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FEBRUARY 2025 1 Investor Presentation
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FORWARD-LOOKING INFORMATION Investor Presentation 2 To provide readers with information regarding Keyera, including its assessment of future plans, operations and financial performance, certain statements contained herein contain forward- looking information within the meaning of applicable Canadian securities legislation (collectively, “forward-looking information”). Forward-looking information relate to future events and/or Keyera’s future performance. Forward-looking information are predictions only; actual events or results may differ materially. Use of words such as “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “plan”, “intend”, “believe”, and similar expressions (including negatives thereof), is intended to identify forward-looking information. All statements other than statements of historical fact contained herein are forward-looking information, including, without limitation, statements regarding Keyera’s future financial position and operational performance and future financial contributions from its business segments, including but not limited to, estimates for 2026 regarding Keyera’s growth capital expenditures, maintenance capital expenditures and cash taxes; future years‘ guidance and statements on estimated fee-based adjusted EBITDA and CAGR; approvals and anticipated timing for closing the acquisition of Plains’ Canadian NGL business (the “Acquisition”), anticipated impacts of the Acquisition, including anticipated pro forma business statistics; the development and timing of sanctioned growth projects, including the debottleneck of KFS Frac II, KFS Frac III, and KAPS Zone 4, and the financial and operational impact of such projects on Keyera; the impact of current and future growth projects on Keyera’s CAGR; financial and capital targets and priorities; Keyera’s vision, business strategy and plans of management; anticipated growth and future investment opportunities activities; expected sources of and demand for energy and associated demand for capacity at Keyera’s existing assets, and future expansion opportunities; expected basin growth and the impact and timing of new basin egress; estimated utilization rates; Keyera’s plans for allocating capital, including with respect to growth capital investment, dividend growth and other returns to shareholders; Keyera’s decarbonization strategies, including the implementation and effectiveness of the same and ability to attain stated emissions intensity reduction targets; and expected commodity prices and production levels, including condensate and NGL production growth. Forward-looking information reflects management’s current beliefs and assumptions with respect to such things as outlook for general economic trends, industry forecasts and/or trends, commodity prices, capital markets, and government, regulatory and/or legal environment, and potential impacts thereof. Management believes its assumptions and analysis are reasonable and that expectations reflected in forward-looking information contained herein are also reasonable. However, Keyera cannot assure readers these expectations will prove to be correct, and differences could be material. All forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results, events, levels of activity and achievements to differ materially from those anticipated in the forward-looking information. The principal risks, uncertainties, and other factors affecting Keyera and its business are contained in Keyera’s Management’s Discussion and Analysis for the year ended December 31, 2025 and in Keyera’s Annual Information Form, each available on Keyera’s profile on SEDAR+ at www.sedarplus.ca and available on Keyera’s website at www.keyera.com Proposed construction and completion schedules and budgets for capital projects are subject to many variables, including weather; availability of and/or prices of materials and/or labour; customer project schedules and expected in-service dates; contractor productivity; contractor disputes; quality of cost estimating; decision processes and approvals by joint venture partners; changes in project scope at the time of project sanctioning; legislation and regulations and regulatory and other approvals, conditions or delays (including possible intervention by third parties); Keyera’s ability to secure adequate land rights and water supply; and macro socio- economic trends. As a result, expected timing, costs and benefits associated with these projects may differ materially from descriptions contained herein. In addition to factors referenced above, Keyera’s expectations with respect to future returns associated with certain growth capital projects recently sanctioned are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to: capital cost estimates assuming no material unforeseen costs; timing for completion of growth capital projects; customer performance of contractual obligations; reliability of production profiles; commodity prices, margins and volumes; tax and interest and exchange rates; availability of capital at attractive prices; and no changes in legislative, regulatory or approval requirements, including no delay in securing any outstanding regulatory approvals. This Presentation includes historical, current, and forecast market and industry data that has been obtained from third party or public sources. Although management of Keyera believes such information to be reliable, none of such information has been independently verified by Keyera. All forward-looking information contained herein are expressly qualified by this cautionary statement. Readers are cautioned they should not unduly rely on this forward-looking information and that information contained in such forward-looking information may not be appropriate for other purposes. Further, readers are cautioned that the forward-looking information contained herein is made as of February 12, 2026. Unless required by law, Keyera does not intend and does not assume any obligation to update any forward-looking information. Further information about the factors affecting forward-looking statements and management’s assumptions and analysis thereof, is available in filings made by Keyera with Canadian provincial securities commissions, which can be viewed on SEDAR+ at www.sedarplus.ca.
