STOCK TITAN
  1. Home
  2. Sec-filings
  3. PPLAF
  4. [6-K] PEMBINA PIPELINE CORP Current Report (Foreign Issuer)

Pembina Pipeline (PBA) maps 2030 growth plan and locks in 2026 frac spreads

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Pembina Pipeline Corporation provided a strategic business update outlining its long-term growth plan and capital discipline. The company targets 5–7 percent compound annual growth in fee-based adjusted EBITDA per share through 2030, driven by higher utilization of existing assets, sanctioned projects entering service, and a pipeline of new developments.

Pembina’s 3Cs strategy – Capture, Connect, and Catalyze – focuses on expanding core pipelines and processing, improving market access for LNG and LPG exports, and developing new demand platforms such as gas-to-power for data centres and petrochemicals. The company emphasizes maintaining leverage within targets, preserving its investment-grade credit rating, and supporting a reliable, growing dividend.

Financially, adjusted EBITDA was $4,408 million in 2024 and $4,289 million in 2025, with a $3,790 million fee-based contribution in 2025. For 2026, Pembina has hedged about 65 percent of its frac spread exposure, at a weighted average price of approximately C$35.40 per barrel, with higher hedge coverage in the second and third quarters.

Positive

  • Long-term growth outlook: Management targets 5–7% compound annual growth in fee-based adjusted EBITDA per share through 2030, supported by higher asset utilization, sanctioned projects, and a development portfolio.
  • Strong fee-based earnings mix: In 2025, fee-based contribution to adjusted EBITDA was $3,790 million out of total adjusted EBITDA of $4,289 million, underscoring a largely contracted, non-commodity-exposed earnings base.
  • Risk management via hedging: Approximately 65% of 2026 frac spread exposure is hedged at about C$35.40 per barrel, with around 90% coverage in Q2 and Q3, helping to smooth cash flows.

Negative

  • None.

Insights

Pembina sets 5–7% fee-based EBITDA per-share growth goal to 2030 while locking in 2026 frac spreads.

Pembina is positioning itself around long-lived, fee-based midstream assets with a clear 3Cs strategy. The targeted 5–7 percent compound annual growth in fee-based adjusted EBITDA per share through 2030 signals confidence in volume growth, sanctioned projects, and a robust development pipeline.

The company highlights disciplined balance sheet management, including operating within leverage targets, maintaining an investment-grade credit rating, and supporting a long-running dividend track record. These points frame growth ambitions within firm financial guardrails rather than aggressive expansion.

On risk management, Pembina reports $4,289 million adjusted EBITDA in 2025, slightly below $4,408 million in 2024, while noting a strong $3,790 million fee-based contribution. For 2026, around 65% of frac spread exposure is hedged at about C$35.40 per barrel, with roughly 90% coverage in the second and third quarters, which helps stabilize cash flows against commodity price swings.

Adjusted EBITDA 2024 $4,408 million Year ended December 31, 2024 adjusted EBITDA
Adjusted EBITDA 2025 $4,289 million Year ended December 31, 2025 adjusted EBITDA
Fee-based contribution 2025 $3,790 million Fee-based contribution to adjusted EBITDA in 2025
Growth target 5–7% CAGR Fee-based adjusted EBITDA per share growth through 2030
2026 frac spread hedged 65% Portion of 2026 frac spread exposure hedged
Frac hedge price C$35.40 per barrel Weighted average price of 2026 frac spread hedges, excluding costs
fee-based adjusted EBITDA per share financial
"including 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030"
frac spread exposure financial
"Currently, approximately 65 percent of Pembina's 2026 frac spread exposure has been hedged"
equity accounted investees financial
"Investments in Equity Accounted Investees"
non-GAAP financial measures financial
"these non-GAAP financial measures and non-GAAP ratios disclosed in this news release"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
investment grade credit rating financial
"maintained its investment grade credit rating, and delivered a reliable, growing dividend"
A formal score from a credit rating agency that signals a borrower’s debt is considered relatively low risk of default; think of it as a financial “report card” showing the borrower can reliably pay interest and return principal. For investors it matters because investment-grade debt typically carries lower interest rates and steadier prices, so owning it reduces the chance of sudden losses and helps judge trade-offs between safety and return.
Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the month of April, 2026
 
