Training Example: AltaGas Ltd. – Review the Data, Give Your Score & Compare to the Real AI Evaluation

[H2] INVEST
[H4] WHY INVEST IN ALTAGAS
Our long-term strategy is to drive operational excellence and achieve superior returns on invested capital in our Midstream business and maximize the returns across our Utilities. To accomplish this, we will leverage and enhance the strength of our asset footprint and provide our customers with premier, integrated solutions including global market access.
Why Invest

[H2]
[IMG: AltaGas Why Invest]

[H3] NEWS

May
1

ALTAGAS ANNOUNCES ELECTION OF DIRECTORS

Apr
30

ALTAGAS REPORTS RECORD FIRST QUARTER RESULTS

Apr
1

ALTAGAS TO ISSUE FIRST QUARTER 2026 RESULTS AND HOLD ANNUAL MEETING OF SHAREHOLDERS

Mar
6

ALTAGAS REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2025 RESULTS

[H3] EVENTS & PRESENTATIONS

Apr
30

2026 Annual Meeting of Shareholders

Apr
30

Q1 2026 Conference Call

Apr
3

Investor Presentation

Mar
6

Q4 2025 Conference Call

ALL EVENTS & PRESENTATIONS

[H1] Events & Presentations

2026

Date
Title
Registration
Webcast
Conference Call
Transcript
Presentation

April 30
2026 Annual Meeting of Shareholders
Watch

April 30
Q1 2026 Conference Call
Watch
PDF
PDF

April 3
Investor Presentation

PDF

March 6
Q4 2025 Conference Call
Watch
PDF
PDF

2025

Date
Title
Registration
Webcast
Conference Call
Transcript
Presentation

December 2
2026 Financial Guidance and Outlook

PDF

November 3
MVP Sale Process Conclusion

PDF

October 30
Q3 2025 Conference Call
Watch
PDF
PDF

August 1
Q2 2025 Conference Call
Watch
PDF
PDF

May 1
Q1 2025 Conference Call
Watch
PDF
PDF

May 1
2025 Annual and Special Meeting of Shareholders
Watch

March 7
Q4 2024 Conference Call
Watch
PDF
PDF

2024

Date
Title
Registration
Webcast
Conference Call
Transcript
Presentation

December 3
2025 Financial Guidance and Outlook

PDF

October 31
Q3 2024 Conference Call
Watch
PDF
PDF

August 1
Q2 2024 Conference Call
Watch
PDF
PDF

[H2]
ALTAGAS REPORTS RECORD FIRST QUARTER RESULTS

On Track to Deliver 2026 Results at Top End of 2026 Guidance; Potential Upside with Continued LPG Market Strength  CALGARY, AB, April 30, 2026 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) reported first quarter 2026 financial results and provided an update on its operations, growth initiatives and corporate developments.

[IMG: AltaGas Ltd. Logo (CNW Group/AltaGas Ltd.)]

