Pembina Pipeline Corporation (PPL.PR.O)

Pembina Pipeline Sanctions Heartland Extraction Plant Strengthening its Leading NGL FranchiseMay 25, 2026 7:00 AM
Business Wire This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including earnings before interest, taxes, depreciation and amortization ("EBITDA") build multiple. For more information see "Non-GAAP and Other Financial Measures" herein. Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) announced today that it is proceeding with the Heartland Extraction Plant ("HEP") and provided an update on its ethane supply agreement with Dow. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260525507282/en/ The sanctioning of HEP represents a capital efficient, low-risk monetization of Pembina's liquids extraction rights on the Yellowhead Pipeline, with future growth potential. Through new and amended agreements, Pembina and Dow reached a mutually beneficial solution that has increased the overall ethane supply commitment, better aligned the volume profile with Dow's revised Path2Zero project schedule, and supported the economics of the HEP project. As previously disclosed, Pembina pursued an optimized ethane portfolio solution in support of its Dow supply commitments and is excited to sanction this project, which also provides Pembina the economic benefits of propane-plus natural gas liquids ("NGL") production. Additionally, sanctioning HEP is another important step towards realizing Pembina's recently announced 5-7 percent fee-based adjusted EBITDA per share growth target to 2030. Heartland Extraction Plant Project Highlights A new 750 million cubic feet per day straddle plant to extract NGL under Pembina's extraction rights on the Yellowhead Pipeline. This upsized project is an evolution of the previously disclosed Yellowhead Extraction Plant project. HEP now includes incremental capacity to accommodate future additional opportunities on a capital efficient basis, enhancing Pembina's Alberta Industrial Heartland footprint. Pembina has signed a long-term agreement at HEP to supply Dow with ethane beginning in late 2029, scaling to 22,500 barrels per day ("bpd") by the end of 2030. Following extraction at HEP, ethane-plus mix will be processed at a combination of Dow's Fort Saskatchewan facility and Pembina's Redwater Complex. Pembina will retain the associated propane-plus production related to the project and will benefit from downstream fractionation and marketing of up to 9,500 bpd of propane-plus NGL. HEP has an estimated cost of approximately $570 million, and an anticipated in-service date in late 2029. EBITDA generated from the project will consist of both fixed-fee revenue and frac spread exposure. Using long-term average historical pricing, the EBITDA build multiple for the project is expected to range from 5-7 times. Dow Ethane Supply Agreement Update In connection with the new firm volume commitment at HEP, Pembina and Dow have amended the terms of their previously announced ethane supply agreement. Under the amended long-term agreement, Pembina will supply Dow with 35,000 bpd of ethane commencing with the start up of Dow's Path2Zero project, which is expected to enter service in 2029. Pembina will source the 35,000 bpd of ethane from its existing supply portfolio, leveraging its integrated value chain, including deep cut gas processing plants, ethane-plus transportation franchise, and fractionation capabilities. Including the new agreement at HEP (22,500 bpd) and the amended supply agreement (35,000 bpd), Pembina will supply Dow with a total of 57,500 bpd of ethane, representing a 15 percent increase compared to the original agreement of 50,000 bpd. "This outcome further demonstrates Pembina's ability to find win-win solutions with our customers. We have strengthened our relationship with Dow while advancing Pembina's strategy and ability to deliver capital-efficient growth," said Scott Burrows, President and Chief Executive Officer of Pembina. "By aligning volumes with Dow's needs and leveraging our existing asset base, we are enhancing the value of our NGL franchise and catalyzing hydrocarbon demand in Western Canada." About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. Forward-Looking Information and Statements This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements and financial outlooks pertaining to, without limitation, the following: Pembina's strategy and the development and expected timing of new business initiatives and growth opportunities, including the HEP, and the expected costs, impacts, and benefits thereof; expectations regarding existing and future commercial agreements, including those with Dow, and the anticipated timing, product volumes, and benefits thereof; the successful completion of related third-party projects; statements regarding Pembina's financial and operational performance, including expected project build multiples, revenue generation, and commodity price exposure; expectations regarding the future performance of the Company's assets, including future pipeline, processing, and fractionation operations; and targets regarding fee-based adjusted EBITDA per share growth. These forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release, including, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices (including long-term average historical pricing and frac spreads), interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects, including Dow's Path2Zero project, will be sanctioned and completed as expected; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy). Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking information and financial outlooks contained in this news release have been approved by management as of the date of this news release. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Non-GAAP and Other Financial Measures Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. Non-GAAP ratios are financial measures that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts. In this news release, Pembina has disclosed the following non-GAAP ratio: EBITDA build multiple. The non-GAAP financial measure that is used as a component of this non-GAAP ratio is estimated incremental EBITDA, which is an estimate of the incremental EBITDA expected to be generated by the Heartland Extraction Plant. The EBITDA build multiple is calculated as the estimated capital cost of the project divided by the estimated expected incremental EBITDA. Management uses the EBITDA build multiple to evaluate the capital efficiency and expected return of the project. The equivalent historical non-GAAP financial measure to estimated incremental EBITDA is historical EBITDA, which has earnings as its most directly comparable financial measure specified, defined, and determined in accordance with IFRS. There are no significant differences between the composition of the forward-looking non-GAAP financial measure and the equivalent historical non-GAAP financial measure. The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures or ratios disclosed by other issuers. Such financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including earnings. View source version on businesswire.com: https://www.businesswire.com/news/home/20260525507282/en/ For further information:
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www.pembina.com Original: Pembina Pipeline Sanctions Heartland Extraction Plant Strengthening its Leading NGL Franchise

Pembina Pipeline Announces Renewal of Share Repurchase ProgramMay 13, 2026 5:30 PM
Business Wire Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that the Toronto Stock Exchange (the "TSX") has approved the renewal of Pembina's normal course issuer bid (the "NCIB") to purchase up to five percent of its issued and outstanding common shares. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260513531482/en/ Under the NCIB, purchases of common shares may be made through the facilities of the TSX, the New York Stock Exchange and/or alternative trading systems, commencing on May 19, 2026 and expiring on the earlier of May 18, 2027 and the date on which Pembina has acquired the maximum number of common shares allowable under the NCIB or the date on which Pembina otherwise decides not to make any further repurchases under the NCIB. As of May 5, 2026, Pembina had 581,435,185 common shares issued and outstanding and is therefore permitted to repurchase up to 29,071,759 common shares, being five percent of its issued and outstanding common shares, pursuant to the NCIB. Common shares purchased under the NCIB will be cancelled. Pembina believes that, from time to time, the market price of its common shares may not adequately reflect their underlying value and the repurchase of common shares for cancellation may represent an attractive use of the Company's financial resources. The actual number of common shares that may be purchased, if any, the timing of any such purchases, and the price at which the common shares are acquired will be determined based on a number of factors. These factors include Pembina's financial performance and flexibility in the context of its financial guardrails, the availability of discretionary cash flow in excess of dividend and capital funding requirements, and the risk-adjusted returns of repurchasing common shares compared to other uses of cash, including accretive capital investment opportunities and debt reduction. The NCIB will be effected in accordance with the TSX's normal course issuer bid rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, which contain restrictions on the manner and timing of repurchases, as well as the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of Pembina's common shares on the applicable exchange. Subject to exceptions for block purchases, Pembina will limit daily purchases of common shares on the TSX in connection with the NCIB to no more than 25 percent (693,233 common shares) of the six-month average daily trading volume of the common shares on the TSX from November 1, 2025 to April 30, 2026 (2,772,935 common shares) during any trading day. Purchases under the NCIB will be made through open market purchases at the prevailing market price. Pembina has entered into an automatic purchase plan with a broker which will enable Pembina to provide standard instructions and purchase common shares on the open market during self-imposed blackout periods. Outside of these blackout periods, common shares may be purchased in accordance with management's discretion. Pembina's prior NCIB for the purchase of up to 29,045,408 common shares will expire on May 15, 2026. Under its prior NCIB, Pembina repurchased no common shares. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. Forward-Looking Information and Statements This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements pertaining to, without limitation, Pembina's intention to commence the NCIB and the timing, methods and quantity of any purchases of common shares under the NCIB. The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: prevailing commodity prices, margins, volumes and exchange rates; that Pembina's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto; the availability and sources of capital; future operating costs; ongoing utilization and future expansions; the ability to reach required commercial agreements; and the ability to obtain required regulatory approvals. Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities, including changes in tax laws and treatment, the imposition of new tariffs, changes in royalty rates, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels; constraints on, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025, and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513531482/en/ For further information: Investor Relations
(403) 231-3156
1-855-880-7404
investor-relations@pembina.com
www.pembina.com Original: Pembina Pipeline Announces Renewal of Share Repurchase Program

Pembina Pipeline Reports Voting Results from 2026 Annual Meeting of ShareholdersMay 8, 2026 7:59 PM
Business Wire Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) reported the voting results from its annual meeting of shareholders held virtually on May 8, 2026 (the "Meeting"). Each of the matters voted upon at the Meeting is discussed in detail in the Company's Management Information Circular dated March 19, 2026 (the "Information Circular"), which is available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company's website under Investors – Notice and Access at www.pembina.com. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260508963309/en/ A total of 350,946,183 common shares representing 60.37 percent of the Company's issued and outstanding common shares were voted in person and by proxy in connection with the Meeting. The voting results for each matter presented at the Meeting are provided below: 1. Election of Directors The following 10 nominees were appointed as directors of Pembina to serve until the next annual meeting or until their successors are elected or appointed: Nominee Votes in Favour Votes Withheld   Percentage Number Percentage Number J. Scott Burrows 99.79% 336,739,983 0.21% 724,594 Cynthia Carroll 99.16% 334,635,547 0.84% 2,829,029 Alister Cowan 99.74% 336,599,385 0.26% 865,192 Ana Dutra 99.66% 336,313,678 0.34% 1,150,898 Maureen E. Howe 98.83% 333,504,303 1.17% 3,960,274 David M.B. LeGresley 95.95% 323,792,114 4.05% 13,672,462 Andy J. Mah 99.74% 336,595,563 0.26% 869,013 Leslie A. O'Donoghue 96.87% 326,898,714 3.13% 10,565,862 Bruce D. Rubin 99.33% 335,192,363 0.67% 2,272,214 Henry W. Sykes 99.34% 335,239,759 0.66% 2,224,817 2. Appointment of Auditors KPMG LLP, Chartered Professional Accountants, were appointed to serve as the auditors of the Company until the next annual meeting, at remuneration to be fixed by the Company's board of directors. The resolution was approved with approximately 91.16 percent of votes cast in favour. 3. Acceptance of Company's Approach to Executive Compensation On an advisory basis and not to diminish the role and responsibility of the board of directors, the Company's approach to executive compensation as disclosed in the Information Circular was approved with approximately 96.56 percent of votes cast in favour. Additional details in respect of the Meeting's voting results can be found on Pembina's profile at www.sedarplus.ca and www.sec.gov. and on the Company's website at www.pembina.com. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508963309/en/ For further information: Investor Relations
(403) 231-3156
1-855-880-7404
investor-relations@pembina.com
www.pembina.com Original: Pembina Pipeline Reports Voting Results from 2026 Annual Meeting of Shareholders

