Slides
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Focused Disciplined Growth Corporate Presentation Q4 2025 FEBRUARY 2026 | TSX GEI
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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 Market data as of February 9, 2026. 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) Based on 2025A data. 3) Based on total throughput volumes during the post -dredging period (since June 2025). 4) Based on 2025A. 5) Credit ratings on senior unsecured notes issued by Morningstar DBRS and S&P, respectively. 6) Dividend yield represents annualized quarterly dividend of $0.45 per share ($1.80). 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. 2 FEBRUARY 2026 | TSX GEI $4.5B / $7.2B Market Capitalization / Enterprise Value(1) 0.22 TRIF (2) Industry leading safety performance 70+ Years in the business 1 in 4 WCSB barrels through GEI terminals 2nd Largest Crude export terminal in North America(3) >25 mmbbl Tankage capacity in North America >95% Q4 2025 Segment Profit from Infrastructure ~75% Take-or-Pay Infrastructure Revenue(4) >85% Terminals Revenue from Investment Grade customers(4) 4.0x Q4 2025 Infrastructure Leverage ratio(1) 3.9x Q4 2025 Net Debt / Adjusted EBITDA(1) BBB (low) / BBB- Maintain Investment Grade ratings(5) 6.5% Dividend yield(6) Targeting 7%+ Average annual Infrastructure EBITDA per share(7) growth Targeting 100%+ Total shareholder return over next five years
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Disciplined strategy and premier crude oil Infrastructure assets underpin compelling value proposition Why Invest in Gibson? 3 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 Targeting 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. FEBRUARY 2026 | TSX GEI
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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 dividend with history of growth 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 4 FEBRUARY 2026 | TSX GEI
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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 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 + 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 FEBRUARY 2026 | TSX GEI
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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 6 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 FEBRUARY 2026 | 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 Strategically Aligned with Long-Term Oil Market Growth 1) OPEC: 2025 World Crude Oil Outlook. 2) Sourced from Street Research. 7 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) FEBRUARY 2026 | TSX GEI
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$2.98 $3.03 $3.29 $3.70 $3.80 2021 2022 2023 2024 2025 2026E 2030E Peer A Peer B Peer C Peer D Peer E Peer F Sustained growth through efficient capital deployment and supported by scale advantage Positioned for Disciplined, Consistent Infrastructure Growth 8 Power of Small Numbers Small projects deliver impactful returns with limited risk Infrastructure EBITDA per Share Growth(1) ($/Share) Growth Capital Required for 1% Increase in Infrastructure EBITDA(2) 1) Infrastructure EBITDA per share referenced here represents 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) 9%+ CAGR (‘21-’25A) 7%+ CAGR (’25A-’30E) $1.0-1.4Bn FEBRUARY 2026 | TSX GEI
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54% 34% 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 9 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 February 9, 2026. 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. TSR: 88% Share Price Appreciation Dividend & Dividend Reinvestment 2021 2022 2023 2024 2025 2026 FEBRUARY 2026 | TSX GEI
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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 10 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 FEBRUARY 2026 | TSX GEI
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Canadian Assets FEBRUARY 2026 | TSX GEI
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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 12 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 FEBRUARY 2026 | TSX GEI
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Attractive terminal position, with two new tanks recently placed in-service Edmonton Terminal 13 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 FEBRUARY 2026 | TSX GEI Major contract extensions of 20 and 10 years, enhancing the stability and quality of Infrastructure cash flows
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Moose Jaw Facility 14 ~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 + Moose Jaw Tank Expansion in 2024 (additional capacity: 175,000 barrels) + Safely executed turnaround in 2025 FEBRUARY 2026 | TSX GEI
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I Acquisition of Complementary Chauvin Infrastructure Assets TSX GEII FEBRUARY 2026 | TSX GEI