First Quarter Highlights(all financial figures are unaudited and in Canadian dollars unless otherwise noted)Financial ResultsNormalized EBITDA1 was a record $818 million in the first quarter of 2026 compared to $689 million in the first quarter of 2025. Income before income taxes was $207 million in the first quarter of 2026, a decrease from $513 million in the first quarter of 2025, primarily due to unrealized hedging impacts.  Normalized EBITDA growth was driven by higher global export volumes and margins, stronger processing and liquids handling margins, new Utilities rates in D.C. and Virginia, strong asset optimization, and partial settlement of a pension liability.Normalized EPS1 was $1.33 compared to $1.15 in the first quarter of 2025, while GAAP EPS2 was $0.47 in the first quarter of 2026 compared to $1.31 in the first quarter of 2025.Operational HighlightsAltaGas exported 124,917 Bbl/d of liquid petroleum gases ("LPG") to Asia, a 5 percent year-over-year increase. In the first quarter, the Company delivered 20 Very Large Gas Carriers ("VLGCs") to a diversified customer base across Asia.In mid-April, the Company took delivery of a new VLGC time charter, the Aurora Guardian. This brings AltaGas' long-term contracted fleet to three vessels, with a fourth scheduled to be delivered later in 2026.Business Development and Growth Construction of the 56,000 Bbl/d Ridley Island Energy Export Facility ("REEF") remains on time and on budget with the project approximately 75 percent complete. REEF Optimization I remains on schedule and is expected to add 30,000 Bbl/d of propane export capacity in the second half of 2027.Dimsdale Phase I and II storage expansions are on budget and more than 40 percent complete. Expansions will add six Bcf of natural gas storage capacity by 2026 year-end and an additional 30 Bcf by mid‑2027. Keweenaw Connector Pipeline advanced as planned in the quarter, achieving key pre‑construction milestones. Construction mobilization is expected in May 2026 with completion now targeted for 2026 year‑end.The Company executed a second behind‑the‑meter agreement for data center development in its Utilities segment. The Company will provide back‑up gas‑fired power generation for a 15 MW operational data center in Virginia. Additional opportunities are progressing across AltaGas' jurisdictions.Financial Outlook and Balance Sheet AltaGas is expecting to deliver 2026 results towards the top end of its guidance for both normalized EBITDA and normalized EPS, with upside potential from continued LPG market strength. Additionally, AltaGas is increasing its 2026 capital program to $1.7 billion to capture planned spending for Dimsdale II through 2026.Adjusted net debt to normalized EBITDA1 exited the quarter at 4.4x on a trailing twelve-month basis, including 50 percent debt treatment for its subordinated hybrid notes and preferred shares. This is below the low end of AltaGas' 4.5x - 5.0x targeted range.  ___________________________________(1) Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in AltaGas' Management's Discussion and Analysis (MD&A) as at and for the period ended March 31, 2026, which is available on www.sedarplus.ca. (2) GAAP EPS is equivalent to Net income applicable to common shares divided by shares outstanding.CEO Message"AltaGas' first quarter results were above our expectations and reflect strong operational performance across the enterprise and supportive energy fundamentals," said Vern Yu, President and Chief Executive Officer of AltaGas."The conflict in the Middle East has dramatically altered global energy flows. LPG supply disruptions and on-going global trade tensions have heightened demand for Canadian LPG exports, and illustrate the growing importance of Canada as a secure and reliable supplier of energy."AltaGas continued to grow its export platform during the first quarter, serving a diverse and expanding customer base across Asia. We look forward to bringing REEF online, which will further expand our open‑access export infrastructure, enable greater volumes of Canadian LPGs to reach premium Asian markets, and further enhance Canada's global trade relationships."Our Utilities delivered safe, reliable and affordable service through the coldest Mid‑Atlantic winter in over two decades, demonstrating the resilience of our network and the value of our modernization investments. By leveraging natural gas storage and disciplined inventory management during Winter Storm Fern, we helped shield customer bills from extreme price volatility – reinforcing the cost and reliability advantages of natural gas as affordability remains a priority for customers and policymakers across the U.S."With strong momentum continuing through 2026 and a highly visible growth outlook, we remain focused on executing our