI terminals ~50% of heavy crude volumes shipped to TMX ~55% of Keystone volumes ~20% of U.S. crude oil exports ~20% of Mainline volumes Critically Located, Best-in-Class Liquids Infrastructure Over 25 million barrels of terminal capacity supporting critical North American crude egress 1 in 4 WCSB barrels through GEI terminals ~50% of heavy crude volumes shipped to TMX >50% of Keystone volumes ~20% of U.S. crude oil exports ~20% of Mainline volumes
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Creditworthy, Diversified Customers Underpin Growth Creditworthy counterparties support long-term Infrastructure growth and stable cash flows 5% 18% 66% 11% AA- to AA+ Sub-IG or Not Rated BBB- to BBB+ A- to A+ Investment Grade 18+ year average tenure of top 5 tank customers(1) >85% of terminal counterparties are Investment Grade 100% of top 5 tank customers are Investment Grade 1) Reflects the average length of current commercial relationships between Gibson and its top five tank customers. Represents on going business utilizing the same or renewed TSAs, excluding pre -2011 agreements where historical data is unavailable. Canadian Producers are Growing “What we’ve been guiding the market to is about 150,000 bbl/d of growth… across our portfolio…. Production will increase into that 950,000 bbl/d range [through 2026–2028].” “[CNRL] has the potential to increase non-upgraded bitumen output by ~340 mbbl/d by 2032.” “Upstream production [hit] 870,000 bbl/d in the third quarter … 41,000 bbl/d higher than our previous best … and 145,000 [bbl/d] higher than the prior three-year average.” 2025 Investor Open House, November 7, 2025 (via RBN Energy) Cenovus Q3/2025 Earnings Call (Jon McKenzie, President & CEO), October 31, 2025 Suncor Q3/2025 Earnings Call (Rich Kruger, President & CEO), November 5, 2025 DECEMBER 2025 | TSX GEI 13 Customer Credit Strength
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Long-term contract extensions enhance stability and quality of Infrastructure cash flows Major Contract Extensions of 20 and 10 Years at Edmonton 14 DECEMBER 2025 | TSX GEI Renewed a long-term take-or-pay agreement for refined products services for a total term of 20 years with a senior integrated oil sands customer Extended a long-term take-or-pay terminal storage agreement with a senior integrated oil sands customer covering 800,000 barrels of tankage by an incremental 10 years Enhances long-term stability and quality of Infrastructure cash flows 35+ Year commercial relationship at Edmonton >40% of terminal revenue at Edmonton
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$50 $65 $80 $95 $110 $0 $40 $80 $120 $160 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Infrastructure EBITDA ($mm) WTI (US$/bbl) Stable Infrastructure business growth allows for consistent performance in all oil price environments Stable, Contracted, High-Quality Cash Flows DECEMBER 2025 | TSX GEI Long-term, take-or-pay contracts with predominately Investment Grade customers providing predictable cash flows Capital-free upside from re-contracting as tankage demand grows with Canadian production expansion 1) Infrastructure EBITDA refers to Infrastructure Adjusted EBITDA, which is a non -GAAP measure and does not have a standardized mea nings under GAAP – refer to “Specified Financial Measures” slide. Infrastructure EBITDA has been adjusted to exclude the impact of dispositions. 2) Historical WTI pricing data sourced from Bloomberg. 3) Q4 2025 Infrastructure EBITDA reflects consensus forecasts, based on research analyst estimates provided by November 21, 2025 . Infrastructure EBITDA(1) has remained within ±$5 million of its mean since Q3 2023 (post-Gateway), despite >30% swings in WTI ($mm) (US$/bbl) (2) (3) Long-term, take-or-pay contracts with predominately Investment Grade customers supports predictable cash flows Crown jewel Infrastructure assets offer stable growth profile in take-or-pay revenues Capital-free EBITDA upside from re-contracting as tankage demand grows with Canadian production expansion 15
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Peer C $1.40 $1.48 $1.56 $1.64 $1.72 72% 79% 86% 78% 80% 2021 2022 2023 2024 2025 Reliable, growing dividends deliver attractive returns for shareholders Proven Record of Delivering Shareholder Returns 16 1) Bloomberg; as of November 21, 2025. Peer group includes Enbridge, Keyera, Pembina, South Bow and TC Energy. South Bow is excluded from the peer dividend CAGR ave rage, and TC Energy has been normalized for the spin -off. 2) “Investment Grade” refers to a credit rating of BBB – or higher by S&P Global Ratings, Baa3 or higher by Moody’s Investors Servic e, or BBB– or higher by Fitch Ratings. 3) Infrastructure Payout ratio is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 2025 Infrastructure Payout Ratio is based on Consensus forecasts. DECEMBER 2025 | TSX GEI 6.9% dividend yield Peer A Peer B Peer D Peer E 7th Highest Yield among Investment Grade S&P/TSX Composite Index constituents Attractive Dividend Yield Relative to Investment Grade Peers(1,2) 6 Consecutive annual dividend increases 5.3% CAGR vs. peer average of 3.0%(1) Dividend Growth Track Record Infrastructure Payout Ratio(3) Over $1.4 billion returned to shareholders since 2021 — a sustainable, disciplined, and growing record of shareholder returns (3)