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NON-GAAP AND OTHER FINANCIAL MEASURES Investor Presentation 3 This presentation refers to certain financial and other measures that are not determined in accordance with Generally Accepted Accounting Principles (GAAP), such as: EBITDA, adjusted EBITDA, distributable cash flow (DCF), DCF per share, payout ratio, return on invested capital (ROIC), compound annual growth rate (CAGR) for DCF per share, CAGR for dividends per share, CAGR for fee-based adjusted EBITDA, and realized margin (including fee-for-service realized margin, which is realized margin for the Gathering and Processing and Liquids Infrastructure segments, and non fee-for-service realized margin, which is realized margin for the Marketing segment). As a result, these measures may not be comparable to similar measures reported by other entities. Management believes that these non-GAAP and other financial measures facilitate the understanding of Keyera’s results of operations, leverage, liquidity and financial position. These measures do not have any standardized meaning under GAAP and therefore, should not be considered in isolation, or used in substitution for measures of performance prepared in accordance with GAAP. For additional information regarding the composition of these measures, how management utilizes them, and where applicable, a reconciliation of Keyera’s historical non-GAAP financial measures to the most directly comparable GAAP measures, refer to Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca and Keyera’s website at www.keyera.com. Specifically, the sections of the MD&A titled “Non-GAAP and Other Financial Measures”, “Segmented Results of Operations”, “EBITDA and Adjusted EBITDA”, “Dividends: Funds from Operations, Distributable Cash Flow and Payout Ratio”, and “Adjusted Cash Flow from Operating Activities and Return on Invested Capital”, include information that has been incorporated by reference for these non-GAAP and other financial measures.
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$1.10 $2.04 $1.53 $1.43 $1.31 $1.84 $2.37 $2.84 $2.56 $2.70 $3.08 $2.77 $3.26 $3.03 $2.95 $3.73 $3.36 $3.35 $0.85 $0.90 $0.90 $0.96 $1.03 $1.13 $1.26 $1.42 $1.54 $1.65 $1.73 $1.85 $1.92 $1.92 $1.92 $1.96 $2.04 $2.12 2.2x 1.2x 1.9x 2.0x 2.0x 2.0x 2.2x 2.3x 2.5x 2.3x 2.6x 2.2x 2.9x 2.4x 2.5x 2.2x 2.0x 1.8x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Why Invest In Keyera? Investor Presentation 4 A Long History of Delivering Shareholder Value by Utilizing our Asset Base and Exercising Financial Discipline COMMODITY PRICE COLLAPSE FINANCIAL CRISIS COVID-19 PANDEMIC Benefitting from Basin Growth Fully-integrated liquids infrastructure platform servicing decades of visible liquids-rich Montney and Duvernay resource play growth Financial Strength and Discipline Demonstrated history of creating shareholder value through preserving balance sheet strength, investing to grow DCF1,2 per share and sustainably growing dividends per share High Quality Integrated Assets Fully-integrated asset base built over decades, enabling customers to access high-value markets Rich Inventory of Capital Efficient Growth Projects Deep inventory of high-quality, self- funded organic growth opportunities that enable continued compounding of returns to drive growth in DCF1,2 and dividends per share Dividend/sh DCF/sh1,2 Maintained Strong Balance Sheet 7% DCF/sh CAGR1,2 (since ’08) 6% Dividend/sh CAGR1,3 (since ’08) See slide 20 for notes regarding this slide
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Investor Presentation 5 Long-Term Volume Growth Supported By New Basin Egress Canada’s World Class Energy Resource One of the world’s largest holders of oil & gas reserves One of the lowest cost producers of energy Advantaged access to world markets Amongst the most responsibly produced energy 5 A L B E R T A DUVERNAY 77 Tcf 298 Bbbl OIL SANDS MONTNEY 449 Tcf CONVENTIONAL & DEEP BASIN GAS 197 Tcf Woodfibre LNG LNG Canada RIPET Cedar LNG Coastal Gas Link +2.1 Bcf/d NGTL West Gate +0.2 Bcf/d B R I T I S H C O L U M B I A Source: Canada Energy Regulator (as of May 2024), Peters & Co. Limited, and company disclosures ENB Mainline +300 Mbbl/d Data Centre +0 - 3 Bcf/d Inter-Basin +1 Bcf/d Ksi Lisims LNGREEF LNG Canada Phase II NGTL East Gate +0.6 Bcf/d Express Platte +30 Mbbl/d Announced Proposed TMX Expansion +250 Mbbl/d TMX +590 Mbbl/d 0.98 1.07 1.37 1.48 1.81 2.09 2.10 2.34 4.10 Canadian Plays Amongst The Lowest Supply Cost Source: Peters & Co. Limited YEARS TO REACH WELL PAYOUT @US$60/B WTI, US$12.85/B WCS/WTI Differential, US$3.85/Mcf NYMEX and C$3.55/Mcf AECO prices. Canada U.S.