strategy, advancing key projects, and delivering predictable, long‑term value for our stakeholders."Forward Focus, Guidance and FundingFollowing a strong first quarter of 2026, AltaGas is positioned to deliver results near the top end of its previously disclosed 2026 guidance. Should the global LPG market strength continue, AltaGas has the potential to exceed current guidance of:2026 Normalized EBITDA guidance of $1.925 billion–$2.025 billion, compared to actual normalized EBITDA of $1.86 billion and income before taxes of $1.03 billion in 2025; and2026 Normalized EPS guidance of $2.20–$2.45, compared to normalized EPS of $2.23 and GAAP EPS of $2.48 in 2025.AltaGas is focused on delivering resilient and growing normalized EPS and normalized FFO per share while operating with strong financial flexibility. This strategy is designed to support steady dividend growth and provide the opportunity for continued capital appreciation for long-term shareholders.Reflecting the advancement of key Midstream growth projects, specifically, Dimsdale Phase II and the now more visible project milestone payments in 2026, AltaGas has increased its 2026 capital program guidance from approximately $1.6 billion to approximately $1.7 billion, excluding ARO. The Company is allocating approximately 65 percent of its consolidated 2026 capital to its Utilities business, approximately 31 percent to the Midstream business, and the balance to the Corporate/Other segment.Results by SegmentNormalized EBITDA (1)Three Months EndedMarch 31($ millions)20262025Utilities$           555$           501Midstream273197Corporate/Other(10)(9)Normalized EBITDA (1)$           818$           689(1) Non‑GAAP financial measure; see discussion in Non‑GAAP Financial Measures section of this news release. Income (Loss) Before Income TaxesThree Months EndedMarch 31($ millions)20262025Utilities$           458$           446Midstream(111)204Corporate/Other(140)(137)Income Before Income Taxes$           207$           513Business PerformanceMidstreamThe Midstream segment reported normalized EBITDA of $273 million in the first quarter of 2026 compared to $197 million in the first quarter of 2025, while loss before income taxes was $111 million in the first quarter of 2026 compared to income before income taxes of $204 million in the first quarter of 2025. The 2026 first quarter loss in income before taxes was primarily due to the mark-to-market impacts of unrealized hedging positions. The 39 percent year-over-year increase in normalized Midstream EBITDA was driven by strong global export merchant margins and volumes, contributions from Pipestone II, which came online in December 2025, and increased throughput at the Company's Townsend and North Pine processing facilities. These results were partially offset by lower earnings at the extraction facilities due to lower realized frac spreads.AltaGas exported 124,917 Bbl/d of LPGs to Asia through its open access terminals in the first quarter of 2026, across a total of 20 VLGCs. This included a record of over 88,600 Bbl/d from 14 ships at RIPET, and over 36,200 Bbl/d from 6 ships at Ferndale. The quarter included strong operational execution and logistics management with volumes five percent above 2025 first quarter levels. Performance across the balance of the Midstream platform was robust with gas processing volumes up eight percent year-over-year, driven by the Pipestone Complex, as Pipestone II entered service in December 2025. AltaGas' Montney exposed infrastructure continues to demonstrate steady growth, with fractionation volumes up 11 percent year-over-year and gathering and processing volumes up 15 percent over the same period, led by Townsend. Construction progress at REEF continues with the project now approximately 75 percent complete and nearly 90 percent of total project costs either incurred or committed. Recent milestones include final installation of the LPG accumulators, commencement of the second phase of the railroad utility corridor, and recent completion of piers 9, 10 and 12 on the jetty, which faced additional weather related challenges during the quarter.      Dimsdale Phase I and II construction continued to advance with the overall project more than 40 percent complete. Construction of the pipeline system is mechanically complete with Phase I and Phase II facility construction underway. The drilling program for the injection wells is set to commence in the third quarter. Phase I will add six Bcf of storage capacity by 2026 year-end, while Phase II will add an incremental 30 Bcf by mid-2027.    