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100%+ Total shareholder return over next five years Attractive Total Return Proposition Gibson expects to generate a total return of over 100% by the end of 2030 17 DECEMBER 2025 | TSX GEI Historical Total Shareholder Return (Since 2021)(1) 0% 6-7% Yield + annual dividend growth 7%+ Annual Infrastructure EBITDA per share(2) growth Forward Total Shareholder Return Proposition (by 2030) 1) Bloomberg; as of November 21, 2025. 2) Infrastructure EBITDA per share refers to Infrastructure Adjusted EBITDA per share which is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 2021 2022 2023 2024 2025 TSR: 68% Share Price Appreciation Dividend & Dividend Reinvestment 46% 22%
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Growth Outlook DECEMBER 2025 | TSX GEI
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2024 2030E Oil Sands Other 4.1 5.3 2024 2030E 104 113 2024 2030E Global Demand Global Supply WCSB Production Forecast(2) Critical, crown jewel assets positioned to capitalize on increased global oil demand and growing exports Long-Term Demand for Oil and Energy Security Will Fuel Growth 1) OPEC: 2025 World Crude Oil Outlook. 2) Sourced from Street Research. 19 DECEMBER 2025 | TSX GEI Global Oil Supply & Demand Forecast(1) Total Crude Exports Forecast(1) 9%+ Growth ~30% Growth ~900 mbbl/d Growth 4.9 5.8 (mmbbl/d) (mmbbl/d) (mmbbl/d)
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Peer A Peer B Peer C Peer D Peer E Peer F $2.98 $3.03 $3.29 $3.70 2021 2022 2023 2024 2025E 2026E 2030E Sustained growth through efficient capital deployment and supported by scale advantage Positioned for Disciplined, Consistent Infrastructure Growth 20 DECEMBER 2025 | TSX GEI Power of Small Numbers Small projects deliver impactful returns with limited risk Infrastructure EBITDA per share Growth(1) ($/Share) Growth Capital Required for 1% Increase in Infrastructure EBITDA(2) 1) Infrastructure EBITDA per share refers to Infrastructure Adjusted EBITDA per share which is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Per share amounts are calculated using weighted average number of shares outstanding. 2) Bar heights assume 6x build multiple; range shown above select bars represent 5 -7x build multiple. Peer group includes AltaGas, Enbridge, Keyera, Pembina, South Bow, and TC Energy. $30-45mm (Consensus) 8%+ CAGR (‘20-’25E) 7%+ CAGR (’25E-’30E) $1.0-1.4B
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Optimization 2026-2030 Smaller-scale projects (debottlenecking, increasing efficiency, and addressing customer needs) $100+ mm Expand critical Infrastructure footprint through disciplined growth within target 5–7x build multiple Disciplined, High-Return Growth 2026 & Beyond 21 DECEMBER 2025 | TSX GEI Producer Partnerships $300+ mm 2026-2030 Targeting 1-2 fit-for-purpose partnerships per year, building field infrastructure and driving volume to core terminals Extend existing pipeline networks and connections to enable customers to direct increased production to core terminals Extend Pipeline Network 2026-2030 $250+ mm New Tanks 2026-2030 Target 5+ additional tanks to be placed in service by 2030 across all terminals $250+ mm DRU Expansion 2028+ Additional 1-2 Diluent Recovery Units (50+ mbbl/d capacity per phase) $200+ mm Gateway Dock Expansion 2030+ Third dock to support growing North American crude exports $350+ mm Longer TermExpect to deploy up to $1 billion of growth capital over the next five years
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Majority of $50mm sanctioned capital related to Wink-to-Gateway integration project 2026 Growth Capital: Targeting $100-150mm ($50mm+ Sanctioned) New, independent Harvest (Eagle Ford) pipeline connection to eliminate shared bottleneck with Cactus III (Permian) Key Benefits: Expands Gateway receipt capacity, enabling higher throughput with concurrent flow of Permian and Eagle Ford volumes to drive further growth at terminal DECEMBER 2025 | TSX GEI TX NM MX Permian Basin Eagle Ford Shale Gray Oak Cactus II Cactus I Cactus III Houston Corpus Christi Inner Harbor Midland Colorado CityWinkOrla Crane Gateway Beaumont / Nederland Gibson Wink Terminal OK Two new 50,000 barrel tanks and other facility upgrades at the Wink Terminal to meet customer demand and relieve capacity constraints Key Benefits: Relieves storage bottlenecks, improves crude quality management as Permian quality evolves, and allows for increased sourcing of supply for Gateway customers beyond the existing one VLCC per month equivalent 22 Gateway Harvest Twin Wink Terminal Expansion Gateway Harvest Twin 2 New Tanks at Wink Wink-to-Gateway integration project expected to be in service by Q3 2026 at a 5x build multiple
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Capital-Free Growth Levers Driving 2%+ CAGR from Infrastructure 23 Unlock an average of 2%+ per year of incremental value through optimization DECEMBER 2025 | TSX GEI Asset Utilization Terminals Gateway Contract Structure Cost Efficiency Pricing Cost Discipline Reduction in Marketing activities has freed up terminal capacity for customers Current Infrastructure EBITDA(1) based on 85% utilization Target to increase utilization to 90%+ Opportunity for additional capacity utilization in Gateway created by recently completed capital projects and night window availability Target is to realize an additional $20mm+ per year of EBITDA from this capacity Standard contracts include inflation escalators averaging 2% per year Cost focus campaign in 2025 generated $25mm in run-rate savings Ongoing cost focus supports future savings $70mm+ annual Infrastructure EBITDA(1) uplift by 2030 expected from these levers, utilizing existing capital base 1) Infrastructure EBITDA represents Adjusted Infrastructure EBITDA for respective segments. Adjusted Infrastructure EBITDA is a non-GAAP measure and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide.
