ALTAGAS REPORTS STRONG SECOND QUARTER 2025 RESULTS
Robust Performance Across Platform Led by Midstream
SECOND QUARTER HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwise noted)
FINANCIAL RESULTS
- Normalized EPS1 was
$0.27 in the second quarter of 2025 compared to$0.14 in the second quarter of 2024, while GAAP EPS2 was$0.59 in the second quarter of 2025 compared to a loss of$0.14 in the second quarter of 2024. - Normalized EBITDA1 was
$342 million in the second quarter of 2025 compared to$295 million in the second quarter of 2024, while income before income taxes was$226 million in the second quarter of 2025 compared to a loss of$46 million in the second quarter of 2024. The 16 percent year-over-year increase in normalized EBITDA was driven by strong performance acrossAltaGas' Midstream assets and Utilities growth from continued modernization investments. - The Midstream segment reported normalized EBITDA of
$215 million in the second quarter of 2025 compared to$175 million in the second quarter of 2024, while income before taxes was$263 million in the second quarter of 2025 compared to$46 million in the second quarter of 2024. The 23 percent year-over-year increase in normalized Midstream EBITDA was driven by strong global exports performance, higher gas processing volumes – particularly fromAltaGas' Montney facilities, and improved earnings from the Mountain Valley Pipeline ("MVP"). - The Utilities segment reported normalized EBITDA of
$134 million in the second quarter of 2025 compared to$122 million in the second quarter of 2024, while income before taxes was$95 million in the second quarter of 2025 compared to$31 million in the second quarter of 2024. The 10 percent year-over-year increase in normalized Utilities EBITDA was driven by modernization investments, improved asset optimization, and colder weather inMichigan , partially offset by lower retail contributions. -
AltaGas' adjusted net debt to normalized EBITDA1 exited the second quarter of 2025 at 4.6x on a trailing twelve-month basis, including 50 percent debt treatment for its subordinated hybrid notes and preferred shares. This is below the Company's long-term leverage target of 4.65x and compares to 5.1x at 2024 year-end.
_______________________________________________________ |
(1) Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in |
OPERATIONAL AND BUSINESS HIGHLIGHTS
-
AltaGas delivered record second quarter LPG export volumes of 127,814 Bbl/d toAsia , up four percent year-over-year despite a nine-day turnaround at theRidley Island Propane Export Terminal ("RIPET"). This included 12 Very Large Gas Carriers ("VLGCs") shipped from RIPET and eight from theFerndale Terminal ("Ferndale"). - Midstream throughput was strong, with gas processing volumes up eight percent year-over-year, driven by a 12 percent increase from
Montney assets, led byTownsend , Pipestone I, andBlair Creek . -
AltaGas' global exports business continues to benefit from robust demand for open-access terminal capacity under long-term tolling agreements with upstream and downstream customers. Recent agreements include:- Keyera Corp ("Keyera") committing to an additional 12,500 Bbl/d of LPG tolling capacity over 15 years starting in 2028, doubling its total contracted capacity with
AltaGas to 25,000 Bbl/d. - Pembina Pipeline Corporation ("Pembina") signing a long-term tolling agreement to export an additional 10,000 Bbl/d of LPGs starting in April of 2026 and an additional 10,000 Bbl/d of LPGs starting in April of 2027 at
AltaGas' global exports facilities. The agreement builds on Pembina's previous 10,000 Bbl/d of tolling capacity at RIPET. BASF Intertrade AG ("BASF") signing a long-term butane export capacity agreement at the Ridley Island Energy Export Facility ("REEF"). The agreement will provide BASF with reliable Western Canadian supply and diversify its cracker feedstock portfolio, and strengthenCanada -Asia trade ties.
