Pembina Pipeline Stock Earnings Reports

Pembina reported Q3 2025 adjusted EBITDA of $1.034 billion and remains on track to deliver 2025 adjusted EBITDA within its original guidance; management narrowed full-year guidance to $4.25 billion–$4.35 billion. Key operational / commercial highlights include: a signed 20-year agreement with PETRONAS for 1.0 Mtpa of Cedar LNG liquefaction capacity (adding to prior 1.5 Mtpa), with the project reported on time and on budget; continued recontracting wins across conventional pipelines (notably Peace and Alliance) that strengthen long-term contracted volumes and toll profiles; advancement of the Greenlight Electricity Center (up to 1.8 GW natural gas-fired power project) toward a targeted FID in H1 2026, with first-phase in-service expected around 2030; ongoing strong execution on capital projects (~$850 million entering service in H1 2026) with several projects trending on or under budget; development-stage conventional pipeline expansions (~$1 billion) to capture WCSB growth; and progress on Cedar LNG engineering and permit amendments (3.0 -> 3.3 Mtpa design). Financials: Q3 earnings were $286 million (down 26% YoY) driven by certain non-cash and one-time items, higher depreciation and PGI impairments, and weaker marketing optionality driven by commodity moves (lower NGL margins and less marketing upside). Management reiterated confidence in the resilience of the fee‑based core business, highlighted continued customer engagement on volumes/contracting for 2026, and restated a balanced approach to growth and balance-sheet management (target leverage comfort zone ~3.5x–4.0x proportionate).