Pembina Pipeline Reports Results for the First Quarter of 2026, Raises Quarterly Common Share Dividend, and Updates Full Year GuidanceMay 7, 2026 5:30 PM
Business Wire All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted earnings; adjusted earnings per common share; adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see "Non-GAAP and Other Financial Measures" herein. Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the first quarter of 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507922787/en/ Highlights Quarterly Results - reported first quarter earnings of $498 million, adjusted earnings of $505 million, adjusted EBITDA of $1,131 million, and adjusted cash flow from operating activities of $790 million ($1.36 per share). Guidance - Pembina has updated its 2026 adjusted EBITDA guidance range to $4.35 billion to $4.55 billion (previously $4.125 billion to $4.425 billion), primarily reflecting the impact of stronger commodity prices on Pembina's marketing business. Common Share Dividend Increase - the board of directors declared a common share cash dividend for the second quarter of 2026 of $0.735 per share, representing an increase of approximately 3.5 percent to be paid, subject to applicable law, on June 30, 2026, to shareholders of record on June 15, 2026. PGI Projects Enter Service - the Wapiti Expansion, which increases natural gas processing capacity at the Wapiti Plant by 115 million cubic feet per day ("MMcf/d") (gross to PGI), and the K3 Cogeneration Facility, a 28 megawatt facility at PGI's K3 Plant, were placed into service near the end of the first quarter of 2026, on time and on budget. Peace Pipeline Recontracting - in 2026 to date, Pembina has renewed existing contracts, and executed incremental new contracts, totaling approximately 110,000 barrels per day ("bpd") of transportation capacity on Peace Pipeline. Financial and Operational Overview for the Three Months Ended March 31 ($ millions, except where noted) 2026 2025 Change Revenue 2,106 2,282 (176) Net revenue(1) 1,291 1,343 (52) Operating expenses 219 226 (7) Gross profit 929 928 1 Adjusted EBITDA(1) 1,131 1,167 (36) Earnings 498 502 (4) Earnings per common share – basic and diluted (dollars) 0.80 0.80 — Adjusted earnings(1) 505 489 16 Adjusted earnings per common share – basic (dollars)(1) 0.81 0.78 0.03 Cash flow from operating activities 335 840 (505) Cash flow from operating activities per common share – basic (dollars) 0.58 1.45 (0.87) Adjusted cash flow from operating activities(1) 790 777 13 Adjusted cash flow from operating activities per common share – basic (dollars)(1) 1.36 1.34 0.02 Capital expenditures 187 174 13 (1) Refer to "Non-GAAP and Other Financial Measures".   Financial and Operational Overview by Division   3 Months Ended March 31   2026 2025 ($ millions, except where noted) Volumes(1) Earnings (loss) Adjusted earnings (loss)(2) Adjusted EBITDA(2) Volumes(1) Earnings (loss) Adjusted earnings (loss)(2) Adjusted EBITDA(2) Pipelines 2,833 489 490 647 2,808 518 518 677 Facilities 899 198 199 363 896 184 171 345 Marketing & New Ventures 351 175 174 188 369 160 155 210 Corporate — (231) (223) (67) — (223) (222) (65) Income tax expense — (133) (135) — — (137) (133) — Total   498 505 1,131   502 489 1,167 (1) Volumes for the Pipelines and Facilities divisions are revenue volumes, which are physical volumes plus volumes recognized from take-or-pay commitments. Volumes are stated in mboe/d, with natural gas volumes converted to mboe/d from mmcf/d at a 6:1 ratio. Volumes for Marketing & New Ventures are marketed crude and natural gas liquids ("NGL") volumes. (2) Refer to "Non-GAAP and Other Financial Measures". For further details on the Company's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's Annual Information Form for the year ended December 31, 2025, and Pembina's Management's Discussion and Analysis dated May 7, 2026 for the three months ended March 31, 2026, filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com.   Executive Overview and Business Update Strong First Quarter Results Driven by Solid Results from Fee-Based Business and Marketing Outperformance First quarter results reflect a strong contribution from the fee-based business that was in line with Pembina's original 2026 outlook. Operationally, the first quarter saw volume strength across key systems, including Alliance Pipeline, Cochin Pipeline, and the conventional pipeline systems due to favorable commodity prices and spreads. Pembina remains on track to realize 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately five percent, positioning the Company to deliver on the target range provided at its 2024 Investor Day. Additionally, strengthening commodity prices resulted in a first quarter marketing business contribution that exceeded Pembina's initial expectations and have led to a revised outlook for the full year, as reflected below in the updated 2026 adjusted EBITDA guidance range. Business Update Highlighted Strategic Focus and Growth Outlook As a leader in the North American energy infrastructure landscape for more than 70 years, Pembina has a proven track record of growth enabled by reliable execution and responding to customer needs across the hydrocarbon value chain. Canadian energy is entering a period of expanding market access and growing demand, and Pembina is very well positioned at the center of this opportunity. On April 7, 2026, Pembina held a business update webcast that covered where Pembina is positioned, why its business is advantaged, and how the Company's strategy can create value through 2030 and beyond. The presentation focused on three key themes: 1) reaffirming the Company’s longstanding commitment to disciplined execution, including strong performance against financial targets, placing billions of dollars of capital projects into service on time and on or under budget, and adhering to its financial guardrails. Pembina has consistently operated within its leverage targets, maintained its investment grade credit rating, and delivered a reliable, growing dividend without interruption. 2) outlining the Company's 3Cs Strategy - Capture, Connect, and Catalyze - which is underpinned by energy fundamentals and the advantages of its differentiated platform. Pembina is poised to benefit from growing global energy demand, increasing strategic relevance of Canadian energy, and emerging demand drivers such as LNG, petrochemicals, and data centre power demand. The advantages of Pembina’s integration, scale, superior market access, entrepreneurial approach, and track record of execution uniquely position it to further strengthen and extend its unmatched, industry-leading value chain. 3) providing a financial outlook to the end of the decade, including 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030. This outlook is underpinned by higher utilization across existing assets, contributions from sanctioned projects entering service, and a portfolio of development opportunities designed to extend the franchise. An archive of the business update webcast and the supporting presentation can be accessed on Pembina's website at www.pembina.com. Project and Commercial Updates Pembina continues to reliably execute its portfolio of projects under construction, realize continued commercial success, and advance projects under development in service of its growth strategy. The Wapiti Expansion, which includes a new sales gas pipeline and other related infrastructure to increase natural gas processing capacity at the Wapiti Plant by 115 MMcf/d (gross to PGI), was placed into service near the end of the first quarter of 2026, on time and on budget. The K3 Cogeneration Facility, a 28 megawatt facility at PGI's K3 Plant, was placed into service near the end of the first quarter of 2026, on time and on budget. The facility is expected to reduce overall operating costs by providing power and heat to the gas processing facility, while reducing customers' exposure to power prices. Construction of RFS IV, a 55,000 bpd propane-plus fractionator at the existing Redwater fractionation and storage complex, is nearing completion. The rail facility was placed into service in February 2026, and commissioning of the fractionator is underway. The project is trending under budget and the fractionator is expected to be placed into service by the end of May 2026. Pembina, and its partner Kineticor, are progressing the Greenlight Electricity Centre, a proposed multi-phased natural gas-fired combined cycle power generation facility. Pembina and Kineticor continue to advance various workstreams related to the approximately 900 megawatt first phase. Ongoing activities include finalizing a lump sum engineering, procurement and construction (EPC) agreement, finalizing a commercial agreement with a customer, and project financing. A final investment decision is expected by the end of the second quarter of 2026. In 2026 to date, Pembina has renewed existing contracts, and executed incremental new contracts, totaling approximately 110,000 bpd of transportation capacity on Peace Pipeline. The Cedar LNG project remains on time and on budget. Construction of the floating LNG vessel is now more than 50 percent complete. Alliance Pipeline recently held a binding open season for a new proposed short-haul point-to-point transportation service on the Canadian segment of its system. The open season concluded on April 20, 2026, and successful proponents have been awarded capacity, conditional on the project being sanctioned. The proposed expansion would provide natural gas delivery to a new meter station in Fort Saskatchewan with an anticipated in-service date in the fourth quarter of 2029. The project continues to progress toward a final investment decision, with ongoing workstreams focused on regulatory and engineering activities. 2026 Guidance Update Pembina has updated its 2026 adjusted EBITDA guidance range to $4.35 billion to $4.55 billion (previously $4.125 billion to $4.425 billion). At the midpoint of the range, this represents a $175 million increase. The revised guidance primarily reflects a stronger contribution from the marketing business given the current commodity price outlook and updates to Pembina's 2026 frac spread hedging program. Within the marketing business, the revised outlook for the year includes a stronger contribution from the crude oil marketing business and wider Canadian and U.S. frac spreads. In particular, Pembina and its customers are benefiting from exposure to premium propane prices in Asian markets through Pembina's 20,000 bpd Prince Rupert Terminal and third-party facilities, including a 20,000 bpd agreement that became effective April 1, 2026. Further, as previously disclosed, approximately 65 percent of Pembina's 2026 frac spread exposure has been hedged. On a quarterly basis, for the remainder of the year, Pembina has hedged approximately 90 percent in the second and third quarters and 40 percent in the fourth quarter. The lower and upper ends of the 2026 guidance range are framed primarily as a function of (1) commodity prices and the resulting contribution from the marketing business; (2) interruptible volumes on key systems; (3) the U.S./Canadian dollar exchange rate; and (4) Pembina's share price performance and its impact on incentive compensation costs. 2026 Current Income Tax Current income tax expense in 2026 is anticipated to be $385 million to $420 million. Financial & Operational Highlights Adjusted EBITDA Pembina reported adjusted EBITDA of $1,131 million in the first quarter. This represents a $36 million or three percent decrease over the same period in the prior year. The variance over the prior period primarily reflects a lower contribution from the Marketing & New Ventures Division due to narrower NGL frac spreads, and the impact of a new toll structure and revenue sharing mechanism on the Alliance Pipeline. These factors were partially offset by volume growth and solid operational performance across the Pipelines and Facilities divisions. Pipelines reported adjusted EBITDA of $647 million for the first quarter, representing a $30 million or four percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors: lower net revenue on the Alliance Pipeline ($26 million) due to the negotiated settlement between Alliance and its shippers effective November 1, 2025, partially offset by an increase in interruptible and seasonal revenue on the Alliance Pipeline driven by higher demand for natural gas in the U.S. Midwest during the first quarter of 2026; and higher interruptible volumes on the Cochin Pipeline due to wider condensate price differentials. Facilities reported adjusted EBITDA of $363 million for the first quarter, representing an $18 million or five percent increase over the same period in the prior year, primarily due to a higher contribution from certain PGI assets, related to higher volumes. Marketing & New Ventures reported adjusted EBITDA of $188 million for the first quarter, representing a $22 million or 10 percent decrease compared to the same period in the prior year, primarily due to narrower WCSB and U.S. NGL frac spreads resulting from lower NGL prices combined with higher U.S. natural gas prices, partially offset by the benefits from exposure to premium propane prices in Asian markets through West Coast exports. Corporate reported adjusted EBITDA of negative $67 million for the first quarter, representing a $2 million or three percent decrease compared to the same period in the prior year, reflecting higher long-term incentive costs driven primarily by the change in Pembina's share price in the first quarter of 2026, largely offset by lower non-compensation related expenses. Earnings Pembina reported first quarter earnings of $498 million, representing a $4 million or one percent decrease over the same period in the prior year. Pipelines had earnings in the first quarter of $489 million, representing a $29 million or six percent decrease over the prior period. The factors impacting first quarter earnings are the same factors as noted above for Pipelines adjusted EBITDA. Facilities had earnings in the first quarter of $198 million representing a $14 million or eight percent increase over the prior year. The factors impacting first quarter earnings are the same factors as noted above for Facilities adjusted EBITDA. Marketing & New Ventures had earnings in the first quarter of $175 million representing a $15 million or nine percent increase over the prior year. In addition to the factors impacting Marketing & New Ventures adjusted EBITDA, as noted above, the change in earnings in the first quarter was due to a lower share of loss from Cedar LNG. In addition to the changes in earnings for each division discussed above, the change in Corporate first quarter earnings compared to the prior period was due to the same factors impacting Corporate adjusted EBITDA, as noted above. Quarterly Common Share Dividend Pembina's board of directors has declared a common share cash dividend for the second quarter of 2026 of 0.735 per share, representing an increase of approximately 3.5 percent, to be paid, subject to applicable law, on June 30, 2026, to shareholders of record on June 15, 2026. The common share dividends are designated as "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax. For shareholders receiving their common share dividends in U.S. dollars, the cash dividend is expected to be approximately U.S.$0.5394 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7339. