PBA

• Strong first quarter results with adjusted EBITDA of $1.131 billion, outperforming budget due to commodity market spike. • Fee-based business tracking to plan, on track for 2023-2026 fee-based adjusted EBITDA per share CAGR of ~5%. • Updated 2026 adjusted EBITDA guidance range to $4.35B - $4.55B, midpoint up $175M. • Announced 2.5 cents per share or 3.5% increase to quarterly common share dividend. • Projects under construction: Wapiti expansion and K3 cogeneration facility in service, RFS 4 nearing completion, Cedar LNG progressing. • Commercially: renewed contracts, executed new contracts on Peace Pipeline, closed open season for Alliance Pipeline expansion, Greenlight Electricity Center progressing towards FID by end of Q2 2026. • 3 key themes at Investor Day: disciplined execution, 3C strategy (capture, connect, catalyze), financial outlook to 2030 with 5%-7% fee-based adjusted EBITDA per share CAGR.

• Revised 2026 adjusted EBITDA guidance range to $4.35 billion to $4.55 billion, midpoint up $175 million or 4.1% due to stronger marketing outlook. • 2026 year end proportionally consolidated debt to adjusted EBITDA ratio expected to be approximately 3.5 to 3.7 times, excluding Cedar LNG debt, 3.3 to 3.5 times. • Quarterly hedging: ~90% in Q2 and Q3, 40% in Q4 for frac spreads.

Adjusted EBITDA was $1.131 billion. Fee-based business tracking to plan, outperforming budget due to spike in key commodity markets. Pipelines division: lower net revenue on Alliance pipeline due to negotiated settlement, offset by higher interruptible and seasonal revenue and quotient pipeline revenue. Facilities division: higher contribution from certain PGI assets. Marketing and new ventures: narrower WCSB and US NGL frac spreads, offset by premium propane prices in Asian markets. Corporate segment: lower due to higher long-term incentive costs. 2026 adjusted EBITDA guidance range updated to $4.35 billion to $4.55 billion, midpoint up $175 million. 2026 year end proportionally consolidated debt to adjusted EBITDA ratio expected to be approximately 3.5 to 3.7 times, excluding Cedar LNG debt, 3.3 to 3.5 times.

Q: Asked about incremental base and egress, impact on Pemina's asset footprint, alignment with PGI.

A: Jared discussed current expansions like Fox to Mayo, Taylor to Gordondale, Birch to Taylor, and PGI partnership.

Q: Asked about solvent assisted SAGD, technical/commercial proof points.

A: Chris said they're in early stages, waiting to see how to supply needed product.

Q: Asked about permitting process changes, impact on projects.

A: Scott said no material change seen yet, optimistic for changes benefiting projects.

Q: Asked about LPG market, discussions with customers, shipping costs.

A: Chris said Prince Rupert facility and third-party facilities doing well, strong Far East pricing, long-term freight certainty.

Q: Asked about dividend growth, medium/long term.

A: Cam said dividend increase aligns with fee-based business growth, expects 5-7% CAGR from 2026-30.

Q: Asked about construction and cost inflation risk.

A: Rob Jarrett said hyper-focused on inventory management and long lead items, confident in maintaining margins.

Q: Asked about Yellow Project, alliance expansion timing.

A: Chris said Yellow Project progressing, alliance expansion advancing engineering and regulatory.

Q: Asked about Greenlight FID, process time, learnings.

A: Chris said progress nice, took time on engineering and commercial, will apply learnings.

Q: Asked about upstream M&A impacts.

A: Chris said production increase expected after acquisitions.

Q: Asked about ethane opportunity, PGI partnership.

A: Chris said opportunity in ethane, optimistic about PGI partnership.