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Transaction Summary Gibson to acquire Teine Energy’s portfolio of complementary Chauvin infrastructure assets for $400 million in cash consideration, subject to closing adjustments + Attractive transaction multiple of ~7.5x(2) with line of sight to Gibson’s targeted 5-7x build multiple via optimization and expansion opportunities + Transaction delivers mid single-digit accretion to distributable cash flow (DCF) per share(3) + Conditionally sanctioned Gibson Hardisty Connection growth project to tie directly into Gibson’s Hardisty terminal, subject to completion of the Transaction + Fully financed, leverage neutral transaction including a $215 million concurrent bought deal equity financing FEBRUARY 2026 | TSX GEI Expands conventional heavy crude capabilities with immediate organic growth upside ~30 mbbl/d(1) crude oil pipeline & infrastructure Hardisty oil hub-connected pipeline 50% of volume contracted with Teine Energy Backed by long-term take- or-pay and area dedication Two actionable expansion opportunities Organic growth platform 16 Extends Gibson’s strategic footprint in the WCSB to the Mannville Stack, enhancing services for our customers; expected transaction closing in Q2 2026, subject to regulatory approvals 1) Represents current effective pipeline capacity. 2) Transaction multiple refers to Enterprise Value / 2026E EBITDA which are non -IFRS financial measures and do not have standardized meanings under IFRS; see “Specified Financial Measures” slide. 3) Distributable cash flow does not have a standardized meaning under IFRS; see “Specified Financial Measures” slide.
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Strategically located crude oil infrastructure platform directly connected to the Hardisty oil hub Transaction Highlights 17 Customers Establishes relationship with leading producer …underpinned by long-term take-or- pay and area dedication agreements with Teine Energy FEBRUARY 2026 | TSX GEI Platform Value chain extension …into attractive upstream supply region, extending the reach of the core Hardisty terminal Connectivity Expands and extends Gibson's reach …with connectivity to new and existing customers in the growing Mannville Stack resource play Resource Proven and attractive underlying resource …with low-decline, highly stable base production Supported by growing multi-lateral and EOR development in the area Growth Shovel-ready portfolio of optimization and expansion opportunities …conditionally sanctioned the Gibson Hardisty Connection and near sanction-ready expansion project Value Delivers mid single-digit accretion …to DCF per share Leverage neutral transaction, maintaining target Infrastructure Leverage ratio
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Two Immediately Actionable Organic Growth Projects ✓ Conditionally sanctioned project to add interconnection with Gibson's existing Hardisty terminal assets (currently connected to third-party tankage), subject to completion of the Transaction ✓ Gives Gibson access to greater volume flows and added flexibility Gibson Hardisty Connection Pipeline Capacity Expansion ✓ Near-sanction ready project; 50% increase in system capacity (~30 → ~45 mbbl/d) ✓ Immediately unlocks material incremental third-party volumes ✓ Directly supports Mannville growth and Hardisty-bound flows 18 FEBRUARY 2026 | TSX GEI Near-term infrastructure growth projects competitive with highest-return organic opportunities Two immediately actionable organic growth opportunities, with clear line of sight to additional medium- to long- term projects around these assets and the Hardisty terminal
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U.S. Assets FEBRUARY 2026 | TSX GEI
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z Track record of successful execution since acquisition in 2023 Key Gateway Milestones Completed Dredging to Increase Loading Volumes Enhanced Cash Flow Stability With Additional Contracts Enhanced Quality of Cash Flow with Contract Extensions Enhanced Connectivity to Key Basins through Cactus II Achieved 15-20% EBITDA Growth at Gateway 15-20% Achieved goal of EBITDA growth at Gateway 20 FEBRUARY 2026 | 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 21 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 and Houston; 120 kbph loading rate among fastest in the USGC 25% Market Share (1) (%) 2025 Volumes (1) (mbbl/d) 1) Source: Vortexa. 2) Average post-dredging volume (June – December 2025). 26% 19% FEBRUARY 2026 | TSX GEI 598 714 Pre-Dredging Post-Dredging ~19% (2) (2)
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Majority of $50mm sanctioned capital related to Wink-to-Gateway integration project Wink-to-Gateway Integration Project 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 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 FEBRUARY 2026 | TSX GEI
