PBNAF · Pembina Pipeline Corporation

Pembina Pipeline delivered solid Q1 2026 results with adjusted EBITDA of $1,131 million, a 3% decline from the prior year primarily due to narrower NGL frac spreads in Marketing & New Ventures and a new toll structure on Alliance Pipeline, partially offset by higher volumes in Pipelines and Facilities. Pipelines adjusted EBITDA fell 4% to $647 million amid lower Alliance net revenue from the November 2025 shipper settlement, though higher interruptible volumes on Alliance and Cochin provided support. Facilities grew 5% to $363 million on stronger PGI asset contributions. Marketing adjusted EBITDA dropped 10% to $188 million from tighter WCSB and U.S. spreads, mitigated by premium Asian propane exports. The company raised its quarterly dividend 3.5% to $0.735 per share, signaling confidence in cash flows. Updated 2026 adjusted EBITDA guidance to $4.35-$4.55 billion reflects stronger marketing outlook from elevated commodity prices, wider frac spreads, and 65% hedged frac exposure (90% in Q2/Q3, 40% in Q4), plus benefits from 20,000 bpd Prince Rupert propane exports. Operational wins include on-time, on-budget Wapiti Expansion (115 MMcf/d) and K3 Cogeneration (28 MW), Peace Pipeline recontracting for 110,000 bpd, and advancing RFS IV fractionator and Cedar LNG. Management reaffirms 5% CAGR fee-based adjusted EBITDA per share through 2026 and 5-7% through 2030 under its 3Cs strategy.