AltaGas Reports Record First Quarter Results
Press Release
On Track to Deliver 2026 Results at Top End of 2026 Guidance; Potential Upside with Continued LPG Market Strength
CALGARY, AB, April 30, 2026 – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX: ALA) reported first quarter 2026 financial results and provided an update on its operations, growth initiatives and corporate developments.
First Quarter Highlights
(all financial figures are unaudited and in Canadian dollars unless otherwise noted)
Financial Results
- Normalized EBITDA1 was a record $818 million in the first quarter of 2026 compared to $689 million in the first quarter of 2025. Income before income taxes was $207 million in the first quarter of 2026, a decrease from $513 million in the first quarter of 2025, primarily due to unrealized hedging impacts.
- Normalized EBITDA growth was driven by higher global export volumes and margins, stronger processing and liquids handling margins, new Utilities rates in D.C. and Virginia, strong asset optimization, and partial settlement of a pension liability.
- Normalized EPS1 was $1.33 compared to $1.15 in the first quarter of 2025, while GAAP EPS2 was $0.47 in the first quarter of 2026 compared to $1.31 in the first quarter of 2025.
Operational Highlights
- AltaGas exported 124,917 Bbl/d of liquid petroleum gases (“LPG”) to Asia, a 5 percent year-over-year increase. In the first quarter, the Company delivered 20 Very Large Gas Carriers (“VLGCs”) to a diversified customer base across Asia.
- In mid-April, the Company took delivery of a new VLGC time charter, the Aurora Guardian. This brings AltaGas’ long-term contracted fleet to three vessels, with a fourth scheduled to be delivered later in 2026.
Business Development and Growth
- Construction of the 56,000 Bbl/d Ridley Island Energy Export Facility (“REEF”) remains on time and on budget with the project approximately 75 percent complete. REEF Optimization I remains on schedule and is expected to add 30,000 Bbl/d of propane export capacity in the second half of 2027.
- Dimsdale Phase I and II storage expansions are on budget and more than 40 percent complete. Expansions will add six Bcf of natural gas storage capacity by 2026 year-end and an additional 30 Bcf by mid‑2027.
- Keweenaw Connector Pipeline advanced as planned in the quarter, achieving key pre‑construction milestones. Construction mobilization is expected in May 2026 with completion now targeted for 2026 year‑end.
- The Company executed a second behind‑the‑meter agreement for data center development in its Utilities segment. The Company will provide back‑up gas‑fired power generation for a 15 MW operational data center in Virginia. Additional opportunities are progressing across AltaGas’ jurisdictions.
Financial Outlook and Balance Sheet
- AltaGas is expecting to deliver 2026 results towards the top end of its guidance for both normalized EBITDA and normalized EPS, with upside potential from continued LPG market strength. Additionally, AltaGas is increasing its 2026 capital program to $1.7 billion to capture planned spending for Dimsdale II through 2026.
- Adjusted net debt to normalized EBITDA1 exited the quarter at 4.4x on a trailing twelve-month basis, including 50 percent debt treatment for its subordinated hybrid notes and preferred shares. This is below the low end of AltaGas’ 4.5x – 5.0x targeted range.
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