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Deliver 7%+ Infrastructure EBITDA per share(1) growth through focused capital investment and optimization Growth Expectations 24 DECEMBER 2025 | TSX GEI 2% Deliver at 5-7x build multiple Deploy $700mm to $1B of growth capital over the next 5 years 5%+ Growth Projects Asset utilization Pricing opportunity Cost discipline 2%+ Capital-Free 7%+ Average Annual Infrastructure EBITDA per share(1) growth Growth Projects Potential for complementary M&A to further advance growth and enhance per share metrics 1) Infrastructure EBITDA per share refers to Infrastructure Adjusted EBITDA per share which is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Capital-Free Upside
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DECEMBER 2025 | TSX GEI Financial Summary
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Quality of Cash Flows Highly Secured Contract Structure >95% of Infrastructure revenues from take-or-pay and high-quality fee-for-service contracts(1) Creditworthy Counterparties >85% of Infrastructure revenue under long-term contracts with Investment Grade counterparties(1) Financial Flexibility Strong Balance Sheet Infrastructure leverage ratio below 4.0x target; overall leverage slightly elevated but tracking to return within the 3.0-3.5x target range(2,3) Maintain & Improve Credit Ratings Maintain or improve on S&P BBB- and DBRS BBB (low) Investment Grade ratings(4) Funding Model Capital Funding Strategy Fund growth capital expenditures with maximum 50-60% debt Sustainable Payout Ratio Infrastructure Payout ratio below 100% target; overall Payout ratio tracking to return within the target range of 70-80% of DCF(2,3) Strong cash flow visibility and disciplined financial targets support sustained growth Financial Principles 1) Based on 2024A Revenues. 2) Metrics do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. 3) Reflects management's estimates and certain assumptions and adjustments management considers reasonable. 4) Credit ratings as at September 30, 2025. 26 DECEMBER 2025 | TSX GEI 1) Infrastructure Payout ratio is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. 2025 Infrastructure Payout Ratio is based on Consensus forecasts.
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Balancing disciplined growth and meaningful capital returns to create long-term, per share value Disciplined Approach to Capital Allocation 27 DECEMBER 2025 | TSX GEI Disciplined capital allocation ensures financial strength and drives long-term value Fund current Dividend Invest in Infrastructure Growth Maintain strong Balance Sheet Fund steady Dividend Increases Execute Share Buybacks Pursue opportunistic M&A Core Priorities Secondary Priorities 1 2 3
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Enhanced quality of cash flows through stable Infrastructure EBITDA growth Growth Driven by Infrastructure 28 Note: Weighted average share count used for per share metrics. 1) Segment EBITDA refers to Marketing Adjusted EBITDA and Infrastructure Adjusted EBITDA, and Infrastructure EBITDA per share re fers to Infrastructure Adjusted EBITDA per share. All metrics are non -GAAP and do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. 2) Consensus based on research analyst estimates provided by November 21, 2025. DECEMBER 2025 | TSX GEI $436 $442 $494 $601 $43 $118 $145 $63 $2.98 $3.03 $3.29 $3.70 $0. 00 $0. 50 $1. 00 $1. 50 $2. 00 $2. 50 $3. 00 $3. 50 $4. 00 $4. 50 $5. 00 $0 $10 0 $20 0 $30 0 $40 0 $50 0 $60 0 $70 0 2021 2022 2023 2024 2025E (Consensus) Marketing Infrastructure Infrastructure EBITDA / Share ($mm; $/share) Segment EBITDA(1) Growth >8% Infrastructure EBITDA per share(1) CAGR (2020-2025E) >3% Adjusted EBITDA per share(1) CAGR (2020-2025E) Infrastructure growth has enabled the return of $1.4 billion of capital to shareholders (2)
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Cost discipline has driven significant improvement in operating efficiency Cost Focus Initiative 29 DECEMBER 2025 | TSX GEI Significant Year-over-Year Reduction in Cost per Barrel Employee-led efficiencies driving ~30% reduction in operating cost per barrel and $25mm in total run-rate savings Primary Drivers Supporting the Cost Focus Initiative Main contributors include numerous grassroot initiatives, decreased operating costs, lower interest, and reduced property taxes Financial Impact Driven through Strong Employee Engagement 80%+ of employees implemented 300+ initiatives demonstrating ownership culture $25mm Target achieved 80%+ Employee participation
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2.9x 3.7x 3.9x 4.1x 4.1x 4.3x 4.4x Peer A Peer B GEI Peer C Peer D Peer E Peer F Strong balance sheet and low leverage relative to peers provides financial flexibility for growth Strong Financial Position 30 DECEMBER 2025 | TSX GEI 2025E Net Debt / 2025E Adjusted EBITDA(1) (x) 1) Net Debt to Adjusted EBITDA does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Sou rce: Street Research. Peers include AltaGas, Enbridge, Keyera, Pembina, Rockpoint, South Bow, and TC Energy. Rockpoint per Investor Presentation; assumes FX of 1.40 and current net debt.