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Presentation Title 6 0 100 200 300 400 500 600 700 800 900 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E Condensate/NGL Production (mbbl/d) AB Montney Duvernay BC Montney Keyera Benefits From Expected Basin Growth Strategically Located Fully-Integrated Assets Condensate and NGL Production Growth from Montney and Duvernay Forecast Source: Peters & Co. Limited (as of December 2024) 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 14 16 18 20 22 24 26 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Oil Production (MBbl/d) Gas Production (Bcf/d) Gas (LHS) Oil (RHS) Forecast Oil & Gas Production Forecast for Western Canada
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Delivering Energy Infrastructure Solutions Investor Presentation 7 Focused on Maximizing Customer Netbacks Natural Gas (C1) Crude Oil Iso-Octane (iC8) Condensate (C5+) Propane (C3) Butane (C4) West Coast Export US and International Markets Power generation, industrial use, heating, cooking Ethane (C2) + Petchem products Residential heating, cooking, petchem products, crop drying, transportation fuel Petchem products, gasoline blending, cooking Gasoline blending, solvents Oil sands diluent, gasoline blending, petchem products Transportation fuels, petchem products, asphalt & lubricants Fee-For-Service Infrastructure Marketing Demand
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Fee-Based Adjusted EBITDA1 CAGR of 7-8% from 2024 to 2027 Investor Presentation 8 Supported by Continued Filling of Available Capacity and Capital-Efficient Growth Projects 2024 2025 2026E 2027E 2024 2025E 2026E 2027E ~$350 to $450 million of average annual growth capital (’26 - ’27) Continued filling of Simonette Liquids growth opportunity at Rimbey Continued ramp up of KAPS Continued filling of condensate storage, FSCS and Norlite Filling Available Capacity Fee-based Adj. EBITDA1 ($MM) Capital-Efficient Growth Projects KAPS Zone 4 KFS Frac III KFS Frac II Debottleneck Continued filling of Wapiti Sanctioned Growth Projects See slide 20 for notes regarding this slide
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Continued Momentum in 2025 Investor Presentation 9 Making Meaningful Progress in Executing our Strategy Sanctioned Frac II Debottleneck ▪ Adds 8,000 bpd of frac capacity under long-term take-or-pay contracts ▪ Expected in-service date: mid-2026 Signed Commercial Agreements with AltaGas ▪ Extends Keyera’s value chain providing diversified market access for customers ▪ Provides contractual support for growth projects North G&P Contracting Success ▪ New integrated contracts at Wapiti and Simonette ▪ Wapiti expected to reach effective capacity in 2026, a year ahead of schedule Sanctioned KFS Frac III ▪ Adds 47,000 bpd of frac capacity ▪ Substantially all frac capacity at KFS is now contracted under long-term take-or-pay contracts ▪ Expected in-service date: 2028 Sanctioned KAPS Zone 4 ▪ 85 km expansion to access liquids rich Montney in NEBC and NW AB ▪ Expected in-service date: mid-2027 ▪ Secured over 75,000 bpd on Zones 1-4 in recent months at 75% take-or-pay for an average of ~11 years Acquisition of Plains’ Canadian NGL Business ▪ Optimizes position in Fort Saskatchewan, increasing scale and efficiency of NGL infrastructure ▪ Extends the integrated NGL value chain to eastern Canada and U.S. ▪ Creates a platform for future investment and accelerated growth on a capital efficient basis Simonette East Gas Plant Acquisition ▪ Approximately $200MM acquisition that delivers target return on capital ▪ Adds approximately 67.5 mmcf per day of sour gas processing capacity to Keyera’s North G&P portfolio ▪ Adds incremental liquids supply to Keyera’s integrated value-chain Wildhorse Divesture ▪ Divesture of non-core Wildhorse terminal to recycle capital to higher return, on-strategy opportunities
