AltaGas reports record second quarter results

Strong Year-to-Date Performance Drives 2026 Guidance Increase

CALGARY, AB, July 30, 2026 /CNW/ — AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) reported second quarter 2026 financial results and provides an update on its 2026 guidance, operations, growth initiatives and corporate developments.

Second Quarter Highlights

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

Financial Highlights

• Normalized EBITDA¹ was $391 million in the second quarter of 2026, compared to the $342 million recorded in the second quarter of 2025. Income before income taxes was $383 million in the second quarter of 2026, an increase from $226 million in the second quarter of 2025.

• Normalized EBITDA growth was primarily driven by increased global export volumes and margins, Pipestone II contributions, Utilities pipe modernization investments and higher retail margins in Utilities.

• Normalized EPS¹ was $0.31 in the second quarter of 2026, compared to $0.27 in the second quarter of 2025, while GAAP EPS² was $0.92 in the second quarter of 2026 compared to $0.59 in the second quarter of 2025.

Guidance and Balance Sheet Update

• AltaGas has increased its 2026 guidance, raising normalized EBITDA by four percent to a new range of $2.0 billion–$2.1 billion and normalized EPS by six percent to a range of $2.35–$2.60. The increase reflects strong performance year-to-date and a constructive outlook for both segments for the balance of the year.

• Adjusted net debt to normalized EBITDA¹ exited the quarter at 4.4x on a trailing basis, including 50 percent debt treatment on subordinated hybrids and preferred shares, below the low-end of AltaGas’ target leverage range.

• AltaGas is increasing its 2026 capital budget from $1.7 billion to $1.8 billion, reflecting higher capital expenditures for the construction of the Ridley Island Energy Export Facility (“REEF”) and positive final investment decisions (“FIDs”) on two Northeast British Columbia (“NEBC”) growth projects.

Operational Highlights

• AltaGas exported a record 144,420 Bbl/d of liquid petroleum gases (“LPG”) to Asia across 23 Very Large Gas Carriers (“VLGCs”), a 13 percent year-over-year increase.

• The Company continues to execute its 2026 Accelerated Replacement Programs (“ARP”) focused on long-term safety and reliability, deploying over $200 million of capital and replacing 21 miles of pipe year-to-date.

Business Development and Growth

• AltaGas continues to focus on long-term partnerships that leverage shared infrastructure. In the second quarter, AltaGas entered a new agreement with Tourmaline Oil Corp. (“Tourmaline”) to develop the Groundbirch Rail Terminal in NEBC, where Tourmaline will own the facility and AltaGas will operate liquids logistics under a long-term LPG tolling and export agreement. In addition, the announced ACE rail terminal partnership in Fort Saskatchewan with Keyera and CN Rail will enhance transportation operating efficiencies.

• Construction of REEF continues to advance, with the project approximately 85 percent complete. While onshore execution has remained strong and ahead of plan, in-water construction has proven to be challenging due to maritime conditions and weather delays. As a result, onshore efficiencies are not expected to fully offset higher maritime construction costs. Accordingly, the partnership is modestly increasing the capital cost estimate for the project by 12 percent to approximately $1.5 billion with commercial operations to commence before the end of the first quarter in 2027.

• With 80 percent of the jetty complete, and in-water jetty work expected to be completed in the coming weeks, AltaGas views the revised capital cost and schedule as achievable and supported by a strong execution plan with sufficient capital and schedule contingencies.

• AltaGas has reached a positive FID on the $125 million NEBC Liquids Expansion project, which includes a depropanizer, natural gas liquids (“NGL”) treater expansion, and debottlenecking work at Townsend that will add 6,000 Bbls/d of fractionation capacity in NEBC. The project is expected to be completed by mid-2028.

CEO Message

“AltaGas delivered record results in the first half of 2026, reflecting strong execution across our business and supportive market fundamentals,” said Vern Yu, President and Chief Executive Officer of AltaGas. “Our increased guidance reflects strong operational performance in the first half of 2026 and confidence in our outlook for the balance of 2026.