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes. Quarterly dividend payments are expected to be made on the last business day of March, June, September and December to shareholders of record on the 15th day of the corresponding month, if, as and when declared by the board of directors. Should the record date fall on a weekend or on a statutory holiday, the record date will be the next succeeding business day following the weekend or statutory holiday. First Quarter 2026 Conference Call & Webcast Pembina will host a conference call on Friday, May 8, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers, and media representatives to discuss results for the first quarter of 2026. The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/854982138. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast. Annual Meeting of Shareholders The Company will hold its Annual Meeting of Shareholders ("AGM") on Friday, May 8, 2026 at 2:00 p.m. MT (4:00 p.m. ET). The AGM will be held as a virtual-only meeting, which will be conducted via live audio webcast at https://meetings.lumiconnect.com/400-053-918-100. Participants are recommended to register for the virtual webcast at least 10 minutes before the presentation start time. For further information and meeting materials, kindly visit Pembina – Notice & Access. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. Forward-Looking Statements and Information This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's 2026 adjusted EBITDA guidance, as well as the factors which may impact such guidance; Pembina's growth outlook to 2030, including expectations and outlooks regarding fee-based adjusted EBITDA per share growth; future pipeline, processing, fractionation and storage facility and system operations and throughput levels; treatment under existing and potential governmental policies and regulations, including expectations regarding their impact on Pembina; Pembina's strategy and the development of new business initiatives and growth opportunities, including the anticipated benefits therefrom and the expected timing thereof; expectations about current and future market conditions, industry activities and development opportunities, as well as the anticipated impacts thereof, including general market conditions outlooks and industry developments; expectations about future demand for Pembina's infrastructure and services, including expectations in respect of customer contracts, future volume growth in the WCSB and the drivers thereof, increased utilization and future tolls and volumes; expectations relating to the development of Pembina's new projects and developments, including PGI's K3 Cogeneration Facility, Cedar LNG, the Greenlight Electricity Centre, and RFS IV, including the outcomes, timing, expected costs and anticipated benefits thereof; Pembina's future common share dividends, including the timing, amount and expected tax treatment thereof; planning, construction, locations, capital expenditure and funding estimates, schedules, regulatory and environmental applications and anticipated approvals, expected capacity, incremental volumes, contractual arrangements, completion and in-service dates, sources of product, activities, benefits and operations with respect to new construction of, or expansions on existing pipelines, systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, as well as the impact of Pembina's new projects on its future financial performance; and expectations regarding existing and future commercial agreements, including the expected timing and benefit thereof. The forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that there are no supply chain disruptions impacting Pembina's ability to obtain required equipment, materials or labour; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects, and that there are no unforeseen material costs relating to the project which are not recoverable from customers ; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy). Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties ; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Management approved the 2026 adjusted EBITDA guidance and 2030 compound annual fee-based adjusted EBITDA per share growth outlook contained herein on February 26, 2026. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Non-GAAP and Other Financial Measures Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts. In this news release, Pembina has disclosed the following non-GAAP financial measures and non-GAAP ratios: net revenue, earnings before interest, taxes, depreciation, and amortization ("adjusted EBITDA"), adjusted EBITDA per common share, adjusted EBITDA from equity accounted investees, adjusted earnings, adjusted earnings per common share, adjusted earnings from equity accounted investees, adjusted cash flow from operating activities and adjusted cash flow from operating activities per common share. The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures disclosed by other issuers. The financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including revenue, earnings, share of profit from equity accounted investees, cash flow from operating activities and cash flow from operating activities per share. Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods. Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this news release, together with, as applicable, disclosure of: the most directly comparable financial measure that is specified, defined and determined in accordance with GAAP to which each non-GAAP financial measure relates; a quantitative reconciliation of each non-GAAP financial measure to such directly comparable GAAP financial measure; the composition of each non-GAAP financial measure and non-GAAP ratio; an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure and non-GAAP ratio; and an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed, and a description of any significant difference between forward-looking non-GAAP financial measures and the equivalent historical non-GAAP financial measures, is contained in the "Non-GAAP & Other Financial Measures" section of the management's discussion and analysis of Pembina dated May 7, 2026 for the year ended March 31, 2026 (the "MD&A"), which information is incorporated by reference in this news release. The MD&A is available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and Pembina's website at www.pembina.com. Net Revenue Net revenue is a non-GAAP financial measure which is defined as total revenue less cost of goods sold. The most directly comparable financial measure to net revenue that is determined in accordance with GAAP and disclosed in Pembina's financial statements is revenue. 3 Months Ended March 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Total ($ millions)   2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Revenue 861 894 308 307 1,197 1,336 (260) (255) 2,106 2,282 Cost of goods sold 15 13 — — 976 1,097 (176) (171) 815 939 Net revenue 846 881 308 307 221 239 (84) (84) 1,291 1,343   Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in gross profit and general and administrative expense), adjustments to share of profit from equity accounted investees, and unrealized gains or losses from derivative instruments. The exclusion of unrealized gains or losses from derivative instruments eliminates the non-cash impact of such gains or losses. Adjusted EBITDA also includes adjustments to earnings for non-controlling interest, losses (gains) on disposal of assets, transaction and integration costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of Pembina's ability to generate liquidity through cash flow from operating activities, equity accounted investees, capital expenditures, and lessor lease arrangements. Management utilizes adjusted EBITDA to set objectives and as a key performance indicator of the Company's success. Adjusted EBITDA is a measure also frequently used by analysts, investors and other stakeholders in evaluating the Company's financial performance and is often used to calculate financial and leverage ratios. The most directly comparable financial measure to adjusted EBITDA that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings. 3 Months Ended March 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Income Taxes Total ($ millions, except per share amounts)   2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Earnings 489 518 198 184 175 160 (231) (223) (133) (137) 498 502 Adjustments for:                         Income tax expense                 133 137 133 137 Adjustments to share of profit from equity accounted investees(1) 1 1 116 112 7 34 — —     124 147 Net finance costs 8 6 3 3 2 2 142 139     155 150 Depreciation and amortization 148 152 46 45 17 20 19 16     230 233 Unrealized loss from derivative instruments — — — — (13) (9) — —     (13) (9) Transaction and integration costs in respect of acquisitions — — — — — — — 2     — 2 Restructuring costs — — — — — — 3 —     3 — Other non-cash provisions 1 — — 1 — 3 — 1     1 5 Adjusted EBITDA 647 677 363 345 188 210 (67) (65) — — 1,131 1,167 Adjusted EBITDA per common share – basic (dollars)                     1.95 2.01 Adjusted Earnings and Adjusted Earnings per Common Share Adjusted earnings is a non-GAAP financial measure and is calculated as earnings adjusted for adjustments to share of profit from equity accounted investees and various non-cash and other items that are not reflective of ongoing operations. These adjustments include unrealized gains or losses from derivative instruments and foreign exchange, losses (gains) on disposal of assets, transaction costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. Management believes that adjusted earnings provides useful information to investors for assessing financial performance. The most directly comparable financial measure to adjusted earnings that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings. Adjusted earnings per common share is a non-GAAP financial ratio which is calculated by dividing adjusted earnings by the weighted average number of common shares outstanding. 3 Months Ended March 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Income Taxes Total ($ millions, except per share amounts)   2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Earnings 489 518 198 184 175 160 (231) (223) (133) (137) 498 502 Adjustments for:                         Adjustments to share of profit (loss) from equity accounted investees(1) — — 1 (14) 12 1 — — — — 13 (13) Unrealized gain from derivative instruments — — — — (13) (9) — — — — (13) (9) Unrealized loss (gain) on foreign exchange(2) — — — — — — 5 (2) — — 5 (2) Transaction and integration costs in respect of acquisitions — — — — — — — 2 — — — 2 Restructuring costs — — — — — — 3 — — — 3 — Other non-cash provisions 1 — — 1 — 3 — 1 — — 1 5 Income tax impact on adjustments(3) — — — — — — — — (2) 4 (2) 4 Adjusted earnings (loss) 490 518 199 171 174 155 (223) (222) (135) (133) 505 489 Adjusted earnings per common share – basic (dollars)                     0.81 0.78 (1) Refer to the "Adjusted EBITDA and Adjusted Earnings from Equity Accounted Investees" section of this press release for further details. (2) Unrealized gain (loss) on foreign exchange is a supplementary financial measure. (3) Represents a theoretical tax calculated by applying the Company's Canadian statutory tax rate of 23.3 percent in the three months ended March 31, 2026 (2025: 23.3 percent). The amount does not take into account the impact of different tax jurisdictions in which the Company's operations are domiciled.   Adjusted EBITDA and Adjusted Earnings from Equity Accounted Investees In accordance with IFRS, Pembina's joint ventures are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings in adjusted EBITDA and adjusted earnings above are also made to share of profit from investments in equity accounted investees. To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA and adjusted Earnings. Adjusted EBITDA from Equity Accounted Investees 3 Months Ended March 31 Pipelines Facilities Marketing & New Ventures Total ($ millions)   2026 2025 2026 2025 2026 2025 2026 2025 Share of profit (loss) from equity accounted investees — 1 79 65 (8) (36) 71 30 Adjustments to EBITDA from equity accounted investees:                 Net finance costs — — 29 44 7 34 36 78 Income tax expense — — 25 21 — — 25 21 Depreciation and amortization 1 1 61 61 — — 62 62 Unrealized loss (gain) from derivative financial instruments — — 1 (13) — — 1 (13) Gain on disposal of assets — — — (2) — — — (2) Other non-cash provisions — — — 1 — — — 1 Total adjustments to EBITDA from equity accounted investees 1 1 116 112 7 34 124 147 Adjusted EBITDA from equity accounted investees 1 2 195 177 (1) (2) 195 177   Adjusted Earnings from Equity Accounted Investees 3 Months Ended March 31 Pipelines Facilities Marketing & New Ventures Total ($ millions)   2026 2025 2026 2025 2026 2025 2026 2025 Share of profit (loss) from equity accounted investees — 1 79 65 (8) (36) 71 30 Adjustments to share of profit (loss) from equity accounted investees:                 Unrealized loss (gain) from derivative financial instruments — — 1 (13) — — 1 (13) Gain on disposal of assets — — — (2) — — — (2) Unrealized loss on foreign exchange — — — — 12 1 12 1 Other non-cash provisions — — — 1 — — — 1 Total adjustments to share of profit (loss) from equity accounted investees — — 1 (14) 12 1 13 (13) Adjusted earnings (loss) from equity accounted investees — 1 80 51 4 (35) 84 17   Adjusted Cash Flow from Operating Activities and Adjusted Cash Flow from Operating Activities per Common Share Adjusted cash flow from operating activities is a non-GAAP measure which is defined as cash flow from operating activities adjusting for the change in non-cash operating working capital, adjusting for current tax and share-based compensation payments, and deducting distributions to non-controlling interests and preferred share dividends paid. Adjusted cash flow from operating activities deducts preferred share dividends paid because they are not attributable to common shareholders. The calculation has been modified to exclude current tax expense and accrued share-based payment expense, and to include the impact of cash paid for taxes and share-based compensation, as it allows management to better assess the obligations discussed below. Management believes that adjusted cash flow from operating activities provides comparable information to investors for assessing financial performance during each reporting period. Management utilizes adjusted cash flow from operating activities to set objectives and as a key performance indicator of the Company's ability to meet interest obligations, dividend payments and other commitments. Adjusted cash flow from operating activities per common share is a non-GAAP financial ratio which is calculated by dividing adjusted cash flow from operating activities by the weighted average number of common shares outstanding.   3 Months Ended March 31 ($ millions, except per share amounts) 2026 2025 Cash flow from operating activities 335 840 Cash flow from operating activities per common share – basic (dollars) 0.58 1.45 Add (deduct):     Change in non-cash operating working capital 401 (16) Current tax expense (111) (133) Taxes paid, net of foreign exchange 161 62 Accrued share-based payment expense (43) (27) Share-based compensation payment 77 86 Preferred share dividends paid (30) (35) Adjusted cash flow from operating activities 790 777 Adjusted cash flow from operating activities per common share – basic (dollars) 1.36 1.34   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507922787/en/ Investor Relations
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www.pembina.com Original: Pembina Pipeline Reports Results for the First Quarter of 2026, Raises Quarterly Common Share Dividend, and Updates Full Year Guidance

