Energy infrastructure firm Keyera's Q3 adjusted EBITDA falls

Keyera

14/11/2025 11:10

Overview

Keyera Q3 adjusted EBITDA falls to C$281 mln, down from C$322 mln in 2024

Net earnings for Q3 drop to C$85 mln from C$185 mln last year

Fee-for-service realized margin grows over 10% yr/yr, driven by higher throughput

Outlook

Keyera revises 2025 Marketing margin guidance to C$280 mln-C$300 mln from C$310 mln-C$350 mln

Growth capital expenditures for 2025 now expected at C$220 mln-C$240 mln, down from C$275 mln-C$300 mln

2026 growth capital expenditures expected to be C$400 mln-C$475 mln

Result Drivers

FEE-FOR-SERVICE MARGIN - Co's fee-for-service realized margin increased by over 10% yr/yr, driven by higher throughput in Gathering & Processing and Liquids Infrastructure segments

MARKETING SEGMENT DECLINE - Marketing segment realized margin fell due to lower liquids blending, reduced condensate imports, and weaker iso-octane premiums

PLAINS ACQUISITION IMPACT - Plains acquisition transaction costs affected adjusted EBITDA, but the acquisition is expected to enhance the value chain

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
C$85.22 mln
Q3 Adjusted EBITDA
C$280.58 mln
Q3 FFO
C$209.77 mln
Q3 Adjusted Free Cash Flow
C$173.32 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "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$53.00, about 21.1% above its November 13 closing price of C$41.80

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release: ID:nCNWcrKFBa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(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.)