Keyera Announces 2026 First Quarter Results

Press Release

CALGARY, AB, May 14, 2026 – Keyera Corp. (TSX: KEY) (“Keyera”) today announced its results for the first quarter ended March 31, 2026. 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.

“Keyera’s first quarter results reflect continued execution of our strategy to extend our integrated value chain,” said Dean Setoguchi, President and CEO. “Our fee-for-service business delivered strong performance, including record contributions from our Gathering and Processing segment, highlighting the competitiveness of our assets and the ongoing demand for our integrated services. Following the quarter, we also successfully closed the acquisition of Plains’ Canadian NGL business, a significant milestone that expands our platform and enhances our ability to deliver greater connectivity, market access and reliability for our customers. We are now focused on disciplined integration and delivering on the strategic and financial commitments we outlined at announcement.”

First Quarter Highlights

• Financial Results
  • Adjusted earnings before interest, taxes, depreciation and amortization¹ (“adjusted EBITDA”) were $203 million (Q1 2025 – $298 million). Excluding transaction costs related to the Plains acquisition, adjusted EBITDA¹ was $232 million. Results reflect record quarterly contributions from the Gathering and Processing segment, which were more than offset by lower contributions from the Marketing segment which was impacted by the AEF outage.
  • Distributable cash flow¹ (“DCF”) was $101 million, or $0.44 per share (Q1 2025 – $190 million, or $0.83 per share). Excluding transaction costs related to the Plains acquisition, DCF¹ was $133 million, or $0.58 per share.
  • Net loss of $122 million (Q1 2025 net earnings – $130 million).
• Fee-For-Service Segment Realized Margin¹
  Fee-for-service realized margin¹ continues to reflect the strength of Keyera’s integrated asset base and the ongoing demand for its services, supported by high utilization and long-term contracted volumes.
  • The Gathering and Processing segment generated record quarterly realized margin¹ of $118 million (Q1 2025 – $109 million), driven by record throughput at the Wapiti gas plant and contributions from the recently acquired interest in the Simonette East gas plants.
  • The Liquids Infrastructure segment generated realized margin¹ of $141 million (Q1 2025 – $152 million). Results included record throughput across Keyera’s condensate handling systems, supported by continued growth in oil sands production. Results were impacted by the AEF outage, which reduced processing margin within the segment.
• Marketing Segment Update and AEF Restart
  • Following the previously announced outage at the Alberta EnviroFuels (“AEF”) facility, the required repairs have been completed. Keyera is also completing a six-week turnaround that had been planned for fall 2026, eliminating the need for a separate shutdown later in the year. The facility is expected to return to full operating capacity by the end of May.
  • The Marketing segment recorded realized margin¹ of $13 million (Q1 2025 – $78 million). The year-over-year decrease was primarily attributable to the AEF outage, including the timing of butane inventory risk management activities, where the impact of settled contracts in the quarter was not yet offset by corresponding physical sales of iso-octane. These impacts are expected to largely reverse over the remainder of the year as physical volumes are sold.
  • Following the completion of the NGL contracting season, and consistent with prior practice, Keyera is providing 2026 Marketing segment realized margin¹ guidance on a stand-alone basis, excluding the additional Marketing margin expected from the Plains acquisition. Marketing realized margin¹ is expected to range between $210 million and $250 million, with the majority of contributions weighted toward the second half of the year. This outlook reflects the AEF outage, as well as the role of Keyera’s risk management program in mitigating the effect of commodity price volatility.
• Strong Financial Position
  • The company ended the quarter with net debt to adjusted EBITDA² of 2.2 times, reflecting the temporary benefit of the hybrid issuance proceeds, offset by lower contributions from the Marketing segment. This remains below the company’s long-term target range of 2.5 to 3.0 times and provides continued financial flexibility to fund growth and execute on strategic priorities.

Major Growth Projects Update

• Keyera’s core growth projects continue to progress well, with KAPS Zone 4 and KFS Frac III on track and on budget, while the KFS Frac II debottleneck remains on schedule for completion by the end of June and is now expected to cost approximately $75 million, below its original cost estimate of $85 million.

Reaffirming 2026 Stand-Alone Guidance Update (Pre-Plains Acquisition Closing)

• Keyera remains on track to achieve its target of 7–8% fee-based adjusted EBITDA CAGR¹ between 2024 and 2027, supported by the continued filling of available capacity across its integrated system, along with contributions from sanctioned growth projects.
• Growth capital expenditures are expected to range between $400 million and $475 million, with the majority directed toward sanctioned growth projects, including the KFS Frac II debottleneck, the KFS Frac III expansion and KAPS Zone 4.
• Maintenance capital expenditures are expected to range between $140 million and $160 million.
• Cash taxes are expected to range between $60 million and $70 million.

