Keyera Announces 2025 Fourth Quarter and Year-End Results

Press Release

CALGARY, AB, Feb. 12, 2026  – Keyera Corp. (TSX: KEY) (“Keyera”) announced its fourth quarter and year-end financial results today, the highlights of which are included in this news release. To view Management’s Discussion and Analysis (the “MD&A”) and financial statements, visit either Keyera’s website or its filings on SEDAR+ at www.sedarplus.ca.

“2025 was a transformational year for Keyera as we meaningfully advanced our strategy to strengthen and extend our integrated NGL value chain,” said Dean Setoguchi, President and CEO. “We achieved this through the sanctioning of three major growth projects, a strategic tuck-in acquisition in Gathering and Processing, and the transformational acquisition of Plains’ Canadian NGL business, all while delivering record annual fee-based segment margin contributions. Upon closing, the acquisition of Plains’ Canadian NGL business will expand our national platform, brings critical Canadian energy infrastructure under Canadian ownership, and strengthens our ability to reinvest in Canada while delivering greater reliability, competitiveness, and value for customers across the country. Looking ahead, our focus is on safe and successful execution of our growth program and, following completion of the transaction, the integration of Plains to unlock synergies and drive long-term shareholder value.”

Fourth Quarter and Year-End Highlights

• Financial Results
  • Adjusted earnings before interest, taxes, depreciation, and amortization¹ (“adjusted EBITDA”) for the quarter were $301 million (Q4 2024 – $313 million) and $1.13 billion for the full year (2024 – $1.28 billion). Excluding transaction costs related to the Plains acquisition, adjusted EBITDA would have been $313 million for the fourth quarter, and $1.16 billion for the full year. These results reflect increased year-over-year contributions from the Gathering and Processing and Liquids Infrastructure segments which were more than offset by lower Marketing segment contributions.
  • Distributable cash flow¹ (“DCF”) for the quarter was $206 million or $0.90 per share (Q4 2024 – $168 million or $0.73 per share) and $735 million or $3.21 per share for the full year (2024 – $771 million or $3.36 per share). Excluding transaction costs, DCF would have been $224 million or $0.98 per share for the quarter, and $767 million or $3.35 per share for the full year.
  • Net earnings for the quarter were $90 million (Q4 2024 – $89 million) and $432 million for the full year (2024 – $487 million).
• Record Annual Fee-For-Service Realized Margin¹ Driven by the Continued Filling of Available Capacity
  • The Gathering and Processing segment generated quarterly realized margin¹ of $106 million (Q4 2024 – $107 million) and a record $439 million for the full year (2024 – $413 million). Results were driven primarily by increased throughput at the Wapiti and Simonette gas plants as contracted volumes continued to ramp up.
  • The Liquids Infrastructure segment achieved quarterly realized margin¹ of $150 million (Q4 2024 – $153 million) and a record $593 million for the full year (2024 – $558 million). Performance was driven primarily by higher contracted volumes through Keyera’s condensate system and the KAPS pipeline.
• Marketing Segment Results
  • The Marketing segment recorded realized margin¹ of $89 million for the quarter (Q4 2024 – $99 million) and $300 million for the full year (2024 – $485 million). Results mainly reflected lower iso-octane prices and volumes sold, generally weaker commodity prices, and reduced contribution from blending activities.
• Strong Financial Position – The company ended the quarter with net debt to adjusted EBITDA² of 1.8 times, which reflects the temporary benefit of the hybrid issuance proceeds generated in Q3 of 2025. This is below the company’s long-term target range of 2.5 to 3.0 times.
• Progressing the Plains Acquisition – All required regulatory reviews and approval processes are advancing as expected, and the transaction is expected to close around the end of the first quarter of 2026, subject to the satisfaction of the final conditions to closing.
• Simonette Area Gas Plant Acquisition – During the quarter the company completed a strategic acquisition of a 50.1% working interest in two gas plants and associated infrastructure in the Simonette area from a privately held company for approximately $200 million in cash. The investment delivers immediate cash flow, generates strong returns on capital, and secures additional long-term volumes for the North Region and other downstream integrated assets, driving further value creation. The transaction also unlocks potential follow-on growth opportunities in the area.
• Sale of Wildhorse Terminal – In early 2026, Keyera completed the sale of its interest in the non-core Wildhorse Terminal in Oklahoma to a subsidiary of Plains All American Pipeline, L.P. for approximately USD $65 million. The proceeds from the sale will be reflected through closing price adjustments related to the acquisition of Plains’ Canadian NGL business. The transaction is consistent with Keyera’s strategy to optimize its asset base and recycle capital into higher-return opportunities.