- Keyera Corp ("Keyera") committing to an additional 12,500 Bbl/d of LPG tolling capacity over 15 years starting in 2028, doubling its total contracted capacity with
- MVP delivered strong second quarter results, with higher year-over-year contributions as the comparative period only included a partial contribution when the pipeline was being brought into service. The 2.0 Bcf/d pipeline is backed by 20-year investment grade contracts and is expandable through additional compression and extendable into
North Carolina through theSouthgate project, both of which are progressing towards near-term final investment decisions ("FIDs").AltaGas continues to advance a potential monetization of its interest in MVP with proceeds to be used for leverage reduction. - On
July 31, 2025 ,Washington Gas filed a rate case application to theVirginia State Corporation Commission ("SCC ofVA ") seeking aUS$65 million increase to base rates, net of the transfer ofUS$39 million of charges currently being recovered under the modernization rider. Interim rates are expected by early 2026.
PROJECT UPDATES
- REEF construction remains on budget and on track for a year-end 2026 in-service date ("ISD"). Site prep is effectively complete while LPG accumulators are 85 percent fabricated and expected on-site in the fourth quarter of 2025. Jetty progress includes nearly 60 percent of piles placed and 30 percent of trestle fabrication complete. Approximately 70 percent of project costs are incurred or committed, with nearly 60 percent of the total capital cost under fixed-price engineering, procurement and construction ("EPC") contracts.
-
AltaGas is advancing engineering and other work to progress near-term optimization projects at REEF that will allow the Company to move incremental volumes through Phase I, which is currently under construction. This includes evaluating options to increase throughput by 15,000–20,000 Bbl/d within the first year following REEF's 2026 year-end ISD as well as advancing engineering, permitting and stakeholder work to move up to another 60,000 Bbls/d of exports by the end of the decade, when there is sufficient demand for additional export capacity. - Pipestone II construction continues to be on budget and on track for a late 2025 ISD, with the facility construction now over 85 percent complete and the remaining work under fixed price contracting. The gas gathering system is currently in operation and being utilized to optimize throughput at
AltaGas' Pipestone I deep cut facility. Pipestone II is fully contracted under long term take-or-pay agreements and will provide critical gas processing and liquids handling capacity in one of the most active liquids-rich natural gas producing regions inCanada . -
AltaGas continues to advance growth projects across its Utilities and has received regulatory approval for the Keweenaw Connector Pipeline inMichigan's Keweenaw Peninsula . The 30-mile pipeline is expected to have an approximate capital cost ofUS$120 million with a 2027 ISD. SEMCO has also been awarded a contract to construct a natural gas interconnect for DTE Energy'sBelle River coal-to-natural gas power plant conversion project inMichigan , which is expected to be completed in the fourth quarter of 2025. -
AltaGas' Utilities continue to work with a number of data center developers and are actively advancing projects with front-end engineering and design ("FEED") studies acrossVirginia ,Michigan andMaryland . The Company is focused on pursuing these ventures on a de-risked basis by building pipeline interconnects to onsite power generation through rate regulated investments.
2025 GUIDANCE
- Following AltaGas' strong second quarter of 2025, the Company is reiterating its 2025 full-year guidance, including normalized EBITDA of
$1,775 million to$1,875 million and normalized EPS of$2.10 to$2.30 .
CEO MESSAGE
"We're pleased with our strong second-quarter performance, which reflects continued execution of our strategic priorities and positions us well to meet our 2025 guidance," said
"As demonstrated this quarter, we continue to make meaningful progress on our strategic priorities. We've optimized our asset base to maximize returns by increasing Midstream throughput and reducing operating costs in our Utilities segment. We continue to actively de-risk our portfolio through long-term tolling agreements and by pursuing weather normalization in the
"Customer demand for our open-access export terminals is robust, as reflected in the agreements we've announced with Keyera, BASF, and Pembina. We're advancing optimization projects at REEF that will enable us to move incremental volumes through Phase I. This includes finalizing detailed engineering and costing to increase near-term throughput by 15,000 to 20,000 Bbl/d within the first year of the terminal's year-end 2026 in-service date, as well as progressing engineering, permitting, and pre-engagement stakeholder work to support up to an additional 60,000 Bbl/d of export capacity by the end of the decade, when there is sufficient demand for export capacity.
