Keyera Announces 2026 First Quarter Results

CALGARY, AB, May 14, 2026 /CNW/ - Keyera Corp. (TSX: KEY) ("Keyera") today announced its results for the first quarter ended March 31, 2026. 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.

Keyera Announces 2026 First Quarter Results (CNW Group/Keyera Corp.)

"Keyera's first quarter results reflect continued execution of our strategy to extend our integrated value chain," said Dean Setoguchi, President and CEO. "Our fee-for-service business delivered strong performance, including record contributions from our Gathering and Processing segment, highlighting the competitiveness of our assets and the ongoing demand for our integrated services. Following the quarter, we also successfully closed the acquisition of Plains' Canadian NGL business, a significant milestone that expands our platform and enhances our ability to deliver greater connectivity, market access and reliability for our customers. We are now focused on disciplined integration and delivering on the strategic and financial commitments we outlined at announcement."

First Quarter Highlights

• Financial Results
  • Adjusted earnings before interest, taxes, depreciation and amortization¹ ("adjusted EBITDA") were $203 million (Q1 2025 – $298 million). Excluding transaction costs related to the Plains acquisition, adjusted EBITDA¹ was $232 million. Results reflect record quarterly contributions from the Gathering and Processing segment, which were more than offset by lower contributions from the Marketing segment which was impacted by the AEF outage.
  • Distributable cash flow¹ ("DCF") was $101 million, or $0.44 per share (Q1 2025 – $190 million, or $0.83 per share). Excluding transaction costs related to the Plains acquisition, DCF¹ was $133 million, or $0.58 per share.
  • Net loss of $122 million (Q1 2025 net earnings – $130 million).
• Fee-For-Service Segment Realized Margin¹
  Fee-for-service realized margin¹ continues to reflect the strength of Keyera's integrated asset base and the ongoing demand for its services, supported by high utilization and long-term contracted volumes.
  • The Gathering and Processing segment generated record quarterly realized margin¹ of $118 million (Q1 2025 – $109 million), driven by record throughput at the Wapiti gas plant and contributions from the recently acquired interest in the Simonette East gas plants.
  • The Liquids Infrastructure segment generated realized margin¹ of $141 million (Q1 2025 – $152 million). Results included record throughput across Keyera's condensate handling systems, supported by continued growth in oil sands production. Results were impacted by the AEF outage, which reduced processing margin within the segment.
• Marketing Segment Update and AEF Restart
  • Following the previously announced outage at the Alberta EnviroFuels ("AEF") facility, the required repairs have been completed. Keyera is also completing a six-week turnaround that had been planned for fall 2026, eliminating the need for a separate shutdown later in the year. The facility is expected to return to full operating capacity by the end of May.
  • The Marketing segment recorded realized margin¹ of $13 million (Q1 2025 – $78 million). The year-over-year decrease was primarily attributable to the AEF outage, including the timing of butane inventory risk management activities, where the impact of settled contracts in the quarter was not yet offset by corresponding physical sales of iso-octane. These impacts are expected to largely reverse over the remainder of the year as physical volumes are sold.
  • Following the completion of the NGL contracting season, and consistent with prior practice, Keyera is providing 2026 Marketing segment realized margin¹ guidance on a stand-alone basis, excluding the additional Marketing margin expected from the Plains acquisition. Marketing realized margin¹ is expected to range between $210 million and $250 million, with the majority of contributions weighted toward the second half of the year. This outlook reflects the AEF outage, as well as the role of Keyera's risk management program in mitigating the effect of commodity price volatility.
• Strong Financial Position
  • The company ended the quarter with net debt to adjusted EBITDA² of 2.2 times, reflecting the temporary benefit of the hybrid issuance proceeds, offset by lower contributions from the Marketing segment. This remains below the company's long-term target range of 2.5 to 3.0 times and provides continued financial flexibility to fund growth and execute on strategic priorities.

Major Growth Projects Update

• Keyera's core growth projects continue to progress well, with KAPS Zone 4 and KFS Frac III on track and on budget, while the KFS Frac II debottleneck remains on schedule for completion by the end of June and is now expected to cost approximately $75 million, below its original cost estimate of $85 million.

Reaffirming 2026 Stand-Alone Guidance Update (Pre-Plains Acquisition Closing)

• Keyera remains on track to achieve its target of 7–8% fee-based adjusted EBITDA CAGR¹ between 2024 and 2027, supported by the continued filling of available capacity across its integrated system, along with contributions from sanctioned growth projects.
• Growth capital expenditures are expected to range between $400 million and $475 million, with the majority directed toward sanctioned growth projects, including the KFS Frac II debottleneck, the KFS Frac III expansion and KAPS Zone 4.
• Maintenance capital expenditures are expected to range between $140 million and $160 million.
• Cash taxes are expected to range between $60 million and $70 million.

