Canada · Delayed Price · Currency is CAD AltaGas Earnings Call Transcripts
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 performance. 2026 guidance is reaffirmed, supported by new rates, project expansions, and robust hedging, while capital allocation remains disciplined.
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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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Normalized EBITDA rose 4% year-over-year to CAD 689 million, with utilities and midstream segments showing strong operational performance. Major growth projects remain on track, leverage continues to decline, and 2025 guidance is reiterated amid robust demand and effective risk management.
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% year-over-year EBITDA growth and record midstream export volumes, with utilities delivering stable earnings. Major projects are on track, MVP is now in service and up for sale, and the company remains on pace to meet 2024 guidance.