“The long-term outlook for our Utilities business is strong. Demand for natural gas across the U.S. continues to increase, driven by expanding commercial and industrial activity, data center and large-load development, and ongoing population growth. The Mid-Atlantic region is at the center of this expansion and requires safe, reliable, and affordable energy to support continued economic growth.

“We remain on-track to deliver approximately 10 percent Utilities rate base growth in 2026 through a combination of infrastructure modernization, system expansions, and new customer connections. These investments enhance system safety and reliability, support customer growth, and position our Utilities to continue delivering stable earnings growth.

“The outlook for our Midstream business is also very robust. Asian LPG demand has increased by more than two million barrels per day over the past decade and is expected to grow by another one million barrels per day by 2040. At the same time, energy security and supply diversification have become increasingly important in Asia as recent geopolitical events have reinforced the value of reliable energy supply. Canada has a unique opportunity to help meet global energy demand needs and AltaGas’ West Coast export platform is the most efficient and cost effective global LPG supply source into East Asia.

“We are excited to bring the first phase of REEF into service in early 2027 and further strengthen Canada’s position as a leading LPG exporter to Asia. Beyond REEF Phase I and Optimization I, we continue to advance a visible portfolio of growth opportunities, including additional LPG export capacity, potential ethane exports, and broader Midstream expansion projects. We are pleased to demonstrate additional Midstream growth with positive FID’s of the NEBC Liquids Expansion project and the Groundbirch Rail partnership.

“The future is bright for AltaGas. We have a clear path to grow our Utilities and Midstream businesses, supported by strong fundamentals, disciplined capital allocation, and a deep inventory of high-quality growth opportunities. We remain focused on executing safely and efficiently while continuing to deliver dependable earnings growth and long-term shareholder value.”

Forward Focus, Guidance and Funding

Following a strong second quarter of 2026 and record first half results, AltaGas has increased its 2026 financial guidance. The guidance revision has been driven primarily by stronger performance from the global export business:

• 2026 Normalized EBITDA guidance of $2.0 billion–$2.1 billion represents a four percent increase from original guidance; and
• 2026 Normalized EPS guidance of $2.35–$2.60, represents a six percent increase from original guidance.

AltaGas is focused on delivering resilient and growing normalized EPS and normalized FFO per share while operating with strong financial flexibility. This strategy is designed to support steady dividend growth and provide the opportunity for continued capital appreciation for long-term shareholders.

Reflecting the increased capital costs related to jetty construction of REEF, and additional midstream capital associated with the NEBC Liquids Expansion and Groundbirch Rail Terminal, AltaGas has increased its 2026 capital program guidance from approximately $1.7 billion to approximately $1.8 billion, excluding ARO. The Company is allocating approximately 61 percent of its consolidated 2026 capital to its Utilities business, approximately 36 percent to the Midstream business, and the balance to the Corporate/Other segment.

Results by Segment

Business Performance

Midstream

The Midstream segment reported normalized EBITDA of $285 million in the second quarter of 2026 compared to $215 million in the second quarter of 2025, while income before income taxes was $509 million in the second quarter of 2026 compared to $263 million in the second quarter of 2025. The 33 percent year-over-year increase in normalized Midstream EBITDA was driven by strong global export volumes and margins, and contributions from Pipestone II. Financial performance was partially offset by lower extraction contribution and higher segment general and administrative expenses (“G&A”), principally related to incentive compensation expenses due to AltaGas’ rising share price.

AltaGas exported a record 144,420 Bbl/d of LPGs to Asia in the second quarter of 2026, across 23 VLGCs, reflecting strong demand for North American LPG exports throughout the region. Consolidated export volumes included approximately 84,800 Bbl/d from 13 cargoes at RIPET and approximately 59,600 Bbl/d from 10 cargoes at Ferndale. During the quarter, AltaGas delivered volumes to a diverse customer base across Asia, including China, South Korea, and Japan. Demand was robust as customers sought both near-term supply solutions amid Middle East supply disruptions and discussions on long-term contracting opportunities to diversify supply sources and enhance energy security.