AltaGas is also progressing regulatory, engineering, and commercial work on other organic Midstream growth projects, including REEF Optimization II, Townsend de-propanizer, North Pine expansion, Pipestone III and additional export and liquids infrastructure opportunities.Risk ManagementConsistent with the Company's de-risking focus, AltaGas' Midstream operations are well-hedged for the remainder of 2026 with approximately 82 percent of the remaining 2026 expected global export volumes tolled or financially hedged. Merchant volumes are hedged at an average Far East Index ("FEI") to North American financial hedge price of US$20.30/Bbl while tolling volumes are in line with previously disclosed levels.Approximately 83 percent of the Company's remaining 2026 expected frac exposed volumes are hedged at US$21.60/Bbl, prior to transportation costs. AltaGas continues to actively manage risk across the Midstream platform through commercial contracting and a systematic hedging program to manage its commodity price exposure.For the remainder of 2026, AltaGas has hedged all of its expected Baltic freight exposure through time charters, financial hedges, and tolled volumes.Midstream Hedge ProgramQ2 2026Q3 2026Q4 2026Remainder of 2026Global Exports volumes hedged (%) (1) 95767382Average propane/butane FEI to North America hedge (US$/Bbl) (2) (3)18.1619.0828.6020.30Fractionation volume hedged (%) (3)84887883Frac spread hedge rate - (US$/Bbl) (3)21.0220.6423.1421.60(1)Approximate expected volumes hedged based on AltaGas' internally assumed export volumes. Hedged amounts include contracted tolling volumes and financial hedges.(2)Does not include physical differential to FSK for C3 volumes. Butane is hedged as a percentage of WTI.(3)Approximate average for the period.UtilitiesUtilities reported normalized EBITDA of $555 million in the first quarter of 2026 compared to $501 million in the first quarter of 2025, while income before income taxes was $458 million in the first quarter of 2026 compared to $446 million in the first quarter of 2025. The 11 percent year-over-year increase in normalized EBITDA was driven by positive rate case outcomes in D.C. and interim rates in Virginia, strong asset optimization activities, and a partial settlement of Washington Gas' post-retirement benefit pension plan. Growth was partially offset by lower margins in the Retail business and higher O&M costs, where the extreme cold weather experienced in the early part of the year drove increased overtime costs.AltaGas continues to remain active in regulatory proceedings with rate cases underway in three of the Company's four jurisdictions. AltaGas anticipates new rates to be implemented in Virginia and Maryland by 2026 year‑end, with Michigan rates anticipated by early 2027. In Maryland, AltaGas has requested rates designed to generate approximately US$67 million of incremental annual revenue, net of a US$15 million ARP surcharge. In Virginia, interim rates subject to refund are currently in effect, with AltaGas seeking approximately US$65 million of incremental annual revenue, net of a US$39 million SAVE surcharge.On February 26, 2026, SEMCO filed a rate application with the Michigan Public Service Commission ("MPSC") requesting approximately US$61 million of additional annual revenue and an allowed return on equity of 10.75 percent. The filing reflects capital investments made since January 2020 and includes recovery of pre‑approved capital associated with the Keweenaw Connector Pipeline. The application also proposes a US$284 million extension of Michigan's modernization programs, extending the programs from 2027 through 2031.AltaGas is also advancing a portfolio of growth projects across its Utilities. The Keweenaw Connector Pipeline continued to progress as planned in the first quarter of 2026, achieving several key pre‑construction milestones, including receipt of major state permitting approvals, completion of clearing activities, and full right‑of‑way acquisition. The project remains on schedule, with construction mobilization expected in May 2026 and completion now targeted for 2026 year-end.AltaGas' Utilities continue to progress the Company's data center development opportunities with two agreements now executed, multiple FEED studies completed, and a backlog of additional projects at various stages of advancement. The second agreement is for back-up power generation to an existing 15 MW data center that carries further expansion potential. The Company will continue to pursue these opportunities on a de-risked basis by constructing pipeline interconnects to onsite power generation through de-risked and rate regulated investments.AltaGas invested $146 million in the Utilities segment during the quarter, which was slightly behind plan due to extreme cold weather conditions. This included investing approximately $56 million towards the Company's various asset modernization programs and $23 million towards new customer growth. These investments improve the safety and reliability of the network

