Keyera Announces 2025 Fourth Quarter and Year-End Results

CALGARY, AB, Feb. 12, 2026 /CNW/ – Keyera Corp. (TSX: KEY) (“Keyera”) announced its fourth quarter and year-end financial results today, the highlights of which are included in this news release. To view Management’s Discussion and Analysis (the “MD&A”) and financial statements, visit either Keyera’s website or its filings on SEDAR+ at www.sedarplus.ca.

“2025 was a transformational year for Keyera as we meaningfully advanced our strategy to strengthen and extend our integrated NGL value chain,” said Dean Setoguchi, President and CEO. “We achieved this through the sanctioning of three major growth projects, a strategic tuck-in acquisition in Gathering and Processing, and the transformational acquisition of Plains’ Canadian NGL business, all while delivering record annual fee-based segment margin contributions. Upon closing, the acquisition of Plains’ Canadian NGL business will expand our national platform, brings critical Canadian energy infrastructure under Canadian ownership, and strengthens our ability to reinvest in Canada while delivering greater reliability, competitiveness, and value for customers across the country. Looking ahead, our focus is on safe and successful execution of our growth program and, following completion of the transaction, the integration of Plains to unlock synergies and drive long-term shareholder value.”

Fourth Quarter and Year-End Highlights

• Financial Results
  • Adjusted earnings before interest, taxes, depreciation, and amortization¹ (“adjusted EBITDA”) for the quarter were $301 million (Q4 2024 – $313 million) and $1.13 billion for the full year (2024 – $1.28 billion). Excluding transaction costs related to the Plains acquisition, adjusted EBITDA would have been $313 million for the fourth quarter, and $1.16 billion for the full year. These results reflect increased year-over-year contributions from the Gathering and Processing and Liquids Infrastructure segments which were more than offset by lower Marketing segment contributions.
  • Distributable cash flow¹ (“DCF”) for the quarter was $206 million or $0.90 per share (Q4 2024 – $168 million or $0.73 per share) and $735 million or $3.21 per share for the full year (2024 – $771 million or $3.36 per share). Excluding transaction costs, DCF would have been $224 million or $0.98 per share for the quarter, and $767 million or $3.35 per share for the full year.
  • Net earnings for the quarter were $90 million (Q4 2024 – $89 million) and $432 million for the full year (2024 – $487 million).
• Record Annual Fee-For-Service Realized Margin¹ Driven by the Continued Filling of Available Capacity
  • The Gathering and Processing segment generated quarterly realized margin¹ of $106 million (Q4 2024 – $107 million) and a record $439 million for the full year (2024 – $413 million). Results were driven primarily by increased throughput at the Wapiti and Simonette gas plants as contracted volumes continued to ramp up.
  • The Liquids Infrastructure segment achieved quarterly realized margin¹ of $150 million (Q4 2024 – $153 million) and a record $593 million for the full year (2024 – $558 million). Performance was driven primarily by higher contracted volumes through Keyera’s condensate system and the KAPS pipeline.
• Marketing Segment Results
  • The Marketing segment recorded realized margin¹ of $89 million for the quarter (Q4 2024 – $99 million) and $300 million for the full year (2024 – $485 million). Results mainly reflected lower iso-octane prices and volumes sold, generally weaker commodity prices, and reduced contribution from blending activities.
• Strong Financial Position – The company ended the quarter with net debt to adjusted EBITDA² of 1.8 times, which reflects the temporary benefit of the hybrid issuance proceeds generated in Q3 of 2025. This is below the company’s long-term target range of 2.5 to 3.0 times.
• Progressing the Plains Acquisition – All required regulatory reviews and approval processes are advancing as expected, and the transaction is expected to close around the end of the first quarter of 2026, subject to the satisfaction of the final conditions to closing.
• Simonette Area Gas Plant Acquisition – During the quarter the company completed a strategic acquisition of a 50.1% working interest in two gas plants and associated infrastructure in the Simonette area from a privately held company for approximately $200 million in cash. The investment delivers immediate cash flow, generates strong returns on capital, and secures additional long-term volumes for the North Region and other downstream integrated assets, driving further value creation. The transaction also unlocks potential follow-on growth opportunities in the area.
• Sale of Wildhorse Terminal – In early 2026, Keyera completed the sale of its interest in the non-core Wildhorse Terminal in Oklahoma to a subsidiary of Plains All American Pipeline, L.P. for approximately USD $65 million. The proceeds from the sale will be reflected through closing price adjustments related to the acquisition of Plains’ Canadian NGL business. The transaction is consistent with Keyera’s strategy to optimize its asset base and recycle capital into higher-return opportunities.