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Delivering improved producer netbacks and increased supply liquidity for Gateway customers Wink Terminal - Driving Value through Integration with Gateway 23 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 ~60% of throughput underpinned by Investment-Grade customers Pyote Cactus III Pipeline Enbridge Gray Oak Pipeline Energy Transfer Panther Pipeline Marathon Jackrabbit Terminal Pyote West Pipeline Pyote East Pipeline Gibson Wink Terminal Flintlock Pipeline Wink Monahans Central Basin Platform GEI Pipelines in Service Third Party Pipelines in Service Area of Dedication TX FEBRUARY 2026 | TSX GEI
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Financial Summary FEBRUARY 2026 | TSX GEI
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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 at or 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 2025A 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 December 31, 2025. 25 FEBRUARY 2026 | TSX GEI
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Balancing disciplined growth and meaningful capital returns to create long-term, per share value Disciplined Approach to Capital Allocation 26 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 FEBRUARY 2026 | TSX GEI
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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$/bbl) Stable Infrastructure business growth allows for consistent performance in all oil price environments Stable, Contracted, High-Quality Cash Flows Long-term, take-or-pay contracts with predominately Investment Grade customers providing predictable cash flows Capital-free upside from re-contracting as tankage demand grows with Canadian production expansion 1) Infrastructure EBITDA refers to Infrastructure Adjusted EBITDA, which is a non -GAAP measure and does not have a standardized mea nings under GAAP – refer to “Specified Financial Measures” slide. Infrastructure EBITDA has been adjusted to exclude the impact of dispositions. 2) Historical WTI pricing data sourced from Bloomberg. Infrastructure EBITDA(1) has demonstrated stability since Q3 2023 (post-Gateway), despite meaningful fluctuations in WTI ($mm) (US$/bbl) (2) 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 27 FEBRUARY 2026 | TSX GEI
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$436 $442 $494 $601 $622 $43 $118 $145 $63 $15 $2.98 $3.03 $3.29 $3.70 $3.80 $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 $70 0 2021 2022 2023 2024 2025 Marketing Infrastructure Infrastructure EBITDA / Share Enhanced quality of cash flows through stable Infrastructure EBITDA growth Growth Driven by Infrastructure 28 Note: Weighted average share count used for per share metrics. 1) Segment EBITDA refers to Marketing Adjusted EBITDA and Infrastructure Adjusted EBITDA, and Infrastructure EBITDA per share re fers to Infrastructure Adjusted EBITDA per share. All metrics are non -GAAP and do not have standardized meanings under GAAP – refer to “Specified Financial Measures” slide. ($mm; $/share) Segment EBITDA(1) Growth >6% Infrastructure EBITDA per share(1) CAGR (2021-2025) ~4% Adjusted EBITDA per share(1) CAGR (2021-2025) Infrastructure growth has enabled the return of $1.4 billion of capital to shareholders FEBRUARY 2026 | TSX GEI
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$1.40 $1.48 $1.56 $1.64 $1.72 $1.80 72% 79% 86% 77% 78% 2021 2022 2023 2024 2025 2026 Peer C Reliable, growing dividends deliver attractive returns for shareholders Proven Record of Delivering Shareholder Returns 29 1) Bloomberg; as of December 31, 2025. Peer group includes Enbridge, Keyera, Pembina, South Bow and TC Energy. 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. Peer A Peer B Peer D Peer E 5th Highest Yield among Investment Grade S&P/TSX Composite Index constituents Attractive Dividend Yield Relative to Investment Grade Peers(1,2) 7 Consecutive annual dividend increases Dividend Growth Track Record Infrastructure Payout Ratio(3) Over $1.4 billion returned to shareholders since 2021 — a sustainable, disciplined, and growing record of shareholder returns FEBRUARY 2026 | TSX GEI 5.2% CAGR
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Appendix FEBRUARY 2026 | TSX GEI
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Asset backed Marketing business creates value for customers by leveraging Infrastructure across N.A. Marketing Upside Accelerates Infrastructure Reinvestment 31 Refined Products Key Drivers Performance Levers Tops ↑ Wider Differentials ↑ Wider 2:1:1 Crack Spreads Drilling Fluids ↑ Drilling Activity ↑ Wider 2:1:1 Crack Spreads Asphalt ↑ Paving Activity (Seasonal) ↑ Roofing Shingle Demand Time-Based ↑ Contango Curve ↑ Volatility Location-Based ↑ Location Spread Differentials ↑ Tighter Egress Quality-Based ↑ Crude Pricing Differentials 1) Marketing Adjusted EBITDA does not have a standardized meaning under GAAP – refer to “Specified Financial Measures” slide. Crude Marketing 31 Marketing Adjusted EBITDA(1) ($mm) $192 $104 $43 $118 $145 $63 $15 2019 2020 2021 2022 2023 2024 2025 FEBRUARY 2026 | TSX GEI