"We're excited about the long-term outlook for our Utilities, which continue to deliver the most reliable and cost-effective energy for space heating across our jurisdictions. The delivered cost of electricity is almost four times that of natural gas, and we're operating in a period of growing energy insecurity, particularly in the PJM market, where concerns about power capacity shortfalls are rising. In response, we're making significant investments to connect new customers and modernize our network to enhance long-term safety, reliability, and energy security. This includes securing regulatory approval for projects like the Keweenaw Connector Pipeline and advancing infrastructure to serve emerging opportunities such as data centers. We will continue to advocate on behalf of our customers against public policies that undermine reliability, affordability, and consumer choice – as the economic future of these regions depends on it.
"We're excited about
RESULTS BY SEGMENT
Normalized EBITDA (1) |
Three Months Ended
|
|
($ millions) |
2025 |
2024 |
Utilities |
$ 134 |
$ 122 |
Midstream |
215 |
175 |
Corporate/Other |
(7) |
(2) |
Normalized EBITDA (1) |
$ 342 |
$ 295 |
(1) |
Non‑GAAP financial measure; see discussion in Non‑GAAP Financial Measures section of this news release. |
Income (Loss) Before Income Taxes |
Three Months Ended
|
|
($ millions) |
2025 |
2024 |
Utilities |
$ 95 |
$ 31 |
Midstream |
263 |
46 |
Corporate/Other |
(132) |
(123) |
Income (Loss) Before Income Taxes |
$ 226 |
$ (46) |
BUSINESS PERFORMANCE
Midstream
The Midstream segment reported normalized EBITDA of
Performance across the balance of the Midstream platform was strong with gas processing volumes up eight percent year-over-year, driven by the Company's
Consistent with the Company's de-risking focus,
Approximately 84 percent of the Company's 2025 expected frac exposed volumes are hedged at
Midstream Hedge Program |
Q3 2025 |
Q4 2025 |
Remainder |
|
100 |
96 |
98 |
Average propane/butane FEI to |
17.00 |
19.58 |
18.00 |
Fractionation volume hedged (%) (3) |
88 |
79 |
84 |
Frac spread hedge rate - (US$/Bbl) (3) |
26.56 |
26.42 |
26.48 |
(1) |
Approximate expected volumes hedged based on |
(2) |
Does not include physical differential to FSK for C3 volumes. Butane is hedged as a percentage of WTI. |
(3) |
Approximate average for the period. |
Utilities
Utilities reported normalized EBITDA of
Corporate/Other
The Corporate/Other segment reported normalized EBITDA for the second quarter of 2025 of a loss of
CONSOLIDATED FINANCIAL RESULTS
|
Three Months Ended
|
|
($ millions) |
2025 |
2024 |
Normalized EBITDA (1) |
$ 342 |
$ 295 |
Add (deduct): |
|
|
Depreciation and amortization |
(126) |
(117) |
Interest expense |
(114) |
(111) |
Normalized income tax expense |
(15) |
(13) |
Preferred share dividends |
(5) |
(4) |
Other (2) |
(1) |
(9) |
Normalized net income (1) |
$ 81 |
$ 41 |
|
|
|
Net income (loss) applicable to common shares |
$ 175 |
$ (42) |
Normalized funds from operations (1) |
$ 228 |
$ 180 |
Cash from operations |
$ 365 |
$ 452 |
|
|
|
($ per share, except shares outstanding) |
|
|
Shares outstanding - basic (millions) |
|
|
During the period (3) |
299 |
297 |
End of period |
299 |
297 |
|
|
|
Normalized net income - basic (1) |
0.27 |
0.14 |
Normalized net income - diluted (1) |
0.27 |
0.14 |
|
|
|
Net income (loss) per common share - basic |
0.59 |
(0.14) |
Net income (loss) per common share - diluted |
0.58 |
(0.14) |
(1) |
Non‑GAAP financial measure; see discussion in Non-GAAP Financial Measures section at the end of this news release. |
(2) |
"Other" includes accretion expense, net income applicable to non-controlling interests, foreign exchange gains (losses), and unrealized foreign exchange losses (gains) on intercompany balances. |
(3) |
Weighted average. |
Normalized EBITDA for the second quarter of 2025 was
Income before income taxes was
Normalized net income was
Normalized FFO was
Cash from operations in the second quarter of 2025 was
Interest expense for the second quarter of 2025 was
Income tax expense was
FORWARD FOCUS, GUIDANCE AND FUNDING
Following a strong second quarter of 2025,
- 2025 Normalized EPS guidance of
$2 .10–$2.30, compared to normalized EPS of$2.18 and GAAP EPS of$1.95 in 2024; and - 2025 Normalized EBITDA guidance of
$1,775 million–$1,875 million, compared to actual normalized EBITDA of$1,769 million and income before taxes of$746 million in 2024.