Growth Projects Progressing on Time and On Budget

Over the quarter, Keyera’s major projects under construction progressed well. All projects remain on track to be delivered on time and on budget:

• KFS Frac II Debottleneck – Detailed engineering was completed, with delivery of major equipment underway, and fabrication continuing to progress. The 8,000 barrel per day project is expected to be in-service by the middle of this year for approximately $85 million.
• KFS Frac III Expansion – Early works construction was completed while detailed engineering and procurement activities continued to progress. The 47,000-barrel-per-day project, which includes additional egress investments at the KFS complex, remains on schedule for in-service in mid-2028 and on budget with an estimated net cost of approximately $490 million.
• KAPS Zone 4 – Detailed engineering and early field activities continued to progress. The 85-kilometre pipeline extension from Pipestone to Gordondale remains on track for in-service in mid-2027 and on budget, with a net cost to Keyera of approximately $220 million.

2025 Guidance Results

• Marketing segment realized margin¹ in 2025 was $300 million, at the top end of the latest guidance range of $280 million and $300 million.
• Growth capital expenditures in 2025 were $222 million, within the latest guidance of $220 million and $240 million.
• Maintenance capital expenditures were $61 million, within the latest guidance of $60 million to $70 million.
• Cash taxes for the year were $83 million, below the latest guidance of $90 million to $100 million.

2026 Stand-alone Guidance (Pre-Plains Closing)

Keyera is providing a summary of its 2026 stand-alone guidance ahead of the closing of the Plains acquisition.

On January 19, 2026, Keyera announced an extended unplanned outage at the Alberta Envirofuels Facility (“AEF”) to address a component failure involving long-life equipment that had been replaced approximately three years ago as part of the facility’s ongoing maintenance and reliability programs. An investigation into the cause of the early equipment failure is ongoing. Based on the expected timing required to fabricate, deliver, and install replacement components, AEF is currently expected to return to service in May 2026. During the outage period, Keyera plans to complete the previously scheduled six-week major turnaround originally planned for fall 2026, eliminating the need for a separate shutdown later in the year. The guidance summarized below includes the previously announced impacts of the extended unplanned outage.

• Consistent with prior years, Marketing segment realized margin¹ guidance will be provided with first quarter results in mid-May, following the conclusion of the NGL contracting season. As previously disclosed, this guidance will reflect the approximately $110 million expected impact associated with the unplanned AEF outage.
• 2026 growth capital expenditures are reaffirmed to range between $400 million and $475 million.
• As previously announced, maintenance capital expenditures are expected to range between $140 million and $160 million, reflecting an increase from the prior range of $130 million to $150 million.
• As previously announced, cash taxes are expected to decrease by approximately $30 million as a result of the AEF outage and are expected to range between $60 million and $70 million on a stand-alone basis.

Leadership Update

As Keyera prepares for the closing of the Plains acquisition, the Company has reorganized its leadership reporting structure to better position the business for its next phase of growth. The updated structure is designed to drive competitiveness across Keyera’s integrated platform by strengthening accountability, improving coordination across business units, and enhancing the Company’s ability to execute efficiently.

Under the new structure, Brad Slessor has been appointed Senior Vice President, G&P & NGL Pipelines Business Unit, with responsibility for gas gathering and processing operations and NGL pipeline assets. Brad was previously Vice President, G&P & KAPS Business Development and has been promoted to the role.