 
Commission File Number:  001-35563
 
 
PEMBINA PIPELINE CORPORATION

(Name of registrant)
 
4000, 585 8th Avenue S.W.
Calgary, Alberta T2P 1G1

(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 
o Form 20-F
x Form 40-F



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PEMBINA PIPELINE CORPORATION
Date:April 7, 2026By:
/s/ Cameron J. Goldade
Name: Cameron J. Goldade
Title: Chief Financial Officer



Form 6-K Exhibit Index
 
Exhibit NumberDocument Description
99.1
News Release dated April 7, 2026


pressreleaselogo11a.jpg
Pembina Business Update Highlights Strategic Focus and Growth Outlook
This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including fee-based adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") per share. For more information see "Non-GAAP and Other Financial Measures" herein.
CALGARY, ALBERTA, April 7, 2026 – Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA) will hold a webcast and conference call on Tuesday, April 7, 2026, at 8:00 a.m. MT (10:00 a.m. ET). During the call, Pembina's officer team will present a business update that reaffirms the Company's longstanding commitment to disciplined execution; outlines the 3Cs Strategy - Capture, Connect, and Catalyze; and provides a financial outlook to the end of the decade, including 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030.
Foundation Built on Execution: Doing What We Say
Over more than 70 years as a leading North American energy infrastructure company, Pembina has built trust with customers, communities, employees and investors by consistently delivering on its commitments.
This track record is highlighted by strong execution against financial targets, placing billions of dollars of capital projects into service on time and on or under budget, and adhering to disciplined financial guardrails. Pembina has consistently operated within its leverage targets, maintained its investment grade credit rating, and delivered a reliable, growing dividend without interruption. This execution discipline continues to guide Pembina’s approach to project development, capital allocation, and risk management.
The 3Cs Strategy: Capture, Connect and Catalyze
Pembina's strategy is underpinned by energy fundamentals and the advantages of its differentiated platform. The Company is poised to benefit from growing global energy demand, increasing strategic relevance of Canadian energy, and emerging demand drivers such as LNG, petrochemicals, and data centre power demand. The advantages of Pembina’s integration, scale, superior market access, entrepreneurial approach, and track record of execution uniquely position it to further strengthen and extend its unmatched, industry-leading value chain.
Pembina’s strategy includes three priorities:
Capture - Growing and strengthening Pembina’s core franchise in premier resource plays through expansions of pipeline, gas processing, and fractionation capacity aligned with customer demand and basin fundamentals.
Connect - Providing pathways for commodities to reach higher value domestic and global markets through expanded egress, including LNG and LPG exports, and infrastructure that improves market access from constrained basins.
Catalyze - Developing new demand platforms in the markets where Pembina operates, including gas-to-power solutions for data centres, supply for petrochemicals, and other initiatives that create incremental demand for products and services across Pembina’s business.
Visible Growth Through 2030 and Beyond
Supported by its strategy and operational and financial excellence, Pembina is committed to delivering 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030. This outlook is underpinned by



higher utilization across existing assets, contributions from sanctioned projects entering service, and a portfolio of development opportunities designed to extend the franchise.
Beyond 2030, Pembina's growth ambitions include continued investments in the core business to respond to volume growth and customer demand, as well as additional investments in LNG, LPG, gas-to-power, and emissions reductions infrastructure.
Pembina is moving forward from a position of strength, with a differentiated asset base, visible growth runway, and a proven operating and financial framework. The Company remains focused on executing its strategy with discipline, maintaining strong financial guardrails, and creating long-term value for shareholders.
A live webcast of the conference call can be accessed on Pembina's website at Pembina – Presentations & Events or using the following online link: https://events.q4inc.com/attendee/792471380. A copy of the presentation will be available prior to the call, and an archive of the webcast will be available following the call, on Pembina's website at www.pembina.com.
2026 Frac Spread Hedging Update
Pembina has ratably entered into incremental hedges for 2026 to capture recent commodity price movements. Currently, approximately 65 percent of Pembina's 2026 frac spread exposure has been hedged. On a quarterly basis, Pembina has hedged approximately 40 percent in the first and fourth quarters and approximately 90 percent in the second and third quarters. The weighted average price of Pembina's current frac spread hedges, excluding transportation and processing costs, is approximately C$35.40 per barrel.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.
Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.
Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.
Forward-Looking Information and Statements
This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.
In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's strategy and the development and expected timing of new business initiatives and growth opportunities and the impact thereof; statements regarding Pembina's financial and operational performance; expectations regarding the future performance of



