Mr. Dan Cuthbertson reports

KEYERA ANNOUNCES 2026 MARKETING GUIDANCE UPDATE AND PROVIDES OPERATIONAL UPDATE

Keyera Corp. has revised its 2026 marketing segment realized margin guidance to $320-million to $350-million from $360-million to $390-million. The revised outlook reflects the estimated impact of the continuing Line 5 disruption and lower expected production at the company's Alberta EnviroFuels facility, partially offset by stronger-than-anticipated contributions from other parts of the marketing portfolio.

Line 5 update

Enbridge's Line 5 pipeline remains shut down following an Aug. 25 third party line strike in Wisconsin. Enbridge is currently targeting a safe return to service by Sept. 8, 2026.

Keyera uses Line 5 to transport natural gas liquids mix from its Fort Saskatchewan and Empress operations to its Sarnia fractionation facility. Based on the current expected return-to-service timing, Keyera estimates the disruption will reduce 2026 marketing segment realized margin by approximately $30-million, reflecting a combination of lost and deferred product sales.

AEF update

AEF resumed full operations in early June following a five-month outage during which Keyera completed required repairs on existing damaged equipment. While the facility initially returned to full production, subsequent operating performance has indicated that additional equipment replacement work is required to support sustained full production rates.

Keyera expects AEF to continue operating at rates above 70 per cent of capacity through April, 2027. Redesigned permanent replacement equipment is expected to be ready for installation in May, 2027. Installation will require an approximately one-month outage, replacing the maintenance outage previously planned for 2028. Keyera expects AEF to return to full production in June, 2027.

The AEF operating impacts and Line 5 disruption are expected to have a minimal impact on 2026 liquids infrastructure realized margin and are not expected to affect Keyera's broader fee-based outlook. All other 2026 guidance remains unchanged.

About Keyera Corp.

Keyera operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service-based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high-quality, value-added services to its customers across North America, and is committed to conducting its business ethically, safely, and in an environmentally and financially responsible manner.

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