Morning Call - Canada - May 26 2026

Research evidence excerpt

Morning Call - Canada - May 26 2026

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TD SECURITIES INC. - CANADA INDUSTRY UPDATE

May 26, 2026

Infrastructure Publishing PT Increases & Selective Upgrades■Energy

with Our Ahead of the Curve Report

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

We are raising price targets across Canadian Energy Infrastructure coverage and upgrading

aaron.macneil@tdsecurities.com

Gibson and Pembina to BUY (Hold previously) alongside our Ahead of the Curve report, Energy

Mark Newson, CFA^ Opportunity Amid Global Conflict: Can Canada Meet the Moment?. Improved basin visibility

403 299 3207 supports higher utilization, expansion, and more durable growth with upside to estimates.

mark.newson@tdsecurities.com

Ben Fullarton^

Event: We are increasing price targets across our coverage and are announcing selective

416 308 8209

upgrades alongside our Ahead of the Curve report.

ben.fullarton@tdsecurities.com

Improving Growth Visibility Supports Higher Valuations Across the Sector: We are increasing

price targets across Canadian Energy Infrastructure, reflecting improved visibility into

basin growth and a broader opportunity set. As outlined in our Ahead of the Curve report,

incremental egress is increasingly supported by utilization, debottlenecking, and system

optimization, reinforcing a more durable and capital-efficient growth outlook. We are also

increasing valuation multiples across our coverage to reflect improved growth visibility,

stronger utilization, and a more durable path to capital deployment, even if realized over a

longer time horizon. Our upgrades of Gibson and Pembina align with this theme and better

reflect our relative preferences despite elevated sector valuations.

Hard to Model Timing, but Direction of Risk Is Improving: While the opportunity set is