Performance across the broader Midstream platform remained strong. AltaGas’ Montney infrastructure continued to deliver resilient growth despite weaker regional gas prices, with second quarter gathering and processing (“G&P”) volumes increasing eight percent year-over-year, led by the Pipestone Complex. Fractionation and Liquids Handling volumes increased 20 percent year-over-year, supported by strong utilization at North Pine, which continued to operate near its 25,000 Bbl/d capacity.

Growth Projects

REEF Phase I

Construction of Phase I of REEF continues to advance and is expected to achieve commercial operations before the end of the first quarter in 2027. The revised schedule reflects delays to in-water jetty construction resulting from adverse weather conditions and marine-related operating constraints. Onshore execution has progressed well, with major equipment installation more than 90 percent complete and the rail utility corridor 80 percent complete.

As a result of additional resources deployed to support jetty construction activities, gross project costs are now expected to total approximately $1.5 billion, representing a 12 percent increase from the original estimate. The revised budget primarily reflects weather-related delays and marine mammal protection measures that affected construction of the 1.2-kilometer jetty and resulted in materially higher downtime than originally anticipated.

Export Optimization Projects

The Company’s REEF Optimization I project remains on budget and on schedule for an expected in-service date in the second half of 2027 and will add approximately 30,000 Bbl/d of incremental propane export capacity for a gross capital cost of $110 million. AltaGas continues to advance the 60,000 Bbl/d REEF Optimization II project, with key regulatory permits secured and engineering work progressing toward final cost estimates. Together, these capital-efficient expansions are expected to further strengthen AltaGas’ ability to meet growing Asian demand for North American LPGs.

RIPET

RIPET’s methanol removal project remains on budget and on track for completion by 2026 year-end. Civil work began in June and continues, while mechanical mobilization is expected in early August.

Dimsdale Storage Expansion

Construction of the Dimsdale Phase I and II storage expansion remain on budget and schedule and are now more than 50 percent complete. Pipeline tie-ins have been completed and facility construction continues to advance. Drilling activities for the injection wells remain on track to begin in the third quarter.

Phase I is expected to add six Bcf of storage capacity by 2026 year-end, while Phase II is expected to provide an additional 30 Bcf by mid-2027.

Groundbirch Rail Terminal and NEBC Liquids Expansion Projects

AltaGas and Tourmaline have reached an agreement to develop the Groundbirch Rail Terminal in NEBC. Tourmaline will own the facility, while AltaGas will operate and manage liquids logistics. The project is initially expected to move up to 10,000 Bbl/d of LPG on rail, with the potential to grow substantially over time, and is underpinned by a long-term LPG tolling agreement, to support Tourmaline’s Groundbirch operations. The NEBC Liquids Expansion is expected to provide an additional 6,000 Bbl/d of fractionation capacity in NEBC and improved liquids handling to serve production growth in the region and has a planned in-service-date of mid-2028.

Mountain Valley Pipeline Growth Projects

Construction of MVP Southgate is underway, with pipeline welding commencing in early July and an accelerated construction completion timeline of year-end 2026. AltaGas expects to incur the majority of its US$19 million capital commitment for MVP Southgate in 2026. MVP Boost also continues to advance, with efforts focused on resolving the remaining regulatory approvals, and remains on track for completion by mid-2028. AltaGas believes the long-term outlook for the MVP Mainline, Boost and Southgate remain compelling as the assets will compound long-term value for the Company’s shareholders.

AltaGas continues to advance a substantial portfolio of high-return growth opportunities across its Midstream platform, including REEF Optimization II, Pipestone III, additional LPG export capacity, potential ethane exports, and related liquids infrastructure investments. The Company remains focused on advancing regulatory, engineering, commercial, and contracting activities to support future capital allocation decisions and long-term growth.

Risk Management

AltaGas’ Midstream operations are well-hedged for the remainder of 2026 with approximately 91 percent of the remaining 2026 expected global export volumes tolled or financially hedged. Merchant volumes are hedged at an average Far East Index (“FEI”) to North American financial hedge price of US$21.81/Bbl while tolling volumes remain in-line with previously disclosed levels.