CORRECTING and REPLACING Pembina Pipeline Declares Quarterly Preferred Share Dividends and Announces Business Update and First Quarter 2026 Results Conference CallsMarch 25, 2026 6:35 PM
Business Wire
In the first paragraph, last sentence, the shareholders of record date should be April 30, 2026 (instead of June 1, 2026). The accompanying Document multimedia asset has also been updated to reflect the new date.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260325852411/en/
The updated release reads:


PEMBINA PIPELINE DECLARES QUARTERLY PREFERRED SHARE DIVIDENDS AND ANNOUNCES BUSINESS UPDATE AND FIRST QUARTER 2026 RESULTS CONFERENCE CALLS


Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of Directors has declared quarterly dividends for the Company's preferred shares, Series 1, 3, 5, 7, 15, 17, 21 and 25. Series 1, 3, 5, 7, and 21 preferred share dividends are payable on June 1, 2026, to shareholders of record on May 1, 2026. Series 15 and 17 preferred share dividends are payable on June 30, 2026, to shareholders of record on June 15, 2026. Series 25 preferred share dividends are payable on May 15, 2026, to shareholders of record on April 30, 2026.




Series






Dividend Amount








Preferred Shares, Series 1 (PPL.PR.A)






$0.407813








Preferred Shares, Series 3 (PPL.PR.C)






$0.376188








Preferred Shares, Series 5 (PPL.PR.E)






$0.425875








Preferred Shares, Series 7 (PPL.PR.G)






$0.372063








Preferred Shares, Series 15 (PPL.PR.O)






$0.385250








Preferred Shares, Series 17 (PPL.PR.Q)






$0.412813








Preferred Shares, Series 21 (PPL.PF.A)






$0.393875








Preferred Shares, Series 25 (PPL.PF.E)






$0.405063







Confirmation of Record and Payment Date Policy


Pembina pays cash dividends in Canadian dollars on its preferred shares Series 1, 3, 5, 7, and 21 on the first day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15 and 17 are payable on the last day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15th day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 25 are payable on the 15th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.


Business Update Webcast Details


Pembina will hold a webcast and conference call on Tuesday, April 7, 2026, at 8:00 a.m. MT (10:00 a.m. ET) where Pembina's officer team will provide a general business update.


The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/792471380. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast.


Conference Call and Webcast Details for First Quarter 2026 Results


Pembina will release its first quarter 2026 results on Thursday, May 7, 2026, after markets close. A live webcast of the conference call has been scheduled for Friday, May 8, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives.


The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/854982138. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast.


About Pembina


Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.


Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.


Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.


Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.


Forward-Looking Statements and Information


This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.


In particular, this news release contains forward-looking statements relating to, without limitation, future dividends which may be declared on Pembina's preferred shares and the timing and the amount thereof. The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: the success of Pembina's operations and growth projects; prevailing commodity prices, margins, volumes and exchange rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; prevailing regulatory, tax and environmental laws and regulations and tax pool utilization; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).


Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities, including changes in tax laws and treatment, the imposition of new tariffs, changes in royalty rates, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels; constraints on, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025, and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.


This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325852411/en/
For further information:

Investor Relations

(403) 231-3156

1-855-880-7404

investor-relations@pembina.com

www.pembina.com


Original: CORRECTING and REPLACING Pembina Pipeline Declares Quarterly Preferred Share Dividends and Announces Business Update and First Quarter 2026 Results Conference Calls

Pembina Pipeline Declares Quarterly Preferred Share Dividends and Announces Business Update and First Quarter 2026 Results Conference CallsMarch 25, 2026 5:00 PM
Business Wire
Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of Directors has declared quarterly dividends for the Company's preferred shares, Series 1, 3, 5, 7, 15, 17, 21 and 25. Series 1, 3, 5, 7, and 21 preferred share dividends are payable on June 1, 2026, to shareholders of record on May 1, 2026. Series 15 and 17 preferred share dividends are payable on June 30, 2026, to shareholders of record on June 15, 2026. Series 25 preferred share dividends are payable on May 15, 2026, to shareholders of record on June 1, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260325852411/en/


Series






Dividend Amount








Preferred Shares, Series 1 (PPL.PR.A)






$0.407813








Preferred Shares, Series 3 (PPL.PR.C)






$0.376188








Preferred Shares, Series 5 (PPL.PR.E)






$0.425875








Preferred Shares, Series 7 (PPL.PR.G)






$0.372063








Preferred Shares, Series 15 (PPL.PR.O)






$0.385250








Preferred Shares, Series 17 (PPL.PR.Q)






$0.412813








Preferred Shares, Series 21 (PPL.PF.A)






$0.393875








Preferred Shares, Series 25 (PPL.PF.E)






$0.405063







Confirmation of Record and Payment Date Policy


Pembina pays cash dividends in Canadian dollars on its preferred shares Series 1, 3, 5, 7, and 21 on the first day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15 and 17 are payable on the last day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15th day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 25 are payable on the 15th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.


