Canadian Research at a Glance - June 9, 2026

Research evidence excerpt

Canadian Research at a Glance - June 9, 2026

CANADIAN RESEARCH AT A GLANCE

attention, even if there is a general acceptance that the sector's valuation has risen

over recent months. Fundamentally, the market's interest in Canadian Midstream

is underpinned by investor views that: (1) there is a durably strong growth

outlook in the near-term (from new WCSB crude oil egress options that motivate

more midstream activity in the basin, to rising North American energy demand

and export); (2) there are limited sector alternatives that deliver similarly solid

characteristics; and (3) there is strong momentum in energy infrastructure, both in

Canada and the U.S. With a landscape that is conducive to further growth, we sense

that capital allocation philosophies may be slowly evolving, including how equity

raises are perceived. As this evolution takes place, we expect the pre-requisites to

gain investor support to be unchanged, but become stricter, including as it relates to

having attractive project economics within the context of the issuer, balance sheet

strength, and sustainably growing dividends.

Research RBCCM Global Real Estate () Global Real Estate Weekly Valuation Monitor

rbccmglobalrealestate@rbccm.com Published June 8 2026 17:13:16 EDT

The RBCCM Global Real Estate Weekly provides estimates and valuation metrics

for our coverage universe for the week ending June 5th, 2026 (see Exhibit 9). Also

included herein are: 1) return comparisons across global listed real estate markets;

2) upcoming and recent RBCCM hosted real estate events; 3) links to recently

published research; and 4) frequently used sector valuation charts.

Research RBCCM Global Industrials () RBC Global Industrials Insight

(212) 428-6200; rbccmglobalindustrials@rbccm.com Published June 8 2026 21:20:48 EDT