AltaGas Q1 Earnings Call Highlights

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Sat, May 2, 2026 astatine 3:07 PM CDT 9 min read

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Key Points

Record Q1 results: AltaGas reported normalized EBITDA of CAD 818 million and normalized EPS of CAD 1.33, with leverage improved to 4.4x and absorption saying the institution is positioned “towards the apical end” of its 2026 guidance portion expanding 2026 superior expenditure to CAD 1.7 billion.
Midstream outperformance driven by exports and Montney growth: Midstream EBITDA roseate 39% to CAD 273 million, aided by astir 125,000 barrels/day of LPG exports (RIPET acceptable a grounds >88,000 bpd) and a 14% summation successful Montney volumes, with astir 82% of remaining 2026 export volumes tolled oregon hedged.
REEF advancement and enlargement pipeline: REEF Phase I is astir 75% complete with ~90% of superior incurred oregon committed; the institution is gathering Optimization 1 (adds 30,000 bpd) and readying Optimization 2 (60,000 bpd), and says the tract could yet export up to 500,000 bpd of LPG implicit time.
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AltaGas (TSE:ALA) reported what absorption called a grounds archetypal 4th to commencement 2026, driven by beardown show successful some its Midstream and Utilities businesses amid supportive vigor fundamentals and a choky planetary LPG market.

Record 4th and improved leverage

President and CEO Vern Yu said the institution delivered “record fiscal results successful Q1,” with normalized EBITDA of CAD 818 cardinal and normalized EPS of CAD 1.33. Yu said results exceeded interior expectations and “put america successful a precise beardown presumption for the equilibrium of the year.”

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On the equilibrium sheet, Yu noted leverage closed astatine 4.4x, down from 4.7x astatine year-end and “slightly beneath our 4.5-5 times people range.” CFO Sean Brown added that leverage benefited from higher-than-expected EBITDA and first-quarter superior spending that was “slightly beneath expectations owed to acold upwind limiting enactment aboriginal successful the year.” Brown said AltaGas expects leverage to beryllium wrong its 4.5-5.0x scope by year-end 2026 fixed the seasonality of the concern and an accrued superior program.

Utilities results supported by complaint outcomes and acold upwind

Brown said the Utilities conception delivered normalized EBITDA of CAD 555 million, up 11% year-over-year. He attributed the summation to incremental gross from “positive complaint lawsuit outcomes successful D.C. and caller interim rates successful Virginia,” arsenic good arsenic modernization investments and stronger plus optimization, “the benefits of which we stock with our customers.”

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Utilities results besides included a CAD 35 cardinal summation tied to a partial colony of WGL’s post-retirement pension plan. Brown said results were partially offset by little retail show and higher G&A expenses related to worker inducement plans linked to the company’s stock price.

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