Pembina Pipeline Corporation Reports Results for the Third Quarter of 2025 and Provides Business Update

All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles (“GAAP”), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see “Non-GAAP and Other Financial Measures” herein.

CALGARY, Alberta–(BUSINESS WIRE)–Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the third quarter of 2025.

Highlights

• Quarterly Results – Reported third quarter earnings of $286 million, adjusted EBITDA of $1,034 million, and adjusted cash flow from operating activities of $648 million ($1.12 per share).
• Adjusted EBITDA Guidance – Pembina has updated its 2025 adjusted EBITDA guidance range to $4.25 billion to $4.35 billion (previously $4.225 billion to $4.425 billion).
• New Commercial Agreements – Pembina has signed new transportation agreements on the Peace Pipeline for the renewal and addition of volumes totaling approximately 50,000 barrels per day (“bpd”) with a weighted average term of approximately 10 years.
• Alliance Pipeline – The long-term contractual profile of Alliance Pipeline has been strengthened with shippers taking advantage of a one-time term extension option and electing a new 10-year toll on approximately 96 percent of the firm capacity available.
• Advancing Pipeline Expansions – Pembina continues to advance more than $1 billion of proposed pipeline expansions to meet rising transportation demand from growing production across the Montney, Duvernay, and Deep Basin plays.
• Cedar LNG – As previously disclosed, Pembina has entered into a 20-year agreement with PETRONAS related to 1.0 million tonnes per annum (“mtpa”) of Pembina’s 1.5 mtpa of capacity at the Cedar LNG facility.
• Greenlight Electricity Centre – As previously disclosed, Pembina and its partner, Kineticor continue to make significant progress towards the commercialization of the Greenlight Electricity Centre (“Greenlight”) and anticipate a final investment decision (“FID”) in the first half of 2026.

Financial and Operational Overview

Financial and Operational Overview by Division

For further details on the Company’s significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina’s Annual Information Form for the year ended December 31, 2024, and Pembina’s Management’s Discussion and Analysis dated November 6, 2025 for the three and nine months ended September 30, 2025, filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina’s website at www.pembina.com.

Executive Overview and Business Update

2025 Guidance

Based on year-to-date results and the current commodity price outlook for the remainder of the year, Pembina has updated its 2025 adjusted EBITDA guidance range to $4.25 billion to $4.35 billion (previously $4.225 billion to $4.425 billion).

Business Update

In executing its strategy, Pembina strives to ensure the long-term resilience of its business and provide investors with visibility to attractive growth through the end of the decade, and beyond. The continued execution of Pembina’s strategy is highlighted by the following recent and ongoing developments.

Contracting Successes in the Base Business

• Through ongoing contracting success, Pembina continues to show the value of its conventional pipeline systems, including the Peace Pipeline, in serving customer demand for transportation service within the growing Western Canadian Sedimentary Basin (“WCSB”). Pembina has successfully recontracted substantially all volumes available for renewal under contracts expiring in 2025 and 2026. In particular, Pembina recently signed new transportation agreements on the Peace Pipeline system for the renewal and addition of volumes totaling approximately 50,000 bpd. The contracts have a weighted average term of approximately 10 years and include the dedication of certain lands and facilities for the duration of the terms. Approximately 80 percent of the volumes are currently being serviced, with the renewals taking effect in the fourth quarter of 2025 and the new volumes taking effect in 2026.
• Consistent with Pembina’s previously disclosed expectations, recent shipper elections on Alliance Pipeline have significantly strengthened its long-term contractual profile. The negotiated settlement between Alliance Pipeline Limited Partnership and shippers and interested parties on the Canadian portion of Alliance Pipeline included a revised term-differentiated toll schedule which established a new 10-year toll and reduced the existing 1-year, 3-year, and 5-year tolls. Under the settlement, long-term shippers were provided a one-time term extension option, enabling them to take advantage of the new term-differentiated tolls, effective November 1, 2025. Shippers subsequently elected the 10-year toll option on approximately 96 percent of the 1.325 billion cubic feet per day of firm capacity available.