Growth Projects Progressing on Time and On Budget

Over the quarter, Keyera’s major projects under construction progressed well. All projects remain on track to be delivered on time and on budget:

• KFS Frac II Debottleneck – Detailed engineering was completed, with delivery of major equipment underway, and fabrication continuing to progress. The 8,000 barrel per day project is expected to be in-service by the middle of this year for approximately $85 million.
• KFS Frac III Expansion – Early works construction was completed while detailed engineering and procurement activities continued to progress. The 47,000-barrel-per-day project, which includes additional egress investments at the KFS complex, remains on schedule for in-service in mid-2028 and on budget with an estimated net cost of approximately $490 million.
• KAPS Zone 4 – Detailed engineering and early field activities continued to progress. The 85-kilometre pipeline extension from Pipestone to Gordondale remains on track for in-service in mid-2027 and on budget, with a net cost to Keyera of approximately $220 million.

2025 Guidance Results

• Marketing segment realized margin¹ in 2025 was $300 million, at the top end of the latest guidance range of $280 million and $300 million.
• Growth capital expenditures in 2025 were $222 million, within the latest guidance of $220 million and $240 million.
• Maintenance capital expenditures were $61 million, within the latest guidance of $60 million to $70 million.
• Cash taxes for the year were $83 million, below the latest guidance of $90 million to $100 million.

2026 Stand-alone Guidance (Pre-Plains Closing)

Keyera is providing a summary of its 2026 stand-alone guidance ahead of the closing of the Plains acquisition.

On January 19, 2026, Keyera announced an extended unplanned outage at the Alberta Envirofuels Facility (“AEF”) to address a component failure involving long-life equipment that had been replaced approximately three years ago as part of the facility’s ongoing maintenance and reliability programs. An investigation into the cause of the early equipment failure is ongoing. Based on the expected timing required to fabricate, deliver, and install replacement components, AEF is currently expected to return to service in May 2026. During the outage period, Keyera plans to complete the previously scheduled six-week major turnaround originally planned for fall 2026, eliminating the need for a separate shutdown later in the year. The guidance summarized below includes the previously announced impacts of the extended unplanned outage.

• Consistent with prior years, Marketing segment realized margin¹ guidance will be provided with first quarter results in mid-May, following the conclusion of the NGL contracting season. As previously disclosed, this guidance will reflect the approximately $110 million expected impact associated with the unplanned AEF outage.
• 2026 growth capital expenditures are reaffirmed to range between $400 million and $475 million.
• As previously announced, maintenance capital expenditures are expected to range between $140 million and $160 million, reflecting an increase from the prior range of $130 million to $150 million.
• As previously announced, cash taxes are expected to decrease by approximately $30 million as a result of the AEF outage and are expected to range between $60 million and $70 million on a stand-alone basis.

Leadership Update

As Keyera prepares for the closing of the Plains acquisition, the Company has reorganized its leadership reporting structure to better position the business for its next phase of growth. The updated structure is designed to drive competitiveness across Keyera’s integrated platform by strengthening accountability, improving coordination across business units, and enhancing the Company’s ability to execute efficiently.

Under the new structure, Brad Slessor has been appointed Senior Vice President, G&P & NGL Pipelines Business Unit, with responsibility for gas gathering and processing operations and NGL pipeline assets. Brad was previously Vice President, G&P & KAPS Business Development and has been promoted to the role.

Jamie Urquhart will assume the role of Senior Vice President, Liquids Business Unit, overseeing Keyera’s liquids infrastructure assets, including fractionation, storage, and terminals, and the Company’s Marketing business.

Following the implementation of the updated leadership structure, Jarrod Beztilny, Senior Vice President, Operations and Engineering, has decided to voluntarily depart the Company to pursue other interests.