Approximately 84 percent of the Company’s remaining 2026 expected frac exposed volumes are hedged at US$22.34/Bbl, prior to transportation costs. AltaGas continues to actively manage risk across the Midstream platform through commercial contracting and a systematic hedging program to manage its commodity price exposure.

For the remainder of 2026, AltaGas has hedged all of its expected Baltic freight exposure through time charters, financial hedges, and tolled volumes.

Utilities

Utilities reported normalized EBITDA of $142 million in the second quarter of 2026 compared to $134 million in the second quarter of 2025, while income before income taxes was $33 million in the second quarter of 2026 compared to $95 million in the second quarter of 2025. The six percent year-over-year increase in normalized EBITDA was primarily driven by continued system modernization investments, new rates in D.C. and Virginia, and favourable Retail performance.

Regulatory Updates

AltaGas continues to advance its regulatory agenda, supported by a constructive outcome in Maryland and anticipated decisions in both Virginia and Michigan during the second half of 2026.

In Maryland, AltaGas recently received an order related to the Company’s December 2025 filing. The PSC of MD approved US$38.1 million of new annual revenue, inclusive of certain costs currently recovered through the STRIDE Plan surcharge, based on an allowed return on equity (“ROE”) of 9.4 percent. The Company continues to review the impact of the order, with requests for reconsideration due by August 26, 2026.

In Virginia, interim rates remain in effect while AltaGas seeks approximately US$104 million of rate relief, consisting of US$65 million of incremental annual revenue and a US$39 million SAVE surcharge.

In Michigan, SEMCO’s February 2026 filing requests approximately US$61 million of incremental annual revenue and includes a proposal to extend its modernization programs through 2031, representing approximately US$284 million of additional investment.

On June 30, 2026, the PSC of D.C. approved the extension of PROJECTpipes 2 through December 31, 2026 due to the extension of the District SAFE procedural schedule, with an incremental spending limit of US$18 million for previously approved projects. The company recently completed the regulatory hearings related to District SAFE and expects resolution before year end 2026.

Growth Projects

The Keweenaw Connector Pipeline in Michigan advanced into active construction during the second quarter and remains on track for its planned 2026 year-end in-service date. Grading, pipe stringing, bending and welding activities are underway, with all line pipe and the majority of major materials delivered during the quarter. Safety performance remains strong and, once in service, the pipeline is expected to enhance system reliability and support the long-term energy needs of customers across Michigan’s Upper Peninsula.

AltaGas’ Utilities business continues to advance its data center growth opportunities, with two agreements executed, multiple FEED studies completed and a growing backlog of projects at various stages of development. The two contracted projects continue to progress as planned and remain on track for completion by 2026 year-end. AltaGas remains focused on pursuing these opportunities through a disciplined and de-risked approach, primarily by investing in pipeline interconnections and related regulated infrastructure that connect onsite power generation to Utility systems.

AltaGas invested $239 million in Utilities capital during the quarter, including investing approximately $130 million towards the Company’s various asset modernization programs and $21 million towards new customer growth. These investments improve the safety and reliability of the network while helping maintain affordability through lowering long-term operating costs.

Corporate/Other

The Corporate/Other segment reported a normalized EBITDA loss of $36 million for the second quarter of 2026, compared to a $7 million loss reported in the same quarter of 2025. Loss before income taxes in the Corporate/Other segment was $159 million in the second quarter of 2026, compared to a loss before income taxes of $132 million in the same quarter of 2025. Higher G&A expenses related to employee incentive costs were the main driver of the increased loss.

Consolidated Financial Results

Normalized EBITDA for the second quarter of 2026 was $391 million compared to $342 million for the same quarter in 2025. The largest factors contributing to the year-over-year increase are described in the Business Performance sections above.

