Pembina Pipeline Corp J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Pembina Pipeline Corp J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Pembina Pipeline Corp Neutral

PPL.TO, PPL CN

J.P. Morgan Natural Resources Conference Takeaways Price (22 Jun 26):C$65.74

Cameron Goldade (CFO) presented today at the J.P. Morgan Natural Resources

Conference. Please see below for some quick takeaways.

Net Takeaway: Messaging centered on Pembina’s 3C strategy—Capture,

Head of North America Power,

Connect, and Catalyze - underpinning 5-7% fee-based adjusted EBITDA per share Utilities, Midstream, LNG, and

CAGR through 2030, headlined by Cedar LNG tracking well in conjunction with Nuclear

multiple organic projects expanding the platform. Moreover, the Greenlight AC Jeremy Tonet, CFA

workstreams converging points towards a positive FID (possibly leaking past June (1-212) 622-4915

30), positioning Pembina for strong growth into the next decade. Body language jeremy.b.tonet@jpmorgan.com

indicated the potential for additional expansions here in the future. Looking ahead, Vrathan Reddy

a Greenlight FID, Alliance CER filings, and continued Cedar LNG construction (1-212) 622-4692

progress each represent discrete near-term catalysts. vrathan.reddy@jpmchase.com

Eli Jossen, CFA

• Greenlight FID and gas-to-power optionality dominate investor (1-212) 622-4113

focus.With a 2Q6 FID target nearing, the conversation devoted significant eli.jossen@jpmchase.com

airtime to Greenlight milestones. Management reiterated three converging Francina Kolluri

workstreams: a lump-sum EPC agreement, a 20-year cost-plus pass-through (1-212) 270-5796

commercial agreement with an investment-grade data center customer in late- francina.kolluri@jpmchase.com

stage finalization, and project financing targeting ~60% leverage. J.P.