Canada · Delayed Price · Currency is CAD AltaGas Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 results with 19% EBITDA growth and strong performance in both utilities and midstream segments. Capital budget increased to CAD 1.7 billion, with robust organic growth and export demand, especially in Asia, positioning for top-end 2026 guidance.
Fiscal Year 2025
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Normalized EBITDA and EPS for 2025 were at the upper end of guidance, with record LPG exports and strong segment growth. 2026 guidance is reaffirmed, capital allocation remains disciplined, and global LPG demand—especially in Asia—continues to drive positive outlook.
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Q3 2025 saw strong operational and financial results, with record LPG exports, three new growth projects sanctioned, and continued progress on major infrastructure. Guidance for 2025 is reaffirmed, and investment capacity is growing, supported by robust market demand and disciplined capital allocation.
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Q2 2025 saw strong financial and operational results, with EBITDA and EPS up significantly year-over-year. Major projects like REEF and Pipestone II are progressing on schedule, and the company remains committed to disciplined capital allocation, deleveraging, and dividend growth.
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The meeting covered board changes, strong 2024 financial results, and approval of all motions. Strategic growth projects and modernization plans were highlighted, with a focus on risk management and shareholder value. No shareholder questions were raised.
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Q1 2025 delivered strong results with 4% EBITDA growth and robust utility performance, while midstream margins declined due to market factors. Major growth projects remain on track, leverage improved, and 2025 guidance was reiterated amid strong demand and disciplined capital allocation.
Fiscal Year 2024
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Delivered record 2024 results with 12% EBITDA and 15% EPS growth, advanced major midstream projects, and met key export tolling targets. Deleveraging continues, with MVP monetization expected to help reach leverage goals. Strong demand outlook and disciplined capital allocation remain priorities.
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Q3 2024 saw 17% year-over-year EBITDA growth and record LPG exports, with utilities and midstream segments outperforming expectations. Major projects remain on track, capital investments are robust, and 2024 EBITDA is now expected at the upper end of guidance.
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Q2 2024 saw 23% YoY EBITDA growth and record midstream export volumes, with utilities delivering stable earnings despite weather impacts. Major projects like Reef and Pipestone 2 are on track, MVP is operational, and the company remains on pace for 2024 guidance.