Mr. Dean Setoguchi reports

KEYERA PROVIDES BUSINESS UPDATE AND 2029 GROWTH OUTLOOK FOLLOWING COMPLETION OF PLAINS' NGL ACQUISITION

Keyera Corp. has provided a pro forma business update and multiyear growth outlook following the completion of its transformative acquisition of Plains' Canadian NGL (natural gas liquids) assets.

"This combination strengthened Keyera's position as a fully integrated mid-stream company with greater efficiency and flexibility, enabling us to deliver more value to our customers," said Dean Setoguchi, president and chief executive officer. "With enhanced connectivity and identified synergies, we are positioned to drive industry-leading growth while maintaining the disciplined capital allocation that is expected to create long-term value for shareholders."

Delivering industry leading fee-based adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) per share growth to 2029

Keyera is establishing pro-forma fee-based adjusted EBITDA per-share growth targets to 2029. This growth is highly visible, and supported by sanctioned projects, identified synergies and capital-efficient growth initiatives that are already under way and aligned with the company's strategy.

The outlook is further supported by strong basin fundamentals. Oil, natural gas and NGL production across the Western Canadian sedimentary basin are expected to continue growing as export market access expands and global demand for Canadian energy products increases.

• From 2025 to 2027, Keyera expects fee-based adjusted EBITDA per share to increase by approximately 35 per cent or an approximate 16-per-cent compound annual growth rate (CAGR), mainly reflecting the contributions from the Plains acquisition, realization of near-term synergies, 2026 fractionation capacity expansions and continued filling of available capacity across the integrated system.
• Following this step change, Keyera is targeting a 7- to 8-per-cent fee-based adjusted EBITDA per share CAGR from 2027 to 2029, supported by continued filling of available capacity, the completion of major growth projects currently under way and further optimization of the combined platform.
• Beyond 2029, the company has identified several strategic growth opportunities that will further enhance its integrated value-chain and continue to grow fee-based adjusted EBITDA per share.

Further detail on the initiatives supporting this outlook is provided in the corporate presentation, which will be released and discussed during the company's webcast later this morning.

Initial $100-million near-term synergy target substantially realized and target increased

Keyera has substantially realized its initial $100-million annual run-rate near-term synergy target, with approximately $90-million in corporate cost savings already captured since the transaction was announced in June, 2025.

Based on progress achieved to date, Keyera now expects total near-term annual run-rate synergies to range from $120-million to $140-million, with these synergies expected to be realized within the first 12 months after closing. The integration of the combined platform is also expected to enhance customer value through improved connectivity, expanded market access and more efficient service offerings.

Beyond these near-term synergies, the company expects to identify significant additional opportunities driven primarily by operating efficiencies, supply chain optimization, maintenance capital improvements and new capital-efficient growth projects across the combined platform. These opportunities are not fully reflected in the company's updated growth targets.

As integration progresses and the company spends more time with the assets and teams, Keyera expects to further identify, categorize and define these opportunities, and will provide updates to the market once they are more clearly established.

Expanded marketing segment is a strategic competitive advantage

Keyera's marketing segment remains a key differentiator, driving outsized value creation. The company's logistics capabilities and market expertise help attract additional volumes across the integrated system by providing customers with access to higher-value markets and stronger netbacks.

The segment consistently allows the company to generate strong corporate returns on invested capital (ROIC) while incremental cash flow is redeployed to strengthen the balance sheet and support the acceleration of investment to continue to grow fee-based adjusted EBITDA.

With the addition of Plains marketing business, Keyera's platform now includes frac-spread exposure, which represents another important source of liquids supply for the company's integrated system. These liquids can be marketed across North America and internationally, where demand for NGL products are expected to continue to grow.

The expanded marketing portfolio will be managed under the same disciplined risk management framework that has underpinned Keyera's historical marketing performance.

2026 marketing segment guidance

For 2026, Keyera expects marketing realized margin to be between $360-million to $390-million. Guidance incorporates the impact of a five-month outage at AEF, maintenance activities at the Empress straddle facilities and planned outages associated with fractionation expansion projects at KFS II and KFS North (previously named PFS). The guidance is underpinned by disciplined risk management activities, conservative assumptions and is designed to be achievable with a high degree of confidence.

The outlook reflects more typical isooctane premium assumptions for the balance of the year, providing room for potential upside should supportive market fundamentals persist.

The company has locked in approximately 90 per cent of expected 2026 frac spread margins at attractive levels through its structured hedging program. These positions include legacy hedges previously established by Plains covering the next 12 months commencing in June, together with opportunistic hedges executed under Keyera's risk management program following closing. In addition, the company has locked in approximately 50 per cent of expected 2027 frac spread exposure at forward levels that remain attractive by historical standards, providing increased visibility into future marketing cash flows.

The company intends to reintroduce a long-term baseline marketing realized margin guidance range once the combined marketing platforms have operated together for a period of time.

Capital allocation priorities unchanged

Keyera remains committed to allocating capital in the most value-accretive manner for shareholders.

The company will continue to prioritize:

• Preserving financial strength and flexibility: Maintaining investment grade credit ratings and targeting net debt to adjusted EBITDA of 2.5 to 3.0 times. Leverage is expected to return to within this target range around the end of 2027.
• Investing for margin growth and cash flow stability: Prioritizing capital investments that strengthen and extend the integrated value chain and are expected to generate a stand-alone return on invested capital of at least 10 per cent to 15 per cent, before considering additional integration benefits.
• Sustainable dividend growth: Maintaining a conservative payout ratio of 50 per cent to 70 per cent of distributable cash flow (DCF) per share, supported by continued growth in fee-based adjusted EBITDA.

2026 guidance

Keyera's 2026 outlook reflects the partial-year contribution of the Plains assets following closing.

• Growth capital spending of $550-million to $625-million, directed mainly toward advancing previously announced fractionation capacity expansions, the ACE Rail Terminal and KAPS Zone 4;
• Maintenance capital of $240-million to $260-million, which includes planned turnarounds at Empress plants;
• Cash taxes of approximately $70-million to $90-million.

Summary

With a stronger combined platform, increased synergies and clearly defined growth visibility through 2029, Keyera is positioned to deliver industry-leading fee-based adjusted EBITDA growth. Supported by disciplined capital allocation, the company remains focused on delivering long-term value for customers and shareholders.

Business update and 2029 growth outlook webcast and conference call details

Date:   June 15, 2026

Time:  9 a.m. MT (11 a.m. ET or 4 p.m. GT)

A live webcast of the conference call can be accessed here or through Keyera's website at events and presentations -- Keyera. Shortly after the call, a webcast archive will be posted on Keyera's website.

The audio-only conference call be accessed by dialling 1-800-990-2777 or 1-416-855-9085, and entering conference call ID 34158.

About Keyera Corp.

Keyera operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high-quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely, and in an environmentally and financially responsible manner.

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