Rockpoint Gas Storage Inc. F1Q27 EBITDA In-Line; Accelerated FY28 Contracting Demonstrates Robust Fundamentals

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Rockpoint Gas Storage Inc.

F1Q27 EBITDA In-Line; Accelerated FY28 Contracting

Demonstrates Robust Fundamentals

Overweight

RGSI.TO, RGSI CN

Price (04 Aug 26):C$25.95

Utilities and Midstream

RGSI reported $75mm F1Q27 adj EBITDA, above the $72mm JPMe and in-line

with the $74mm Street Median. STS margin (+$5mm vs JPMe) and Optimization

margin (-$1mm vs JPMe) largely drove the delta, while ToP margin matched.

Subsequent to quarter-end, RGSI highlighted a strong start to the FY28 contracting

season via a 10 Bcf long-term contract with a new high-quality counterparty

(service commencing Apr 1, 2027). We view the contract as a meaningful positive,

driven by the accelerated timing (with discussions typically in the fall) and the

contract size (lifts currently contracted FY28 Alberta capacity by ~30% YoY).

Separately, during the quarter, RGSI repurchased~169k shares for ~C$4.8mm at

a ~C$28.60 weighted-average price. On the call, we look for details around

additional FY28 contracting engagements, optimization timing through the

balance of FY27, and organic growth opportunities.

Constructive fundamentals in tact; growth projects on track. RGSI’s

initial FY28 contracting update demonstrates customer eagerness to lock in

capacity for longer tenor, as demand continues to grow. RGSI remains well

positioned to benefit from higher LNG demand, increasing data center demand

(37 projects in Alberta provincial queue), and growing production. On growth,

RGSI continues to advance the 11MW Warwick battery storage project on

budget, with ~30% detailed engineering complete (FY2Q28 ISD). The

company has also received all regulatory approvals to advance the Warwick

Gas Storage Expansion, expecting ~3.5 Bcf of incremental working gas

capacity in FY3Q27, with performance informing FY28 activities toward ~5

Bcf total incremental capacity.

Dividend run-rate flat at $0.924/sh. RGSI declared a US$0.2310/sh

quarterly dividend for F1Q27, flat QoQ.

Conference call details. RGSI will host a webcast to discuss F1Q27 results on

Wednesday, August 5th at 9:30 AM ET.

Vrathan Reddy AC

(1-212) 622-4692

Jeremy Tonet, CFA

(1-212) 622-4915

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