Pembina Pipeline Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 2:08 PM CST 9 min read

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Pembina reported Q4 2025 net of CAD 489 cardinal and Adjusted EBITDA of ~CAD 1.075 billion, with full-year Adjusted EBITDA of CAD 4.289 cardinal and grounds yearly volumes up ~3% versus 2024; Q4 Adjusted EBITDA was down ~14% year‑over‑year owed chiefly to weaker marketing/new ventures and a caller Alliance toll structure.
Management reiterated 2026 Adjusted EBITDA guidance of CAD 4.125–4.425 billion, saying the midpoint implies astir a 5% CAGR successful fee‑based Adj. EBITDA per stock from 2023–2026, and expects year‑end leverage of astir 3.7–4.0x (or 3.4–3.7x excluding Cedar LNG operation debt), with 2026 arsenic the expected leverage peak.
Several maturation projects are connected clip and on/under fund (RFS IV, Wapiti expansion, K3 cogeneration), Pembina recontracted and added much than 200,000 bpd of pipeline capacity, and precocious the Cedar LNG improvement (floating LNG vas >35% complete) positive caller propane export agreements to entree premium Asian markets.
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Pembina Pipeline (NYSE:PBA) reported fourth-quarter 2025 net of CAD 489 cardinal and Adjusted EBITDA of astir CAD 1.075 billion, on with adjusted currency travel from operating activities of CAD 731 million, oregon CAD 1.26 per share, absorption said during the company’s quarterly results call.

For the afloat year, Pembina posted net of CAD 1.694 cardinal and Adjusted EBITDA of CAD 4.289 billion. The institution besides reported full-year adjusted currency travel from operating activities of CAD 2.854 billion, oregon CAD 4.91 per share. CEO Scott Burrows said Pembina achieved grounds yearly volumes crossed its pipelines and facilities divisions, representing a 3% summation versus 2024.

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CFO Cameron Goldade said fourth-quarter Adjusted EBITDA declined CAD 179 million, oregon 14%, from the prior-year period. He attributed the year-over-year alteration chiefly to a CAD 118 cardinal little publication from selling and caller ventures, the interaction of a caller toll operation and revenue-sharing mechanics connected the Alliance Pipeline, and a CAD 37 cardinal period-specific superior betterment that benefited fourth-quarter 2024 results but did not repetition successful 2025. Those items were partially offset by measurement maturation and show successful the pipelines and facilities divisions.

Goldade outlined cardinal quarter-over-quarter drivers by segment. In pipelines, helium cited higher volumes connected the Peace Pipeline strategy and little operating disbursal connected the Goshen Pipeline, offset by little gross connected the Canadian information of the Alliance Pipeline owed to reduced semipermanent steadfast tolls and the caller revenue-sharing mechanism. He besides pointed to little gross connected definite pipeline assets owed to superior recoveries recognized successful the 4th fourth of 2024 and little interruptible volumes connected Goshen due to the fact that of narrower condensate terms differentials.

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