the Company's assets and factors impacting the Company's future financial and operational performance; expectations about future demand for Pembina's infrastructure and services and the drivers thereof; Pembina's growth outlook to 2030 and beyond; and expectations and outlooks regarding fee-based adjusted EBITDA per share growth.
The forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; assumptions with respect to our intention to complete share repurchases, including the funding thereof, existing and future market conditions, including with respect to Pembina's common share trading price, and compliance with respect to applicable securities laws and regulations and stock exchange policies; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).
Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; Pembina's ability to realize the anticipated benefits of recent acquisitions; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.
This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Management approved the fee-based adjusted EBITDA per share outlook herein as of the date of this news release. The purpose of such financial outlook is to assist readers in understanding Pembina's expected and targeted financial results, and such information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP and Other Financial Measures
Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. Non-GAAP ratios are financial measures that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts.



In this news release, Pembina has disclosed the following non-GAAP ratio: fee-based adjusted EBITDA per share. The non-GAAP financial measure that is used as a component of this non-GAAP ratio is fee-based adjusted EBITDA. The non-GAAP financial measure that is used as a component of this non-GAAP ratio is fee-based adjusted EBITDA, which has earnings as its most directly comparable financial measure specified, defined, and determined in accordance with GAAP. The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures or ratios disclosed by other issuers. Such financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including earnings, cash flow from operating activities and cash flow from operating activities per share. Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods. Additional information relating to such non-GAAP financial measures and non-GAAP ratios, including disclosure of the composition of each non-GAAP financial measure and non-GAAP ratio, an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure and non-GAAP ratio; an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed; and a description of any significant difference between forward-looking non-GAAP financial measures and the equivalent historical non-GAAP financial measures, is contained in the "Non-GAAP & Other Financial Measures" section of the management's discussion and analysis of Pembina dated February 26, 2026 for the year ended December 31, 2025 (the "MD&A"), which information is incorporated by reference in this news release. The MD&A is available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and Pembina's website at www.pembina.com.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in operations and general and administrative expense) and unrealized gains or losses on commodity-related derivative financial instruments. The exclusion of unrealized gains or losses on commodity-related derivative financial instruments eliminates the non-cash impact of such gains or losses.

Adjusted EBITDA also includes adjustments to earnings for losses (gains) on disposal of assets, transaction costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. In addition, Pembina's proportionate share of results from investments in equity accounted investees with a preferred interest is presented in adjusted EBITDA as a 50 percent common interest. These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. The most directly comparable GAAP measure is earnings (loss) before income tax.

Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of an issuer's ability to generate liquidity through cash flow from operating activities and equity accounted investees. Management also believes that adjusted EBITDA provides an indicator of operating income generated from capital invested, which includes operational finance income from lessor lease arrangements. Adjusted EBITDA is also used by investors and analysts for assessing financial performance and for the purpose of valuing an issuer, including calculating financial and leverage ratios. Management utilizes adjusted EBITDA to set objectives and as a key performance indicator of the Company's success. Pembina presents adjusted EBITDA as management believes it is a measure frequently used by analysts, investors and other stakeholders in evaluating the Company's financial performance.

($ millions, except as noted)Year Ended December 31, 2024Year Ended December 31, 2025
Earnings (loss)1,874 1,694 
Income tax (recovery) expense(154)513 
Adjustments to share of profit from equity accounted investees and other516 535 
Net finance costs561 602 
Depreciation and amortization862 987 
Unrealized (gain) loss from derivative instruments170 37 
Non-controlling interest(12)- 
Restructuring costs- 15 
Transaction and integration costs incurred in respect of acquisitions25 5 
Loss on Alliance/Aux Sable Acquisition616 - 
(Gain) loss on disposal of assets(21)(113)



Derecognition of insurance contract provision(34)- 
Impairment charges (reversals) and non-cash provisions5 14 
Adjusted EBITDA4,408 4,289 

Adjusted EBITDA From Equity Accounted Investees
In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Net earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings, in adjusted EBITDA above, are also made to share of profit from investments in equity accounted investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's share paid and received in the period to and from the investments in equity accounted investees. To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. The most directly comparable GAAP measure is share of profit (loss) from equity accounted investees – operations.

Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA , described above.

($ millions, except as noted)Year Ended December 31, 2024Year Ended December 31, 2025
PipelinesFacilitiesMarketing and New VenturesTotalPipelinesFacilitiesMarketing and New VenturesTotal
Share of profit (loss) from equity accounted investees - operations42 231 55 328 1 134 74 209 
Net finance costs7 175 (23)159 1 113 (16)98 
Income tax expense- 73 - 73 - 46 - 46 
Depreciation and amortization39 221 7 267 2 254 - 256 
Unrealized loss on commodity-related derivative financial instruments- 2 - 2 - 4 - 4 
Transaction costs incurred in respect of acquisitions and other non-cash provisions- 15 - 15 - 2 - 2 
Impairment expense- - - - - 193 - 193 
Gain on disposal of assets- - - - - (2)(62)(64)
Total adjustments to share of profit from equity accounted investees46 486 (16)516 3 610 (78)535 
Adjusted EBITDA from equity accounted investees
88 717 39 844 4 744 (4)744 

Fee-Based Contribution to Adjusted EBITDA
Fee-based contribution to adjusted EBITDA is a non-GAAP measure defined as the portion of adjusted EBITDA derived from the fee-based, non commodity exposed, parts of Pembina’s business and excludes adjusted EBITDA attributable to the Corporate segment and the Marketing & New Ventures Division. The most directly comparable GAAP measure is earnings (loss) before income tax.

($ millions, except as noted)
Year Ended
December 31, 2025
Adjusted EBITDA4,289 
Adjusted EBITDA – Marketing & New Ventures(499)
Fee-Based Contribution to Adjusted EBITDA3,790 




For further information:
Investor Relations
(403) 231-3156
1-855-880-7404
investor-relations@pembina.com
www.pembina.com


Source: View Original Filing on SEC EDGAR

FAQ

What growth outlook did Pembina Pipeline (PBA) provide to 2030?

Pembina targets 5–7 percent compound annual growth in fee-based adjusted EBITDA per share through 2030. Management expects this to come from higher utilization of existing assets, contributions from sanctioned projects entering service, and a portfolio of new developments extending its integrated value chain.

What is Pembina Pipeline’s 3Cs Strategy mentioned in the 6-K filing?

Pembina’s 3Cs Strategy is Capture, Connect, and Catalyze. Capture focuses on expanding core pipelines and processing; Connect improves market access, including LNG and LPG exports; Catalyze develops new demand platforms such as gas-to-power for data centres, petrochemical supply, and emissions-reduction infrastructure.

How did Pembina Pipeline’s adjusted EBITDA change between 2024 and 2025?

Pembina reported adjusted EBITDA of $4,408 million for 2024 and $4,289 million for 2025. The company also highlighted that $3,790 million of 2025 adjusted EBITDA came from fee-based activities, emphasizing the stability of its largely contracted, non-commodity-exposed earnings mix.

How much of Pembina Pipeline’s 2026 frac spread exposure is hedged?

Pembina has hedged approximately 65 percent of its 2026 frac spread exposure. On a quarterly basis, about 40 percent is hedged in the first and fourth quarters and roughly 90 percent in the second and third quarters, at a weighted average price near C$35.40 per barrel.

What non-GAAP metrics does Pembina Pipeline (PBA) emphasize in this update?

Pembina emphasizes fee-based adjusted EBITDA and fee-based adjusted EBITDA per share as key non-GAAP metrics. These measures adjust earnings for items like taxes, depreciation, derivative fair-value changes, and certain non-recurring costs to better reflect operating performance and cash-flow generation capacity.

How important is fee-based contribution to Pembina’s earnings mix?

Fee-based contribution is central to Pembina’s earnings profile. In 2025, fee-based contribution to adjusted EBITDA was $3,790 million out of total adjusted EBITDA of $4,289 million, highlighting the predominance of contracted, non-commodity-exposed revenue streams in its business model.

Filing Exhibits & Attachments

1 document

Press Releases