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Ample capacity to deliver on growth objectives, while remaining committed to Financial Principles 2026E – 2030E Funding Outlook 31 DECEMBER 2025 | TSX GEI Debt (~25%) Distributable Cash Flow (~75%) Dividend Growth Capital & Share Buybacks Sources Uses Next five years of growth to be funded primarily with internally generated cash flow Limited incremental debt requirements are below debt funding target of <50-60% Funding model supports continued commitment to all Financial Principles
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$3.70 2024 2025E 2026E 2030E $2.31 2024 2025E 2026E 2030E $1.64 $1.72 2024 2025E 2026E 2030E Driving shareholder value through organic growth, asset optimization and top tier dividend yield Financial Outlook 32 DECEMBER 2025 | TSX GEI Infrastructure EBITDA per Share(1) ($/share) DCF per Share(1) ($/share) Dividend per Share ($/share) 7%+ CAGR (’25E-’30E) ~10% CAGR (’25E-’30E) 3-5% CAGR (’25E-’30E) Targeting 5%+ Infrastructure EBITDA per share(1) growth in 2026, positioning Gibson for a 7%+ CAGR and 100%+ total shareholder return through 2030 1) Infrastructure EBITDA per share refers to Infrastructure Adjusted EBITDA per share. Infrastructure Adjusted EBITDA per share and DCF per share are both non -GAAP ratios and do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide.
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48% 52% 2030E Underpinned by steady growth, disciplined capital allocation, and consistent dividend increases Driving Compelling Shareholder Returns Through 2030 33 DECEMBER 2025 | TSX GEI Compelling Total Shareholder Return over the next five years, driven by consistent EBITDA and dividend growth + Key assumptions: ▪ Dividends reinvested ▪ 3-5% annual dividend increase ▪ Marketing EBITDA(1) of $80mm in 2030 ▪ Opportunistic buybacks as leverage normalizes ▪ Assumes flat EV/EBITDA multiple through forecast period 2030E Total Shareholder Return Breakdown (%) 100%+ TSR Share Price Appreciation Dividend & Dividend Reinvestment 1) Marketing EBITDA represents Marketing Adjusted EBITDA, which is a non -GAAP measure and does not have a standardized meaning unde r GAAP – refer to “Specified Financial Measures” slide.
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Closing Remarks and Q&A DECEMBER 2025 | TSX GEI
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Disciplined strategy and premier crude oil Infrastructure assets underpin compelling value proposition Why Invest in Gibson? 35 DECEMBER 2025 | TSX GEI Optimize utilization & performance and grow around core assets Ensure alignment with external stakeholders Enhance and grow asset base to maintain ability to perform in any commodity environment Generate 100%+ total shareholder return through 2030 driven by 7%+ Infrastructure EBITDA per share(1) CAGR and compelling dividend yield Critically Located, Best-in-Class Liquids Infrastructure Customer Focused, Top Decile Operator with Ownership Mentality Stable, Contracted, High-Quality Cash Flows Attractive Total Return Proposition 1) Infrastructure EBITDA per share refers to Infrastructure Adjusted EBITDA per share which is a non -GAAP ratio and does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide.
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Appendix DECEMBER 2025 | TSX GEI
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Diverse, complementary, deep, and specialized experience Board of Directors JAMES ESTEY Chair, Independent June 2011 + Chair of the Board and Chair, Corporate Governance, Compensation and Nomination Committee + 30+ years of experience in the financial markets + Former Chair of UBS Securities Canada, Certarus, and PrairieSky Royalty DOUGLAS BLOOM Independent May 2016 + Chair, Health and Safety Committee + Member of Audit and Corporate Governance and Compensation and Nomination Committees + 40+ years of experience in the oil & gas industry + Former President of Spectra’s Canadian LNG business JUDY COTTE Independent March 2020 + Chair, Sustainability and ESG Committee and member of Audit Committee + 25+ years of legal experience, last 16 exclusively on ESG + Currently Managing Director - Head of Sustainability for Onex Corporation; Former CEO of ESG Global HEIDI DUTTON Independent January 2022 + Member of Health and Safety and Sustainability and ESG Committees + Currently CEO at Lovingly Made Flour Mills and Lovingly Made Ingredients + Former CEO and Managing Partner at Alawa Foods Inc. MARIA HOOPER Independent December 2023 + Member of Audit and Health and Safety Committees + 30+ years of experience in the energy industry + Former SVP, Commercial, at Phillips 66 DIANE KAZARIAN Independent July 2022 + Chair, Audit Committee + Member of Sustainability and ESG Committee + 40+ years of experience auditing and advising public companies + Former Managing Partner and member of leadership team at PWC PEGGY MONTANA Independent August 2020 + Member of Audit Committee, Corporate Governance, Compensation and Nomination Committee and Health and Safety Committee + 40+ years of experience in the oil & gas industry + Former CEO of Shell Midstream Partners GP KHALID MUSLIH Independent December 2023 + Member of Corporate Governance, Compensation and Nomination and Sustainability and ESG Committees + 30+ years of experience in corporate leadership + CEO of Manchester Energy CRAIG RICHARDSON Independent January 2024 + Member of Audit and Health and Safety Committees + Former EVP, Chief Legal Officer and Corporate Secretary at Union Pacific Corporation + Previously held various national security positions in US government and retired commander in US Navy Reserve CURTIS PHILIPPON PRESIDENT & CEO August 2024 + Appointed President & CEO in August 2024 + 20+ years experience in North American energy sector + Former EVP, Superior Plus and President & CEO of Certarus 37 DECEMBER 2025 | TSX GEI