Jamie Urquhart will assume the role of Senior Vice President, Liquids Business Unit, overseeing Keyera’s liquids infrastructure assets, including fractionation, storage, and terminals, and the Company’s Marketing business.

Following the implementation of the updated leadership structure, Jarrod Beztilny, Senior Vice President, Operations and Engineering, has decided to voluntarily depart the Company to pursue other interests.

“This organizational structure strengthens our ability to compete and execute as we continue to grow and integrate the business,” said Dean Setoguchi, President and Chief Executive Officer. “I would like to congratulate Brad on his promotion and expanded responsibilities. On behalf of the Board of Directors and the entire Keyera team, I also want to thank Jarrod for his contributions to the Company.”

These changes are effective February 2, 2026.

CEO’s Message to Shareholders

Delivering a stronger, more integrated platform for long-term growth. 2025 was a transformational year for Keyera as we delivered on our strategy and continued to strengthen our integrated value chain with a clear focus on enhancing the competitiveness of our business. I am very proud of what our team accomplished during the year, including filling available capacity across our asset base to deliver record annual fee-based EBITDA, advancing a disciplined portfolio of capital-efficient growth projects, and taking important steps to further expand and integrate our system. Together, these actions position Keyera for sustained, long-term growth and our ability to compete across the value chain.

Disciplined execution and building a stronger Canadian energy system. Execution remains at the core of our strategy. We are making strong progress on three highly strategic growth projects currently under construction, while also preparing for the post-closing integration of Plains’ Canadian NGL business. Across these initiatives, our focus is consistent: safe and reliable operations, disciplined capital deployment, and efficient project execution. The addition of Plains’ Canadian NGL business is expected to further strengthen our integrated platform, enhancing connectivity, improving operational efficiency, and expanding market access for our customers. The transaction also establishes a fully integrated, cross-Canada NGL system under Canadian ownership, strengthening energy security, supporting long-term competitiveness, and enabling the reinvestment of cash flows back into the Canadian economy. We look forward to welcoming new colleagues and combining their experience with Keyera’s capabilities as we continue to advance our strategy.

Active portfolio management to drive value. We continue to actively manage our portfolio to strengthen our integrated footprint and enhance returns. During the year, we expanded our presence in the Simonette area through the acquisition of a working interest in two gas plants, immediately adding cash flow secured by long-term commitments and further supporting utilization across our downstream assets. At the same time, we divested our interest in the non-core Wildhorse terminal in Oklahoma. Together, these actions reflect our ongoing focus on optimizing our asset base and redeploying capital toward higher-return opportunities aligned with our integrated strategy.

Positioned to grow with a resilient Western Canada basin. Keyera’s long-term growth continues to be underpinned by one of the most competitive and resilient energy basins in the world. Western Canada benefits from low-cost, long-life production and improving access to global markets. With an increasingly constructive policy environment, our integrated infrastructure, disciplined approach to investment, and focus on reliability and efficiency, Keyera plays an important role in supporting a more competitive Canadian energy industry. Our strong financial position and customer-focused approach position the Company well to continue creating long-term value for customers and shareholders.

On behalf of the Board of Directors and management team, I would like to thank our employees, customers, shareholders, Indigenous rights holders, and other stakeholders for their continued support. Together, we will continue to build on our momentum and advance Keyera’s role in supporting Canada’s energy future.

Dean Setoguchi
President and Chief Executive Officer
Keyera Corp.

Fourth Quarter and Year-End 2025 Results Conference Call and Webcast

Keyera will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the financial results for the fourth quarter and year-end of 2025 at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, February 12, 2026. Callers may participate by dialing 1-888-510-2154 or 1-437-900-0527. A recording of the conference call will be available for replay until 10:00 PM Mountain Time on February 26, 2026 (12:00 AM Eastern Time on February 27, 2026), by dialing 888-660-6345 or 289-819-1450 and entering passcode 60215.

