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Keyera (KEY) investor relations material
Keyera Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record results in Liquids Infrastructure and Gathering & Processing, driven by higher utilization, strong fee-for-service business, and strategic acquisitions including Plains' Canadian NGL business and Simonette gas plants.
Sanctioned major growth projects such as KFS Frac II Debottleneck, KFS Frac III, and KAPS Zone 4, all highly contracted to support future growth.
Divested non-core assets like the Wildhorse terminal to optimize the portfolio and recycle capital into higher-return opportunities.
Implemented leadership and organizational changes to support integration and future growth, especially ahead of the Plains acquisition.
Fully integrated liquids infrastructure platform supports growth from Montney and Duvernay resource plays, with a deep inventory of capital-efficient projects.
Financial highlights
Annual Adjusted EBITDA reached CAD 1.16 billion, excluding deal and integration costs for the Plains acquisition; distributable cash flow was CAD 767 million, or CAD 3.35 per share.
Annual net earnings totaled CAD 432 million; payout ratio for the year was 66%, or 63% adjusted for acquisition-related items.
Gathering & Processing segment delivered record annual Realized Margin of CAD 439 million, up from CAD 413 million year-over-year.
Liquids Infrastructure realized margin was a record CAD 593 million, up from CAD 558 million in 2024.
Marketing segment realized margin was CAD 300 million, down from CAD 485 million last year, mainly due to lower isooctane sales and weaker commodity prices.
Outlook and guidance
Growth capital for 2026 expected between CAD 400 million and CAD 475 million; maintenance capital between CAD 140 million and CAD 160 million; cash taxes projected at CAD 60 million to CAD 70 million.
Marketing segment margin guidance for 2026 will reflect a CAD 110 million impact from the AEF outage, with updated guidance to be provided in Q1 2026.
Pro forma guidance and comprehensive outlook for the combined platform to be issued after the Plains acquisition closes.
Reiterated 7%-8% fee-for-service EBITDA growth outlook through 2027, supported by high take-or-pay contracts and sanctioned projects.
Plains acquisition expected to deliver $100 million in annual cost synergies and expand the NGL value chain across Canada and into the U.S.
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