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Sep 30
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Pembina Q3 2025 Earnings Report
Pembina reported a decline in revenue and net income in Q3 2025 compared to the prior year, but achieved modest growth in adjusted EBITDA.
Key Takeaways
Pembina Pipeline posted lower earnings and revenue in Q3 2025 amid decreased contributions from its Marketing & New Ventures segment. Adjusted EBITDA grew slightly, supported by strong performance in Pipelines and Facilities. The company updated its EBITDA guidance and continues to advance major infrastructure projects.
Revenue for Q3 2025 was CAD 1.791 billion, down from CAD 1.844 billion in Q3 2024.
Net income declined to CAD 286 million from CAD 385 million a year earlier.
Adjusted EBITDA rose slightly to CAD 1.034 billion, up from CAD 1.019 billion.
Adjusted cash flow from operating activities was CAD 648 million, or CAD 1.12 per share.
Pembina
Pembina
Pembina Revenue by Segment
Revenue by Segment
Pipelines Revenue
CapyFin.comFacilities Revenue
CapyFin.comMarketing & New Ventures Revenue
CapyFin.com Forward Guidance
Pembina updated its 2025 adjusted EBITDA guidance to a narrower range and highlighted strong commercial momentum and progress on major capital projects.
Positive Outlook
- Updated 2025 adjusted EBITDA guidance to $4.25B–$4.35B.
- Signed 10-year pipeline contracts for ~50,000 bpd on Peace Pipeline.
- 96% of Alliance Pipeline capacity secured under 10-year terms.
- Cedar LNG construction and commercial progress on track.
- Greenlight Electricity Centre progressing toward 2026 FID.
Challenges Ahead
- Q3 earnings declined by $99M YoY, primarily in Facilities and Marketing segments.
- Marketing & New Ventures EBITDA fell 38% due to weaker NGL margins.
- Adjusted cash flow from operations decreased by $76M YoY.
- Net revenue decreased by $48M from Q3 2024.
- Facilities earnings impacted by $146M impairment at PGI.
Revenue & Expenses
Visualization of income flow from segment revenue to net income