To join the conference call without operator assistance, you may register and enter your phone number here to receive an instant automated call back. This link will be active on Thursday, February 12, 2026, at 7:00 AM Mountain Time (9:00 AM Eastern Time).

A live webcast of the conference call can be accessed here or through Keyera’s website at http://www.keyera.com/news/events. Shortly after the call, an audio archive will be posted on the website for 90 days.

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:

Dan Cuthbertson, General Manager, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations

Email: [email protected]
Telephone: 403-205-7670
Toll free: 888-699-4853

For media inquiries, please contact:
Amanda Condie, Manager, Corporate Communications
Email: [email protected]
Telephone: 1-855-797-0036

About Keyera Corp.

Keyera Corp. (TSX: KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage, and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

 Non-GAAP and Other Financial Measures

This news release refers to certain financial and other measures that are not determined in accordance with Generally Accepted Accounting Principles (“GAAP”). Measures such as funds from operations, distributable cash flow, distributable cash flow per share, payout ratio, realized margin, fee-for-service realized margin, EBITDA, adjusted EBITDA and compound annual growth rate (“CAGR”) for fee-based adjusted EBITDA are not standard measures under GAAP or are supplementary financial measures, and as a result, may not be comparable to similar measures reported by other entities. Management believes that these non-GAAP and other financial measures facilitate the understanding of Keyera’s results of operations, leverage, liquidity and financial position. These measures do not have any standardized meaning under GAAP and therefore, should not be considered in isolation, or used in substitution for measures of performance prepared in accordance with GAAP. For additional information on these non-GAAP and other financial measures, including reconciliations to the most directly comparable GAAP measures for Keyera’s historical non-GAAP financial measures, refer below and to Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca and Keyera’s website at www.keyera.com. Specifically, refer to the sections of the MD&A titled, “Non-GAAP and Other Financial Measures”, “Forward-Looking Statements”, “Segmented Results of Operations”, “Dividends: Funds from Operations, Distributable Cash Flow and Payout Ratio”, and “EBITDA and Adjusted EBITDA”.

Funds from Operations and Distributable Cash Flow (“DCF”)

Funds from operations is defined as cash flow from operating activities adjusted for changes in non-cash working capital. This measure is used to assess the level of cash flow generated from operating activities excluding the effect of changes in non-cash working capital, as they are primarily the result of seasonal fluctuations in product inventories or other temporary changes. Funds from operations is also a valuable measure that allows investors to compare Keyera with other infrastructure companies within the oil and gas industry.

Distributable cash flow is defined as cash flow from operating activities adjusted for changes in non-cash working capital, inventory write-downs, maintenance capital expenditures, lease payments, including the periodic costs related to prepaid leases, and common shares issued from treasury to settle LTIP expense. Distributable cash flow per share is defined as distributable cash flow divided by weighted average number of shares outstanding – basic. Distributable cash flow is used to assess the level of cash flow generated from ongoing operations and to evaluate the adequacy of internally generated cash flow to fund dividends. Distributable cash flow, adjusted for acquisition-related items (net of tax), has also been included.

The following is a reconciliation of funds from operations and distributable cash flow to the most directly comparable GAAP measure, cash flow from operating activities:

Payout Ratio

Payout ratio is calculated as dividends declared to shareholders divided by distributable cash flow. This ratio is used to assess the sustainability of the company’s dividend payment program. Payout ratio, adjusted for the acquisition and integration costs recognized for the Plains Acquisition, is calculated as dividends declared to shareholders divided by distributable cash flow (adjusted for acquisition-related items).

Realized Margin

Realized margin is defined as operating margin excluding unrealized gains and losses on commodity-related risk management contracts. Management believes that this supplemental measure facilitates the understanding of the financial results for the operating segments in the period without the effect of mark-to-market changes from risk management contracts related to future periods.

Fee-for-service realized margin includes realized margin for the Gathering and Processing and Liquids Infrastructure segments.

