ALTAGAS TO ISSUE THIRD QUARTER 2025 RESULTS

THIRD QUARTER HIGHLIGHTS

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

FINANCIAL RESULTS

• Normalized EPS ¹ was $0.04 in the third quarter of 2025 compared to $0.14 in the third quarter of 2024, while GAAP EPS ² was a $0.08 loss in the third quarter of 2025 compared to income of $0.03 in the third quarter of 2024.
• Normalized EBITDA ¹ was $268 million in the third quarter of 2025 compared to $294 million in the third quarter of 2024, while loss before income taxes was $20 million in the third quarter of 2025 compared to income before income taxes of $20 million in the third quarter of 2024. The year-over-year reduction in normalized EBITDA was primarily driven by the absence of the partial settlement of Washington Gas’ post-retirement benefit pension plan that was present in the third quarter of 2024.
• The Midstream segment reported normalized EBITDA of $204 million in the third quarter of 2025 compared to $181 million in the third quarter of 2024, while income before income taxes was $128 million in the third quarter of 2025 compared to $123 million in the third quarter of 2024. The 13 percent year-over-year increase in Midstream normalized EBITDA was driven by stronger global export volumes and merchant margins, stronger performance at AltaGas’ Dimsdale natural gas storage asset, and higher throughput volumes across AltaGas’ Northeastern B.C. (“NEBC”) facilities, partially offset by lower realized power prices at Harmattan.
• The Utilities segment reported normalized EBITDA of $68 million in the third quarter of 2025 compared to $117 million in the third quarter of 2024, while loss before income taxes was $20 million in the third quarter of 2025 compared to income before income taxes of $24 million in the third quarter of 2024. The year-over-year reduction in normalized Utilities EBITDA was principally driven by the absence of the partial settlement of Washington Gas’ post-retirement benefit pension plan that was recognized in the third quarter of 2024. Excluding this impact, AltaGas’ Utilities performance was strong, driven by ongoing system modernization investments and cost management.

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