Pembina Pipeline Sees FY25 Adj. EBITDA C$4.2B-C$4.5B

2025 Guidance

In December 2024, Pembina announced a 2025 adjusted EBITDA guidance range of $4.2 billion to $4.5 billion, which relative to 2024 reflects the impacts of continued volume growth across the WCSB, new assets acquired or placed into service, and the full year impact of the consolidation of the Alliance and Aux Sable assets, partially offset primarily by the full year impact of the recontracting of the Cochin Pipeline, and normalization of commodity margins in the marketing business.

Despite proposed tariffs on U.S. energy imports, Pembina does not expect any material near-term impacts given the highly contracted, take-or-pay nature of its business.

The 2025 adjusted EBITDA guidance range reflects quarterly seasonality in Pembina's business including:

• higher contribution from Alliance in the first and fourth quarters due to the ability to transport higher volumes during colder periods;
• higher integrity and geotechnical costs on the conventional pipeline assets in the third and fourth quarters; and
• stronger first and fourth quarter results in the NGL marketing business.

Pembina continues to execute its strategy within a fully funded model and consistent with its financial guardrails. At December 31, 2024, the ratio of proportionately consolidated debt-to-adjusted EBITDA on a trailing twelve-month basis was 3.5 times, at the low end of the Company's targeted range, and reflecting only three quarters of contribution from the Alliance/Aux Sable Acquisition. Within the 2025 adjusted EBITDA guidance range, Pembina expects to generate positive free cash flow, with all 2025 capital investment program scenarios being fully funded by cash flow from operating activities, net of dividends. Further, the Company is forecasting a year-end 2025 proportionately consolidated debt-to-adjusted EBITDA ratio of 3.3 to 3.6 times.