The following is a reconciliation of realized margin to the most directly comparable GAAP measure, operating margin: 

Operating Margin and Realized Margin
Three months ended December 31, 2025

Operating Margin and Realized Margin
Three months ended December 31, 2024

Operating Margin and Realized Margin
Twelve months ended December 31, 2025

Operating Margin and Realized Margin
Twelve months ended December 31, 2024

EBITDA and Adjusted EBITDA

EBITDA is a measure showing earnings before finance costs, taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before costs associated with non-cash items, including unrealized gains and losses on commodity-related contracts, net foreign currency gains and losses on U.S. debt and other, impairment expenses and any other non-cash items such as gains and losses on the disposal of property, plant and equipment. Management believes that these supplemental measures facilitate the understanding of Keyera’s results from operations. In particular, these measures are used as an indication of earnings generated from operations after consideration of administrative and overhead costs. Adjusted EBITDA, adjusted for the acquisition and integration costs associated with the Plains Acquisition, has also been presented.

The following is a reconciliation of EBITDA and adjusted EBITDA to the most directly comparable GAAP measure, net earnings:

Compound Annual Growth Rate (“CAGR”) for Fee-Based Adjusted EBITDA

CAGR is calculated as follows:

* Utilizes beginning and end of period fee-based adjusted EBITDA as defined below.

CAGR for fee-based adjusted EBITDA is intended to provide information on a forward-looking basis (initiating a 7% to 8% fee-based adjusted EBITDA CAGR target from 2024 to 2027). This calculation utilizes beginning and end of period fee-based adjusted EBITDA, which includes the following components and assumptions: i) forecasted fee-for-service realized margin (realized margin for the Gathering and Processing and Liquids Infrastructure segments), and ii) adjustments for total forecasted general and administrative, and long-term incentive plan expense.

The following includes the equivalent historical measure for fee-based adjusted EBITDA, which is the non-GAAP measure component of the related forward-looking CAGR calculation.

Forward-Looking Statements

In order to provide readers with information regarding Keyera, including its assessment of future plans and operations, its financial outlook and future prospects overall, this press release contains certain statements that constitute “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking information”). Forward-looking information is typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “can”, “project”, “should”, “would”, “plan”, “intend”, “believe”, “plan”, “target”, “outlook”, “scheduled”, “positioned”, and similar words or expressions, including the negatives or variations thereof. All statements other than statements of historical fact contained in this document are forward-looking information, including, without limitation, statements regarding:

• industry, market and economic conditions and any anticipated effects on Keyera;
• Keyera’s future financial position and operational performance and future financial contributions and margins from its business segments; ;
• estimates for 2026 regarding Keyera’s growth capital expenditures, maintenance capital expenditures and cash tax expense (on a stand-along basis);
• the 2026 financial impact of the AEF outage on realized margin, cash taxes and maintenance capital;
• plans around the expansion of Keyera’s fractionation capacity, including the cost and timing for the KFS Frac II Debottleneck, and KFS Frac III, and the impact of these projects on Keyera’s total fractionation capacity;
• the KAPS Zone 4 project, including cost and timing of the same;
• plans for deployment of capital and additional growth opportunities, and the impact of current and future growth projects on Keyera’s growth targets;
• approvals and anticipated timing of closing of the acquisition of Plains’ Canadian NGL business, the benefits of the acquisition, and Keyera’s growth and financial position post-closing of the acquisition;
• anticipated timing for fabrication, delivery, installation of replacement components, and return to service of AEF, as well as plans related to the regularly scheduled AEF turnaround;
• the impact of acquisitions completed during 2025, including on follow-on growth opportunities;
• business strategy, anticipated growth and plans of management;
• budgets, including future growth capital, operating and other expenditures and projected costs;
• expectations regarding Keyera’s ability to maintain its competitive position, raise capital and add to its assets through acquisitions or internal growth opportunities, and the ability to self-fund future growth opportunities when ready for sanction;
• expectations as to the financial impact of Keyera’s compliance with future environmental and carbon tax regulation; and
• Keyera’s risk management initiatives and their implementation generally.