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Plains Acquisition Extending Keyera’s Integrated Value Chain Investor Presentation 10 Complements Keyera’s Existing Business with an Expanded NGL Service Offering and Diversified Market Access ▪ Enhances scale of NGL infrastructure with the addition of Plains’ gathering, fractionation and storage operations ▪ Extends integrated value chain to eastern North America, providing geographic diversification and expanded reach to downstream customers ▪ Unlocks commercial potential, by applying Keyera’s expertise in risk management, marketing, and operational optimization to improve margins and drive performance ▪ Delivers meaningful synergies, with approximately $100 million of expected near- term annual cost savings and operational enhancements in the first full year ▪ Maintains strong contract foundation, with ~70% of pro forma fee-for-service realized margin2 supported by long-term commercial agreements reinforcing dividend sustainability and growth Pro Forma Business Statistics △ G&P Capacity (~50% Montney) ~2.2 Bcf/d Straddle Capacity ~5.7 Bcf/d + ~5.7 C3+ Fractionation1 ~347 kbpd + ~193 NGL Storage ~44 MMbbls + ~23 NGL Pipeline Capacity ~1,955 kbpd + ~575 Global LPG Export US Co-ed (C3+ / C5+) Empress (C2 / C3+) Other PFS Supply (C3+) See slide 20 for notes regarding this slide
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Plains Acquisition Creates a Cross-Canada NGL Corridor Investor Presentation 11 Connecting Production to Key Demand Centers, Delivering Greater Flexibility and Market Access for Customers AltaGas Commercial Agreement Expanded Capacity KFS Frac II, III, PFS Increasing Basin Supply Market Diversification Eastern North America Extension of KAPS’ reach into NE B.C.
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Plains Acquisition Accelerates Keyera’s Growth with Scalable Platform Investor Presentation 12 Positioned for Rapid Expansion Through Near-Term Execution, Synergy Realization, and Capital-Efficient Growth 2024 2025 2026E 2027E 2028E Continued filling of Simonette Liquids growth opportunity at Rimbey Continued ramp up of KAPS Continued filling of condensate storage, FSCS and Norlite Filling Available Capacity Capital Efficient Growth Projects KAPS Zone 4 KFS Frac III KFS Frac II Debottleneck Continued filling of Wapiti Sanctioned Growth Projects Plains Canada NGL Business Acquisition Keyera Stand-Alone Pro Forma Keyera G&P Liquids Infrastructure Substantial Fee-Based Adjusted EBITDA1 Growth First Full Year2 ~50% Strategic M & A See slide 20 for notes regarding this slide Simonette East Gas Plant Acquisition
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Extending Growth Beyond 2027 Investor Presentation 13 Preview of Select Future Investment Opportunities Condensate System Growth Expanding North Region Gathering & Processing Capacity Expanding Rail and Logistics Capabilities AEF Debottleneck Development of Conventional Energy and Low- Carbon Hub at Josephburg
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Investor Presentation 14 Allocating Capital to the Most Value-Accretive Opportunities Keyera Pipestone Gas Plant FINANCIAL FRAMEWORK & CAPITAL ALLOCATION TARGET NEAR-TERM CONTEXT Preserve Financial Strength and Flexibility Credit Ratings BBB • Maintain investment grade credit rating • Preserve financial strength ▪ 1.8x5 net debt to adjusted EBITDA1 (Q4 ’25)Net Debt / Adjusted EBITDA1 2.5x - 3.0x Invest for Margin Growth and Cash Flow Stability Corporate ROIC2 >12% • Invest to further strengthen integrated value chain • Corporate ROIC2 was 15% as at YE ’25 • Annual growth capital spending from 2026 to 2027 expected to average $350 to $450 million4 and be equity self-funded Increasing Cash Returns to Shareholders Dividend Payout Ratio2 50% - 70% • Sustainable dividend increases supported by growth in fee-based adjusted EBITDA2 and DCF2,3 per share • Dividend payout ratio2 was 63% as at YE ’25 (excluding Plains NGL business transaction costs) Share Buybacks Pursue Opportunistically • Balance disciplined growth investments with opportunistic share buybacks See slide 20 for notes regarding this slide
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$230 $400 $690 $75 $400 $400 $250 $600 $350 $500 $600 $500 $1,200 2026 2027 2028 2029 2030 2032 2033 2035 2054 2055 2079 2081 15 Solid Financial Position Well Positioned to Pursue Accretive Growth Opportunities Investor Presentation TERM DEBT MATURITY BEYOND 2030 TERM DEBT MATURITIES (C$MM)2 (excludes drawings under revolver) MATURITY YEAR 1.8x3 net debt to adjusted EBITDA1 at Q4/25 Investment grade credit ratings • S&P Global: Affirmed, BBB/Stable • DBRS Limited: Affirmed, BBB/Stable Total liquidity of $1.5B at Q4/25 with: • Nil drawn on $1.5B credit facility • $2.3B cash on hand4 All term debt at fixed rates See slide 20 for notes regarding this slide Keyera Standalone Debt financing for the acquisition of Plains’ Canadian NGL business