“This organizational structure strengthens our ability to compete and execute as we continue to grow and integrate the business,” said Dean Setoguchi, President and Chief Executive Officer. “I would like to congratulate Brad on his promotion and expanded responsibilities. On behalf of the Board of Directors and the entire Keyera team, I also want to thank Jarrod for his contributions to the Company.”

These changes are effective February 2, 2026.

Summary of Key Measures	Three months ended     December 31,			Twelve months ended     December 31,
(Thousands of Canadian dollars, except where noted)	2025	2024		2025		2024
Net earnings	90,266	88,906		432,335		486,628
Per share ($/share) – basic	0.39	0.39		1.89		2.12
Cash flow from operating activities	290,071	316,431		774,539		1,265,788
Funds from operations1	234,485	227,274		853,617		962,438
Distributable cash flow1	205,547	168,301		735,157		770,914
Per share ($/share)1	0.90	0.73		3.21		3.36
Distributable cash flow1 (adjusted for acquisition-related items)	224,287	168,301		767,153		770,914
Per share ($/share)1	0.98	0.73		3.35		3.36
Dividends declared	123,813	119,160		485,945		467,473
Per share ($/share)	0.54	0.52		2.12		2.04
Payout ratio %1	60 %	71 %		66 %		61 %
Payout ratio %1 (adjusted for acquisition-related items)	55 %	71 %		63 %		61 %
Adjusted EBITDA1	300,918	312,732		1,131,472		1,275,275
Adjusted EBITDA1 (adjusted for acquisition-related items)	312,675	312,732		1,160,444		1,275,275
Operating margin	345,913	307,295		1,381,111		1,385,601
Realized margin1	345,317	359,189		1,332,852		1,454,867
Gathering and Processing
Operating margin	100,691	107,834		434,090		412,600
Realized margin1	106,280	107,303		439,377		412,718
Gross processing throughput3 (MMcf/d)	1,533	1,532		1,550		1,492
Net processing throughput3 (MMcf/d)	1,393	1,380		1,412		1,324
Liquids Infrastructure
Operating margin	147,980	154,295		592,355		557,021
Realized margin1	150,338	152,576		593,295		557,590
Gross processing throughput4 (Mbbl/d)	185	187		175		176
Net processing throughput4 (Mbbl/d)	106	102		101		97
AEF iso-octane production volumes (Mbbl/d)	12	15		12		13
Marketing
Operating margin	97,308	45,264		354,914		416,129
Realized margin1	88,765	99,408		300,428		484,708
Inventory value	206,491	270,225		206,491		270,225
Sales volumes (Bbl/d)	248,600	243,500		224,300		207,500
Acquisitions	200,000	—		212,567		—
Growth capital expenditures	108,768	48,580		221,599		115,985
Maintenance capital expenditures	12,532	44,435		60,925		136,340
Total capital expenditures	321,300	93,015		495,091		252,325
Weighted average number of shares outstanding – basic and diluted	229,283	229,153		229,205		229,153
As at December 31,				2025		2024
Long-term debt5				5,917,088		3,379,498
Credit facility				—		—
Working capital (surplus) deficit (current assets less current liabilities)					(2,288,319)	60,930
Net debt				3,628,769		3,440,428
Common shares outstanding – end of period				229,283		229,153

CEO’s Message to Shareholders

Delivering a stronger, more integrated platform for long-term growth. 2025 was a transformational year for Keyera as we delivered on our strategy and continued to strengthen our integrated value chain with a clear focus on enhancing the competitiveness of our business. I am very proud of what our team accomplished during the year, including filling available capacity across our asset base to deliver record annual fee-based EBITDA, advancing a disciplined portfolio of capital-efficient growth projects, and taking important steps to further expand and integrate our system. Together, these actions position Keyera for sustained, long-term growth and our ability to compete across the value chain.

Disciplined execution and building a stronger Canadian energy system. Execution remains at the core of our strategy. We are making strong progress on three highly strategic growth projects currently under construction, while also preparing for the post-closing integration of Plains’ Canadian NGL business. Across these initiatives, our focus is consistent: safe and reliable operations, disciplined capital deployment, and efficient project execution. The addition of Plains’ Canadian NGL business is expected to further strengthen our integrated platform, enhancing connectivity, improving operational efficiency, and expanding market access for our customers. The transaction also establishes a fully integrated, cross-Canada NGL system under Canadian ownership, strengthening energy security, supporting long-term competitiveness, and enabling the reinvestment of cash flows back into the Canadian economy. We look forward to welcoming new colleagues and combining their experience with Keyera’s capabilities as we continue to advance our strategy.