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Long history of supporting the energy industry in key strategic hubs across North America 70+ Years in Business 38 Creation of Gibson Petroleum Marketing Company Ltd. to move and market crude oil, one of Canada’s first midstream companies Construction of first storage tanks at Hardisty Building of first terminals in Edmonton Expansion of Infrastructure segment and diversification of business Construction of first fractionation plant at Hardisty Acquisition of the Moose Jaw refinery in 2002 and name change to Gibson Energy Expansion of the business into the U.S. Completed $500mm initial public offering in 2011 Transitioned to an oil-focused Infrastructure company Expansion of Infrastructure business and disposition of non-core assets Acquisition of Gateway Terminal in 2023 1953 1950s & 1960s 1970s & 1980s 1990 – 2020 2020s & Beyond DECEMBER 2025 | TSX GEI
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82% 18% Proven Track Record of Capital Project Execution Safely executed $1.4 billion in growth and sustainment investments since 2019 DECEMBER 2025 | TSX GEI Capital Investment Summary (2019-2025) (%) 39 + Added over 5 mmbbl of storage across Canadian assets + Added three TMX-connected tanks at Edmonton which doubled existing footprint + Added 50 mbbl/d of processing capacity at DRU (first of its kind) + Increased throughput by ~20% at Gateway Edmonton Hardisty Moose Jaw Wink & Pyote Gateway 2019 Viking System Length: 120 km / Capacity: 13.3 mbbl/d 2019-20 Hardisty Top of the Hill Expansion Capacity: 3.6 mmbbl 2021 Diluent Recovery Unit Build Capacity: 50 mbbl/d 2022 Moose Jaw NGL Expansion 2023-24 Edmonton Tank Expansion Capacity: 1.3 mmbbl 2024 Moose Jaw Tank Expansion Capacity: 175 mbbl 2025 Moose Jaw Turnaround Capacity: +10% 2025 DRU Turnaround Executed Safely 2019-20 Pyote System Length: 25 km / Capacity: 16.7 mbbl/d 2025 Gateway Dredging Departure draft increased to 52’ 2025 Cactus II Connection Capacity Increase: 700 mbbl/d 2022 Edmonton Biofuels Expansion 2019-202021-222023-242025 $1.4 billion since 2019
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8 7 6 4 1 1 GEI Peer A Peer B Peer C Peer D Peer E 7 6 6 6 5 1 GEI Peer A Peer B Peer C Peer D Peer E Dominant land position with a long history of operations and the optionality for continued growth Hardisty Terminal and DRU 40 DECEMBER 2025 | TSX GEI 1) Long-haul oil sands and export pipelines only. 2) Peers include Enbridge, Flint Hills, Husky, Inter Pipeline, South Bow (peers are not linked between charts). Hardisty Terminal Essential location tied to the oil sands with 500+ acres available for new tankage Exclusive rail access with the only rail terminal at Hardisty co- owned with Strathcona Most connected terminal with inbound and outbound egress pipelines Opportunity to expand in 50,000 bbl/d increments in less than 24 months per phase ScalabilityInbound Pipeline Connections(1,2) (total number) Outbound Pipeline Connections(2) (total number) Sole access point for DRU egress from WCSB at Hardisty Safety and efficiency: DRUBit (non-hazardous) eliminates condensate movements to/from USGC Stable cash flows underpinned by 10-year, 50,000 bbl/d ConocoPhillips Canada contract Hardisty DRU
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Attractive terminal position, with two new tanks recently placed in-service Edmonton Terminal 41 DECEMBER 2025 | TSX GEI Prime location near two major refineries, pipeline alley, and CN/CP rail access Strategic producer partnerships increase connectivity and ensures long-term, committed volumes Three TMX-connected tanks doubled footprint, backed by long-term agreements with strong counterparties Adaptable asset base, including Biofuels Blending supported by a 25-year contract with IG counterparty
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Moose Jaw Facility 42 ~24,000 Barrels per Day of throughput capacity Connected to road, rail and pipeline for optimal egress Comprehensive Product Range with diverse selection of asphalt products and drilling fluids Oil processing facility producing asphalt, roofing flux, wellsite fluids, and intermediate feedstocks + Enhanced insight into upstream and downstream markets + Ability to run light and heavy feedstocks creating differentiated asphalt products + Best in class drilling fluid product for Montney producers + Delivered a new monthly throughput record in September 2025 + Moose Jaw Tank Expansion in 2024 (additional capacity: 175,000 barrels) + Safely executed turnaround in 2025 DECEMBER 2025 | TSX GEI
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16% 27% 37% 20% 34% 44% Total US Corpus Christi Ingleside Pre-Dredging Post-Dredging Financial and operational strengths enable the most efficient U.S. crude export solution Gateway Terminal 43 DECEMBER 2025 | TSX GEI Two deep water VLCC-capable docks with maximum allowable draft and direct access to key basins Ample storage capacity (8.6 mmbbls) with land for 6 mmbbls of future growth Customer-focused fungible storage system maximizes flexibility while minimizing carrying costs 24-48 hour loading advantage relative to Inner Harbor; loading rate of 120,000 bph is among fastest in the USGC 25% Market Share(1) (%) 2025 Volumes (mbbl/d) 1) Source: Vortexa. 598 717 Pre-Dredging Post-Dredging ~20% (Q3/25) 26% 19%
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Delivering improved producer netbacks and increased supply liquidity for Gateway customers Driving Value through Integration of Wink and Gateway 44 DECEMBER 2025 | TSX GEI Commercial integration is driving incremental volumes to Gateway, now representing ~90% of Wink throughput, and boosting overall Gateway capacity utilization Strategically located in the Delaware Basin and the emerging Woodford Shale play enabling producer access to multiple refineries and pipelines Wink Terminal Expansion will enable increased throughput and integration potential with Gateway Majority of throughput underpinned by Investment Grade customers
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Broad range of customers and destination markets mitigates exposure to geopolitical risk Gateway: Diverse Customer Base With Global Reach 45 Canada 12 mbbl/d Europe 197 mbbl/d Africa 58 mbbl/d India 71 mbbl/d Japan 37 mbbl/d South Korea 137 mbbl/d Taiwan 76 mbbl/d China 12 mbbl/d SE Asia 71 mbbl/d Customers leverage Gateway’s unique capabilities to efficiently deliver U.S. crude exports to international markets DECEMBER 2025 | TSX GEI Year-to-date, ~90% of Gateway vessels have been VLCCs or Suezmax Canada 10-12 days YTD Export Flows (mbbl/d) Transit Time (days) Europe 15-20 days Africa 20-25 days Asia 40-50 days 1) 2025 YTD includes January through October. Vessel Breakdown(1) (#) Gateway 2025 YTD Export Flows and Vessel Transit Times(1) 12 9 14 9 12 11 9 10 14 11 7 5 2 4 4 6 5 9 4 6 1 3 1 1 3 2 6 2 1 3 20 17 17 14 19 19 20 21 19 20 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 VLCC Suezmax Aframax