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Significant available liquidity and staggered debt maturity profile Liquidity and Debt Maturity Profile 32 1) Floating rate revolving credit facility; drawn balance as at December 31, 2025; bilateral facilities not included in revolving c redit facility amounts. 2) Hybrid notes are presented in the year they first become callable. $169 $831 $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) FEBRUARY 2026 | TSX GEI
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Forward-Looking Statement Notice Definitions All references in this presentation (the “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 Presentation 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”, “objective”, “continue”, “estimate”, “expect”, “will”, “project”, “position”, “pursue”, “growth”, “maintain”, “forecast”, “outlook”, “predict”, “potential”, “anticipate”, “intend”, 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; expectations regarding total shareholder return, including the expectation of generating 100%+ total shareholder return by 2030; anticipated Infrastructure Adjusted EBITDA per share growth and annual dividend growth; forecasts relating to the production, supply, demand and export of crude oil, including WCSB production forecasts and Gibson’s positioning to capitalize on increased global oil demand and growing North American exports; the value of assets and their effect on growth; Gibson’s infrastructure growth levers and related expectations, including targeted 5–7x build multiples and the deployment of up to $1 billion of growth capital over the next five years; expectations regarding organic growth projects, including additional producer partnerships, the extension of Gibson’s pipeline network, tankage additions, debottlenecking initiatives and dock expansion opportunities and the anticipated timing and benefits thereof; the scalability and optionality of the Hardisty terminal and diluent recovery unit (“DRU”), including phased expansion opportunities and associated timing expectations; the durability and growth potential of the Gateway and Wink terminals, including the anticipated benefits and timing of the Wink-to-Gateway integration project; statements relating to the proposed acquisition of the Chauvin infrastructure assets, including anticipated closing timing, regulatory approvals, financing, leverage impact, accretion to distributable cash flow per share and anticipated transaction and build multiples; expectations regarding production growth and decline rates across the Mannville Stack; growth of multi-lateral and enhanced oil recovery (“EOR”) development; Gibson’s liquidity and debt maturity profile; expectations regarding future leverage levels, maintenance of investment grade credit ratings and capital allocation priorities; anticipated growth, per share growth and growth opportunities at Gibson’s terminals; projections for future years and Gibson’s plans and strategies to realize such projections; expectations regarding cash flow growth and the drivers thereof; expectations regarding the performance and integration of the Marketing and Infrastructure segments and the anticipated value creation associated therewith; Gibson’s continued adherence to disciplined financial principles; statements relating to operational efficiencies and ownership culture; and expectations regarding the continued improvement of safety programs and culture, including the maintenance of industry-leading safety metrics and the effectiveness of leadership, standards and proactive risk management practices. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future operating and financial results; Gibson’s ability to obtain the anticipated benefits from its growth projects and the proposed acquisition of the Chauvin infrastructure assets; the completion of the proposed acquisition on anticipated terms and timelines, including the receipt of required regulatory approvals; the successful integration and performance of the acquired assets; the realization of anticipated accretion and related growth opportunities; conditions relating to berthing, vessel availability and marine operations; the accuracy of historical and forward-looking operational and financial information and estimates; general economic and industry conditions, including macroeconomic and industry trends; geopolitical instability and global events and their impact on energy security and demand for crude oil and petroleum products; future growth in worldwide demand for crude oil and petroleum products and North American crude oil production; production profiles and decline characteristics of underlying resource