Industry-Leading Project Execution

Pembina continues to demonstrate its industry-leading project execution and ability to deliver capital projects that provide strong returns and a competitive service offering. Pembina and Pembina Gas Infrastructure (“PGI”) are nearing completion on approximately $850 million (gross) of projects that are expected to enter service throughout the first half of 2026.

• Construction of RFS IV, a new 55,000 bpd propane-plus fractionator within Pembina’s Redwater Complex, has progressed to approximately 75 percent complete. The project continues to trend under budget with an expected in-service date in the second quarter of 2026.
• PGI’s Wapiti Expansion will increase natural gas processing capacity at the Wapiti Plant by 115 mmcf/d (gross). During the third quarter of 2025, construction activities progressed, with tie-in work nearing completion. The project is trending on budget with an expected in-service date in the first quarter of 2026.
• PGI is developing a 28-megawatt (“MW”) cogeneration facility at its K3 Plant, which is expected to reduce overall operating costs by providing power and heat to the gas processing facility, while reducing customers’ exposure to power prices. During the third quarter of 2025, engineering work was completed and construction activities progressed. The project is trending under budget with an expected in-service date in the first quarter of 2026.

Investing to Meet Growing Demand for Transportation Service

Pembina is well advanced on development of approximately $1 billion of conventional pipeline projects. These investments would be supported by a combination of long-term take-or-pay agreements, a cost-of-service structure, and land and facility dedications. In addition to enabling WCSB growth and positioning Pembina to win new liquids transportation opportunities, these projects would also support the Company’s downstream value chain, including utilization of the Redwater Complex and marketing business.

Engineering activities are ongoing and subject to regulatory and board approval, Pembina expects to move forward with each of the following expansions:

• Fox Creek-to-Namao Expansion – an expansion of the Peace Pipeline system that, through the addition of new pump stations, would add approximately 70,000 bpd of propane-plus capacity to the market delivery pipelines from Fox Creek, Alberta to Namao, Alberta. A FID is expected by the end of 2025.
• Taylor-to-Gordondale Project – a new approximately 89-kilometer pipeline, associated pump station, and facility upgrades, proposed by Pouce Coupé Pipe Line Ltd. (a subsidiary of Pembina) connecting mostly condensate volumes from Taylor, British Columbia to the Gordondale, Alberta area. A FID is anticipated in 2026.
• Birch-to-Taylor NEBC System Expansion – a new 95-kilometre pipeline and facility upgrades that would add propane-plus and condensate capacity to that segment of the NEBC Pipeline system. A FID is expected in 2026.

Following successfully contracting the Nipisi Pipeline to serve growing volumes from the Clearwater area, Pembina expects the pipeline to be highly utilized in 2026. With the expectation of continued growth from the Clearwater area and strong customer demand for incremental service, Pembina is currently evaluating opportunities to increase egress capacity, including the optimization or expansion of the Nipisi Pipeline and the re-purposing of existing underutilized assets.

Alliance Pipeline previously solicited non-binding expressions of interest (“EOI”) for a new short-haul point-to-point transportation service on the Canadian segment of its system in northwest Alberta. The proposed expansion would provide natural gas delivery to a new meter station in Fort Saskatchewan for up to 350 million standard cubic feet per day of incremental capacity with an anticipated in-service date in the fourth quarter of 2029, pending all necessary approvals. Based on the results of the EOI, Alliance Pipeline is planning to launch a binding open season in the first quarter of 2026 for all interested parties.

Cedar LNG – Capacity Contracted and Construction Update

As previously disclosed, subsidiaries of Pembina and Petroliam Nasional Berhad (“PETRONAS”), have entered into a 20-year agreement (the “LNG Agreement”) related to 1.0 mtpa of Pembina’s liquefaction capacity at the Cedar LNG facility (“Cedar LNG”).