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High Quality Cash Flow Investor Presentation 16 2025 Cash Flow Composition See slide 20 for notes regarding this slide Investment Grade Non Investment Grade 77% 23% 78% 22% Non Take-or-Pay Take-or-Pay Fee-for-Service Non Fee-for-Service 38% 62% Revenue Break-Down (by customer type) Total Realized Margin1 Break-Down Fee-for-Service Realized Margin1 Break-Down
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Investor Presentation 17 2026 Guidance $400-$475 MM FY 2026 Growth Capital Expenditures $140-$160 MM FY 2026 Maintenance Capital Expenditures 7%-8% CAGR (’24 - ’27) Fee-Based Adjusted EBITDA1 $60-$70 MM FY 2026 Cash Taxes Updated with Q1 2026 results, after the NGL contract season 2026 Marketing Realized Margin1 Guidance See slide 20 for notes regarding this slide
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GHG Targets Using 2019 as our baseline, we have committed to reduce our scope 1 & 2 equity-based emissions intensity by: Investor Presentation 18 Meaningful Emissions Reductions • Equity-based scope 1 & 2 GHG emission intensity reduced by 28% from 2019 to 2024 • Absolute emissions down 9% from 2019 to 2024 Diverse Leadership and Independent Board • 40% female senior leaders • 100% Board Committee independence1 • 40% female independent board directors Strong Corporate Governance • 97% average support for Say on Pay over last three years • Compensation linked to sustainability performance Transparent and Decision Useful Disclosures • Third-party verification of scope 1 & 2 emissions and GHG target • Annual sustainability reporting Ensuring Long-Term Business Sustainability Our Sustainability Progress ESG Rating of AAA Achieved 2025 GHG emission intensity target – one year in advance See slide 20 for notes regarding this slide Top 20th Percentile for Refiner & Pipelines, recognized for ‘Strong ESG Management’ Canada’s Top 100 Employers for 2025 for the third consecutive year Alberta’s Top 85 Employers for 15 consecutive years Canada’s Top Employer for Young People for 2 consecutive years 2019 2024 0.05702 0.0410• Asset optimization • Throughput from lower emissions intensity assets • Operational efficiency & methane reductions • Renewables & decarbonized grid 2035 Target Achieved One Year Early 25% By 2025 50% By 20353 2035 Target 50% x From 20193 Operational efficiency and portfolio optimization Increased Throughput Renewables & decarbonizing grid CCUS and other enabling technologies tCO2e/m3OE
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Why Invest In Keyera? Investor Presentation 19 A Long History of Delivering Shareholder Value by Leveraging our Asset Base and Exercising Financial Discipline Benefitting from Basin Growth Fully-integrated liquids infrastructure platform servicing decades of visible liquids-rich Montney and Duvernay resource play growth Financial Strength and Discipline Demonstrated history of creating shareholder value through preserving balance sheet strength, investing to grow DCF1,2 per share and sustainably growing dividends per share High Quality Integrated Assets Fully-integrated asset base built over decades, enabling customers to access high-value markets Rich Inventory of Capital Efficient Growth Projects Deep inventory of high-quality, self- funded organic growth opportunities that enable continued compounding of returns to drive growth in DCF1,2 and dividends per share See slide 20 for notes regarding this slide $1.10 $2.04 $1.53 $1.43 $1.31 $1.84 $2.37 $2.84 $2.56 $2.70 $3.08 $2.77 $3.26 $3.03 $2.95 $3.73 $3.36 $3.35 $0.85 $0.90 $0.90 $0.96 $1.03 $1.13 $1.26 $1.42 $1.54 $1.65 $1.73 $1.85 $1.92 $1.92 $1.92 $1.96 $2.04 $2.12 2.2x 1.2x 1.9x 2.0x 2.0x 2.0x 2.2x 2.3x 2.5x 2.3x 2.6x 2.2x 2.9x 2.4x 2.5x 2.2x 2.0x 1.8x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 COMMODITY PRICE COLLAPSE FINANCIAL CRISIS COVID-19 PANDEMIC Dividend/sh DCF/sh1,2 Maintained Strong Balance Sheet 7% DCF/sh CAGR1,2 (since ’08) 6% Dividend/sh CAGR1,3 (since ’08) Net Debt to Adjusted EBITDA4