Income before income taxes was $383 million for the second quarter of 2026 compared to $226 million for the same quarter in 2025. Performance for the second quarter of 2026 was mainly due to higher unrealized gains on risk management contracts and the same previously referenced factors impacting normalized EBITDA, partially offset by higher depreciation and amortization expense, and higher interest expense. Please refer to the “Three Months Ended June 30” section of the Q2 2026 Management’s Discussion and Analysis (“MD&A”) for further details on the variance in income before income taxes and net income applicable to common shareholders.

Normalized net income was $97 million or $0.31 per share for the second quarter of 2026, compared to $81 million or $0.27 per share reported for the same quarter of 2025.

Normalized FFO was $283 million or $0.91 per share for the second quarter of 2026, compared to $228 million or $0.76 per share for the same quarter in 2025. The increase was mainly due to the same previously referenced factors impacting normalized EBITDA and lower current income tax expense net of normalization adjustments, partially offset by higher interest expense.

Cash from operations in the second quarter of 2026 was $490 million ($1.57 per share), compared to $365 million ($1.22 per share) for the same quarter of 2025. The increase was mainly due to favourable variances in the net change in operating assets and liabilities, primarily as a result of fluctuations in commodity prices and sales volumes, as well as higher net income after taxes (after adjusting for non-cash items).

Interest expense for the second quarter of 2026 was $117 million, compared to $114 million for the same quarter in 2025. The increase was mainly due to the issuance of additional subordinated hybrid notes in the third quarter of 2025 and higher average interest rates. Interest expense recorded on the subordinated hybrid notes in the second quarter of 2026 was $36 million, compared to $34 million for the same quarter of 2025.

Income tax expense was $91 million for the second quarter of 2026, compared to $44 million for the same quarter of 2025. The increase was mainly due to higher income before income taxes compared to the same quarter of 2025.

Quarterly Common Share Dividend and Preferred Share Dividend

The Board of Directors approved the following schedule of Dividends:

Conference Call and Webcast

AltaGas will hold a conference call today, July 30, 2026, at 9:00 a.m. MT (11:00 a.m. ET) to discuss second quarter of 2026 results and other corporate developments.

Shortly after the conclusion of the call a replay will be available on the Company’s website or by dialing +1 289 819 1450 or toll free +1 888 660 6345. Passcode 06893#.

AltaGas’ Consolidated Financial Statements and accompanying notes for the second quarter of 2026, as well as its related MD&A, are now available online at www.altagas.ca. All documents will be filed with the Canadian securities regulatory authorities and will be posted under AltaGas’ SEDAR+ profile at www.sedarplus.ca.

Non-GAAP Measures

This news release contains references to certain financial measures that do not have a standardized meaning prescribed by U.S. GAAP and may not be comparable to similar measures presented by other entities. The non-GAAP measures and their reconciliation to U.S. GAAP financial measures are shown below and within AltaGas’ Management’s Discussion and Analysis (MD&A) as at and for the period ended June 30, 2026. These non-GAAP measures provide additional information that Management believes is meaningful regarding AltaGas’ operational performance, liquidity and capacity to fund dividends, capital expenditures, and other investing activities. Readers are cautioned that these non-GAAP measures should not be construed as alternatives to other measures of financial performance calculated in accordance with U.S. GAAP.

Normalized EBITDA

EBITDA is a measure of AltaGas’ operating profitability prior to how business activities are financed, assets are amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income using income before income taxes adjusted for pre‑tax depreciation and amortization and interest expense.

AltaGas presents normalized EBITDA as a supplemental measure. Normalized EBITDA is used by Management to enhance the understanding of AltaGas’ earnings over periods, as well as for budgeting and compensation related purposes. The metric is frequently used by analysts and investors in the evaluation of entities within the industry as it excludes items that can vary substantially between entities depending on the accounting policies chosen, the book value of assets, and the capital structure.

Normalized Net Income

Normalized net income and normalized net income per share are used by Management to enhance the comparability of AltaGas’ earnings, as these metrics reflect the underlying performance of AltaGas’ business activities. Normalized EPS is calculated as normalized net income divided by the average number of shares outstanding during the period.