Active portfolio management to drive value. We continue to actively manage our portfolio to strengthen our integrated footprint and enhance returns. During the year, we expanded our presence in the Simonette area through the acquisition of a working interest in two gas plants, immediately adding cash flow secured by long-term commitments and further supporting utilization across our downstream assets. At the same time, we divested our interest in the non-core Wildhorse terminal in Oklahoma. Together, these actions reflect our ongoing focus on optimizing our asset base and redeploying capital toward higher-return opportunities aligned with our integrated strategy.

Positioned to grow with a resilient Western Canada basin. Keyera’s long-term growth continues to be underpinned by one of the most competitive and resilient energy basins in the world. Western Canada benefits from low-cost, long-life production and improving access to global markets. With an increasingly constructive policy environment, our integrated infrastructure, disciplined approach to investment, and focus on reliability and efficiency, Keyera plays an important role in supporting a more competitive Canadian energy industry. Our strong financial position and customer-focused approach position the Company well to continue creating long-term value for customers and shareholders.

On behalf of the Board of Directors and management team, I would like to thank our employees, customers, shareholders, Indigenous rights holders, and other stakeholders for their continued support. Together, we will continue to build on our momentum and advance Keyera’s role in supporting Canada’s energy future.

Dean Setoguchi
President and Chief Executive Officer
Keyera Corp.

Notes:
1	Keyera uses certain non-Generally Accepted Accounting Principles (“GAAP”) and other financial measures such as EBITDA, adjusted EBITDA, funds from operations, distributable cash flow, distributable cash flow per share, payout ratio, realized margin, fee-for-service realized margin and compound annual growth rate (“CAGR”) for fee-based adjusted EBITDA. Since these measures are not standard measures under GAAP, they may not be comparable to similar measures reported by other entities. For additional information, and where applicable, for a reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measure, refer to the section of this news release titled “Non-GAAP and Other Financial Measures”. For the assumptions associated with the base realized margin guidance for the Marketing segment, refer to the sections titled “Segmented Results of Operations: Marketing”, “Non-GAAP and Other Financial Measures” and “Forward-Looking Statements” of Management’s Discussion and Analysis for the period ended December 31, 2025.
2	Ratio is calculated in accordance with the covenant test calculations related to the company’s credit facility and senior note agreements and excludes hybrid notes.
3	Includes gas volumes and the conversion of liquids volumes handled through the processing facilities to a gas volume equivalent. Net processing throughput refers to Keyera’s share of raw gas processed at its processing facilities.
4	Fractionation throughput in the Liquids Infrastructure segment is the aggregation of volumes processed through the fractionators and the de-ethanizers at the Keyera and Dow Fort Saskatchewan facilities.
5	Long-term debt includes the total value of Keyera’s hybrid notes which receive 50% equity treatment by Keyera’s rating agencies. The hybrid notes are also excluded from Keyera’s covenant test calculations related to the company’s credit facility and senior note agreements.

Fourth Quarter and Year-End 2025 Results Conference Call and Webcast

Keyera will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the financial results for the fourth quarter and year-end of 2025 at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, February 12, 2026. Callers may participate by dialing 1-888-510-2154 or 1-437-900-0527. A recording of the conference call will be available for replay until 10:00 PM Mountain Time on February 26, 2026 (12:00 AM Eastern Time on February 27, 2026), by dialing 888-660-6345 or 289-819-1450 and entering passcode 60215.

To join the conference call without operator assistance, you may register and enter your phone number here to receive an instant automated call back. This link will be active on Thursday, February 12, 2026, at 7:00 AM Mountain Time (9:00 AM Eastern Time).

A live webcast of the conference call can be accessed here or through Keyera’s website at http://www.keyera.com/news/events. Shortly after the call, an audio archive will be posted on the website for 90 days.

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:

Dan Cuthbertson, General Manager, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations

Email: ir@keyera.com
Telephone: 403-205-7670
Toll free: 888-699-4853

For media inquiries, please contact:
Amanda Condie, Manager, Corporate Communications
Email: media@keyera.com
Telephone: 1-855-797-0036

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