2Q EBITDA Ahead; Strong LPG Exports Power Guidance Bump; Midstream Platform Expansions Underway

研报英文原文证据摘录

2Q EBITDA Ahead; Strong LPG Exports Power Guidance Bump; Midstream Platform Expansions Underway

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

30 July 2026

AltaGas Ltd

2Q EBITDA Ahead; Strong LPG Exports Power Neutral

Guidance Bump; Midstream Platform Expansions ALA.TO, ALA CN

Underway Price (29 Jul 26):C$55.27

Head of North America Power,

ALA reported 2Q26 normalized EBITDA of $391mm, above the $351/350mm Utilities, Midstream, LNG, and

Nuclear

JPMe/Street median. Midstream generated $285mm of EBITDA (+$44mm vs

JPMe), driven by record global export volumes and margins, robust Pipestone II Jeremy Tonet, CFA AC

contributions, and increased throughput at Townsend and North Pine. Utilities (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

contributed EBITDA of $142mm (+$2mm versus JPMe) as pipe modernization

North American Midstream

investments, new D.C. and VA rates, and favorable retail margins offset lower asset

optimization and elevated G&A. Corporate/Other matched expectations. Vrathan Reddy

Alongside the print, ALA modestly bumped 2026 normalized EBITDA guidance (1-212) 622-4692

vrathan.reddy@jpmchase.com

to $2.0–2.1bn, versus the previous high end of $1.925-2.025bn ($2.056/2.066bn

Eli Jossen, CFAJPMe/Street median), citing strong YTD performance and constructive outlooks

(1-212) 622-4113

across both segments. The company increased the 2026 capital program to $1.8bn eli.jossen@jpmchase.com

(+$100mm), reflecting higher REEF construction costs and positive FIDs on two

Francina Kolluri

NEBC growth projects. Across the project backlog, REEF Phase I sits at ~85% (1-212) 270-5796

complete, Dimsdale Phase I and II construction surpassed 50% completion, and the francina.kolluri@jpmchase.com

Keweenaw Connector Pipeline advanced into active construction. On the call, we J.P.