The LNG Agreement is a synthetic liquefaction service structure under which Pembina will provide transportation and liquefaction capacity to PETRONAS and receive a stable long-term, take-or-pay revenue stream with the potential for incremental value enhancement.

The LNG Agreement is an extension of the Company’s existing relationship with PETRONAS, a global LNG industry leader and one of the largest gas producers in Canada. It is also an important development in Pembina’s ongoing expansion of its export business. It further validates Cedar LNG and highlights the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distances to Asian markets. It also demonstrates Pembina’s commitment to delivering growth and executing its strategy within the Company’s long-standing financial guardrails.

Pembina previously signed a 20-year take-or-pay liquefaction tolling service agreement for 1.5 mtpa of LNG to support the FID on Cedar LNG in June 2024 and ultimately maintain key project timing and economic parameters, with the expectation of remarketing the capacity at a later stage. The LNG Agreement with PETRONAS marks a significant first step in Pembina’s remarketing efforts. Pembina expects to reach definitive agreements for the remaining 0.5 mtpa of capacity by the end of 2025.

The 3.3 mtpa, US$4 billion (gross) Cedar LNG project remains on time and on budget. Construction of the floating LNG vessel, including the hull and top side facilities remains on schedule. Cedar LNG has significantly advanced the onshore construction work. Pipeline construction is ahead of schedule, including the completion of all horizontal directional drill (HDD) crossings, a major achievement that derisks that portion of the project. Tree clearing on the transmission line right of way is underway and work on the marine terminal site continues with construction of the retaining wall progressing. Cedar LNG is expected to be in service in late 2028.

Greenlight Electricity Centre Advances Towards Commercialization

Pembina and Kineticor, an OPTrust portfolio company, continue to make significant progress towards the commercialization of the proposed Greenlight Electricity Centre. Greenlight is a proposed multi-phased natural gas-fired combined cycle power generation facility, to be located in Sturgeon County, Alberta, with a capacity of up to approximately 1,800 MW designed to advance Alberta’s innovation economy.

As previously disclosed, recent achievements include securing a 907 MW power grid allocation, which was subsequently assigned to a potential customer of Greenlight (the “Customer”) to enable development of the Customer’s innovation infrastructure development as early as 2027, prior to the startup of Greenlight in 2030. In addition, a recently signed agreement with a reputable manufacturer provides certainty of availability and delivery timing of two turbines to support the approximately 900 MW first phase of Greenlight. Pembina and Kineticor continue to progress towards a final investment decision in the first half of 2026.

Greenlight represents an on-strategy extension of Pembina’s existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with an investment grade counterparty, while diversifying its customer base. Greenlight would also create incremental demand for natural gas and associated liquids production within western Canada. Pembina is well positioned to leverage the assets and capabilities of its current core business to further support the project and serve customer demand for gas egress and liquids handling and transportation. Most notably, the proximity of Pembina’s Alliance Pipeline offers a potential accretive expansion opportunity to supply natural gas to Greenlight. As noted above, Alliance Pipeline is planning to launch a binding open season in the first quarter of 2026 for all interested parties.

Financial & Operational Highlights

Adjusted EBITDA

Pembina reported adjusted EBITDA of $1,034 million in the third quarter, representing a $15 million or one percent increase over the same period in the prior year.

Pipelines reported adjusted EBITDA of $630 million for the third quarter, representing a $37 million or six percent increase compared to the same period in the prior year, reflecting the net impact of the following factors:

• higher demand on seasonal contracts on Alliance Pipeline;
• higher revenue on the Peace Pipeline system due to increased tolls, mainly related to contractual inflation adjustments;
• higher interruptible volumes on the Peace Pipeline system;
• higher contracted volumes on the Nipisi Pipeline; and
• lower firm tolls on the Cochin Pipeline, due to recontracting in July 2024, and lower interruptible volumes due to narrower condensate price differentials, offset by higher contracted volumes as the third quarter of 2024 was impacted by a contracting gap from mid-July to August 1, 2024, associated with the return of line fill to certain customers.

