PPL FINANCIAL STATEMENTS

Pembina Pipeline Corp — balance sheet, income statement and cash flow trends

PPLPembina Pipeline 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

Revenue7.6 B C$-6.4%

Gross Profit2.9 B C$-12.2%

Operating Income2.5 B C$+1.8%

EBITDA3.7 B C$+0.5%

Net Income1.7 B C$-12.3%

Peer Comparison· Oil & Gas Midstream

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
PPL	-6.4%	38.2%	49.0%	22.2%
DTM	22.2%	58.1%	83.1%	36.3%
LNG	24.8%	36.2%	31.1%	7.0%
OKE	41.0%	23.9%	22.3%	10.0%
TRGP	-2.3%	29.9%	30.4%	13.0%
AM	8.1%	64.5%	75.4%	31.9%
Industry median	9.4%	40.8%	44.7%	17.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
PPL	-6.4%	38.2%	49.0%	22.2%
ALA	1.1%	23.9%	13.1%	4.0%
TRP	19.8%	51.2%	72.5%	21.8%
KEY	-10.7%	15.8%	14.5%	2.7%
ENB	36.6%	33.2%	27.6%	9.4%
GEI	-4.8%	4.1%	4.7%	1.4%
Industry median	9.4%	40.8%	44.7%	17.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity16.9 B C$47%
Current Liabilities2.1 B C$6%
Long-term Liabilities17.2 B C$48%

Key Figures

YoY change

Total Assets36.2 B C$+1.3%

Total Liabilities19.3 B C$+6.3%

Total Equity16.9 B C$-3.8%

Cash & ST Investments173 M C$+11.6%

Total Debt13.9 B C$+5.9%

Net Debt13.7 B C$+5.8%

Peer Comparison· Oil & Gas Midstream

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
PPL	0.83	82.3%	3.69	46.7%
DTM	1.26	70.9%	3.04	46.8%
LNG	0.57	703.2%	3.76	8.0%
OKE	0.71	150.5%	4.26	32.8%
TRGP	0.72	610.0%	3.83	11.6%
AM	0.99	191.7%	—	30.2%
Industry median	1.26	102.3%	3.34	33.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
PPL	0.83	82.3%	3.69	46.7%
ALA	0.88	116.0%	6.17	33.4%
TRP	0.65	224.5%	5.31	22.8%
KEY	1.60	249.1%	1.89	19.1%
ENB	0.81	168.6%	6.52	28.5%
GEI	1.17	281.9%	5.29	19.4%
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 Flow2.8 B C$-22.8%

Capital Expenditures797 M C$-15.5%

Free Cash Flow2 B C$-25.4%

Dividends Paid-1.8 B C$-202.3%

Peer Comparison· Oil & Gas Midstream

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
PPL	36.5%	26.0%	10.5%	164.1%
DTM	74.1%	40.1%	33.9%	204.1%
LNG	25.6%	21.5%	19.7%	365.5%
OKE	16.0%	6.4%	9.6%	159.3%
TRGP	22.6%	1.6%	21.0%	174.2%
AM	75.6%	71.2%	14.8%	236.7%
Industry median	36.3%	9.5%	17.1%	182.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
PPL	36.5%	26.0%	10.5%	164.1%
ALA	9.1%	-3.8%	12.9%	226.9%
TRP	54.5%	24.1%	30.4%	249.7%
KEY	14.1%	8.5%	5.7%	517.3%
ENB	15.6%	2.8%	12.8%	165.3%
GEI	2.7%	1.1%	1.6%	196.0%
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.