Canada · Delayed Price · Currency is CAD Pembina Pipeline Earnings Call Transcripts
Fiscal Year 2026
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The meeting featured director elections, auditor appointment, and a strong advisory vote on executive compensation. Shareholder concerns about Indigenous consent and project risk were addressed, and retiring board member Anne-Marie Ainsworth was recognized for her contributions.
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Q1 2026 saw strong operational and financial performance, with adjusted EBITDA of CAD 1.131 billion and a raised 2026 EBITDA guidance. Major projects progressed on time and on budget, and the dividend was increased by 3.5%, reflecting confidence in future growth.
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Management reaffirmed a 5%-7% annual fee-based EBITDA per share growth target through 2030, driven by an integrated asset base, disciplined capital allocation, and a robust pipeline of sanctioned and under-development projects. Execution discipline, operational excellence, and a strong balance sheet underpin the outlook.
Fiscal Year 2025
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Q4 2025 saw earnings of CAD 489M and Adjusted EBITDA of CAD 1.075B, with record annual volumes and major project progress. 2026 guidance targets up to CAD 4.425B Adjusted EBITDA, with leverage peaking due to Cedar LNG investment and strong long-term growth prospects.
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Q3 2025 adjusted EBITDA rose 1% year-over-year to CAD 1.034 billion, while earnings fell 26%. Strategic progress included a 20-year LNG deal with PETRONAS, major pipeline recontracting, and strong project execution. 2025 EBITDA guidance was tightened to CAD 4.25–4.35 billion.
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Q2 2025 adjusted EBITDA was $1.013B, down 7% year-over-year, with net earnings of $417M. 2025 adjusted EBITDA guidance is updated to $4.225–$4.425B, and major projects like Cedar LNG and RFS4 are progressing on schedule and under budget.
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The meeting featured record 2024 financial results, a 3% dividend increase, and approval of all board and shareholder proposals. Strategic growth projects and partnerships, including Cedar LNG, were highlighted, with a continued focus on financial discipline and emissions goals.
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Q1 2025 adjusted EBITDA rose 12% year-over-year to CAD 1.167 billion, with earnings up 15% and volumes up 9%. New long-term contracts and expansions support a positive outlook, while a 3% dividend increase reflects confidence in cash flow. Leverage remains low at 3.4x.
Fiscal Year 2024
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Record Q4 and full-year results driven by acquisitions, volume growth, and strong marketing. Major projects and partnerships, including Greenlight and Yellowhead, support future growth. 2025 guidance reflects seasonality and robust project pipeline.
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Record Q3 adjusted EBITDA and earnings were driven by acquisitions, higher volumes, and strong marketing. Guidance for 2024 was narrowed, with expectations for continued volume growth and major project execution, while integration of recent deals remains a focus.
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Record Q2 results driven by the Alliance Aux Sable acquisition and strong NGL margins, with Adjusted EBITDA up 33% year-over-year. 2024 guidance was raised, major projects advanced, and capital investment increased, while risks from commodity prices and labor remain.