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$192 $104 $43 $118 $145 $63 2019 2020 2021 2022 2023 2024 2025 Asset backed Marketing business creates value for customers by leveraging Infrastructure across N.A. Marketing Upside Accelerates Infrastructure Reinvestment 46 Refined Products Key Drivers Performance Levers Tops ↑ Wider Differentials ↑ Wider 2:1:1 Crack Spreads Drilling Fluids ↑ Drilling Activity ↑ Wider 2:1:1 Crack Spreads Asphalt ↑ Paving Activity (Seasonal) ↑ Roofing Shingle Demand Time-Based ↑ Contango Curve ↑ Volatility Location-Based ↑ Location Spread Differentials ↑ Tighter Egress Quality-Based ↑ Crude Pricing Differentials 1) Marketing Adjusted EBITDA does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Crude Marketing 46 DECEMBER 2025 | TSX GEI Marketing Adjusted EBITDA(1) ($mm) (Consensus)
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Significant available liquidity and staggered debt maturity profile Liquidity and Debt Maturity Profile 47 DECEMBER 2025 | TSX GEI 1) Floating rate revolving credit facility; drawn balance as at September 30, 2025; bilateral facilities not included in revolving credit facility amounts. 2) Hybrid notes are presented in the year they first become callable. $145 $855 $325 $500 $350 $375 $350 $200$250 $200 2026 2027 2028 2029 2030 2030 2031 2032 2033 2053 BBB– rating BBB(low) rating 8.70% Hybrid Notes(2) Senior Unsecured 3.60% NotesSenior Unsecured 2.85% Notes Senior Unsecured 4.45% Notes5.25% Hybrid Notes(2) Senior Unsecured 5.75% Notes Senior Unsecured 6.20% Notes Senior Unsecured 4.45% Notes Debt Maturity Profile ($mm) Senior $1B Sustainability Linked Credit Facility(1)
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Forward-Looking Statement Notice Definitions All references in this presentation to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates. Forward-Looking Statements Certain statements contained in this document constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or Gibson’s future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “target”, “continue”, “estimate”, “expect”, “will”, “project”, “position”, “growth”, “maintain”, “forecast”, “outlook”, “potential”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements, included or referred to in this presentation include, but are not limited to statements with respect to: Gibson’s plans and targets, and the achievement thereof; the business and financial prospects and opportunities of Gibson; forecasts relating to the production, supply, demand, and export of oil, both regionally and globally, and Gibson’s positioning to capitalize on the same; forecasts relating to Alberta oil sands capacity; the value of assets and their effect on growth; Gibson’s infrastructure growth levers and related expectations, including the benefits of optimization and capital-free EBITDA initiatives and targeted build multiples; expectations regarding future total shareholder return and the anticipated timing thereof; the scalability, egress solutions, and optionality for continued growth in the Hardisty DRU; the durability of Gateway’s market position and growth potential; the utilization, expansion, and market share of pipelines to Gateway, including the associated benefits to Gibson; the availability of opportunities for infrastructure expansion, timing thereof and the anticipated benefits therefrom; Gateway’s operational and economic advantages; Gibson’s liquidity and debt maturity profile; expectations regarding future leverage levels, capital allocation levels, strategies, priorities and models, access to financing, and the anticipated ability to fund growth primarily through internally generated cash flow; new export opportunities stemming from Gibson’s activities; expectations relating to the timing, scale, cost and realization of identified multi- year growth opportunities, including Gibson’s capital pipeline for 2026–2030 and beyond; Gibson’s dividend target payout range and debt adjusted cash flow, including the growth and sustainability thereof; Gibson’s ability to strengthen its high-performance team culture; expectations regarding the implementation, performance and benefits of data and AI- driven initiatives; anticipated growth, per share growth and growth opportunities and optionality, including at Gibson’s terminals; objectives involving Gibson, including focused and disciplined growth; capital targets; projections for future years and Gibson’s plans and strategies to realize such projections; expectations and targets for cash flow, revenue growth and the drivers thereof; Gibson’s continued adherence and commitment to existing financial principles and its ability to achieve targets related thereto; Gibson’s go-forward deliverables; expectations regarding operational efficiencies, cost-reduction initiatives and the anticipated sustainability of associated savings; and statements relating to Gibson’s ownership culture and performance expectations therefrom. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future operating and financial results, including annual segment profit; Gibson’s ability to obtain the anticipated benefits from the Gateway Terminal; conditions relating to berthing, vessel availability and marine operations at the Gateway Terminal; the accuracy of historical and forward-looking operational and financial information and estimates; general economic and industry conditions, including, without limitation, macroeconomic, societal, political and industry trends; the impact of geopolitical instability in certain regions of the world and concern regarding energy security or international or global events, including government responses related thereto on demand for crude oil and petroleum products and the Company’s operations generally; future growth in worldwide demand for crude oil and petroleum products; future growth in North American crude oil production; commodity prices; no material defaults by the counterparties to agreements with Gibson; Gibson’s ability to obtain qualified and diverse