OPTION PLAN
Shareholders approved the conversion of the rolling option plan to a fixed option plan at the last meeting of shareholders. The Board has not issued options since 2021 and currently has no intention of issuing options under the plan. Therefore,
QUARTERLY COMMON SHARE DIVIDEND AND PREFERRED SHARE DIVIDENDS
The Board of Directors approved the following schedule of Dividends:
Type (1) |
Dividend (per share) |
Period |
Payment Date |
Record |
Common Shares |
|
n.a. |
|
|
Series A Preferred Shares |
|
|
|
|
Series B Preferred Shares |
|
|
|
|
Series G Preferred Shares |
|
|
|
|
(1) |
Dividends on common shares and preferred shares are eligible dividends for Canadian income tax purposes. |
CONFERENCE CALL AND WEBCAST
Date: |
|
Time: |
|
Webcast: |
|
Dial-in (Audio only): |
+1 437 900 0527 or toll free at +1 888 510 2154 |
Shortly after the conclusion of the call a replay will be available on the Company's website or by dialing +1 289 819 1450 or toll free +1 888 660 6345. Passcode 73282 #.
NON-GAAP MEASURES
This news release contains references to certain financial measures that do not have a standardized meaning prescribed by
Normalized EBITDA
|
Three Months Ended
|
Six Months Ended
|
||
($ millions) |
2025 |
2024 |
2025 |
2024 |
Income (loss) before income taxes (GAAP financial measure) |
$ 226 |
$ (46) |
$ 739 |
$ 495 |
Add: |
|
|
|
|
Depreciation and amortization |
126 |
117 |
254 |
233 |
Interest expense |
114 |
111 |
229 |
218 |
EBITDA |
$ 466 |
$ 182 |
$ 1,222 |
$ 946 |
Add (deduct): |
|
|
|
|
Transaction costs related to acquisitions and dispositions (1) |
2 |
2 |
2 |
7 |
Unrealized losses (gains) on risk management contracts (2) |
(131) |
90 |
(216) |
(27) |
Losses on sale of assets (3) |
1 |
3 |
3 |
2 |
Transition and restructuring costs (4) |
2 |
18 |
13 |
31 |
Provisions on assets |
— |
— |
2 |
— |
Accretion expenses |
1 |
1 |
2 |
2 |
Foreign exchange losses (gains) (5) |
1 |
(1) |
3 |
(6) |
Normalized EBITDA |
$ 342 |
$ 295 |
$ 1,031 |
$ 955 |
(1) |
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). Transaction costs include expenses, such as legal fees, that are directly attributable to the acquisition or disposition. |
(2) |
Included in the "revenue", "cost of sales", and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income (Loss). Please refer to Note 12 of the unaudited condensed interim Consolidated Financial Statements as at and for the three and six months ended |
(3) |
Included in the "other income" line item on the Consolidated Statements of Income (Loss). |
(4) |
Comprised of transition and restructuring costs (including CEO transition). These costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). |
(5) |
Excludes unrealized losses (gains) on foreign exchange forward contracts that have been entered into for the purpose of cash management. These losses (gains) are included above in the line "unrealized gains (losses) on risk management contracts". |
EBITDA is a measure of AltaGas' operating profitability prior to how business activities are financed, assets are amortized, or earnings are taxed. EBITDA is calculated from the Consolidated Statements of Income (Loss) using income (loss) before income taxes adjusted for pre-tax depreciation and amortization and interest expense.
