Earnings release
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Gibson Energy Reports Third Quarter 2026 Results, Highlighted by Record Consolidated and Infrastructure Adjusted EBITDA, and Sanctions the Chauvin Pipeline Expansion Project All financial figures are in Canadian dollars unless otherwise noted Calgary, Alberta (November 2, 2026) – Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and nine months ended September 30, 2026. "Gibson delivered an exceptional third quarter, with record results across the business, " said Curtis Philippon, President & Chief Executive Officer. "Chauvin continues to exceed our expectations, and we are pleased to sanction an expansion that will increase pipeline capacity by approximately 50%. It is a great example of the kind of disciplined infrastructure investment we want to make: supported by our customers, closely connected to our existing assets and capable of delivering attractive returns. In the U.S., we also placed our Wink-to-Gateway Integration Project into service, enhancing connectivity across our network and positioning Gateway to capture additional volumes. With improving Canadian market access and growing producer activity, the opportunity set in front of Gibson is as strong as we have seen in some time. We are well positioned to turn those opportunities into meaningful growth and long- term value for shareholders." Financial Highlights: • Infrastructure adjusted EBITDA(1) of $ 177 million in the third quarter, a $ 23 million increase from the third quarter of 2025, primarily driven by strong performance from the Chauvin Infrastructure Assets, higher overall throughput, including record volumes moved to TMX through Edmonton, ongoing optimization of our existing assets, and benefits from the Company’s 2026 restructuring initiatives • Marketing adjusted EBITDA(1) of $35 million in the third quarter, a $28 million increase from the third quarter of 2025, primarily driven by strong refining margins resulting from elevated crack spreads, highlighting the benefits of the Company’s product diversification strategy • Adjusted EBITDA(1) on a consolidated basis of $193 million in the third quarter, a $46 million increase from the third quarter of 2025, primarily reflecting stronger Infrastructure and Marketing results and adjustments for unrealized gains and losses on financial instruments in both periods, partially offset by higher General and Administrative costs Key Highlights: • Delivered record adjusted EBITDA(1) of $193 million and record adjusted EBITDA per share, reflecting strong performance across both Infrastructure and Marketing • Generated record Infrastructure adjusted EBITDA (1) of $17 7 million and record Infrastructure adjusted EBITDA per share, driven primarily by a full quarter of contributions from the Chauvin Infrastructure Assets • Achieved Marketing adjusted EBITDA(1) of $35 million, supported by continued strength in refined product margins, the benefits of a more diversified product mix, and improved crude marketing opportunities • Sanctioned the Chauvin pipeline expansion, which will increase system capacity by approximately 50% , supported by strong commercial interest and growing production in the Mannville , with an expected in - service date during the first half of 2028 • Continued our industry-leading safety performance, surpassing 500 days without a recordable injury while safely bringing the Wink-to-Gateway Integration Project into service and completing the integration of the Chauvin assets into our operations
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• Net income of $77 million in the third quarter, a $31 million increase from the third quarter of 2025, primarily due to the factors affecting segment adjusted EBITDA as noted above, partially offset by higher income tax expense and finance costs • Distributable Cash Flow(1) of $120 million in the third quarter, a $34 million increase from the third quarter of 2025, primarily due to the factors contributing to higher adjusted EBITDA as noted above, partially offset by higher finance cost and current income tax expense • Dividend payout ratio(2) of 82% and net debt to adjusted EBITDA(2) ratio of 3.9x on a trailing twelve-month basis, with both metrics expected to improve as a full 12 months of contributions from the Chauvin acquisition are reflected Strategic Developments and Highlights: • In November, the Board declared a quarterly dividend of $0.45 per common share, payable on January 15, 2027, to shareholders of record at the close of business on December 30, 2026 • In October, p laced the Wink -to-Gateway Integration Project into service, enhancing connectivity and operational flexibility at Gateway • In September, the Company's NCIB was renewed for an additional one-year period, enabling the Company to repurchase and cancel up to 7,251,988 common shares, representing 5% of the Company’s public float • In July, the Company closed its offering of $400 million 4.45% senior unsecured medium -term notes due January 9, 2034 (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release. (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.
