Canada's Keyera Q4 adjusted EBITDA falls on weaker commodity prices

Keyera

12/02/2026 11:11

Corrects EPS in Key Details table to C$0.39, from C$0.54

Overview

Canada energy infrastructure firm's Q4 adjusted EBITDA was C$301 mln, down from C$313 mln in 2024

Distributable cash flow for Q4 was C$206 mln, up from C$168 mln in 2024

Company completed acquisition of 50.1% interest in Simonette gas plants for C$200 mln

Outlook

Keyera expects 2026 growth capital expenditures between C$400 mln and C$475 mln

Maintenance capital expenditures for 2026 expected to range between C$140 mln and C$160 mln

Cash taxes in 2026 expected to decrease by C$30 mln due to AEF outage

Result Drivers

GATHERING AND PROCESSING - Increased throughput at Wapiti and Simonette gas plants drove record annual fee-for-service margin

LIQUIDS INFRASTRUCTURE - Higher contracted volumes through condensate system and KAPS pipeline boosted segment performance

MARKETING SEGMENT - Lower iso-octane prices and volumes, weaker commodity prices affected results

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 EPS
C$0.39
Q4 Net Income
C$90.27 mln
Q4 Adjusted EBITDA
C$300.92 mln
Q4 FFO
C$234.49 mln
Q4 Adjusted Free Cash Flow
C$290.07 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

Wall Street's median 12-month price target for Keyera Corp is C$51.00, about 3.9% above its February 11 closing price of C$49.08

The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release: ID:nCNWwPTrLa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)