Financials Pembina Pipeline Corporation

Equities

PPL

CA7063271034

Oil & Gas Transportation Services

Delayed Toronto S.E. Other stock markets 01:16:09 21/06/2025 am IST			5-day change	1st Jan Change
51.57 ^CAD	+1.16%		-1.36%	-2.94%

12/06	Pembina Pipeline Corporation, Q1 2025 Earnings Call, May 09, 2025
06/06	Pembina Pipeline Closes $200 Million Notes Offering	MT

Projected Income Statement: Pembina Pipeline Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	6,202	8,627	11,611	9,125	7,384	8,118	8,236	8,204
Change	-	39.1%	34.59%	-21.41%	-19.08%	9.94%	1.46%	-0.39%
EBITDA ¹	3,281	3,433	3,746	3,824	4,408	4,375	4,497	4,645
Change	-	4.63%	9.12%	2.08%	15.27%	-0.75%	2.8%	3.29%
EBIT ¹	2,581	2,710	3,063	3,161	3,546	3,311	3,435	3,625
Change	-	5%	13.03%	3.2%	12.18%	-6.62%	3.74%	5.53%
Interest Paid ¹	-420	-450	-486	-466	-561	-596.5	-604.2	-611.2
Earnings before Tax (EBT) ¹	-416	1,665	3,219	2,189	1,720	2,624	2,796	3,003
Change	-	500.24%	93.33%	-32%	-21.43%	52.55%	6.55%	7.41%
Net income ¹	-476	1,098	2,842	1,648	1,721	1,753	1,878	2,015
Change	-	330.67%	158.83%	-42.01%	4.43%	1.83%	7.18%	7.27%
Announcement Date	25/02/21	24/02/22	23/02/23	22/02/24	27/02/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,268	1,569	1,694	2,045	1,954	2,149	2,560	3,038	3,095	2,779	2,699	2,297	2,070	2,292	2,466	1,540	1,855	1,844	2,145	2,282	2,212	2,232	2,348	2,328	2,283	2,310	2,378	2,347
Change	-	23.74%	7.97%	20.72%	-4.45%	9.98%	19.13%	18.67%	1.88%	-10.21%	-2.88%	-14.89%	-9.88%	10.72%	7.59%	-37.55%	20.45%	-0.59%	16.32%	6.39%	-3.07%	0.9%	5.19%	-0.84%	-1.93%	1.19%	2.92%	-1.28%
EBITDA ¹	789	796	866	835	778	850	970	1,006	849	967	925	947	823	1,021	1,033	1,044	1,091	1,019	1,254	1,167	1,048	1,051	1,118	1,120	1,108	1,136	1,171	1,171
Change	-	0.89%	8.79%	-3.58%	-6.83%	9.25%	14.12%	3.71%	-15.61%	13.9%	-4.34%	2.38%	-13.09%	24.06%	1.18%	1.06%	4.5%	-6.6%	23.06%	-6.94%	-10.21%	0.3%	6.41%	0.11%	-1.06%	2.58%	3.08%	-0.01%
EBIT ¹	613	617	686	660	590	670	790	829	651	821	763	792	657	-	855	888	851	788	1,019	934	835.8	848.4	913.5	911.7	951.5	988.8	1,033	1,023
Change	-	0.65%	11.18%	-3.79%	-10.61%	13.56%	17.91%	4.94%	-21.47%	26.11%	-7.06%	3.8%	-17.05%	-	-	3.86%	-4.17%	-7.4%	29.31%	-8.34%	-10.52%	1.51%	7.67%	-0.2%	4.37%	3.92%	4.45%	-0.99%
Charge d'intérêts ¹	-72	-83	-56	-104	-95	-144	-107	-109	-124	-140	-113	-111	-109	-130	-116	-108	-141	-149	-163	-134	-147	-146	-145	-	-	-	-	-
Earnings before Tax (EBT) ¹	344	428	-1,647	423	328	781	133	-	-	-	-	-	-	-	-	529	-27	474	744	639	773.8	764.9	822.3	851.1	803.9	857.5	902.8	894
Change	-	24.42%	-484.81%	125.68%	-22.46%	138.11%	-82.97%	-	-	-	-	-	-	-	-	-	-105.1%	1,855.56%	56.96%	-14.11%	21.09%	-1.15%	7.5%	3.5%	-5.55%	6.67%	5.28%	-0.97%
Net income ¹	214	279	-1,244	281	218	554	44	448	418	1,795	214	338	328	316	666	404	436	346	535	464	391.7	377.4	470.1	484	444.1	483.4	516	506.2