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NOTES Investor Presentation 20 Slide 4 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information. 2. Keyera calculates distributable cash flow per share after cash taxes and maintenance capital expenditures (excluding transaction costs associated with the Plains Canadian NGL business acquisition). 7% CAGR for distributable cash flow per share is from 2008 to 2024. 3. 6% CAGR for dividend per share is from 2008 to 2024. 4. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company’s subordinated hybrid notes. Slide 8 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information. Slide 10 1 Fractionation volumes include 55 kbpd (gross) KFS Frac III expansion / Frac II de-bottleneck, and 30 kbpd (net) PFS expansion. 2. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information. Slide 12 1 Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information 2 Reflects year-over-year growth from full-year impact from the acquisition of Plains’ Canadian NGL Business and includes $100 million of synergies expected to be realized in the first full year. Slide 14 1 Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company’s subordinated hybrid notes. 2. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information.3. Keyera calculates distributable cash flow per share after cash taxes and maintenance capital expenditures. 4 2026 to 2027 expected annual growth capital spend is for standalone Keyera and does not include growth capital from the Plains acquisition. 5. reflects a temporary benefit of the hybrid issuance proceeds. Slide 15 All information calculated as of December 31, 2024, unless otherwise stated. 1. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company’s subordinated hybrid notes. 2. All US dollar denominated debt is translated into Canadian dollars at the period-end rate. 3. reflects a temporary benefit of the hybrid issuance proceeds. 4. Cash on hand to be used for funding the acquisition of Plains’ Canadian NGL business. Slide 16 Based on 2024 revenues. Counterparty credit ratings on February 13, 2025. Investment Grade includes counterparties who have split-rating which denoted counterparty that has with an investment grade rating by one rating agency and a non- investment grade rating by the other rating agency. Investment Grade also includes secured counterparties who have prepay terms or a posted letter of credit. Counterparties with less than 50% investment grade ratings are considered non- investment grade. Parent's credit rating used when parental guarantees exist. 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information. Slide 17 1. Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information. Slide 18 1. Excludes President & CEO Dean Setoguchi. 2. In 2025, we completed a third-party limited assurance of both our 2019 and 2024 scope 1 and scope 2 equity-based GHG emissions intensity to validate our performance against our 2025 target. During the third-party verification, it was identified that adjustments were required to ensure a consistent methodology across reporting years. The updated methodology includes adjusted conversion factors, as well as an updated boundary that excludes storage assets volumes for 2019 to 2024 inclusive. The previously disclosed 2019 baseline of 0.0521 tCO2e/m3OE has been adjusted to 0.0570 tCO2e/m3OE. 3. 2035 emissions intensity target is for Keyera standalone and will be reassessed following closing of the acquisition of Plains’ Canadian NGL business. Slide 19 1 Is not a standard measure under GAAP or is an Other Financial Measure. See slides titled “Non-GAAP and Other Financial Measures” and “Forward-Looking Information” for additional information. 2. Keyera calculates distributable cash flow per share after cash taxes and maintenance capital expenditures (excluding transaction costs associated with the Plains Canadian NGL business acquisition). 7% CAGR for distributable cash flow per share is from 2008 to 2024. 3. 6% CAGR for dividend per share is from 2008 to 2024. 4. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company’s subordinated hybrid notes.
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Investor Presentation 21 1-888-699-4853 ir@keyera.com Dan Cuthbertson General Manager, Investor Relations Tyler Monzingo, MBA Senior Specialist, Investor Relations CONTACT INFORMATION W W W . K E Y E R A . C O M Keyera Corp. The Ampersand, West Tower 200 144 – 4th Avenue SW Calgary, Alberta T2P 3N4