personnel and equipment in a timely and cost-efficient manner or at all; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; the development and performance of technology and new energy efficient products, services and programs; Gibson’s infrastructure and facilities continue to operate reliably and efficiently; the utilization of Gibson’s assets; project completion on time and on budget; Gibson’s relationships with the communities in which we operate; climate-related estimates and scenarios and the accuracy thereof, including the cost of compliance with climate change legislation and the impact thereof on Gibson; the impact of emerging regulations on the nature of oil and gas operations, expenditures in the oil and gas industry, and demand for our products and services; credit ratings applicable to Gibson; Gibson’s ability to achieve its financial targets, the timing thereof and the impact thereof on Gibson; Gibson’s future investments in new technologies and innovation and the return thereon; operating and borrowing costs, including those related to Gibson’s sustainability and environmental, social and governance (“ESG”) programs; future capital expenditures to be made by Gibson, including its ability to place assets into service as currently planned and scheduled; the effectiveness of Gibson’s hedging and risk management activities; Gibson’s ability to obtain financing for its capital programs on acceptable terms; expectations regarding marketing EBITDA performance and upside; Gibson’s ability to maintain a strong balance sheet and financial position; Gibson’s future debt levels; inflation and changes to interest rates and their impact on Gibson; the impact of increasing competition on Gibson; the impact of changes in government policies on Gibson; Gibson’s ability to generate sufficient cash flow to meet Gibson’s current and future obligations; the continuation or sustainability of historical cost savings or operational efficiencies; the sustainability of Gibson’s total return for shareholders; Gibson’s dividend policy; product supply and demand; demand for the services offered by Gibson; Gibson’s ability to capitalize on increased export demand; Gibson’s ability to maintain a highly skilled and well-trained workforce; Gibson’s ability to renegotiate contracts for its services on terms favorable to Gibson; the impact of future changes in accounting policies on Gibson’s consolidated financial statements; Gibson’s ability to successfully implement the plans and programs disclosed in Gibson’s strategy; and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein. Certain forward-looking statements herein are intended to provide readers with information regarding Gibson, including its assessment of future plans, operations and financial performance and may not be appropriate for other purposes. Gibson and its management believe that financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments and, to the best of management’s knowledge and opinion, Gibson’s expected course of action and results. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; risks relating to Gateway’s business, including risks relating to commodity transportation and storage activities, coastal natural disasters, subsidence and coastal erosion, compliance with legislation, terminal competition, and attacks, terrorism or cyber sabotage; the effect of international or global events, including any governmental responses thereto on Gibson’s business; the uncertainty of the pace and magnitude of the energy transition and the variation between jurisdictions; risks related to activism, terrorism or other disruptions to operations; competitive factors and economic conditions in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; credit ratings applicable to Gibson; worldwide demand for crude oil and petroleum products; volatility of commodity prices, currency and interest rates fluctuations; product supply and demand; operating and borrowing costs and the accuracy of cost estimates, including those associated with Gibson’s sustainability and ESG programs; the effect of reductions or increases in Gibson’s borrowing costs; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson’s business plans or strategy; Gibson’s ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain third parties, key suppliers and key personnel; reputational risks; acquisition and integration risks; risks associated with Indigenous relations; risks associated with the Hardisty DRU project; risks relating to the Edmonton terminal throughput and utilization; capital project delivery and success; risks associated with Gibson’s use of technology, including the use of artificial intelligence or attacks by hackers and/or cyberterrorists or breaches due to employee error, malfeasance or other disruptions, and any increased risk associated with increased remote access to Gibson’s systems; ability to obtain regulatory approvals necessary for the conduct of Gibson’s business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; seasonality and adverse weather conditions, including as a result of climate change and its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; litigation risk; political developments around the world, including the areas in which Gibson operates; commodity prices, inflation, interest and foreign exchange rates; supply chain risks; the performance of assets; capital efficiencies and cost savings; applicable laws and government policies; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; impact of the dividend policy on our future cash flows and estimated future dividends; credit ratings and capital project funding; the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; the accuracy of assumptions relating to long-term energy future scenarios; carbon price outlook; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services and other risks and uncertainties described in Gibson’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2024 and other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com. This document may contain forward-looking information attributed to third party industry sources. The forward-looking statements contained in this document represent Gibson’s expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see “Risk Factors” in Gibson’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2024 and the risk factors described in other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ at www.sedarplus.ca and available on our website at www.gibsonenergy.com. 48 DECEMBER 2025 | TSX GEI