Closing of Plains' Canadian NGL Business Acquisition

Subsequent to quarter-end, Keyera successfully closed its acquisition of Plains' Canadian NGL business. The transaction materially expands Keyera's integrated NGL platform, enhancing connectivity across the basin and providing customers with improved access to markets, greater flexibility and increased reliability.

As previously disclosed, the Commissioner of Competition has filed an application with the Competition Tribunal in connection with the transaction. Keyera disagrees with the Commissioner's characterization of the Transaction and remains highly confident that the combined platform adds more value for customers through a more efficient Canadian-based NGL network. The Company also remains highly confident in the strategic and financial merits of the Transaction.

The Company is now focused on integration activities and capturing identified operational and commercial synergies.

Summary of Key Measures			Three months ended    March 31,
(Thousands of Canadian dollars, except where noted)			2026		2025
Net (loss) earnings			(121,970)		130,335
Per share ($/share) – basic			(0.53)		0.57
Cash flow from operating activities			322,022		165,325
Funds from operations^1			143,211		222,237
Distributable cash flow^1			101,164		189,579
Per share ($/share)^1			0.44		0.83
Distributable cash flow^1 (adjusted for acquisition-related items)			133,328		189,579
Per share ($/share)^1			0.58		0.83
Dividends declared			123,818		119,160
Per share ($/share)			0.54		0.52
Payout ratio %^1			122 %		63 %
Payout ratio %^1(adjusted for acquisition-related items)			93 %		63 %
Adjusted EBITDA^1			202,904		298,430
Adjusted EBITDA^1 (adjusted for acquisition-related items)			231,563		298,430
Operating margin			99,937		351,590
Realized margin^1			272,061		340,110
Gathering and Processing
Operating margin			112,916		112,140
Realized margin^1			117,911		109,306
Gross processing throughput^3 (MMcf/d)			1,752		1,587
Net processing throughput^3 (MMcf/d)			1,545		1,435
Liquids Infrastructure
Operating margin			136,845		155,512
Realized margin^1			141,144		152,447
Gross processing throughput^4 (Mbbl/d)			186		196
Net processing throughput^4 (Mbbl/d)			105		113
AEF iso-octane production volumes (Mbbl/d)			1		12
Marketing
Operating margin			(149,803)		84,009
Realized margin^1			13,027		78,428
Inventory value			217,684		271,186
Sales volumes (Bbl/d)			214,800		220,800
Acquisitions			--		--
Growth capital expenditures			92,387		13,416
Maintenance capital expenditures			28,328		16,039
Total capital expenditures			120,715		29,455
Weighted average number of shares outstanding – basic and diluted			229,287		229,153
As at March 31,			2026		2025
Long-term debt^5			5,918,980		3,379,853
Credit facility			--		--
Working capital surplus (current assets less current liabilities)				(2,088,976)		(6,855)
Net debt			3,830,004		3,372,998
Common shares outstanding – end of period			229,292		229,153

CEO's Message to Shareholders

We recently completed a transformative step forward. Two days ago, we announced the successful completion of the acquisition of Plains' Canadian NGL assets. This transaction expands our platform, enhances connectivity across our system and improves our ability to efficiently process, transport and market products across Canada.

For our customers, it provides greater access to key demand markets, improved reliability and more optionality across the value chain. For shareholders, it enhances the efficiency of our platform, supporting long-term growth and value creation. The transaction also brings critical energy infrastructure under Canadian ownership and supports the development of a more integrated national NGL network.

We were well prepared for the possibility of this matter proceeding before the Competition Tribunal and remain confident in the strength of our case and the long-term strategic rationale for the transaction. Our focus is now on disciplined integration and capturing expected synergies.

We are delivering on our strategy. Over the past year, we have sanctioned three major growth projects, including the KFS Frac II debottleneck, the Frac III expansion and KAPS Zone 4, all of which are highly contracted and directly aligned with our strategy. We also entered into a commercial export agreement with AltaGas to provide customers with improved access to international pricing, further strengthening our service offering.

At the same time, we have continued to optimize our asset base. We completed the sale of our non-core Wildhorse asset and redeployed that capital into an interest in two gas plants in the Simonette area, strengthening our position in a core growth region. Across our North region, we continue to fill available capacity at Wapiti and Simonette, driving increased utilization and contributing to record performance in Gathering and Processing. These actions reflect our disciplined approach to capital allocation and our focus on building a more efficient and competitive platform.