Normalized Net Income
|
Three Months Ended
|
Six Months Ended
|
||
($ millions) |
2025 |
2024 |
2025 |
2024 |
Net income (loss) applicable to common shares (GAAP financial measure) |
$ 175 |
$ (42) |
$ 567 |
$ 366 |
Add (deduct) after-tax: |
|
|
|
|
Transaction costs related to acquisitions and dispositions (1) |
1 |
2 |
1 |
6 |
Unrealized losses (gains) on risk management contracts (2) |
(100) |
68 |
(165) |
(21) |
Losses on sale of assets (3) |
1 |
2 |
2 |
4 |
Provisions on assets |
— |
— |
1 |
— |
Transition and restructuring costs (4) |
1 |
15 |
10 |
24 |
Unrealized foreign exchange losses (gains) on intercompany balances (5) |
3 |
(4) |
7 |
— |
Normalized net income |
$ 81 |
$ 41 |
$ 423 |
$ 379 |
(1) |
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. The pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). Transaction costs include expenses, such as legal fees, which are directly attributable to the acquisition or disposition. |
(2) |
The pre-tax amounts are included in the "revenue", "cost of sales", and "foreign exchange gains (losses)" line items on the Consolidated Statements of Income (Loss). Please refer to Note 12 of the unaudited condensed interim Consolidated Financial Statements as at and for the three and six months ended |
(3) |
The pre-tax amounts are included in the "other income" line item on the Consolidated Statements of Income (Loss). |
(4) |
Comprised of transition and restructuring costs (including CEO transition). These pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). |
(5) |
Relates to unrealized foreign exchange losses (gains) on intercompany accounts receivable and accounts payable balances between a |
Normalized net income and normalized net income per share are used by Management to enhance the comparability of
Normalized Funds from Operations
|
Three Months Ended
|
Six Months Ended
|
||
($ millions) |
2025 |
2024 |
2025 |
2024 |
Cash from operations (GAAP financial measure) |
$ 365 |
$ 452 |
$ 992 |
$ 1,009 |
Add (deduct): |
|
|
|
|
Net change in operating assets and liabilities |
(142) |
(292) |
(229) |
(364) |
Asset retirement obligations settled |
1 |
— |
1 |
— |
Funds from operations |
$ 224 |
$ 160 |
$ 764 |
$ 645 |
Add (deduct): |
|
|
|
|
Transaction costs related to acquisitions and dispositions (1) |
2 |
2 |
2 |
7 |
Transition and restructuring costs (2) |
2 |
18 |
13 |
31 |
Current tax expense on asset sales (3) |
— |
— |
— |
7 |
Normalized funds from operations |
$ 228 |
$ 180 |
$ 779 |
$ 690 |
(1) |
Comprised of transaction costs related to acquisitions and dispositions of assets and/or equity investments in the period. These costs exclude non-cash amounts and are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). Transaction costs include expenses, such as legal fees, which are directly attributable to the acquisition or disposition. |
(2) |
Comprised of transition and restructuring costs (including CEO transition). These pre-tax costs are included in the "operating and administrative" line item on the Consolidated Statements of Income (Loss). |
(3) |
Included in the "current income tax expense" line item on the Consolidated Statements of Income (Loss). |
Normalized funds from operations and funds from operations are used to assist Management and investors in analyzing the liquidity of the Corporation. Management uses these measures to understand the ability to generate funds for capital investments, debt repayment, dividend payments, and other investing activities.