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Specified Financial Measures Specified Financial Measures This presentation contains references to certain non-IFRS financial measures and ratios and industry measures that are used by the Company, as indicators of financial performance. These measures include: EBITDA, Adjusted EBITDA, Net Debt, Distributable Cash Flow (“DCF”), Enterprise Value (“EV”), and various ratios derived from such measures. Such measures and ratios are not recognized under IFRS, and do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures used by other companies. The Company believes presenting non-IFRS financial measures helps readers to better understand how management analyses results, shows the impacts of specified items on the results of the reported periods and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Company’s operations. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluations of companies in industries with similar capital structures. Readers are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Readers are cautioned, however, that these measures should not be construed as an alternative to net income, cash flow from operating activities, segment profit, gross profit or other measures of financial results determined in accordance with IFRS, as an indication of the performance of the Company. For further details on these measures, see the “Specified Financial Measures” sections of the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024 and Management’s Discussion and Analysis for the three and nine months ended September 30, 2025, as applicable, each of which are incorporated by reference herein and is available on SEDAR+ at www.sedarplus.ca and on our website at www.gibsonenergy.com. Adjusted EBITDA, Infrastructure Adjusted EBITDA, Marketing Adjusted EBITDA, Net Debt, Net Debt to Adjusted EBITDA, Distributable Cash Flow, Growth Capital, Replacement Capital and various supplementary financial measures are defined in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024 and Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and are reconciled to their most directly comparable financial measures under GAAP, if applicable. All such reconciliations in respect of the Company are in the non-GAAP advisory section of the Management's Discussion and Analysis for the applicable period, each of which are available on Gibson’s SEDAR+ profile at www.sedarplus.ca and each such reconciliation is incorporated by reference herein. • Enterprise Value is a supplementary measure intended to measure the Company’s total value, calculated as market capitalization plus Net Debt. Infrastructure-only Leverage ratio, Infrastructure Adjusted EBITDA per share; Adjusted EBITDA per share; Distributable cash flow per share, Dividend Payout Ratio and Infrastructure Payout ratio are non-GAAP financial ratios, in each case as presented on a standalone or consolidated basis. The reconciliations for Distributable cash flow per share and Dividend Payout Ratio are presented in the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2025, which is incorporated by reference herein and is available on SEDAR+ at www.sedarplus.ca and on our website at www.gibsonenergy.com. • Infrastructure-only Leverage ratio is a non-GAAP ratio calculated as Net Debt divided by Infrastructure Adjusted EBITDA. The Company, lenders, investors and analysts use this ratio to monitor the Infrastructure segment’s impact on the Company’s capital structure and financing requirements, while measuring its ability to cover debt obligations over time. • Infrastructure Adjusted EBITDA per share is a non-GAAP ratio, which is useful to investors as it demonstrates the ability of the Company’s Infrastructure segment to generate cash flows on a per share basis. Infrastructure Adjusted EBITDA per share is calculated as Infrastructure Adjusted EBITDA divided by the weighted average number of common shares outstanding. • Adjusted EBITDA per share is a non-GAAP ratio, which is useful to investors as it demonstrates the ability of the Company to generate cash flows on a per share basis. Adjusted EBITDA per share is calculated as Adjusted EBITDA divided by the weighted average number of common shares outstanding. • Infrastructure Payout ratio is a non-GAAP ratio, which is useful to investors as it demonstrates the ability of the Company’s Infrastructure segment to generate cash flows to pay dividends, and the proportion of cash generated that is used to pay dividends. Infrastructure Payout Ratio is calculated as dividends declared over Infrastructure-only Adjusted EBITDA less G&A, Interest, Current Tax, and Replacement Capital. Reconciliation of Infrastructure Adjusted EBITDA after adjusting for disposed businesses 49 DECEMBER 2025 | TSX GEI Infrastructure-only Adjusted EBITDA Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Segment Profit 149,101 156,640 154,079 127,444 150,272 150,632 145,663 157,968 137,726 92,186 106,571 108,855 109,349 109,817 106,977 105,307 102,774 117,573 108,275 Unrealized (gain) loss on derivative financial instruments 3,503 (5,225) (455) 6,359 (1,553) 1,150 4,149 (5,377) 740 - - - - - - - - - - Adj to share of profit from equity accounted investees - depreciation 1,549 1,174 1,173 1,169 1,166 1,424 1,481 156 1,432 1,426 1,435 1,400 2,021 2,010 2,011 614 1,403 265 269 Environmental remediation provision - - - 9,287 - - - - - - - - - - - - - - - Post-close purchase price adjustment - - - 2,670 - - - - - - - - - - - - - - - Infrastructure Adjusted EBITDA 154,153 152,589 154,797 146,929 149,885 153,206 151,293 152,747 139,898 93,612 108,006 110,255 111,370 111,827 108,988 105,921 104,177 117,838 108,544 Adjustment for Disposed businesses - - - 1,350 180 (665) 624 (1,330) (1,890) 208 (1,547) (1,733) (2,367) (4,239) (1,012) (4,695) (3,896) (184) (934) Adjusted EBITDA after adjustment 154,153 152,589 154,797 148,279 150,065 152,541 151,917 151,417 138,008 93,820 106,459 108,522 109,003 107,588 107,976 101,226 100,281 117,654 107,610 2025 2024 2023 2022 2021