Pembina Pipeline Corp. (TSE:PPL)
NYSE:PPL
Earnings Data
Report Date
May 07, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.69Last Year’s EPS
0.8Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and strategic wins — record annual volumes, large recontracting achievements (200,000 bpd), sanctioned and on-schedule projects (RFS IV, Wapiti, K3), export and LNG progress (50,000 bpd propane export access, Cedar LNG remarketing), and a clear 2026 adjusted EBITDA guidance range with a mid-point implying ~5% CAGR. Offsetting these positives were near-term financial pressures: Q4 adjusted EBITDA and earnings declines (-14% and -15% YoY), marketing headwinds (notably narrower NGL frac spreads and U.S. gas-driven volatility), higher operating and incentive costs, and a temporary peak in leverage in 2026 due to Cedar LNG capex. Overall, highlights and ongoing growth initiatives materially outweigh the near-term headwinds, which management expects to be transient and manageable.Company Guidance
Strong Q4 and Full-Year Financials
Q4 earnings of $489 million and adjusted EBITDA of approximately $1.075 billion; adjusted cash flow from operating activities of $731 million ($1.26/share) in Q4. Full-year earnings of $1.694 billion and adjusted EBITDA of $4.289 billion; adjusted cash flow from operating activities of $2.854 billion ($4.91/share) and cash flow from operating activities of $3.301 billion ($5.68/share).
Volume Growth and Record Annual Volumes
Record annual volumes across Pipelines and Facilities for 2025, up ~3% vs 2024. Q4 total Pipelines and Facilities volumes were 3.7 million boe/d, a ~1% increase vs prior-year quarter.
Project Execution — On Time and On Budget
Multiple growth projects progressed on time and on or under budget: Wapiti expansion and K3 cogeneration are in commissioning (expected in weeks), RFS IV propane-plus fractionator at Redwater trending on time (expected online in Q2 2026).
Substantial Contracting and Recontractions
In 2025 Pembina renewed and executed incremental contracts totaling over 200,000 barrels per day of conventional pipeline transportation capacity. Alliance Pipeline shippers elected a new 10-year toll option on ~96% of available capacity; Nipisi pipeline now fully contracted.
Targeted Expansions and Capital Investments
Announced Fox Creek-to-Namao Expansion (+~70,000 bpd) and two Northeast BC expansions (Birch-to-Taylor and Taylor-to-Gordondale). Combined investment across three expansions of approximately $625 million to address growing volumes in NE BC and Alberta.
Enhanced Export and LNG Positioning
Secured access to 50,000 bpd of competitive propane export capacity via a new 30,000 bpd LPG export agreement with AltaGas and Prince Rupert terminal optimization. Cedar LNG construction advanced (floating LNG vessel >35% complete); remarketed 1.5 mtpa of capacity to PETRONAS and Ovintiv, increasing expected financial contribution.
PGI and Short-term Infrastructure Growth
Under funding agreements PGI and producer customers expect to place approximately $725 million of new infrastructure into service throughout 2026, all supported by long-term take-or-pay arrangements.
Greenlight Electricity Center Progress
Significant progress on Greenlight: secured required grid allocation (907 MW assigned), turbine delivery timing confirmed, completed land sale to potential customer, and targeting a final investment decision in Q2 2026 for a ~700–900 MW first phase with midstream-like long-term contracting potential.
2026 Guidance and Medium-Term Financial Targets
2026 adjusted EBITDA guidance range of $4.125 billion to $4.425 billion. Midpoint implies ~5% compound annual growth in fee-based adjusted EBITDA per share from 2023–2026. Year-end 2026 proportionately consolidated debt to adjusted EBITDA expected ~3.7–4.0x (3.4–3.7x excluding Cedar LNG debt).
Safety and Environmental Performance
Management reported strong safety and environmental performance that exceeded Pembina's internal 2025 targets and improved vs 3-year averages.
TSE:PPL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:PPL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | C$59.49 | C$59.26 | -0.40% |
Nov 06, 2025 | C$52.54 | C$50.76 | -3.38% |
Aug 07, 2025 | C$48.84 | C$47.08 | -3.61% |
May 08, 2025 | C$52.09 | C$49.05 | -5.85% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Pembina Pipeline Corp. (TSE:PPL) report earnings?
Pembina Pipeline Corp. (TSE:PPL) is schdueled to report earning on May 07, 2026, After Close (Confirmed).
What is Pembina Pipeline Corp. (TSE:PPL) earnings time?
Pembina Pipeline Corp. (TSE:PPL) earnings time is at May 07, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What is TSE:PPL EPS forecast?
TSE:PPL EPS forecast for the fiscal quarter 2026 (Q1) is 0.69.