Earnings

Pembina Pipeline Raises 2026 Adjusted EBITDA Guidance

The Tip Desk · November 5, 2026 · 2 min read

The energy infrastructure company updated its full-year adjusted EBITDA range to C$4.45 billion to C$4.55 billion

Pembina Pipeline Corporation (PBA), an energy infrastructure company, reported third quarter 2026 earnings of C$570 million, or C$0.92 a share. The company reported adjusted EBITDA of C$1,128 million, a 9% increase compared to the third quarter of 2025.

The company said the growth in adjusted EBITDA was primarily driven by the Facilities and Marketing divisions. Specific drivers included higher North American NGL prices and increased NGL margins resulting from exposure to premium propane prices in Asian markets via West Coast exports. Strong operational performance and higher volumes in the Pipelines and Facilities divisions also contributed to the result. These gains were partially offset by a new toll structure and revenue-sharing mechanism on the Alliance Pipeline that took effect on November 1, 2025.

Divisional performance varied during the quarter. The Facilities division reported adjusted EBITDA of C$400 million, compared to C$354 million in the prior year period. The Marketing & New Ventures division reported adjusted EBITDA of C$167 million, up from C$99 million in the same period last year. Conversely, the Pipelines division saw adjusted EBITDA fall 4% to C$606 million, which the company attributed to lower net revenue on the Alliance Pipeline,.

Pembina updated its 2026 adjusted EBITDA guidance range to C$4.45 billion to C$4.55 billion from a previous range of C$4.35 billion to C$4.55 billion. The company noted it is currently trending toward the upper end of that range based on the current commodity price outlook. Factors expected to influence the fourth quarter include higher contribution from the Cochin Pipeline due to favorable commodity price differentials and seasonality in the WCSB NGL frac spread business. The company has hedged approximately 75% of its North American NGL frac spread exposure.

On the strategic front, the company entered into a non-binding agreement to participate in the Pacific Link pipeline, a proposed crude oil system with a capacity of approximately one million barrels per day connecting Alberta to the West Coast. In July, the company and its partners sanctioned the Greenlight Electricity Centre, a 932 megawatt natural gas-fired power generation facility in the Alberta Industrial Heartland. The company said this facility is tied to data centre development, which it views as a scalable growth opportunity.

Additionally, the Lator Infrastructure, which includes a new battery and gathering laterals, entered service in early October 2026. The board of directors declared a common share cash dividend of C$0.735 per share for the fourth quarter of 2026, payable on December 31, 2026.

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