All forward-looking information reflects Keyera’s beliefs and assumptions based on information available at the time the applicable forward-looking information is made and in light of Keyera’s current expectations with respect to such things as the outlook for general economic trends, industry trends, commodity prices, oil and gas industry exploration and development activity levels and the geographic region of such activity, Keyera’s access to the capital markets and the cost of raising capital, the integrity and reliability of Keyera’s assets, the governmental, regulatory and legal environment, general compliance with Keyera’s plans, strategies, programs, and goals across its reporting and monitoring systems among employees, stakeholders and service providers. In some instances, this press release may also contain forward-looking information attributed to third parties. Forward-looking information does not guarantee future performance. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.

All forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, events, levels of activity and achievements to differ materially from those anticipated in the forward-looking information. Such risks, uncertainties and other factors include, without limitation, the following:

• Keyera’s ability to implement its strategic priorities and business plan and achieve the expected benefits;
• general industry, market and economic conditions;
• the ability to successfully complete the acquisition of Plains’ Canadian NGL business and obtain the anticipated benefits therefrom, including impacts on growth and accretion in various financial metrics;
• Keyera’s ability to integrate the assets acquired pursuant to the Plains acquisition into Keyera’s operations;
• activities of customers, producers and other facility owners;
• operational hazards and performance and reliability of both Keyera and third-party assets and infrastructure;
• the effectiveness of Keyera’s risk management programs;
• competition;
• changes in commodity composition and prices, inventory levels, supply/demand trends and other market conditions and factors;
• disruptions to global supply chains and labour shortages;
• trade restrictions, trade barriers, or the imposition of other changes to international trade arrangements;
• processing and marketing margins;
• climate change risks, including the effects of unusual weather and natural catastrophes;
• climate change effects and regulatory and market compliance and other costs associated with climate change;
• variables associated with capital projects, including the potential for increased costs, including inflationary pressures, timing, delays, cooperation of partners, and access to capital on favourable terms;
• fluctuations in interest, tax and foreign currency exchange rates;
• hedging strategy risks;
• counterparty performance and credit risk;
• changes in operating and capital costs;
• cost and availability of financing;
• ability to expand, update and adapt infrastructure on a timely and effective basis;
• decommissioning, abandonment and reclamation costs;
• reliance on key personnel and third parties;
• actions by joint venture partners or other partners which hold interests in certain of Keyera’s assets;
• relationships with external stakeholders, including Indigenous stakeholders;
• technology, security and cybersecurity risks;
• potential litigation and disputes;
• uninsured and underinsured losses;
• ability to service debt and pay dividends;
• changes in credit ratings;
• reputational risks;
• risks related to a breach of confidentiality;
• changes in environmental and other laws and regulations;
• the ability to obtain regulatory, stakeholder and third-party approvals;
• actions by governmental authorities;
• global health crisis, such as pandemics and epidemics and the unexpected impacts related thereto;
• the effectiveness of Keyera’s existing and planned risk management programs; and
• the ability of Keyera to achieve specific targets that are part of its ESG initiatives, including those relating to emissions intensity reduction targets, as well as other climate-change related initiatives;

and other risks, uncertainties and other factors, many of which are beyond the control of Keyera. Further information about the factors affecting forward-looking information and management’s assumptions and analysis thereof is available in Keyera’s Management’s Discussion and Analysis for the year ended December 31, 2025 and in Keyera’s Annual Information Form available on Keyera’s profile on SEDAR+ at www.sedarplus.ca.

Readers are cautioned that the foregoing list of important factors is not exhaustive and they should not unduly rely on the forward-looking information included in this press release. Further, readers are cautioned that the forward-looking information contained herein is made as of the date of this press release. Unless required by law, Keyera does not intend and does not assume any obligation to update any forward-looking information. All forward-looking information contained in this press release is expressly qualified by this cautionary statement.  

SOURCE Keyera Corp.