We are enabling Canada's energy to reach global markets. The need for reliable, secure and responsibly produced Canadian energy has never been stronger, reinforced by recent geopolitical developments. Keyera plays an important role in enabling that growth by efficiently connecting customers to the markets that need their products, helping them maximize value for their production.

Our integrated system is designed to support this outcome, and the Plains acquisition further strengthens our ability to deliver it. With a more connected platform, we are better positioned to enable continued growth in the basin and improve market access for Canadian energy. This supports ongoing investment, economic activity and job creation across the country.

We are focused on improving the reliability of AEF. While the reliability of the asset has been below expectations, we recognize the importance of AEF to our business and the value it delivers. During the recent outage and turnaround, we completed a comprehensive review of the facility and its operating plan.

As a result, we expect to enhance our maintenance strategy by supplementing the existing four-year major turnaround cycle with a smaller planned outage between major turnarounds. Our objective is to maximize long-term production and reliability while ensuring safe and efficient operations, with the goal of maximizing iso-octane production over each four-year operating cycle. We remain confident in our go-forward plan and long-term value the asset can deliver.

We are well positioned to build on this momentum. We will remain focused on executing our strategy, strengthening our integrated value chain and delivering value for our customers and shareholders. On behalf of our Board and management team, we would like to thank our employees, customers, shareholders, Indigenous rights holders and other stakeholders for their continued support.

Dean Setoguchi
President and Chief Executive Officer
Keyera Corp.

Notes:
1	Keyera uses certain non-Generally Accepted Accounting Principles ("GAAP") and other financial measures such as EBITDA, adjusted EBITDA, funds from operations, distributable cash flow, distributable cash flow per share, payout ratio, realized margin, fee-for-service realized margin and compound annual growth rate ("CAGR") for fee-based adjusted EBITDA. Since these measures are not standard measures under GAAP, they may not be comparable to similar measures reported by other entities. For additional information, and where applicable, for a reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measure, refer to the section of this news release titled "Non-GAAP and Other Financial Measures". For the assumptions associated with the base and 2025 realized margin guidance for the Marketing segment, refer to the sections titled "Segmented Results of Operations: Marketing", "Non-GAAP and Other Financial Measures" and "Forward-Looking Statements" of Management's Discussion and Analysis for the period ended March 31, 2026.
2	Ratio is calculated in accordance with the covenant test calculations related to the company's credit facility and senior note agreements and excludes hybrid notes.
3	Includes gas volumes and the conversion of liquids volumes handled through the processing facilities to a gas volume equivalent. Net processing throughput refers to Keyera's share of raw gas processed at its processing facilities.
4	Fractionation throughput in the Liquids Infrastructure segment is the aggregation of volumes processed through the fractionators and the de-ethanizers at the Keyera and Dow Fort Saskatchewan facilities.
5	Long-term debt includes the total value of Keyera's hybrid notes which receive 50% equity treatment by Keyera's rating agencies. The hybrid notes are also excluded from Keyera's covenant test calculations related to the company's credit facility and senior note agreements.

First Quarter 2026 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 first quarter of 2026 at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, May 14, 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 May 28, 2026 (12:00 AM Eastern Time on May 29, 2026), by dialing 888-660-6345 or 289-819-1450 and entering passcode 30975.

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, May 14, 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 Events & Presentations - Keyera. Shortly after the call, an audio archive will be posted on the website for 90 days.

2026 Annual and Special Meeting of Shareholders

Keyera's Annual Meeting will be held in-person and virtually. The in-person meeting will take place at the Lumi Experience Studio located at Suite 1410, 225 6 Ave SW in Calgary, AB and shareholders wishing to attend virtually can do so via live audio webcast. The webcast link can be found here or on Keyera's website at https://www.keyera.com under Investors, Annual meeting.

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: [phone]
Toll free: 888-699-4853

For media inquiries, please contact:

Amanda Condie, Manager, Corporate Communications
Email: [email protected]
Telephone: [phone]

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 period ended March 31, 2026, 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 the 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:

Funds from Operations and Distributable Cash Flow			Three months ended March 31,
(Thousands of Canadian dollars)			2026	2025
Cash flow from operating activities			322,022	165,325
Add (deduct):
Changes in non-cash working capital			(178,811)	56,912
Funds from operations			143,211	222,237
Maintenance capital			(28,328)	(16,039)
Leases			(13,604)	(14,484)
Prepaid lease asset			(595)	(595)
Inventory write-down			--	(1,540)
LTIP expense – common shares issued			480	--
Distributable cash flow			101,164	189,579
Acquisition and integration costs, net of tax			22,067	--
Net financing adjustments for incremental debt, net of tax			10,097	--
Distributable cash flow (adjusted for acquisition-related items)			133,328	189,579

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).