Business Update Webcast Details


Pembina will hold a webcast and conference call on Tuesday, April 7, 2026, at 8:00 a.m. MT (10:00 a.m. ET) where Pembina's officer team will provide a general business update.


The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/792471380. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast.


Conference Call and Webcast Details for First Quarter 2026 Results


Pembina will release its first quarter 2026 results on Thursday, May 7, 2026, after markets close. A live webcast of the conference call has been scheduled for Friday, May 8, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives.


The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/854982138. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast.


About Pembina


Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.


Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.


Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.


Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.


Forward-Looking Statements and Information


This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.


In particular, this news release contains forward-looking statements relating to, without limitation, future dividends which may be declared on Pembina's preferred shares and the timing and the amount thereof. The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: the success of Pembina's operations and growth projects; prevailing commodity prices, margins, volumes and exchange rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; prevailing regulatory, tax and environmental laws and regulations and tax pool utilization; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).


Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities, including changes in tax laws and treatment, the imposition of new tariffs, changes in royalty rates, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels; constraints on, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025, and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.


This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325852411/en/
For further information:

Investor Relations

(403) 231-3156

1-855-880-7404

investor-relations@pembina.com

www.pembina.com


Original: Pembina Pipeline Declares Quarterly Preferred Share Dividends and Announces Business Update and First Quarter 2026 Results Conference Calls

Pembina Pipeline Corporation Files 2025 Year-End Disclosure DocumentsFebruary 27, 2026 1:30 PM
Business Wire
Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) has filed its audited consolidated financial statements for the year ended December 31, 2025, related management's discussion, and analysis, and its annual information form for the year ended December 31, 2025 with Canadian securities regulatory authorities. Pembina has also filed its Form 40-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260227406803/en/
Copies of the filed documents are available at www.sedarplus.ca, www.sec.gov (for the Form 40-F) and in the Investors section of the Company’s website at www.pembina.com. Shareholders may also request a printed copy of the audited consolidated financial statements and related management's discussion and analysis free of charge by contacting Investor Relations at

Pembina Pipeline Corporation Reports Results for the Fourth Quarter of 2025 and Provides Business UpdateFebruary 26, 2026 5:01 PM
Business Wire
All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see "Non-GAAP and Other Financial Measures" herein.


Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the fourth quarter and full year of 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226859493/en/
Highlights



Strong Financial Results - reported 2025 full year earnings of $1,694 million, adjusted EBITDA of $4,289 million, and adjusted cash flow from operating activities of $2,854 million ($4.91 per share). Reported fourth quarter earnings of $489 million, adjusted EBITDA of $1,075 million, and adjusted cash flow from operating activities of $731 million ($1.26 per share).




Record Volumes - achieved record annual Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day, representing a three percent increase over 2024.




Pipeline Expansions Sanctioned - Pembina is proceeding with two conventional pipeline expansion projects totalling $425 million to service growing volumes in northeast British Columbia and Alberta. The Birch-to-Taylor Expansion includes a new 95-kilometre pipeline and facility upgrades that will add approximately 120,000 barrels per day ("bpd") of capacity in that corridor. The initial scope of the Taylor-to-Gordondale Expansion includes new and upgraded pump stations downstream of Taylor, British Columbia and a new 16-kilometre pipeline connecting production in Alberta to the Gordondale pump station.




Cedar LNG - as previously disclosed, during the quarter, Pembina entered into long-term agreements with a subsidiary of Petroliam Nasional Berhad ("PETRONAS") and Ovintiv Inc. ("Ovintiv") for 1.0 and 0.5 million tonnes per annum ("mtpa"), respectively to complete the remarketing of Pembina’s 1.5 mtpa of capacity at the Cedar LNG facility. These agreements further validate the Cedar LNG project and highlight the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distances to Asian markets.




New Commercial Agreements - Pembina and PGI have entered into long-term, take-or-pay agreements with Tourmaline Oil ("Tourmaline") that include 270 million cubic feet per day ("mmcf/d") of gas processing at PGI, as well as transportation on the Peace Pipeline, and fractionation at the Redwater Complex.



Financial and Operational Overview




 






3 Months Ended December 31






12 Months Ended December 31








($ millions, except where noted)






2025






2024






Change






2025






2024






Change








Revenue






1,913






2,145






(232)






7,778






7,384






394








Net revenue(1)






1,139






1,383






(244)






4,877






4,776






101








Operating expenses






241






270






(29)






961






976






(15)








Gross profit






827






1,024






(197)






3,193






3,316






(123)








Adjusted EBITDA(1)






1,075






1,254






(179)






4,289






4,408






(119)








Earnings






489






572






(83)






1,694






1,874






(180)








Earnings per common share – basic (dollars)






0.78






0.92






(0.14)






2.67






3.00






(0.33)








Earnings per common share – diluted (dollars)






0.78






0.92






(0.14)






2.66






3.00






(0.34)








Cash flow from operating activities






861






902






(41)






3,301






3,214






87








Cash flow from operating activities per common share – basic (dollars)






1.48






1.55






(0.07)






5.68






5.61






0.07








Adjusted cash flow from operating activities(1)






731






922






(191)






2,854






3,265






(411)








Adjusted cash flow from operating activities per common share – basic (dollars)(1)






1.26






1.59






(0.33)






4.91






5.70






(0.79)








Capital expenditures






235






242






(7)






784






955






(171)








(1) Refer to "Non-GAAP and Other Financial Measures".







Financial and Operational Overview by Division




 






3 Months Ended December 31






12 Months Ended December 31








 






2025






2024






2025






2024








($ millions, except where noted)






Volumes(1)






Earnings (loss)






Adjusted EBITDA(2)






Volumes(1)






Earnings (loss)






Adjusted EBITDA(2)






Volumes(1)






Earnings (loss)






Adjusted EBITDA(2)






Volumes(1)






Earnings (Loss)






Adjusted EBITDA(2)








Pipelines






2,815






470






643






2,790






534






686






2,786






1,938






2,596






2,711






1,907






2,533








Facilities






898






178






366






877






177






373






871






562






1,396






837






666






1,347








Marketing & New Ventures






337






115






116






349






245






234






339






457






499






327






569






724








Corporate






—






(126)






(50)






—






(212)






(39)






—






(750)






(202)






—






(1,422)






(196)








Income tax (expense) recovery






—






(148)






—






—






(172)






—






—






(513)






—






—






154






—








Total






 






489






1,075






 






572






1,254






 






1,694






4,289






 






1,874






4,408









(1)






 






Volumes for the Pipelines and Facilities divisions are revenue volumes, which are physical volumes plus volumes recognized from take-or-pay commitments. Volumes are stated in mboe/d, with natural gas volumes converted to mboe/d from mmcf/d at a 6:1 ratio. Volumes for Marketing & New Ventures are marketed crude and natural gas liquids ("NGL") volumes.








(2)







Refer to "Non-GAAP and Other Financial Measures".







For further details on the Company's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's Annual Information Form for the year ended December 31, 2025, and Pembina's Management's Discussion and Analysis dated February 26, 2026 for the three and twelve months ended December 31, 2025, filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com.


Executive Overview and Business Update


Over the past year, Pembina delivered strong financial and operational results, advanced major strategic projects, and strengthened its long-term competitive position in a rapidly evolving North American energy landscape. Reliable, cost-effective, and responsibly developed and operated infrastructure that supports access to high value markets has never been more essential. Pembina is meeting this need with an integrated value chain that continues to demonstrate resilience, efficiency, and the ability to convert Western Canada’s resource strength into durable value for its customers, employees, communities, and investors.


The Western Canadian Sedimentary Basin ("WCSB") is one of the world’s most prolific hydrocarbon regions and continues to experience production growth driven by dynamic new catalysts. The development of LNG export facilities, including Pembina and the Haisla Nation's Cedar LNG Project, continues to unlock new global markets for Canadian natural gas, creating long-term demand and incentivizing production growth. New pipeline capacity improves crude oil egress and drives the need for incremental condensate production. Expanding petrochemical facilities in Alberta are increasing demand for ethane, while Alberta’s developing new data centre industry may emerge as a significant new source of natural gas-powered electricity demand.


Supporting this growth outlook, Pembina has observed a shift in tone from government policy makers that could positively impact how the Canadian energy industry evolves. At both the federal and provincial level, there is momentum building towards reshaping Canada’s energy strategy in a way that could unlock its abundant and diverse energy resources. Recent policy signals and regulatory initiatives demonstrate a renewed commitment to supporting responsible energy infrastructure development, recognizing the vital role Canadian energy plays in global supply security and economic prosperity.


Pembina stands at the heart of the WCSB and is responding to growing production and an evolving energy landscape with a clear and focused strategy - to provide safe, reliable, responsible, and cost-effective energy infrastructure solutions that connect producers to high value global markets.


Pembina is the only Canadian energy infrastructure company with an integrated value chain providing a full suite of midstream and transportation services across all commodities - natural gas, NGL (ethane, propane and butane), condensate, and crude oil. Pembina's scope, scale, and access to premium North American and global markets, differentiate the Company and uniquely position it to capture incremental new volumes in the WCSB, while unlocking new avenues for sustainable growth beyond its strong legacy businesses.


Further, Pembina's approach to capital allocation remains disciplined, targeting investments that enhance long-term fee-based cash flow per share growth and support a sustainable and growing dividend. The Company is focused on ensuring the long-term resilience of the business and providing investors with visibility to attractive long-term fee-based EBITDA per share growth through the end of the decade and beyond.


2025 Accomplishments



Strong Financial and Operational Results: adjusted EBITDA of $4.3 billion, within the Company's original 2025 guidance range; achieved record Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day.




Safety & Environment: strong execution with Pembina exceeding its internal 2025 targets, highlighted by improved performance across key safety and environmental indicators relative to 3-year averages.