Change	-	30.37%	-545.88%	122.59%	-22.42%	154.13%	-92.06%	918.18%	-6.7%	329.43%	-88.08%	57.94%	-2.96%	-3.66%	110.76%	-39.34%	7.92%	-20.64%	54.62%	-13.27%	-15.57%	-3.65%	24.56%	2.95%	-8.25%	8.84%	6.76%	-1.91%
Announcement Date	06/08/20	05/11/20	25/02/21	06/05/21	05/08/21	04/11/21	24/02/22	05/05/22	04/08/22	03/11/22	23/02/23	04/05/23	03/08/23	02/11/23	22/02/24	09/05/24	08/08/24	05/11/24	27/02/25	08/05/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Pembina Pipeline Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	10,795	11,196	10,506	10,362	12,515	14,941	14,810	14,834
Change	-	3.71%	-6.16%	-1.37%	20.78%	19.38%	-0.88%	0.16%
Announcement Date	25/02/21	24/02/22	23/02/23	22/02/24	27/02/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Pembina Pipeline Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,029	658	605	606	955	992.6	1,038	893.5
Change	-	-36.05%	-8.05%	0.17%	57.59%	3.94%	4.56%	-13.91%
Free Cash Flow (FCF) ¹	1,223	1,992	2,324	2,029	2,259	2,238	2,274	2,430
Change	-	62.88%	16.67%	-12.69%	11.34%	-0.91%	1.59%	6.87%
Announcement Date	25/02/21	24/02/22	23/02/23	22/02/24	27/02/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Pembina Pipeline Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	52.9%	39.79%	32.26%	41.91%	59.7%	53.89%	54.61%	56.62%
EBIT Margin (%)	41.62%	31.41%	26.38%	34.64%	48.02%	40.79%	41.7%	44.18%
EBT Margin (%)	-6.71%	19.3%	27.72%	23.99%	23.29%	32.32%	33.94%	36.6%
Net margin (%)	-7.67%	12.73%	24.48%	18.06%	23.31%	21.59%	22.81%	24.56%
FCF margin (%)	19.72%	23.09%	20.02%	22.24%	30.59%	27.57%	27.61%	29.62%
FCF / Net Income (%)	-256.93%	181.42%	81.77%	123.12%	131.26%	127.72%	121.06%	120.61%
Profitability
ROA	3.63%	3.85%	3.49%	5.14%	5.02%	5.17%	5.13%	5.15%
ROE	7.33%	8.28%	12.1%	10.45%	10.33%	10.84%	11.17%	11.54%
Financial Health
Leverage (Debt/EBITDA)	3.29x	3.26x	2.8x	2.71x	2.84x	3.42x	3.29x	3.19x
Debt / Free cash flow	8.83x	5.62x	4.52x	5.11x	5.54x	6.67x	6.51x	6.1x
Capital Intensity
CAPEX / Current Assets (%)	16.59%	7.63%	5.21%	6.64%	12.93%	12.23%	12.6%	10.89%
CAPEX / EBITDA (%)	31.36%	19.17%	16.15%	15.85%	21.67%	22.69%	23.08%	19.23%
CAPEX / FCF (%)	84.14%	33.03%	26.03%	29.87%	42.28%	44.35%	45.64%	36.77%
Items per share
Cash flow per share ¹	4.1	4.82	5.3	4.79	5.599	5.25	5.43	5.41
Change	-	17.56%	9.96%	-9.62%	16.9%	-6.24%	3.43%	-0.37%
Dividend per Share ¹	2.52	2.52	2.55	2.66	2.738	2.831	2.925	3.028
Change	-	0%	1.19%	4.31%	2.91%	3.42%	3.3%	3.53%
Book Value Per Share ¹	27.19	26.01	28.44	28.75	30.56	26.34	26.3	26.28
Change	-	-4.37%	9.37%	1.08%	6.29%	-13.82%	-0.13%	-0.1%
EPS ¹	-0.86	1.99	5.12	2.99	3	2.995	3.178	3.414
Change	-	331.4%	157.29%	-41.6%	0.33%	-0.18%	6.11%	7.43%
Nbr of stocks (in thousands)	5,49,942	5,50,363	5,49,455	5,49,370	5,80,530	5,80,908	5,80,908	5,80,908
Announcement Date	25/02/21	24/02/22	23/02/23	22/02/24	27/02/25	-	-	-