KEY FINANCIAL STATEMENTS

Keyera Corp. — balance sheet, income statement and cash flow trends

KEYKeyera Corp.

🇨🇦 Canada · TO · Energy · Oil & Gas Midstream

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue6.6 B C$-10.7%

Gross Profit1 B C$-28.6%

Operating Income862 M C$-32.3%

EBITDA952.6 M C$-22.5%

Net Income180 M C$-67.0%

Peer Comparison· Oil & Gas Midstream

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
KEY	-10.7%	15.8%	14.5%	2.7%
AM	8.1%	64.5%	75.4%	31.9%
VNOM	92.3%	46.7%	27.2%	-9.3%
GLNG	81.7%	52.4%	67.8%	30.1%
DTM	22.2%	58.1%	83.1%	36.3%
INSW	14.5%	55.1%	112.0%	55.4%
Industry median	9.4%	40.8%	44.7%	17.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
KEY	-10.7%	15.8%	14.5%	2.7%
ALA	1.1%	23.9%	13.1%	4.0%
GEI	-4.8%	4.1%	4.7%	1.4%
TPZ	0.7%	55.8%	109.8%	45.8%
PPL	-6.4%	38.2%	49.0%	22.2%
TRP	19.8%	51.2%	72.5%	21.8%
Industry median	9.4%	40.8%	44.7%	17.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity2.5 B C$19%
Current Liabilities3.5 B C$26%
Long-term Liabilities7.2 B C$55%

Key Figures

YoY change

Total Assets13.2 B C$+52.7%

Total Liabilities10.7 B C$+83.8%

Total Equity2.5 B C$-11.2%

Cash & ST Investments4.5 B C$+4,148.5%

Total Debt6.3 B C$+61.7%

Net Debt1.8 B C$-52.3%

Peer Comparison· Oil & Gas Midstream

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
KEY	1.60	249.1%	1.89	19.1%
AM	0.99	191.7%	—	30.2%
VNOM	6.17	31.3%	3.35	42.4%
GLNG	2.57	142.7%	5.36	35.7%
DTM	1.26	70.9%	3.04	46.8%
INSW	7.34	27.8%	0.21	76.4%
Industry median	1.26	102.3%	3.34	33.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
KEY	1.60	249.1%	1.89	19.1%
ALA	0.88	116.0%	6.17	33.4%
GEI	1.17	281.9%	5.29	19.4%
TPZ	2.93	35.9%	1.49	68.3%
PPL	0.83	82.3%	3.69	46.7%
TRP	0.65	224.5%	5.31	22.8%
Industry median	1.26	102.3%	3.34	33.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow931.2 M C$-9.9%

Capital Expenditures373.8 M C$+49.6%

Free Cash Flow557.5 M C$-28.8%

Dividends Paid-490.6 M C$-203.9%

Peer Comparison· Oil & Gas Midstream

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
KEY	14.1%	8.5%	5.7%	517.3%
AM	75.6%	71.2%	14.8%	236.7%
VNOM	74.6%	-267.1%	341.7%	-805.6%
GLNG	87.2%	-93.4%	180.6%	289.6%
DTM	74.1%	40.1%	33.9%	204.1%
INSW	45.8%	12.3%	33.4%	82.7%
Industry median	36.3%	9.5%	17.1%	182.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
KEY	14.1%	8.5%	5.7%	517.3%
ALA	9.1%	-3.8%	12.9%	226.9%
GEI	2.7%	1.1%	1.6%	196.0%
TPZ	94.7%	85.1%	9.7%	206.9%
PPL	36.5%	26.0%	10.5%	164.1%
TRP	54.5%	24.1%	30.4%	249.7%
Industry median	36.3%	9.5%	17.1%	182.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.