Pipeline Contracting Success Supports Long-Term Resilience: renewed existing contracts, and executed incremental new contracts, totaling over 200,000 bpd of conventional pipeline transportation capacity; significantly strengthened Alliance's long-term contractual profile as shippers elected a new 10-year toll option on approximately 96 percent of available capacity; and contracted the remaining capacity available on the 100,000 bpd Nipisi Pipeline, which was reactivated in 2023 to serve the growing Clearwater heavy oil play.




Responding to Growing Demand for Condensate and NGL Transportation: progressed development of a multi-year plan that includes up to approximately $1 billion of potential conventional pipeline expansions to reliably and cost-effectively meet rising transportation demands from growing production in the WCSB.




Enhanced Propane Exports: Through a new 30,000 bpd LPG export agreement with AltaGas at its West Coast terminals, and the sanctioning of the Prince Rupert Terminal Optimization project, Pembina ensured access to 50,000 bpd of highly competitive propane export capacity to premium price markets, including in Asia, for Pembina's own and customers’ propane.




Cedar LNG Construction and Commercial Execution: advanced construction of the floating LNG vessel to over 35 percent complete; significantly progressed onshore construction activities; and completed remarketing of Pembina's 1.5 mtpa of Cedar LNG capacity with PETRONAS, an LNG industry leader, and Ovintiv, one of the largest, liquids-rich natural gas producers in Canada's Montney play. The Cedar LNG contracting resulted in a 10 percent increase in Pembina's expected base adjusted EBITDA contribution from the Cedar LNG project, providing a higher base level of secured cash flow and incremental upside participation without commodity downside risk.




Greenlight Electricity Centre: Pembina and its partner, Kineticor, made significant progress in the development of the Greenlight Electricity Centre ("Greenlight"), including securing a 907 MW power grid allocation, which was subsequently assigned to a potential customer of Greenlight, completing a land sale agreement with the potential customer, and ensuring the availability and delivery timing of two turbines to support the approximately 900 MW first phase of Greenlight. Greenlight represents an extension of Pembina’s existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with an investment grade counterparty, while diversifying its customer base, and would create incremental demand for natural gas and associated liquids production within western Canada.



Business Updates



In service of growing condensate and NGL volumes from northeast British Columbia and Alberta, that are anticipated to ramp up through the end of the decade, Pembina and its subsidiaries1 are proceeding with two conventional pipeline expansions totalling $425 million.
The Birch-to-Taylor Expansion includes a new 95-kilometre pipeline and facility upgrades that will add approximately 120,000 bpd of propane-plus and condensate capacity in that corridor. Pembina2 has obtained all necessary permits to begin preliminary construction activities. The project has an estimated cost of approximately $310 million, and an anticipated in-service date in the fourth quarter of 2027. The expansion will be supported by a cost-of-service commercial structure.
"This milestone reflects strong collaboration with both Indigenous and local communities built on trust and open engagement," said Scott Burrows, President and Chief Executive Officer. "It also reflects strong engagement with the Government of British Columbia and the BC Energy Regulator, whose guidance and regulatory oversight have helped establish a clear and responsible path forward for this project and for sustainable development in the region in the future."
Pembina is also proceeding with a phased approach to the Taylor-to-Gordondale Expansion, which is being optimized to meet customers' near-term transportation needs while maintaining Pembina's track record of disciplined capital investment.
Pembina3 has sanctioned the initial scope of the Taylor-to-Gordondale Expansion, which includes new and upgraded pump stations downstream of Taylor, British Columbia and a new 16-kilometre pipeline connecting production in Alberta to the Gordondale pump station. The initial scope of the project has an estimated cost of approximately $115 million, with an anticipated in-service date in the first quarter of 2027, subject to regulatory approval. The expansion will be supported by long-term take-or-pay and other commercial agreements.
The remaining scope of the Taylor-to-Gordondale Expansion includes a new approximately 89 kilometer, 16-inch pipeline being proposed by Pembina4 to connect mostly condensate volumes from Taylor, British Columbia to the Gordondale, Alberta area. On February 10, 2026, the Canada Energy Regulator ("CER") issued a Certificate of Public Convenience and Necessity for the CER regulated Taylor-to-Gordondale Pipeline Project. This was the final federal regulatory approval required for the pipeline. Pembina will continue to evaluate the incremental scope in conjunction with the timing of customers’ egress requirements.
These two newly sanctioned expansions are in addition to the previously announced $200 million Fox Creek-to-Namao Expansion, which will add approximately 70,000 bpd of propane-plus market delivery capacity to the Fox Creek, Alberta to Namao, Alberta segment of the Peace Pipeline System. In total, Pembina has now recently sanctioned more than $600 million of conventional pipeline projects in response to anticipated volume growth in the WCSB.




In the first quarter of 2026, Pembina and PGI entered into long-term, take-or-pay agreements with Tourmaline Oil ("Tourmaline") that include renewals of 270 mmcf/d of gas processing at PGI's Cutbank Complex and Resthaven Facility, as well as transportation on the Peace Pipeline, and fractionation at the Redwater Complex.




PGI has begun commissioning the Wapiti Expansion and K3 Cogeneration Facility. Both projects are expected to be placed in service by the end of the first quarter of 2026. The Wapiti Expansion is on time and on budget, and will increases natural gas processing capacity at the Wapiti Plant by 115 mmcf/d (gross to PGI). The K3 Cogeneration Facility is on time and trending under budget, and will reduce overall operating costs by providing power and heat to the gas processing facility, while reducing customers' exposure to power prices.




On January 29, Dow Inc. ("Dow") reaffirmed that it will proceed with its Path2Zero project, a new integrated ethylene cracker and derivatives facility in Fort Saskatchewan, which Dow stated is a unique opportunity and an advantaged, first-quartile global asset. Further, Dow provided a revised timeline that includes a Phase 1 start-up by year-end 2029, and a Phase 2 start-up by year-end 2030.
As part of Dow's broader portfolio of assets and ethane supply requirements, the Path2Zero project supports Pembina's previously announced long-term agreement with Dow to supply up to 50,000 bpd of ethane. Pembina continues to evaluate its options to invest in new infrastructure required to meet its ethane supply commitments in the most capital efficient manner, given the revised Path2Zero timing. A final investment decision on new ethane supply infrastructure is expected in 2026.
Path2Zero is a positive development for WCSB producers as it will catalyze significant new ethane demand, the extraction of which is expected to also increase the supply of other associated NGL - propane, butane and condensate. The resulting volume growth across the WCSB is expected to benefit Pembina by supporting higher utilization and potential expansions of its assets.





[1] Pouce Coupé Pipe Line Ltd. and Plateau Pipe Line Ltd.




[2] Plateau Pipe Line Ltd.




[3] Plateau Pipe Line Ltd. and Pembina




[4] Pouce Coupé Pipe Line Ltd.







Priorities for the Year Ahead


Operational & Project Execution Excellence



Foremost priority of continued safe and reliable operations, focusing on employee and contractor safety, and high asset availability and reliability.




Continued safe, on-time, and on-budget execution of inflight construction projects.




Placing the RFS IV Expansion, Wapiti Expansion, and K3 Cogeneration Facility into service.




Under previously announced funding agreements, PGI in collaboration with certain producer customers, expects to place approximately $725 million ($435 million net to Pembina) of new infrastructure into service throughout 2026; the new infrastructure is being constructed, and will be operated, by the customers, while PGI will own the assets, which are supported by long-term take-or-pay agreements.



Commercial & Strategic Excellence



Maintaining a long-term, durable cash flow stream through ongoing contracting of existing assets, including Pembina's Peace Pipeline system and Redwater Complex, as well as PGI's assets.




Making a final investment decision on an ethane supply project to support growing market demand.




Advancing development and making a final investment decision on the Greenlight Electricity Centre.




Evaluating opportunities to increase egress capacity, including the optimization or expansion of the Nipisi Pipeline and the re-purposing of existing underutilized assets, to respond to growing volumes from the Clearwater area and strong customer demand for incremental service.



Financial Excellence



Achieving results within Pembina's 2026 adjusted EBITDA guidance range of $4.125 billion to $4.425 billion; the midpoint of the 2026 guidance range represents 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately five percent, positioning Pembina to deliver on the target provided at its 2024 Investor Day.




Enhancing Pembina's long-term sustainability and competitiveness through a disciplined focus on costs and productivity.



Financial & Operational Highlights


Adjusted EBITDA


Pembina reported quarterly adjusted EBITDA of $1,075 million in the fourth quarter and full year adjusted EBITDA of $4,289 million. This represents a $179 million or 14 percent decrease, and a $119 million or three percent decrease, respectively, over the same periods in the prior year. The variances over the prior periods primarily reflect a lower contribution from the Marketing & New Ventures Division, the impact of a new toll structure and revenue sharing mechanism on the Alliance Pipeline, and period specific capital recoveries that impacted 2024 with no similar impact in 2025. These factors were partially offset by volume growth and solid performance across the Pipelines and Facilities divisions.


Pipelines reported adjusted EBITDA of $643 million for the fourth quarter, representing a $43 million or six percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors:



higher volumes on the Peace Pipeline system;




lower operating expenses on the Cochin Pipeline;




lower revenue on the Canadian portion of the Alliance Pipeline as a result of reduced long-term firm tolls and impacts from the new revenue-sharing mechanism under the previously announced settlement, effective November 1, 2025, with shippers and interested parties, offset by higher demand on seasonal contracts;




lower revenue on certain Pipelines assets due to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024; and




lower interruptible volumes on the Cochin Pipeline due to narrower condensate price differentials.



Pipelines reported adjusted EBITDA of $2,596 million for the full year, representing a $63 million or two percent increase compared to the same period in the prior year, reflecting the net impact of the following factors:



higher contribution from the Alliance Pipeline due to a full year of consolidated ownership, and higher seasonal revenue, offset by reduced long-term firm tolls and impacts from the new revenue-sharing mechanism under the previously announced settlement with shippers and interested parties;




higher revenue on the Peace Pipeline system, Nipisi Pipeline and the NEBC Pipelines;




favourable foreign exchange rate impacts on certain assets;




lower volumes and tolls on the Cochin Pipeline and Vantage Pipeline;




lower revenue on certain Pipeline assets due to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024; and




lower revenue at the Edmonton Terminals.