Closing of Plains’ Canadian NGL Business Acquisition

Subsequent to quarter-end, Keyera successfully closed its acquisition of Plains’ Canadian NGL business. The transaction materially expands Keyera’s integrated NGL platform, enhancing connectivity across the basin and providing customers with improved access to markets, greater flexibility and increased reliability.

As previously disclosed, the Commissioner of Competition has filed an application with the Competition Tribunal in connection with the transaction. Keyera disagrees with the Commissioner’s characterization of the Transaction and remains highly confident that the combined platform adds more value for customers through a more efficient Canadian-based NGL network. The Company also remains highly confident in the strategic and financial merits of the Transaction.

The Company is now focused on integration activities and capturing identified operational and commercial synergies.

CEO’s Message to Shareholders

We recently completed a transformative step forward. Two days ago, we announced the successful completion of the acquisition of Plains’ Canadian NGL assets. This transaction expands our platform, enhances connectivity across our system and improves our ability to efficiently process, transport and market products across Canada.

For our customers, it provides greater access to key demand markets, improved reliability and more optionality across the value chain. For shareholders, it enhances the efficiency of our platform, supporting long-term growth and value creation. The transaction also brings critical energy infrastructure under Canadian ownership and supports the development of a more integrated national NGL network.

We were well prepared for the possibility of this matter proceeding before the Competition Tribunal and remain confident in the strength of our case and the long-term strategic rationale for the transaction. Our focus is now on disciplined integration and capturing expected synergies.

We are delivering on our strategy. Over the past year, we have sanctioned three major growth projects, including the KFS Frac II debottleneck, the Frac III expansion and KAPS Zone 4, all of which are highly contracted and directly aligned with our strategy. We also entered into a commercial export agreement with AltaGas to provide customers with improved access to international pricing, further strengthening our service offering.

At the same time, we have continued to optimize our asset base. We completed the sale of our non-core Wildhorse asset and redeployed that capital into an interest in two gas plants in the Simonette area, strengthening our position in a core growth region. Across our North region, we continue to fill available capacity at Wapiti and Simonette, driving increased utilization and contributing to record performance in Gathering and Processing. These actions reflect our disciplined approach to capital allocation and our focus on building a more efficient and competitive platform.

We are enabling Canada’s energy to reach global markets. The need for reliable, secure and responsibly produced Canadian energy has never been stronger, reinforced by recent geopolitical developments. Keyera plays an important role in enabling that growth by efficiently connecting customers to the markets that need their products, helping them maximize value for their production.

Our integrated system is designed to support this outcome, and the Plains acquisition further strengthens our ability to deliver it. With a more connected platform, we are better positioned to enable continued growth in the basin and improve market access for Canadian energy. This supports ongoing investment, economic activity and job creation across the country.

We are focused on improving the reliability of AEF. While the reliability of the asset has been below expectations, we recognize the importance of AEF to our business and the value it delivers. During the recent outage and turnaround, we completed a comprehensive review of the facility and its operating plan.

As a result, we expect to enhance our maintenance strategy by supplementing the existing four-year major turnaround cycle with a smaller planned outage between major turnarounds. Our objective is to maximize long-term production and reliability while ensuring safe and efficient operations, with the goal of maximizing iso-octane production over each four-year operating cycle. We remain confident in our go-forward plan and long-term value the asset can deliver.

We are well positioned to build on this momentum. We will remain focused on executing our strategy, strengthening our integrated value chain and delivering value for our customers and shareholders. On behalf of our Board and management team, we would like to thank our employees, customers, shareholders, Indigenous rights holders and other stakeholders for their continued support.

Dean Setoguchi
President and Chief Executive Officer
Keyera Corp.

First Quarter 2026 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 first quarter of 2026 at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, May 14, 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 May 28, 2026 (12:00 AM Eastern Time on May 29, 2026), by dialing 888-660-6345 or 289-819-1450 and entering passcode 30975.

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, May 14, 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 Events & Presentations – Keyera. Shortly after the call, an audio archive will be posted on the website for 90 days.

2026 Annual and Special Meeting of Shareholders

Keyera’s Annual Meeting will be held in-person and virtually. The in-person meeting will take place at the Lumi Experience Studio located at Suite 1410, 225 6 Ave SW in Calgary, AB and shareholders wishing to attend virtually can do so via live audio webcast. The webcast link can be found here or on Keyera’s website at https://www.keyera.com under Investors, Annual meeting.

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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