Rockpoint Gas Storage (RGSI) investor relations material

Executive summary

• Achieved strong progress on strategic priorities, including maximizing asset value, growing contracted fee-for-service cash flows, and advancing capital-efficient brownfield and battery storage projects.

• Fee-for-service gross margin increased 7% over the last 12 months, with long-term take-or-pay gross margin up 20% due to higher storage rates and contracted volumes.

• Secured a significant long-term storage agreement post-quarter-end and maintained strong demand in Alberta and California, with early contracting and increased customer engagement.

• Repurchased 369,000 Class A shares for CAD 10.5 million between June and July 2026, and 168,996 shares for C$4.8 million during the quarter, reflecting disciplined capital allocation.

• Warwick Battery Storage project remains on budget, expected in service fiscal 2028; Warwick Gas Storage Expansion received regulatory approval, adding 3.5 Bcf in 2027 and up to 5 Bcf in 2028.

Financial highlights

• Adjusted gross margin for Q1 2027 was $93 million, down from $96 million year-over-year; last twelve months adjusted gross margin was $456.3 million, up from $425.8 million.

• Net earnings for the quarter were $57 million, up from $48 million; last twelve months net earnings totaled $215.1 million, up from $212.1 million.

• Adjusted EBITDA for Q1 was $75 million, compared to $77 million in the prior period; last twelve months adjusted EBITDA was $383.7 million, up from $351.9 million.

• Distributable cash flow for Q1 was $48 million, up from $47 million; last twelve months distributable cash flow was $253.4 million, up from $231.4 million.

• Fee-for-service gross margin represented 84% of adjusted gross margin for the last twelve months, consistent with the prior year.

Outlook and guidance

• Expect continued reinvestment of excess distributable cash flow into organic capital projects, strategic investments, and opportunistic share buybacks.

• Targeting medium-term take-or-pay gross margin contribution of 60%.

• Committed to delivering a competitive annual total return of 15% over the long-term, with 5%-6% distributable cash flow growth and 4%-5% distributable cash growth from capital projects.

• Brownfield capital deployment outlook remains at up to $150 million, targeting a 4-6x build multiple.

• Well positioned to grow long-term fee-for-service and optimization cash flows, supported by strong market fundamentals and energy market volatility.