Facilities reported adjusted EBITDA of $366 million for the fourth quarter, representing a $7 million or two percent decrease over the same period in the prior year, reflecting the net impact of the following factors:



lower revenue related to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024 on certain assets at PGI, and higher operating expenses; and




higher contribution from PGI assets, primarily due to higher volumes and the impact of the acquisition of a 50 percent working interest in Whitecap’s Kaybob Complex during the fourth quarter of 2024.



Facilities reported adjusted EBITDA of $1,396 million for the full year, representing a $49 million or four percent increase over the same period in the prior year, reflecting the net impact of the following factors:



the inclusion within Facilities of adjusted EBITDA from Aux Sable following Pembina fully consolidating ownership in Aux Sable on April 1, 2024; and




higher contribution from PGI assets, due to the acquisitions from Whitecap, and higher volumes at the Duvernay Complex, partially offset by lower revenue driven by outages at certain assets and third-party downstream restrictions impacting the Dawson Assets.



Marketing & New Ventures reported adjusted EBITDA of $116 million for the fourth quarter, representing a $118 million or 50 percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors:



narrower NGL frac spreads; and




lower realized gains on crude oil-based derivatives due to lower volumes and narrower price spreads, partially offset by realized gains on NGL-based derivatives, compared to losses in the fourth quarter of 2024.



Marketing & New Ventures reported adjusted EBITDA of $499 million for the full year, representing a $225 million or 31 percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors:



narrower NGL frac spreads;




lower realized gains on crude oil-based derivatives due to lower volumes and narrower crude oil price spreads;




lower realized losses on NGL based derivatives; and




the net impact of Pembina fully consolidating its ownership in Aux Sable on April 1, 2024.



Corporate reported adjusted EBITDA of negative $50 million for the fourth quarter, representing a $11 million or 28 percent decrease compared to the same period in the prior year, reflecting higher long-term incentive costs, partially offset by lower non-compensation related expenses.


Corporate reported adjusted EBITDA of negative $202 million for the full year, representing a $6 million or three percent decrease over the same period in the prior year, reflecting higher incentive costs and higher salaries and wages, partially offset by lower non-compensation related expenses.


Earnings


Pembina reported fourth quarter earnings of $489 million and full year earnings of $1,694 million. This represents a $83 million or fifteen percent decrease, and a $180 million or ten percent decrease respectively, over the same periods in the prior year.


Pipelines had earnings in the fourth quarter of $470 million, representing a $64 million or 12 percent decrease over the prior period. Pipelines had earnings for the full year of $1,938 million, representing a $31 million or two percent increase over the prior year. In addition to the factors impacting adjusted EBITDA, as noted above, the changes in earnings for the fourth quarter and full year were due to higher depreciation and amortization expense. Additionally, the change in the full year was due to the gain on sale of the North segment of the Western Pipeline.


Facilities had earnings in the fourth quarter of $178 million representing a $1 million or one percent increase over the prior year. In addition to the factors impacting adjusted EBITDA, the change in earnings for the fourth quarter was due to lower other expenses recognized in share of profit from PGI, as 2024 included costs related to asset disposals.


Facilities had earnings for the full year of $562 million representing a $104 million or 16 percent decrease over the prior year. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings for the full year was due to several factors impacting share of profit from PGI. These factors included an impairment of $146 million (net to Pembina, after tax) recognized on certain PGI assets, offset by the recognition of a $23 million gain (net to Pembina, after tax) related to the amendment of PGI's credit facility, and gains recognized on PGI's interest rate derivative financial instruments in 2025 compared to losses in 2024. Facilities earnings for the full year was also impacted by higher depreciation and amortization expense.


Marketing & New Ventures had earnings in the fourth quarter of $115 million representing a $130 million or 53 percent decrease over the prior year. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings in the fourth quarter was due to a higher share of profit from Greenlight due to a gain on sale of land to a third-party potential customer, and various unrealized gains and losses on derivatives.


Marketing & New Ventures had earnings for the full year of $457 million representing a $112 million or 20 percent decrease, over the prior year. In addition to the factors impacting adjusted EBITDA and fourth quarter earnings, as noted above, the change in full year earnings was due to no similar gain from the derecognition of the provision related to financial assurances provided by Pembina, which were assumed by Cedar LNG following the positive final investment decision on the project in June 2024. Both the fourth quarter and full year were impacted by unrealized gains and losses on derivatives compared to the prior comparable period.


In addition to the changes in earnings for each division discussed above, the change in Corporate fourth quarter earnings compared to the prior period was due to a gain recognized by Pembina on a sale of land to a third-party potential customer of Greenlight, combined with lower net finance costs, and lower acquisition and integration costs, offset by higher restructuring costs. In addition, the quarter was impacted by lower income tax expense.


Factors impacting the change in Corporate full year earnings compared to the prior period was due to higher net finance costs and restructuring costs, no similar net gain on acquisition to that recognized in the second quarter of 2024 following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, and lower acquisition and integration costs. In addition, the full year was impacted by higher income tax expense.


Quarterly Common Share Dividend


Pembina's board of directors has declared a common share cash dividend for the first quarter of 2026 of $0.71 per share, to be paid, subject to applicable law, on March 31, 2026, to shareholders of record on March 16, 2026. The common share dividends are designated as "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax.


For shareholders receiving their common share dividends in U.S. funds, the cash dividend is expected to be approximately U.S.$0.5188 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7307. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.


Quarterly dividend payments are expected to be made on the last business day of March, June, September and December to shareholders of record on the 15th day of the corresponding month, if, as and when declared by the board of directors. Should the record date fall on a weekend or on a statutory holiday, the record date will be the next succeeding business day following the weekend or statutory holiday.


Fourth Quarter 2025 Conference Call & Webcast


Pembina will host a conference call on Friday, February 27, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers, and media representatives to discuss results for the fourth quarter of 2025.


The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/196116557. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast.


About Pembina


Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.


Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.


Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.


Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.


Forward-Looking Statements and Information


This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.


In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's 2026 adjusted EBITDA guidance, as well as the factors impacting such future results; future pipeline, processing, fractionation and storage facility and system operations and throughput levels; treatment under existing and potential governmental policies and regulations, including expectations regarding their impact on Pembina; Pembina's strategy and the development of new business initiatives and growth opportunities, including the anticipated benefits therefrom and the expected timing thereof; expectations about current and future market conditions, industry activities and development opportunities, as well as the anticipated impacts thereof, including general market conditions outlooks and industry developments; expectations about future demand for Pembina's infrastructure and services, including expectations in respect of customer contracts, future volume growth in the WCSB and the drivers thereof, increased utilization and future tolls and volumes; expectations relating to the development of Pembina's new projects and developments, including Cedar LNG, RFS IV, PGI's Wapiti Expansion, PGI's K3 cogeneration Facility, the Fox Creek-to-Namao Expansion, the Birch-to-Taylor Expansion, the Taylor to Gordondale Expansion, Prince Rupert Terminal Optimization and the Greenlight Electricity Centre, including the outcomes, timing, expected costs and anticipated benefits thereof; statements regarding commercial discussions regarding the assignment of Pembina's remaining contracted capacity for Cedar LNG, including the timing thereof; statements regarding the Path2Zero project and anticipated benefits therefrom; expectations in respect of PGI's infrastructure development commitments, including the amounts and timing thereof; Pembina's future common share dividends, including the timing, amount and expected tax treatment thereof; statements regarding optimization and expansion opportunities being evaluated or pursued by Pembina, including future actions which may be taken by Pembina in connection with such opportunities and the outcomes thereof; planning, construction, locations, capital expenditure and funding estimates, schedules, regulatory and environmental applications and anticipated approvals, expected capacity, incremental volumes, contractual arrangements, completion and in-service dates, sources of product, activities, benefits and operations with respect to new construction of, or expansions on existing pipelines, systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, as well as the impact of Pembina's new projects on its future financial performance; and expectations regarding existing and future commercial agreements, including the expected timing and benefit thereof.


The forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; assumptions with respect to our intention to complete share repurchases, including the funding thereof, existing and future market conditions, including with respect to Pembina's common share trading price, and compliance with respect to applicable securities laws and regulations and stock exchange policies; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).


Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties ; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; Pembina's ability to realize the anticipated benefits of recent acquisitions; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.


This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Management approved the 2026 adjusted EBITDA guidance contained herein on February 26, 2026. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.


Non-GAAP and Other Financial Measures


Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. Non-GAAP ratios are financial measures that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts.


In this news release, Pembina has disclosed the following non-GAAP financial measures and non-GAAP ratios: net revenue, adjusted EBITDA, adjusted EBITDA from equity accounted investees, adjusted cash flow from operating activities and adjusted cash flow from operating activities per common share. The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures or ratios disclosed by other issuers. Such financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including revenue, earnings, cash flow from operating activities and cash flow from operating activities per share.


Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods.


Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this news release, together with, as applicable, disclosure of the most directly comparable financial measure that is determined in accordance with GAAP to which each non-GAAP financial measure relates and a quantitative reconciliation of each non-GAAP financial measure to such directly comparable GAAP financial measure. Additional information relating to such non-GAAP financial measures and non-GAAP ratios, including disclosure of the composition of each non-GAAP financial measure and non-GAAP ratio, an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure and non-GAAP ratio; an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed; and a description of any significant difference between forward-looking non-GAAP financial measures and the equivalent historical non-GAAP financial measures, is contained in the "Non-GAAP & Other Financial Measures" section of the management's discussion and analysis of Pembina dated February 26, 2026 for the year ended December 31, 2025 (the "MD&A"), which information is incorporated by reference in this news release. The MD&A is available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and Pembina's website at www.pembina.com.


Net Revenue


Net revenue is a non-GAAP financial measure which is defined as total revenue less cost of goods sold. The most directly comparable financial measure to net revenue that is determined in accordance with GAAP and disclosed in Pembina's financial statements is revenue.