Facilities reported adjusted EBITDA of $354 million for the third quarter, representing a $30 million or nine percent increase over the same period in the prior year, reflecting the net impact of the following factors:

• higher contribution from PGI, primarily related to transactions with Whitecap Resources Inc., higher capital recoveries due to a turnaround, and higher volumes at the Duvernay Complex.

Marketing & New Ventures reported adjusted EBITDA of $99 million for the third quarter, representing a $60 million or 38 percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors:

• lower net revenue due to a decrease in NGL margins as a result of lower NGL prices, coupled with higher input natural gas prices at Aux Sable;
• higher NGL marketed volumes, including no similar impact of the nine-day outage at Aux Sable in 2024; and
• lower realized gains on crude oil-based derivatives, partially offset by lower realized losses on NGL-based derivatives.

Corporate reported adjusted EBITDA of negative $49 million for the third quarter, representing a $8 million or 14 percent increase compared to the same period in the prior year, primarily reflecting lower long-term incentive costs, partially offset by increases in other general and administrative expenses.

Earnings

Pembina reported third quarter earnings of $286 million, representing a $99 million or 26 percent decrease over the same period in the prior year.

Pipelines had earnings in the third quarter of $477 million, representing a $44 million or 10 percent increase over the prior period. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings was due to the recognition of a gain on the sale of the north segment of Western Pipeline, offset by higher depreciation and amortization due to the decrease in the estimated useful life of an intangible asset.

Facilities had earnings in the third quarter of $58 million, representing a $73 million or 56 percent decrease over the prior period. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings was due to a share of loss from PGI due to an impairment of $146 million (net to Pembina, after tax) recognized in the third quarter of 2025 on certain PGI assets, and depreciation expense resulting from a larger asset base following recent transactions and asset upgrades, partially offset by the recognition of a gain following the amendment of PGI’s credit facility in the third quarter of 2025, lower losses recognized by PGI on interest rate derivative financial instruments, and lower unrealized losses on commodity-related derivatives.

Marketing & New Ventures had earnings in the third quarter of $68 million, representing a $57 million or 46 percent decrease over the prior period. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings was due to a lower share of loss from Cedar LNG, primarily due to the impact of hedging activities on the credit facility.

Quarterly Common Share Dividend

Pembina’s board of directors has declared a common share cash dividend for the fourth quarter of 2025 of $0.71 per share, to be paid, subject to applicable law, on December 31, 2025, to shareholders of record on December 15, 2025. The common share dividends are designated as “eligible dividends” for Canadian income tax purposes. For non-resident shareholders, Pembina’s common share dividends should be considered “qualified dividends” and may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the cash dividend is expected to be approximately U.S.$0.5028 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7082. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.

Quarterly dividend payments are expected to be made on the last business day of March, June, September and December to shareholders of record on the 15th day of the corresponding month, if, as and when declared by the board of directors. Should the record date fall on a weekend or on a statutory holiday, the record date will be the next succeeding business day following the weekend or statutory holiday.

Third Quarter 2025 Conference Call & Webcast

Pembina will host a conference call on Friday, November 7, 2025, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers, and media representatives to discuss results for the third quarter of 2025. The conference call dial-in numbers for Canada and the U.S. are 1-289-819-1520 or 1-800-549-8228. A recording of the conference call will be available for replay until Friday, November 14, 2025, at 11:59 p.m. ET. To access the replay, please dial either 1-289-819-1325 or 1-888-660-6264 and enter the password 43626 #.

A live webcast of the conference call can be accessed on Pembina’s website at www.pembina.com under Investor Centre/Presentations & Events, or by entering: https://events.q4inc.com/attendee/317616572 in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-Looking Statements and Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on Pembina’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends.

Contacts

For further information:
Investor Relations
(403) 231-3156
1-855-880-7404
investor-relations@pembina.com
www.pembina.com

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