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Management’s Discussion and Analysis and Financial Statements The 2026 third quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and nine months ended September 30, 2026, as compared to the three months and nine months ended September 30, 2025. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca. Earnings Conference Call & Webcast Details A conference call and webcast will be held to discuss the 2026 third quarter financial and operating results at 8:00am ABT (9:00am ET) on Tuesday, November 3, 2026. To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL: https://register-conf.media-server.com/register/BI8015be24fb1e49ffb93a019531a832fd?utm Registration at least five minutes prior to the conference call is recommended. This call will also be broadcast live on the Internet and may be accessed directly at the following URL: https://edge.media-server.com/mmc/p/h5qy8qeq The webcast will remain accessible for a 12-month period at the above URL. Supplementary Information Gibson has also made available certain supplementary information regarding the 2026 third quarter financial and operating results, available at www.gibsonenergy.com. About Gibson Gibson is a leading liquids infrastructure company providing storage, optimization, processing, gathering, and waterborne vessel loading services for liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are located acro ss North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan. Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
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Forward-Looking Statements Certain statements contained in this press release constitute forward -looking information and statements (collectively, "forward -looking statements"). All statements other than statements of historical fact are forward-looking statements. The use of any of the words "expect", "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements included or referred to in this press release include, but are not limited to, statements concerning: the development, construction and completion of the Chauvin pipeline expansion project, including its expected increase in system capacity and anticipated in-service date; Gibson's long-term growth strategy and ability to create long-term shareholder value, including through infrastructure investments capable of delivering attractive returns; Gateway’s positioning to capture additional volumes following the completion of the Wink-to-Gateway Integration Project; improving Canadian market access and growing producer activity, and Gibson’s ability to realize on opportunities relating thereto to produce meaningful growth and create long term value for shareholders; expectations regarding the Company's dividend payout ratio and net debt to adjusted EBITDA metrics, including their expected improvement and the expected timing and payment of the quarterly dividend. These statements are base d on assumptions that the Cha uvin pipeline expansion will proceed on the anticipated schedule and within expected costs, with necessary approvals and customer support; that Canadian market access and producer activity will continue to support growth opportunities; that the Chauvin Infrastructure Assets will contribute to Gibson's financial results as expected; and that customer demand and market conditions will support Gateway's ability to capture additional volumes as expected. These 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. No assurance can be given that these expectations wi ll prove to be correct and such forward -looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not unde rtake any obligations to publicly update or revise any forward -looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward -looking statements as a result of numerous risks and uncertainties including, but not limited to, construction delays or cost overruns on the Chauvin pipeline expansion, changes in producer activity, customer demand or market access, and lower -than-expected contributions from the Chauvin Infrastructure Assets, as well as the risks and uncertainties des cribed in "Forward-Looking Information" and "Risk Factors" included in the Company's Annual Information Form dated February 17, 2026, and Management's Discussion and Analysis dated November 2, 2026, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com. For further information, please contact: Investor Relations Phone: (403) 776-3077 Email: investor.relations@gibsonenergy.com Media Phone: (403) 476-6334 Email: communications@gibsonenergy.com Specified Financial Measures This press release refers to certain financial measures that are not determined in accordance with GAAP , including non -GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entitie s. 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 evaluation of companies in industries w ith similar capital structures. For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial M easures" section of the Company’s MD&A for the three and nine months ended September 30, 2026 and 2025, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at www.sedarplus.ca and Gibson's website at www.gibsonenergy.com.