3 Months Ended December 31






Pipelines






Facilities






Marketing &




New Ventures






Corporate &




Inter-segment Eliminations






Total








($ millions)








 






2025






2024






2025






2024






2025






2024






2025






2024






2025






2024








Revenue






871






948






326






320






985






1,133






(269)






(256)






1,913






2,145








Cost of goods sold






14






5






—






—






927






919






(167)






(162)






774






762








Net revenue






857






943






326






320






58






214






(102)






(94)






1,139






1,383









12 Months Ended December 31






Pipelines






Facilities






Marketing &




New Ventures






Corporate &




Inter-segment Eliminations






Total








($ millions)








 






2025






2024






2025






2024






2025






2024






2025






2024






2025






2024








Revenue






3,521






3,386






1,228






1,127






4,065






3,796






(1,036)






(925)






7,778






7,384








Cost of goods sold






51






40






—






—






3,524






3,198






(674)






(630)






2,901






2,608








Net revenue






3,470






3,346






1,228






1,127






541






598






(362)






(295)






4,877






4,776







Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization


Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in gross profit and general and administrative expense), and unrealized gains or losses from derivative instruments. The exclusion of unrealized gains or losses from derivative instruments eliminates the non-cash impact of such gains or losses.


Adjusted EBITDA also includes adjustments to earnings for non-controlling interest, losses (gains) on disposal of assets, transaction costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, Pembina revised the definition of adjusted EBITDA to deduct earnings for the 14.6 percent non-controlling interest in the Aux Sable U.S. operations. Pembina's subsequent acquisition of the remaining interest in Aux Sable's U.S. operations in the third quarter of 2024 resulted in all of Aux Sable's results being included in the adjusted EBITDA calculation beginning on August 1, 2024.


Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of Pembina's ability to generate liquidity through cash flow from operating activities and equity accounted investees. Management also believes that adjusted EBITDA provides an indicator of operating income generated from capital expenditures, which includes operational finance income and gains from lessor lease arrangements. Adjusted EBITDA is also used by investors and analysts for assessing financial performance and for the purpose of valuing Pembina, including calculating financial and leverage ratios. Management utilizes adjusted EBITDA to set objectives and as a key performance indicator of the Company's success. Pembina presents adjusted EBITDA as management believes it is a measure frequently used by analysts, investors and other stakeholders in evaluating the Company's financial performance. The most directly comparable financial measure to adjusted EBITDA that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings.




3 Months Ended December 31






Pipelines






Facilities






Marketing &




New Ventures






Corporate &




Inter-segment Eliminations






Income Taxes






Total








($ millions, except per share amounts)








 






2025






2024






2025






2024






2025






2024






2025






2024






2025






2024






2025






2024








Earnings (loss)






470






534






178






177






115






245






(126)






(212)






(148)






(172)






489






572








Adjustments for:






 






 






 






 






 






 






 






 






 






 






 






 








Income tax expense






 






 






 






 






 






 






 






 






148






172






148






172








Adjustments to share of profit (loss) from equity accounted investees






—






—






126






136






(97)






(74)






—






—






 






 






29






62








Net finance costs






8






5






4






2






1






5






135






151






 






 






148






163








Depreciation and amortization






164






148






57






55






18






17






17






15






 






 






256






235








Unrealized loss from derivative instruments






—






—






—






—






78






41






—






—






 






 






78






41








Transaction and integration costs in respect of acquisitions






—






—






—






—






—






—






—






7






 






 






—






7








Restructuring costs






—






—






—






—






—






—






15






—






 






 






15






—








(Gain) loss on disposal of assets






—






(1)






—






—






1






—






(96)






—






 






 






(95)






(1)








Other non-cash provisions






1






—






1






3






—






—






5






—






 






 






7






3








Adjusted EBITDA






643






686






366






373






116






234






(50)






(39)






—






—






1,075






1,254








Adjusted EBITDA per common




share – basic (dollars)






 






 






 






 






 






 






 






 






 






 






1.85






2.16









12 Months Ended December 31






Pipelines






Facilities






Marketing &




New Ventures






Corporate &




Inter-segment Eliminations






Income Taxes






Total








($ millions, except per share amounts)








 






2025






2024






2025






2024






2025






2024






2025






2024






2025






2024






2025






2024








Earnings (loss)






1,938






1,907






562






666






457






569






(750)






(1,422)






(513)






154






1,694






1,874








Adjustments for:






 






 






 






 






 






 






 






 






 






 






 






 








Income tax expense (recovery)






 






 






 






 






 






 






 






 






513






(154)






513






(154)








Adjustments to share of profit (loss) from equity accounted investees






3






46






610






486






(78)






(16)






—






—






 






 






535






516








Net finance costs






27






24






13






10






8






9






554






518






 






 






602






561








Depreciation and amortization






643






560






209






183






71






64






64






55






 






 






987






862








Unrealized (gain) loss from derivative instruments






—






—






—






—






37






170






—






—






 






 






37






170








Loss on acquisition






—






—






—






—






—






—






—






616






 






 






—






616








Derecognition of insurance contract provision






—






—






—






—






—






(34)






—






—






 






 






—






(34)








Transaction and integration costs in respect of acquisition






—






—






—






—






—






—






5






25






 






 






5






25








Restructuring costs






—






—






—






—






—






—






15






—






 






 






15






—








Non-controlling interest(1)






—






—






—






—






—






(12)






—






—






 






 






—






(12)








(Gain) loss on disposal of assets






(18)






(13)






—






(1)






1






(7)






(96)






—






 






 






(113)






(21)








Other non-cash provisions






3






9






2






3






3






(19)






6






12






 






 






14






5








Adjusted EBITDA






2,596






2,533






1,396






1,347






499






724






(202)






(196)






—






—






4,289






4,408








Adjusted EBITDA per common




share – basic (dollars)






 






 






 






 






 






 






 






 






 






 






7.38






7.69








(1) Presented net of adjusting items.







Adjusted EBITDA from Equity Accounted Investees


In accordance with IFRS, Pembina's joint ventures are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings, in adjusted EBITDA above, are also made to share of profit from investments in equity accounted investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's share paid and received in the period to and from the investments in equity accounted investees.


To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA.




3 Months Ended December 31






Pipelines






Facilities






Marketing &




New Ventures






Total








($ millions)








 






2025






2024






2025






2024






2025






2024






2025






2024








Share of profit from equity accounted investees






1






—






74






59






96






74






171






133








Adjustments to share of profit (loss) from equity accounted investees:






 






 






 






 






 






 






 






 








Net finance costs (income)






—






—






32






37






(35)






(74)






(3)






(37)








Income tax expense






—






—






27






23






—






—






27






23








Depreciation and amortization






—






—






63






66






—






—






63






66








Unrealized loss (gain) on commodity-related derivative financial instruments






—






—






3






(3)






—






—






3






(3)








Gain on disposal of assets






—






—






—






—






(62)






—






(62)






—








Transaction costs incurred in respect of acquisitions and non-cash provisions






—






—






1






13






—






—






1






13








Total adjustments to share of profit (loss) from equity accounted investees






—






—






126






136






(97)






(74)






29






62








Adjusted EBITDA from equity accounted investees






1






—






200






195






(1)






—






200






195









12 Months Ended December 31






Pipelines






Facilities






Marketing &




New Ventures






Total








($ millions)








 






2025






2024






2025






2024






2025






2024






2025






2024








Share of profit from equity accounted investees






1






42






134






231






74






55






209






328








Adjustments to share of profit (loss) from equity accounted investees:






 






 






 






 






 






 






 






 








Net finance costs (income)






1






7






113






175






(16)






(23)






98






159








Income tax expense






—






—






46






73






—






—






46






73








Depreciation and amortization






2






39






254






221






—






7






256






267








Unrealized loss on commodity-related derivative financial instruments






—






—






4






2






—






—






4






2








Gain on disposal of assets






—






—






(2)






—






(62)






—






(64)






—








Impairment expense






—






—






193






—






—






—






193






—








Other non-cash provisions






—






—






2






15






—






—






2






15








Total adjustments to share of profit (loss) from equity accounted investees






3






46






610






486






(78)






(16)






535






516








Adjusted EBITDA from equity accounted investees






4






88






744






717






(4)






39






744






844







Adjusted Cash Flow from Operating Activities and Adjusted Cash Flow from Operating Activities per Common Share


Adjusted cash flow from operating activities is a non-GAAP measure which is defined as cash flow from operating activities adjusting for the change in non-cash operating working capital, adjusting for current tax and share-based compensation payments, and deducting distributions to non-controlling interests and preferred share dividends paid. Adjusted cash flow from operating activities deducts distributions to non-controlling interest and preferred share dividends paid because they are not attributable to common shareholders. The calculation has been modified to exclude current tax expense and accrued share-based payment expense, and to include the impact of cash paid for taxes and share-based compensation, as it allows management to better assess the obligations discussed below.


Management believes that adjusted cash flow from operating activities provides comparable information to investors for assessing financial performance during each reporting period. Management utilizes adjusted cash flow from operating activities to set objectives and as a key performance indicator of the Company's ability to meet interest obligations, dividend payments and other commitments. Adjusted cash flow from operating activities per common share is a non-GAAP financial ratio which is calculated by dividing adjusted cash flow from operating activities by the weighted average number of common shares outstanding.


Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, Pembina revised the definition of adjusted cash flow from operating activities to deduct distributions related to non-controlling interest in the Aux Sable U.S. operations. On August 1, 2024, Pembina acquired the remaining interest in Aux Sable's U.S. operations.




 






3 Months Ended December 31






12 Months Ended December 31








($ millions, except per share amounts)






2025






2024






2025






2024








Cash flow from operating activities






861






902






3,301






3,214








Cash flow from operating activities per common share – basic (dollars)






1.48






1.55






5.68






5.61








Add (deduct):






 






 






 






 








Change in non-cash operating working capital






(164)






73






(221)






43








Current tax expense






(94)






(73)






(432)






(261)








Taxes paid, net of foreign exchange






189






52






346






404








Accrued share-based payment expense






(29)






(3)






(95)






(82)








Share-based compensation payment






—






5






89






91








Preferred share dividends paid






(32)






(34)






(134)






(132)








Distributions to non-controlling interest






—






—






—






(12)








Adjusted cash flow from operating activities






731






922






2,854






3,265








Adjusted cash flow from operating activities per common share – basic (dollars)






1.26






1.59






4.91






5.70







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226859493/en/
For further information:

Investor Relations

(403) 231-3156

1-855-880-7404

investor-relations@pembina.com

www.pembina.com


Original: Pembina Pipeline Corporation Reports Results for the Fourth Quarter of 2025 and Provides Business Update