Pembina Pipeline Corporation Reports Results for the Fourth Quarter of 2025 and Provides Business Update
Press Release
All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles (“GAAP”), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see “Non-GAAP and Other Financial Measures” herein.
CALGARY, AB, February 26, 2026 – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE:
PBA) announced today its financial and operating results for the fourth quarter and full year of 2025.
Highlights
⦁ Strong Financial Results – reported 2025 full year earnings of $1,694 million, adjusted EBITDA of $4,289 million, and adjusted cash flow from operating activities of $2,854 million ($4.91 per share). Reported fourth quarter earnings of $489 million, adjusted EBITDA of $1,075 million, and adjusted cash flow from operating activities of $731 million ($1.26 per share).
⦁ Record Volumes – achieved record annual Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day, representing a three percent increase over 2024.
⦁ Pipeline Expansions Sanctioned – Pembina is proceeding with two conventional pipeline expansion projects totalling $425 million to service growing volumes in northeast British Columbia and Alberta. The Birch-to-Taylor Expansion includes a new 95-kilometre pipeline and facility upgrades that will add approximately 120,000 barrels per day (“bpd”) of capacity in that corridor. The initial scope of the Taylor-to-Gordondale Expansion includes new and upgraded pump stations downstream of Taylor, British Columbia and a new 16-kilometre pipeline connecting production in Alberta to the Gordondale pump station.
⦁ Cedar LNG – as previously disclosed, during the quarter, Pembina entered into long-term agreements with a subsidiary of Petroliam Nasional Berhad (“PETRONAS”) and Ovintiv Inc. (“Ovintiv”) for 1.0 and 0.5 million tonnes per annum (“mtpa”), respectively to complete the remarketing of Pembina’s 1.5 mtpa of capacity at the Cedar LNG facility. These agreements further validate the Cedar LNG project and highlight the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distances to Asian markets.
⦁ New Commercial Agreements – Pembina and PGI have entered into long-term, take-or-pay agreements with Tourmaline Oil (“Tourmaline”) that include 270 million cubic feet per day (“mmcf/d”) of gas processing at PGI, as well as transportation on the Peace Pipeline, and fractionation at the Redwater Complex.
Financial and Operational Overview
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