Canada · Delayed Price · Currency is CAD Keyera Earnings Call Transcripts
Fiscal Year 2026
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Adjusted EBITDA was CAD 309 million excluding Plains transaction costs, with record margins in Gathering & Processing and Liquids Infrastructure. Marketing guidance was reaffirmed, while acquisitions lifted leverage to 3.3x and integration, synergies, and deleveraging remain priorities.
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Closed a major acquisition, increasing scale and efficiency, and raised synergy targets to CAD 120–140 million. Fee-based EBITDA is projected to grow 16% annually through 2027, then 7–8% through 2029, supported by contracted projects and disciplined capital allocation.
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The meeting featured strong shareholder support for all resolutions, including director elections, auditor appointment, and governance measures. Strategic achievements included major acquisitions, emissions reductions, and continued dividend growth. Management addressed questions on financial hedging and the impact of recent acquisitions.
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Closed transformative NGL acquisition, driving record segment margins and expanding the integrated platform. Adjusted EBITDA reached CAD 232 million, with strong growth project execution and updated guidance expected mid-year. Synergies and macro tailwinds support a positive outlook.
Fiscal Year 2025
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Record fee-for-service results and strong segment performance drove robust financials, with strategic growth projects and the Plains NGL acquisition positioning for continued expansion. Outlook remains positive, with disciplined capital allocation and proactive risk management.
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Fee-for-service margin grew over 10% year-over-year, with strong results in Gathering and Processing and Liquids Infrastructure. Major growth projects and the Plains acquisition are on track, supporting a 7–8% CAGR in fee-based adjusted EBITDA through 2027.
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Strong Q2 results driven by fee-for-service growth and key project sanctions, with a major NGL acquisition set to boost scale and cash flow. Guidance for 2025 is reaffirmed, and a 4% dividend increase was approved. Integration of new assets and disciplined risk management support a positive long-term outlook.
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The acquisition of Plains' Canadian NGL business for CAD 5.15 billion expands the integrated NGL platform, enhances domestic energy capabilities, and is expected to deliver CAD 100 million in annual synergies. The deal is immediately accretive, preserves financial strength, and positions for long-term growth.
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The meeting featured strong shareholder support for all resolutions, including director elections and executive compensation. Record financial results, dividend growth, and major capital projects were highlighted, with a focus on disciplined growth and risk management.
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Solid Q1 results featured strong fee-for-service growth, higher net earnings, and major frac capacity expansion. Long-term contracts and disciplined risk management support stable outlook, with reaffirmed guidance and robust capital allocation for growth projects.
Fiscal Year 2024
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Record annual adjusted EBITDA and net earnings were achieved in 2024, with strong volume growth across all segments and a robust financial position supporting capital flexibility. Key growth projects are advancing, and tariff risks are expected to be manageable.
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Record safety and financial performance in 2024 set the stage for a new 7%-8% fee-based EBITDA CAGR target through 2027, driven by filling existing capacity and capital-efficient projects. Growth capital for 2025 is guided at CAD 300–330 million, with a continued focus on financial discipline and dividend growth.
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Reported strong year-over-year growth in all segments, with net earnings more than doubling and adjusted EBITDA up 12%. Major expansion projects are advancing, and the balance sheet supports both self-funded growth and opportunistic buybacks.
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Adjusted EBITDA rose to CAD 326 million, with strong segment performance and a 4% dividend increase. Marketing guidance was raised, and capital allocation remains disciplined amid ongoing growth projects and portfolio optimization.