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a) Adjusted EBITDA Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated a djusted EBITDA for the three and nine months ended September 30, 2026, and 2025: Three months ended September 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2026 2025 2026 2025 2026 2025 2026 2025 Segment profit 174,134 149,101 43,589 4,403 — — 217,723 153,504 Unrealized loss (gain) on derivative financial instruments 1,372 3,503 (9,063) 2,339 — — (7,691) 5,842 General and administrative — — — — (17,997) (13,298) (17,997) (13,298) Adjustments to share of profit from equity accounted investee 1,568 1,549 — — — — 1,568 1,549 Renewable virtual power purchase agreement — — — — (715) (520) (715) (520) Adjusted EBITDA 177,074 154,153 34,526 6,742 (18,712) (13,818) 192,888 147,077 Nine months ended September 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2026 2025 2026 2025 2026 2025 2026 2025 Segment profit 491,016 459,820 60,235 27,331 — — 551,251 487,151 Unrealized loss (gain) on derivative financial instruments 6,751 (2,177) (7,825) (12,816) — — (1,074) (14,993) General and administrative — — — — (52,668) (40,638) (52,668) (40,638) Adjustments to share of profit from equity accounted investee 4,690 3,896 — — — — 4,690 3,896 Executive transition costs — — — — — 2,405 — 2,405 Renewable virtual power purchase agreement — — — — (1,732) (2,142) (1,732) (2,142) Adjusted EBITDA 502,457 461,539 52,410 14,515 (54,400) (40,375) 500,467 435,679
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Three months ended September 30, ($ thousands) 2026 2025 Net Income 77,026 45,694 Income tax expense 27,302 12,439 Depreciation, amortization, and impairment charges 48,905 43,398 Finance costs, net 39,621 35,094 Unrealized (gain) loss on derivative financial instruments (8,190) 5,842 Unrealized loss (gain) on renewable virtual power purchase agreement 73 (1,436) Share-based compensation 5,210 4,104 Acquisition and integration costs 970 — Adjustments to share of profit from equity accounted investee 1,568 1,549 Corporate foreign exchange loss and other 403 393 Adjusted EBITDA 192,888 147,077 Nine months ended September 30, ($ thousands) 2026 2025 Net Income 158,558 156,346 Income tax expense 52,245 46,580 Depreciation, amortization, and impairment charges 145,860 128,923 Finance costs, net 113,567 103,329 Unrealized gain on derivative financial instruments (1,573) (14,993) Unrealized gain on renewable virtual power purchase agreement (22) (9,180) Share-based compensation 14,306 11,826 Restructuring costs 8,125 — Acquisition and integration costs 6,162 — Adjustments to share of profit from equity accounted investee 4,690 3,896 Corporate foreign exchange (gain) loss and other (1,451) 6,547 Executive transition costs — 2,405 Adjusted EBITDA 500,467 435,679
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b) Distributable Cash Flow The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, ca sh flow from operating activities: Three months ended September 30, Nine months ended September 30, ($ thousands) 2026 2025 2026 2025 Cash flow from operating activities 212,583 195,572 429,766 416,804 Adjustments: Changes in non-cash working capital and taxes paid (24,418) (50,826) 42,825 7,526 Replacement capital (14,629) (12,863) (37,448) (33,326) Cash interest expense, including capitalized interest (37,486) (33,413) (107,074) (97,341) Acquisition and integration costs 970 — 6,162 — Restructuring costs (1) — — 6,125 — Executive transition costs (1) — — — 2,405 Lease payments (6,780) (5,353) (19,889) (18,448) Current income tax (10,579) (7,567) (30,821) (20,016) Distributable cash flow 119,661 85,550 289,646 257,604 Twelve months ended September 30, ($ thousands) 2026 2025 Cash flow from operating activities 523,121 484,080 Adjustments: Changes in non-cash working capital and taxes paid 88,231 61,504 Replacement capital (51,962) (45,053) Cash interest expense, including capitalized interest (141,405) (129,272) Acquisition and integration costs (1) 6,162 — Restructuring costs (1) 6,125 — Executive transition costs (1) — 8,709 Lease payments (27,059) (24,511) Current income tax (34,071) (26,701) Distributable cash flow 369,142 328,756 (1) Costs adjusted on an incurred basis.
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c) Dividend Payout Ratio Twelve months ended September 30, ($ thousands) 2026 2025 Distributable cash flow 369,142 328,756 Dividends declared 303,342 278,095 Dividend payout ratio 82 % 85 % d) Net Debt To Adjusted EBITDA Ratio Twelve months ended September 30, ($ thousands) 2026 2025 Current and long-term debt 2,932,035 2,677,669 Lease liabilities 106,468 51,395 Less: unsecured hybrid notes (450,000) (450,000) Less: cash and cash equivalents (92,816) (58,460) Net debt 2,495,687 2,220,604 Adjusted EBITDA 645,475 565,361 Net debt to adjusted EBITDA ratio 3.9 3.9 Infrastructure segment EBITDA 662,955 608,468 Less: General and administrative (68,038) (52,685) Executive transition costs — 8,709 Renewable virtual power purchase agreement (2,462) (2,855) 592,455 561,636 Infrastructure leverage 4.2 4.0