Gibson Energy Reports 2025 Fourth Quarter and Full Year Results Highlighted by Record Infrastructure EBITDA and Announces 5% Dividend Increase
Press Release
CALGARY, Alberta, Feb. 17, 2026 — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2025.
Key Highlights:
- Delivered record quarterly Infrastructure EBITDA(1) of $160 million, driven by strong volume growth and the completion of key capital projects
- Announced a 5% dividend increase, the seventh consecutive annual increase
- Subsequent to the quarter, announced the $400 million strategic acquisition of Teine Energy’s portfolio of Chauvin Infrastructure Assets and concurrent $215 million equity financing
- Executed two major contract extensions of 20 and 10 years at Edmonton, further enhancing the stability and quality of Infrastructure cash flows
- Completed key capital projects during the quarter, including the Cactus II connection and the start-up of the new Duvernay infrastructure as part of the long-term partnership with Baytex
- Over 10 million hours worked and counting without a lost-time injury, highlighting our continued focus on maintaining a best-in-class safety performance
- Expects to deploy approximately $100 million of organic growth capital in 2026
“We delivered strong fourth quarter results, closing out a record year for Gibson in 2025,” said Curtis Philippon, President & Chief Executive Officer. “Year-over-year fourth quarter performance was driven by the Cactus II connection at Gateway, the successful execution of our dredging project, and the start-up of our Baytex partnership in the Duvernay. Subsequent to quarter-end, we announced the strategic and accretive acquisition of Teine’s Chauvin Infrastructure Assets, which enhances our Canadian crude infrastructure footprint and creates an additional platform for long-term growth. Together, with the previously announced Wink-to-Gateway Integration project, these initiatives support our targeted 7%+ Infrastructure EBITDA per share growth over the next five years and underpin our ability to continue delivering sustainable shareholder returns.”
Financial Highlights:
- Infrastructure Adjusted EBITDA(1) of $622 million for the full year, including $160 million in the fourth quarter, a $21 million increase over the full year 2024, primarily due to reduced operating costs, contributions from key capital projects coming online, and increased throughput at the Edmonton and Gateway Terminals, partially offset by a weakening U.S. dollar and lower volume at the Hardisty Terminal
- Marketing Adjusted EBITDA(1) of $15 million for the full year, including $1 million in the fourth quarter, a $48 million decrease over full year 2024, reflecting a challenging environment for both crude marketing and refined products
- Adjusted EBITDA(1) on a consolidated basis of $581 million for the full year, including $145 million in the fourth quarter, a $29 million decrease over the full year 2024, primarily due to the impact of items affecting segment EBITDA as noted above and a slight increase in general and administrative costs
- Net income of $198 million for the full year, including $41 million in the fourth quarter, a $45 million increase over the full year 2024, primarily due to the impact of items affecting Adjusted EBITDA(1) as noted above, movement in unrealized gains and losses for corporate financial instruments, partially offset by foreign exchange losses
- Distributable Cash Flow(1) of $337 million for the full year, including $79 million in the fourth quarter, a $38 million decrease over the full year 2024, primarily due to lower adjusted EBITDA as noted above as well as higher spending on replacement capital in the current year, offset by lower current income taxes and lease payments
- Dividend payout ratio(2) on a trailing twelve-month basis of 84%
- Net debt to adjusted EBITDA(2) ratio of 3.9x at December 31, 2025 compared to 3.5x at December 31, 2024
Strategic Developments and Highlights:
- Subsequent to the quarter, announced the strategic acquisition of Teine Energy’s portfolio of Chauvin Infrastructure Assets for $400 million; the acquisition will extend Gibson’s strategic footprint in Canada and support infrastructure growth; the transaction is expected to deliver mid single-digit accretion to distributable cash flow per share and is anticipated to close in Q2, 2026, subject to regulatory approvals
- Today, Gibson closed its previously announced $215 million bought deal common equity offering, including the exercise in full of the over-allotment option by the underwriters
- Subsequent to the quarter, Gibson’s Board of Directors approved a quarterly dividend of $0.45 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April
- On December 2, 2025, the Company announced major contract extensions of 20 and 10 years at Edmonton and the sanctioning of a new Wink-to-Gateway Integration project
(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.
Management’s Discussion and Analysis and Financial Statements
The 2025 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2025, as compared to the three months and year ended December 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.
Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2025 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 18, 2026.
To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:
Registration at least five minutes prior to the conference call is recommended.
This call will also be broadcast live on the Internet and may be accessed directly at the following URL:
The webcast will remain accessible for a 12-month period at the above URL.
Supplementary Information
Gibson has also made available certain supplementary information regarding the 2025 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.
About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
For further information, please contact:
Investor Relations
Phone: (403) 776-3077
Email: investor.relations@gibsonenergy.com
Media
Phone: (403) 476-6334
Email: communications@gibsonenergy.com
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