Pembina Pipeline Corp. Ordinary Shares (Canada)

are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 7, 2025. I would now like to turn the conference over to Dan Tucanel, VP of Capital Markets. Please go ahead.

Thank you, Dani. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the third quarter of 2025. On the call today, we have Scott Burrows, President and CEO, and Cameron Golde, Senior Vice President and Chief Financial Officer, along with other members of Pembina's leadership team. I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments, and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties, which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's management's discussion and analysis dated November 6, 2025. For the period ended September 30, 2025, as well as the press release Pemina issued yesterday. All materials are available online at Pemina.com and on both CDAR Plus and EDGAR. I will now turn things over to Scott.

Thanks, Dan. Yesterday, we reported our third quarter results, which were highlighted by quarterly adjusted EBITDA of $1.034 billion. We remain on track to deliver full year results within our original 2025 adjusted EBITDA guidance range. And as Cam will discuss in more detail, and as we are three quarters of the way through 2025, We have updated and narrowed our guidance range to $4.25 billion to $4.35 billion. As we highlighted in the release yesterday, Pemina continues to execute its strategy, through which we strive to do two things. One, ensure the long-term resilience of our business, and two, provide investors with visibility to attractive growth through the end of the decade and beyond. The execution of Pemina's strategy is highlighted by a number of recent developments. First, earlier this week, we were pleased to sign a 20-year agreement with Petronas for 1 million tons per annum of Pemina's liquefaction capacity at the Cedar LNG facility. Petronas is a global LNG industry leader and one of the largest gas producers in Canada. We are very excited to expand our relationship with them and see this as an important development in Pemina's ongoing expansion of its export business. Pemina previously signed a 20-year take-or-pay liquefaction polling service agreement for 1.5 million tons per annum of LNG to support the final investment decision on Cedar in June of 2024. and ultimately maintain key project timing and economic parameters within the expectation of remarketing the capacity at a later stage. By remarketing our CEDAR capacity, we are fulfilling Pemina's commitment to its financial guardrails and ensuring that the company's expansion into the LNG business is done within the risk profile of its existing business, characterized by its predominantly long-term, highly contracted, fee-based cash flow streams. We expect to reach definitive agreements for the remaining 0.5 million tons of our capacity by the end of 2025. Meanwhile, the project itself remains on time and on budget. Construction of the floating LNG vessel, including the hull and topside facilities, remain on schedule, and Cedar LNG has significantly advanced the onshore construction work. Pipeline construction is ahead of schedule, including the completion of all horizontal directional drill crossings. This is a major achievement and de-risks that portion of the project. Second, During the quarter, Temna and its partner, Connecticut, had an exciting announcement on the advancement of the Greenlight Electricity Center, a proposed up to 1.8 gigawatt natural gas-fired power generation project designed to advance Alberta's innovation economy. Recent achievements include securing a 907 megawatt power grid allocation, which was subsequently assigned to a potential customer of Greenlight Electricity. to enable development of the customer's innovation infrastructure development as early as 2027, prior to the startup of GreenLight in 2030. In addition, a recently signed agreement with a reputable equipment manufacturer provides certainty of availability and delivery timing of two turbines to support the approximately 900 megawatt first phase of GreenLight. Peminen and Connecticut continue to progress towards a final investment decision in the first half of 2026. We see Greenlight as an on-strategy extension of Pemina's existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with investment-grade counterparties while diversifying our customer base. Greenlight would create incremental demand for natural gas and associated liquids production within Western Canada, and we believe Pemina is well-positioned to leverage the assets and capabilities of our current core business to further support the project and serve customer demand for gas egress and liquids handling and transportation. Most notably, the proximity of Pemina's Alliance Pipeline offers a potential accretive expansion opportunity to supply natural gas to Greenlight. Third, we continue to realize contracting successes that are strengthening the core business. In our conventional pipeline business, we now have recontracted substantially all volumes available for renewal under contracts with expiry dates in 2025 and 2026. In addition to the previous updates we have provided around various re-contracting successes, we recently signed new transportation agreements on the Peace Pipeline system for the renewal and addition of volumes totaling approximately 50,000 barrels per day with a weighted average term of approximately 10 years. Approximately 80% of the volumes are currently being serviced today and 20% are new volumes taking effect in 2026. Within our transmission business unit, recent shipper elections on Alliance Pipeline has significantly strengthened its long-term contractual profile, with shippers taking an average of a 10-year toll option on approximately 96% of the 1.325 BCF per day of firm capacity available. Fourth, we continue to deliver on our capital projects on time and on or under budget. In total, Pemina and Pemina gas infrastructure are nearing completion on approximately $850 million of projects that are expected to enter service throughout the first half of 2026. RFS IV, the new fractionator within our redwater complex, has progressed to approximately 75% complete. It continues to trend under budget, and we have narrowed the expected in-service date to the second quarter of 2026. PGI's Wapiti expansion, which will increase natural gas processing capacity at the Wapiti plant, is trending on budget and we have narrowed its in-service date to the first quarter of 2026. And PGI's K3 cogeneration facility is now trending under budget, and we have narrowed its in-service date to the first quarter of 2026. Finally, we are progressing numerous accretive investment opportunities to meet growing demand for pipeline and transportation services. Pemina is well advanced on the development of approximately $1 billion of conventional pipeline projects to enable WCSB growth and position Pemina to win new liquid transportation opportunities. These investments would be supported by a combination of long-term take-or-pay agreements, a cost-to-service structure, and the land and facility dedications. Engineering activities are ongoing and subject to regulatory and board approval. Pemina expects to move forward with a Fox Creek to Nimeo expansion of the Peace Pipeline system, a Taylor to Gordondale project and a Birch to Taylor Northeast DC system expansion. As well, we continue to observe continued growth from the Clearwater area and strong customer demand for incremental services on the Nipissi pipeline. Following successfully recontracting Nipissi over the last few years, Pemina expects it to be highly utilized in 2026 and is currently evaluating opportunities to increase egress capacity. Alliance Pipeline previously solicited non-binding expressions of interest for a new short-haul point-to-point transportation service on the Canadian segment of its system in northwest Alberta. The proposed expansion would provide natural gas delivery to a new meter station in Fort Saskatchewan for up to 350 million standard cubic feet per day of incremental capacity with an anticipated in-service date in the fourth quarter of 2029. Based on the results, Alliance Pipeline is planning to launch a binding open season in the first quarter of 2026 for all interested parties. Pemina continues to differentiate itself as the only Canadian energy infrastructure company with an integrated value chain that provides a full suite of midstream and transportation services across all commodities, natural gas, NGL, condensate, and crude oil. Our scope, scale, and access to premium North American and global markets uniquely positions us to capture incremental new volumes while unlocking new avenues for growth. I will now turn things over to Cam to discuss in more detail the financial highlights of the third quarter.