Normalized Funds from Operations

Normalized funds from operations and funds from operations are used to assist Management and investors in analyzing the liquidity of the Corporation. Management uses these measures to understand the ability to generate funds for capital investments, debt repayment, dividend payments, and other investing activities.

Funds from operations and normalized funds from operations as presented should not be viewed as an alternative to cash from operations or other cash flow measures calculated in accordance with GAAP.

Net Debt, Adjusted Net Debt, and Adjusted Net Debt to Normalized EBITDA

Net debt, adjusted net debt, and adjusted net debt to normalized EBITDA are used by the Corporation to monitor its capital structure and assess its capital structure relative to earnings. It is also used as a measure of the Corporation’s overall financial strength and is presented to provide this perspective to analysts and investors. Net debt is defined as short-term debt, plus current and long-term portions of long-term debt, current and long-term portions of finance lease liabilities, and subordinated hybrid notes, less cash and cash equivalents. Adjusted net debt is defined as net debt adjusted for current and long-term portions of finance lease liabilities, 50 percent of subordinated hybrid notes, and 50 percent of preferred shares. Adjusted net debt to normalized EBITDA is calculated by dividing adjusted net debt as defined above by normalized EBITDA for the preceding 12 month period.

Invested Capital and Net Invested Capital

Invested capital is a measure of AltaGas’ use of funds for capital expenditure activities. It includes expenditures relating to property, plant, and equipment and intangible assets, capital contributed to long-term investments, and contributions from non-controlling interests. Net invested capital is invested capital presented net of cash paid for business acquisitions and proceeds from disposals of assets and equity investments in the period. Net invested capital is calculated based on the investing activities section in the Consolidated Statements of Cash Flows, adjusted for items such as non-cash capital expenditures, and contributions from non-controlling interests. Invested capital and net invested capital are used by Management, investors, and analysts to enhance the understanding of AltaGas’ capital expenditures from period to period and provide additional detail on the Company’s use of capital.

Supplemental Calculations

Reconciliation of Normalized EBITDA to Normalized Net Income

The below table provides a supplemental reconciliation of normalized EBITDA to normalized net income. Both of these non-GAAP measures have been previously reconciled to the relevant GAAP financial measures in the section above. This supplemental information is provided as additional information to assist analysts and investors in comparing normalized EBITDA to normalized net income and is not intended as a substitute for the reconciliations to the nearest comparable GAAP measures. Readers should not place undue reliance on this supplemental reconciliation.

Consolidated Financial Review

About AltaGas

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders.

For more information visit www.altagas.ca or reach out to one of the following:

Jon Morrison
Senior Vice President, Corporate Development and Investor Relations
Jon.Morrison@altagas.ca