Funds from operations and normalized funds from operations as presented should not be viewed as an alternative to cash from operations or other cash flow measures calculated in accordance with GAAP.
|
Three Months Ended
|
Six Months Ended
|
||
($ millions) |
2025 |
2024 |
2025 |
2024 |
Cash used in investing activities (GAAP financial measure) |
$ 357 |
$ 305 |
$ 709 |
$ 580 |
Add (deduct): |
|
|
|
|
Net change in non-cash capital expenditures (1) |
49 |
11 |
19 |
(4) |
AFUDC (2) |
— |
1 |
— |
1 |
Contributions from non-controlling interests (3) |
(76) |
(11) |
(146) |
(17) |
Net invested capital |
$ 330 |
$ 306 |
$ 582 |
$ 560 |
Asset dispositions |
— |
1 |
— |
2 |
Invested capital |
$ 330 |
$ 307 |
$ 582 |
$ 562 |
(1) |
Comprised of non-cash capital expenditures included in the "accounts payable and accrued liabilities" line item on the Consolidated Balance Sheets. Please refer to Note 18 of the unaudited condensed interim Consolidated Financial Statements as at and for the three and six months ended |
(2) |
AFUDC is the amount that a rate-regulated enterprise is allowed to recover for its cost of financing assets under construction, and excludes any AFUDC within investments accounted for by the equity method. AFUDC is included in the "property, plant and equipment" line item on the Consolidated Balance Sheets. |
(3) |
Excludes cash received from advance cash calls related to forecasted capital spend. |
Invested capital is a measure of AltaGas' use of funds for capital expenditure activities. It includes expenditures relating to property, plant, and equipment and intangible assets, capital contributed to long term investments, and contributions from non-controlling interests. Net invested capital is invested capital presented net of cash paid for business acquisitions and proceeds from disposals of assets and equity investments in the period. Net invested capital is calculated based on the investing activities section in the Consolidated Statements of Cash Flows, adjusted for items such as non-cash capital expenditures, AFUDC, and contributions from non-controlling interests. Invested capital and net invested capital are used by Management, investors, and analysts to enhance the understanding of
Net Debt, Adjusted Net Debt, and Adjusted Net Debt to Normalized EBITDA
($ millions, except adjusted net debt to normalized EBITDA) |
|
|
Short-term debt |
$ — |
$ 10 |
Current portion of long-term debt (1) |
452 |
858 |
Current portion of finance lease liabilities |
24 |
23 |
Long-term debt (2) |
7,189 |
6,992 |
Finance lease liabilities |
126 |
126 |
Subordinated hybrid notes (3) |
1,955 |
2,022 |
Total debt |
9,746 |
10,031 |
Less: cash and cash equivalents |
(320) |
(85) |
Net debt |
$ 9,426 |
$ 9,946 |
Add (deduct): |
|
|
Current portion of finance lease liabilities |
(24) |
(23) |
Finance lease liabilities |
(126) |
(126) |
50 percent debt treatment of subordinated hybrid notes |
(978) |
(1,011) |
50 percent debt treatment of preferred shares |
196 |
196 |
Adjusted net debt (4) |
$ 8,494 |
$ 8,982 |
|
|
|
Adjusted net debt to normalized EBITDA (4) (5) |
4.6 |
5.1 |
(1) |
Net of debt issuance costs, unamortized premiums, and unamortized discounts of less than |
(2) |
Net of debt issuance costs, unamortized premiums, and unamortized discounts of $28 million as at |
(3) |
Net of debt issuance costs of |
(4) |
As noted on page 17 of the MD&A, in the second quarter of 2025, |
(5) |
Calculated as adjusted net debt at the balance sheet date, divided by normalized EBITDA for the preceding twelve month period. |
Net debt, adjusted net debt, and adjusted net debt to normalized EBITDA are used by the Corporation to monitor its capital structure and assess its capital structure relative to earnings. It is also used as a measure of the Corporation's overall financial strength and is presented to provide this perspective to analysts and investors. Net debt is defined as short-term debt, plus current and long-term portions of long-term debt, current and long-term portions of finance lease liabilities, and subordinated hybrid notes, less cash and cash equivalents. Adjusted net debt is defined as net debt adjusted for current and long-term portions of finance lease liabilities, 50 percent of subordinated hybrid notes, and 50 percent of preferred shares. Adjusted net debt to normalized EBITDA is calculated by dividing adjusted net debt as defined above by normalized EBITDA for the preceding twelve month period.
