Upgrading Pembina to BUY Alongside our Ahead of the Curve Report

Research evidence excerpt

Upgrading Pembina to BUY Alongside our Ahead of the Curve Report

Energy Infrastructure

Pembina Pipeline Corp.

TD SECURITIES INC. - CANADA RATING CHANGE

May 26, 2026

Price: C$67.73 (05/25/2026) Upgrading Pembina to BUY Alongside our

Price Target: C$75.00 (Prior C$65.00) Ahead of the Curve Report

BUY (1)

FROM HOLD (2)

ESG SCORE: 64/100

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

We are upgrading Pembina to BUY alongside our concurrently published Ahead of the Curve

aaron.macneil@tdsecurities.com

report, Energy Opportunity Amid Global Conflict: Can Canada Meet the Moment?. Pembina’s

Mark Newson, CFA^ condensate and NGL positioning offers direct leverage to rising throughput, benefiting from

403 299 3207 growth without megaproject risk, with stronger basin growth supporting upward estimate

mark.newson@tdsecurities.com

revisions.

Ben Fullarton^

416 308 8209 Event: We are upgrading Pembina to BUY (from Hold), while increasing our price target to $75

ben.fullarton@tdsecurities.com ($65 prior).

Key Data Impact: POSITIVE

Symbol TSX: PPL-T

12-Month Div (Est.): C$2.94 Positioned for Throughput-Driven Growth Across an Integrated Value Chain: Consistent

Beta: 0.70 with our more constructive growth outlook for the Canadian energy infrastructure sector

12-Month Total and our preference to own indirect midstream beneficiaries, Pembina’s integrated system

15.1%

Return: across condensate, NGLs and natural gas provides direct leverage to rising crude egress.

52-Week Range: C$68.45-C$48.90 This increases condensate demand and drives incremental NGL and gas volumes, supporting

Market Cap: C$39.4B compounding throughput growth across pipelines, fractionation, storage and export