Aaron Swanson
Vice President, Investor Relations
Aaron.Swanson@altagas.ca

Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca

Media Inquiries
1-403-206-2841
media.relations@altagas.ca

Forward-Looking Information

This news release contains forward-looking information (forward-looking statements). Words such as “may”, “can”, “would”, “could”, “should”, “likely”, “will”, “intend”, “plan”, “anticipate”, “believe”, “aim”, “seek”, “future”, “commit”, “propose”, “contemplate”, “estimate”, “focus”, “strive”, “forecast”, “expect”, “project”, “potential”, “target”, “guarantee”, “objective”, “continue”, “outlook”, “guidance”, “growth”, “long-term”, “vision”, “opportunity” and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: the Groundbirch Rail Terminal, including expected commercial arrangements; progress on REEF. including the anticipated timing, benefits and capital cost thereof and related execution plan and capital and schedule contingencies; the NEBC Liquids Expansion, including the anticipated timing, benefits and capital cost thereof; the strong long-term outlook for AltaGas’ Utilities business, including increasing natural gas demand across the US; the expectation that AltaGas will deliver 10 percent Utilities rate base growth in 2026; the robust outlook for AltaGas’ Midstream business, including Asian LPG demand growth through 2040 and the unique opportunity to meet global energy demand; that AltaGas has a clear path to grow the Utilities and Midstream businesses and its focus on executing safely and efficiently while continuing to deliver dependable earnings growth and long-term shareholder value; AltaGas’ 2026 guidance including normalized earnings per share of $2.35 to $2.60 and normalized EBITDA of $2.0 billion to $2.1 billion;  AltaGas’ focus on delivering resilient and growing normalized EPS and normalized FFO per share while operating with strong financial flexibility and the anticipated benefits thereof; AltaGas’  2026 capital program of approximately $1.8 billion, excluding ARO; the allocation of consolidated 2026 capital to the Company’s Utilities, Midstream and Corporate/Other segments; AltaGas’ Midstream and Utilities Growth Projects, including the anticipated timing, benefits and capital costs thereof; additional midstream growth projects, including REEF Optimization II, Pipestone III, additional LPG export capacity, potential ethane exports, and related liquids infrastructure investments; the Company’s hedging program and AltaGas’ 2026 Midstream Hedge Program quarterly estimates; expected filing, procedure and decision dates for rate cases in the Utilities business; timing of material regulatory filings, proceedings and decisions in the Utilities business; and AltaGas’ dividend policy.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, and achievements to differ materially from those expressed or implied by such statements. Such statements reflect AltaGas’ current expectations, estimates, and projections based on certain material factors and assumptions at the time the statement was made. Material assumptions include: effective tax rates; U.S./Canadian dollar exchange rates; inflation; interest rates, credit ratings, regulatory approvals and policies; expected commodity supply, demand and pricing; volumes and rates; propane and butane price differentials; degree day variance from normal; pension discount rate; financing initiatives; the performance of the businesses underlying each sector; impacts of the hedging program; weather; frac spread; access to capital; future operating and capital costs; timing and receipt of regulatory approvals; seasonality; planned and unplanned plant outages; timing of in-service dates of new projects and acquisition and divestiture activities; taxes; operational expenses; returns on investments; dividend levels; and transaction costs.

AltaGas’ forward-looking statements are subject to certain risks and uncertainties which could cause results or events to differ from current expectations, including, without limitation: health and safety risks; operating risks; infrastructure; natural gas supply risks; volume throughput; service interruptions; transportation of petroleum products; market risk; inflation; general economic conditions; cybersecurity, information, and control systems; climate-related risks; environmental regulation risks; regulatory risks; litigation; changes in law; Indigenous and treaty rights; dependence on certain partners; political uncertainty and civil unrest; risks related to conflict, including the conflicts in Eastern Europe and the Middle East; decommissioning, abandonment and reclamation costs; reputation risk; weather data; capital market and liquidity risks; interest rates; internal credit risk; foreign exchange risk; debt financing, refinancing, and debt service risk; counterparty and supplier risk; technical systems and processes incidents; growth strategy risk; construction and development; underinsured and uninsured losses; impact of competition in AltaGas’ businesses; counterparty credit risk; composition risk; collateral; rep agreements; market value of the common shares and other securities; variability of dividends; potential sales of additional shares; labor relations; key personnel; risk management costs and limitations; commitments associated with regulatory approvals for the acquisition of WGL; cost of providing retirement plan benefits; failure of service providers; risks related to pandemics, epidemics or disease outbreaks; and the other factors discussed under the heading “Risk Factors” in the Corporation’s Annual Information Form for the year ended December 31, 2025 (“AIF”) and set out in AltaGas’ other continuous disclosure documents.

Many factors could cause AltaGas’ or any particular business segment’s actual results, performance or achievements to vary from those described in this press release, including, without limitation, those listed above and the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this news release, should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and AltaGas’ future decisions and actions will depend on management’s assessment of all information at the relevant time. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this news release are expressly qualified by these cautionary statements.

Financial outlook information contained in this news release about prospective financial performance, financial position, or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on AltaGas management’s assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.

Additional information relating to AltaGas, including its quarterly and annual MD&A and Consolidated Financial Statements, AIF, and press releases are available through AltaGas’ website at www.altagas.ca or through SEDAR+ at www.sedarplus.ca.

SOURCE AltaGas Ltd.

 

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