CONSOLIDATED FINANCIAL REVIEW
|
Three Months Ended
|
Six Months Ended
|
||
($ millions, except effective income tax rates) |
2025 |
2024 |
2025 |
2024 |
Revenue |
2,844 |
2,775 |
6,813 |
6,430 |
Normalized EBITDA (1) |
342 |
295 |
1,031 |
955 |
Income (loss) before income taxes |
226 |
(46) |
739 |
495 |
Net income (loss) applicable to common shares |
175 |
(42) |
567 |
366 |
Normalized net income (1) |
81 |
41 |
423 |
379 |
Total assets |
25,275 |
23,932 |
25,275 |
23,932 |
Total long-term liabilities |
13,615 |
12,524 |
13,615 |
12,524 |
Invested capital (1) |
330 |
307 |
582 |
562 |
Cash used in investing activities |
(357) |
(305) |
(709) |
(580) |
Dividends declared (2) |
95 |
88 |
189 |
176 |
Cash from operations |
365 |
452 |
992 |
1,009 |
Normalized funds from operations (1) |
228 |
180 |
779 |
690 |
Normalized effective income tax rate (%) (1) |
14.6 |
21.0 |
20.5 |
22.2 |
Effective income tax rate (%) |
19.7 |
26.2 |
21.3 |
22.9 |
|
|
|
||
|
Three Months Ended
|
Six Months Ended
|
||
($ per share, except shares outstanding) |
2025 |
2024 |
2025 |
2024 |
Net income (loss) per common share - basic |
0.59 |
(0.14) |
1.90 |
1.24 |
Net income (loss) per common share - diluted |
0.58 |
(0.14) |
1.89 |
1.23 |
Normalized net income - basic (1) |
0.27 |
0.14 |
1.41 |
1.28 |
Normalized net income - diluted (1) |
0.27 |
0.14 |
1.41 |
1.27 |
Dividends declared (2) |
0.32 |
0.30 |
0.63 |
0.60 |
Cash from operations |
1.22 |
1.52 |
3.32 |
3.41 |
Normalized funds from operations (1) |
0.76 |
0.61 |
2.61 |
2.33 |
Shares outstanding - basic (millions) |
|
|
|
|
During the period (3) |
299 |
297 |
299 |
296 |
End of period |
299 |
297 |
299 |
297 |
(1) |
Non‑GAAP financial measure or non-GAAP financial ratio; see discussion in Non-GAAP Financial Measures section of the MD&A. |
(2) |
Dividends declared per common share per quarter: |
(3) |
Weighted average. |
ABOUT
For more information visit www.altagas.ca or reach out to one of the following:
Senior Vice President, Corporate Development and Investor Relations
Jon.Morrison@altagas.ca
Vice President, Investor Relations
Aaron.Swanson@altagas.ca
Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "likely", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "future", "commit", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "potential", "target", "guarantee", "potential", "objective", "continue", "outlook", "guidance", "growth", "long-term", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: export tolling agreements, including the expected timing for commencement of volumes thereunder and the anticipated benefits thereof; the belief that the MVP expansion and
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, and achievements to differ materially from those expressed or implied by such statements. Such statements reflect
Many factors could cause
Financial outlook information contained in this news release about prospective financial performance, financial position, or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on
Additional information relating to
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