Publishing PT Increases & Selective Upgrades with Our Ahead of the Curve Report

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Publishing PT Increases & Selective Upgrades with Our Ahead of the Curve Report

TD SECURITIES INC. - CANADA INDUSTRY UPDATE

May 26, 2026

■Energy Infrastructure Publishing PT Increases & Selective Upgrades

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 Target Changes price targets across Canadian Energy Infrastructure, reflecting improved visibility into

ENB-T C$79.00 (Prior C$73.00) basin growth and a broader opportunity set. As outlined in our Ahead of the Curve report,

GEI-T C$32.00 (Prior C$29.00) incremental egress is increasingly supported by utilization, debottlenecking, and system

KEY-T C$68.00 (Prior C$61.00) optimization, reinforcing a more durable and capital-efficient growth outlook. We are also

PPL-T C$75.00 (Prior C$65.00)

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

RGSI-T C$35.00 (Prior C$32.00)

stronger utilization, and a more durable path to capital deployment, even if realized over aSOBO-T C$51.00 (Prior C$47.00)