Payout Ratio			Three months ended March 31,
(Thousands of Canadian dollars, except %)			2026	2025
Distributable cash flow^1			101,164	189,579
Distributable cash flow^1 (adjusted for acquisition-related items)			133,328	189,579
Dividends declared to shareholders			123,818	119,160
Payout ratio			122 %	63 %
Payout ratio (adjusted for acquisition-related items)			93 %	63 %

1       Non-GAAP measure as defined above.

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 March 31, 2026

(Thousands of Canadian dollars)		Gathering & Processing	Liquids Infrastructure	Fee-for- Service	Marketing	Corporate and Other	Total
Operating margin (loss)		112,916	136,845	249,761	(149,803)	(21)	99,937
Unrealized loss on risk management contracts		4,995	4,299	9,294	162,830	--	172,124
Realized margin (loss)		117,911	141,144	259,055	13,027	(21)	272,061

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

(Thousands of Canadian dollars)		Gathering & Processing	Liquids Infrastructure	Fee-for- Service	Marketing	Corporate and Other	Total
Operating margin (loss)		112,140	155,512	267,652	84,009	(71)	351,590
Unrealized gain on risk management contracts		(2,834)	(3,065)	(5,899)	(5,581)	--	(11,480)
Realized margin (loss)		109,306	152,447	261,753	78,428	(71)	340,110

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:

EBITDA and Adjusted EBITDA			Three months ended March 31,
(Thousands of Canadian dollars)			2026	2025
Net (loss) earnings			(121,970)	130,335
Add (deduct):
Finance costs			79,261	51,826
Depreciation and amortization expenses			94,457	91,087
Income tax (recovery) expense			(31,688)	38,603
EBITDA			20,060	311,851
Unrealized loss (gain) on commodity-related contracts			172,124	(11,480)
Net foreign currency loss (gain) on U.S. debt and other			1,403	(1,941)
Loss on disposal of property, plant and equipment			9,317	--
Adjusted EBITDA			202,904	298,430
Acquisition and integration costs			28,659	--
Adjusted EBITDA (adjusted for acquisition-related items)			231,563	298,430

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

CAGR is calculated as follows:

1

Number of Years

CAGR

=

End of the period*

-1

Beginning of the period*

* 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.

Fee-Based Adjusted EBITDA For the year ended December 31,
(Thousands of Canadian dollars)	2025	2024	2023	2022
Realized Margin – Fee-for-Service	1,032,672	970,308	890,644	752,684
Less:
General and administrative expenses	(128,612)	(117,142)	(106,494)	(82,843)
Long-term incentive plan expense	(43,796)	(62,450)	(50,909)	(33,284)
Fee-Based Adjusted EBITDA	860,264	790,716	733,241	636,557

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 news 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", "remain", "may", "will", "can", "project", "should", "would", "plan", "intend", "believe", "plan", "focus", "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 including, but not limited to, Keyera's Marketing guidance for 2026 annual realized margin of between $210 million and $250 million;
• estimates for 2026 regarding Keyera's growth capital expenditures, maintenance capital expenditures and cash taxes;
• the 2026 financial impact of the AEF outage including on realized margin, cash taxes and maintenance capital;
• expectations regarding the timing of the AEF facility's return to full operating capacity
• plans around the expansion of Keyera's fractionation capacity, including the cost and timing for the KFS Frac II Debottleneck and KFS Frac III;
• the KAPS Zone 4 project, including cost and timing thereof.
• plans for deployment of capital; the impact of current and future growth projects on Keyera's growth targets;
• the benefits of the acquisition of Plains' Canadian NGL business, and Keyera's dividend growth and financial position post-closing of the acquisition;
• expected proceedings before the Competition Tribunal in connection with the acquisition of Plains' Canadian NGL business and Keyera's belief as to the merits of its position;
• integration activities following the closing of the acquisition of Plains' Canadian NGL business; and
• expectations around Keyera's maintenance strategy, including at AEF, and its impact on operations;

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 outcome of proceedings before the Competition Tribunal related to the acquisition of Plains' Canadian NGL business;
• Keyera's ability to successfully complete the integration of Plains' Canadian NGL business and obtain the benefits therefrom;
• activities of customers, producers and other facility owners;
• operational hazards and performance;
• 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 tariffs or 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;
• geopolitical instability and armed conflicts, including global supply disruptions from international conflicts;
• the enforcement of tariffs, surtaxes and duties and retaliatory countermeasures;
• global health crisis, such as pandemics and epidemics and the unexpected impacts related thereto;
• the effectiveness of Keyera's existing and planned ESG and 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.