plays, including anticipated production growth and development activity across the Mannville Stack; anticipated throughput levels and customer demand for Gibson’s terminals and pipeline infrastructure; commodity prices; no material defaults by counterparties; the continued reliable and efficient operation and utilization of Gibson’s infrastructure and facilities; project completion on time and on budget; capital cost estimates and expected returns associated with identified growth projects; credit ratings applicable to Gibson; Gibson’s ability to achieve its financial targets and total shareholder return objectives; operating and borrowing costs; future capital expenditures and the ability to place assets into service as currently planned; Gibson’s ability to obtain financing on acceptable terms; Gibson’s ability to maintain a strong balance sheet and targeted leverage levels; inflation and changes in interest rates; competitive conditions; changes in laws and regulations; and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein. 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 as a result of, among other things, risks inherent in the businesses conducted by Gibson; risks relating to terminal, storage and marine operations; capital project execution risks; acquisition and integration risks, including risks relating to the proposed Chauvin transaction and related regulatory approvals; exposure to counterparties; volatility of commodity prices, currency and interest rates; changes in government policies, laws and regulations, including environmental and tax laws and regulations; geopolitical events and macroeconomic conditions; competitive factors and economic conditions; labour relations; seasonality and adverse weather conditions; supply chain risks; cybersecurity risks; credit rating changes; access to debt and equity capital on acceptable terms; and the other risks and uncertainties described in Gibson’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2025 and other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on Gibson’s website. Financial outlook and future-oriented financial information contained in this Presentation about prospective financial performance, financial position and cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available and is subject to the same risk factors, limitations and qualifications as set forth above. The financial information included in this Presentation, has been prepared by, and is the responsibility of, management. The purpose of the financial outlook and future-oriented financial information provided in this Presentation is to assist readers in understanding Gibson's anticipated financial performance and strategic initiatives and may not be appropriate for other purposes. The Company and its management believe that such financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and that prospective financial information represents, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this prospective information is inherently uncertain, it should not be relied on as necessarily indicative of past or future results, as the actual results may differ materially from those set forth in this Presentation. This Presentation may contain forward-looking information attributed to third party industry sources. The forward-looking statements contained in this Presentation 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, 2025, as filed on SEDAR+ at www.sedarplus.ca and available on our website at www.gibsonenergy.com. See also “Specified Financial Measures” in this Presentation. 33 FEBRUARY 2026 | 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, 2025, which is 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, 2025, and 2024 and are reconciled to their most directly comparable financial measures under GAAP, if applicable. Infrastructure 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. All such reconciliations in respect of the Company are in the "Specified Financial Measures" 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 capitalizatio n plus Net Debt. • 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. Reconciliation of Infrastructure Adjusted EBITDA after adjusting for disposed businesses: 34 FEBRUARY 2026 | TSX GEI Infra only adj EBITDA Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Segment Profit 161,501 149,101 156,640 154,079 127,444 150,272 150,632 145,663 157,968 137,726 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 (2,563) 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 1,560 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 160,498 154,153 152,589 154,797 146,929 149,885 153,206 151,293 152,747 139,898 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 160,498 154,153 152,589 154,797 148,279 150,065 152,541 151,917 151,417 138,008 93,820 106,459 108,522 109,003 107,588 107,976 101,226 100,281 117,654 107,610 2024 2023 2022 20212025