[H2]
ALTAGAS REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Continued Execution Delivers 2025 Normalized EBITDA at High End of Guidance RangeCALGARY, AB, March 6, 2026 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) reported fourth quarter and full year 2025 results, reaffirmed 2026 guidance, and provided an update on its operations, projects and other corporate developments.

[IMG: (CNW Group/AltaGas Ltd.)]

Fourth Quarter and 2025 Highlights(all financial figures are unaudited and in Canadian dollars unless otherwise noted) Financial Results Normalized EBITDA1 was $564 million in the fourth quarter and $1,863 million for the full year of 2025, while income before income taxes was $310 million in the fourth quarter and $1,029 million for the full year of 2025. 2025 normalized EBITDA increased five percent year-over-year and was at the upper-end of AltaGas' guidance range. Midstream growth was driven by strong liquified petroleum gas ("LPG") export volumes and margins. Stronger Utilities performance came from higher rate base, asset optimization and favorable weather.Normalized EPS1 was $0.77 in the fourth quarter and $2.23 for the full year of 2025 while GAAP EPS2 was $0.67 in the fourth quarter and $2.48 for the full year of 2025. Full year normalized EPS was above the mid-point of AltaGas' guidance range, driven by strong performance across the enterprise, partially offset by higher depreciation and amortization and increased tax expense.___________________________________(1) Non-GAAP measure; see discussion and reconciliation to US GAAP financial measures in the advisories of this news release or in AltaGas' Management's Discussion and Analysis (MD&A) as at and for the period ended December 31, 2025, which is available on www.sedarplus.ca. (2) GAAP EPS is equivalent to Net income applicable to common shares divided by shares outstanding.Operational and Business Highlights AltaGas exported 124,593 Bbl/d of LPG to Asia in the fourth quarter, with 21 Very Large Gas Carriers ("VLGCs") loaded across the Ridley Island Propane Export Terminal ("RIPET") and the Ferndale Terminal ("Ferndale"). Full‑year exports were a record 126,572 Bbl/d, up four percent year‑over‑year, with 83 ships delivered to Asia.Midstream throughput increased in 2025, with fourth quarter fractionation and liquids handling volumes up seven percent year‑over‑year, led by the Montney. North Pine throughput reached record volumes and operated near its 25,000 Bbl/d capacity.Utilities delivered its best safety results on record, with total recordable injury frequency ("TRIF") down meaningfully from historical levels. This improvement reflects strong operational discipline and places SEMCO in the top quartile for safety performance amongst the peer group.Growth Project Updates Pipestone II was placed in service in December 2025 and is operating at over 90 percent utilization under long‑term take‑or‑pay contracts.The Ridley Island Energy Export Facility ("REEF") remains on budget and on schedule for 2026 completion as over 85 percent of capital has been committed or incurred and more than 70 percent of equipment has been delivered and installed. REEF Optimization I construction is underway and will add an additional 30,000 Bbl/d of propane export capacity in the second half of 2027.Dimsdale Phase I and II expansions will add 6 Bcf of storage capacity by 2026 year-end and another 30 Bcf by mid-2027. The expansions are backed by long-term take-or-pay storage contracts. The facility will help balance LNG demand draws associated with Western Canada's growing production and natural gas exports.AltaGas' decision to retain its ownership interest in the Mountain Valley Pipeline ("MVP") was further reinforced by strong operational performance and improving outlooks for the MVP Boost and MVP Southgate expansion projects. Recent milestones include unanimous approval of the revised route by the U.S. Federal Energy Regulatory Commission ("FERC") and issuance of key North Carolina water permits for MVP Southgate.Construction of the 30-mile Keweenaw Connector Pipeline is advancing, with long lead‑time materials procured and all land rights secured. Construction is expected to begin in the second quarter of 2026, with an anticipated in‑service date of early 2027.AltaGas' Utilities continue to advance data center development opportunities, with engineering and design studies completed in Virginia, Michigan, and Maryland. In late 2025, the Company executed an agreement for the first phase of a 24‑MW data center in Maryland, with Phase I expected to be completed by year‑end 2026.Regulatory HighlightsIn November 2025, the Public Service Commission of the District of Columbia ("PSC of D.C.") approved a US$33 million rate base increase, including a US$12 million roll‑in from the PROJECTpipes 2 Accelerated Replacement Program ("ARP"). Rates became effective January 2026 with an allowed return on equity ("ROE") of 9.65 percent.Washington Gas filed a US$82 million rate case in Maryland, requesting an ROE of 10.85 percent. Excluding the US$15 million STRIDE modernization program transfer, the net rate increase requested totals US$67 million.The Virginia State Corporation Commission ("SCC of VA") approved Washington Gas' full US$700 million amendment to the Virginia Steps to Advance Virginia Energy ("SAVE") ARP, extending the program through the end of 2028.Washington Gas received authorization from the PSC of D.C. to extend the PROJECTpipes 2 modernization program through June 30, 2026, with an additional US$25 million. On March 4, 2026, the PSC of D.C. approved the District Strategic Accelerated Facility Enhancement ("SAFE") modernization program with US$150 million of authorized spending from July 1, 2026 to June 30, 2029.On February 26, 2026, SEMCO filed a US$61 million rate case in Michigan requesting a 10.75 percent ROE. Proposed rates include capital investments since January 2020 and the pre-approved capital associated with construction of the Keweenaw Connector Pipeline. SEMCO proposed approval of a weather normalization adjustment mechanism and anticipates new rates to be in place by early 2027.Board Chair Appointment As part of a planned transition, Derek Evans has been appointed as the incoming Board Chair, effective May 1, 2026. Pentti Karkkainen will continue to serve as Chair until the transition date and will remain on the Board as an active Director thereafter to support continuity and ongoing Board leadership.2026 Guidance and Financial Updates    AltaGas has had a strong start to 2026 and is reiterating the Company's 2026 full year guidance, including normalized EBITDA of $1.925 billion to $2.025 billion and normalized net income per share of $2.20 to $2.45.AltaGas' adjusted net debt to normalized EBITDA1 exited 2025 at 4.7x on a trailing twelve-month basis, including 50 percent debt treatment for its subordinated hybrid notes and preferred shares. This is in line with the Company's targeted leverage range of 4.5 - 5.0x and compares to 5.1x at 2024 year-end.On December 1, 2025, AltaGas' Board of Directors approved a six percent increase to its 2026 common share dividends to $1.34 per common share annually ($0.334 per common share quarterly). AltaGas also extended its five to seven percent dividend compounded annual growth rate ("CAGR") guidance to 2030.CEO Message"2025 was a year of strong execution and disciplined delivery for AltaGas," said Vern Yu, President and Chief Executive Officer of AltaGas. "We achieved the top end of our EBITDA guidance range and delivered earnings per share in the upper half of guidance, reflecting strong performance across our Utilities and Midstream businesses."We made meaningful progress against our strategic priorities, where we maximized returns from our existing asset base by achieving record global export volumes, increasing midstream asset utilization, advancing rate cases across multiple jurisdictions, and continuing to drive strong cost management across the organization."We further de‑risked the business by securing more than 100,000 barrels per day under long-term contracts for our export business and increasing take-or‑pay commitments at our Dimsdale storage facility. We strengthened our balance sheet and achieved our target credit metrics. The removal of negative outlooks by Fitch and S&P reflects the resilience and durability of our cash flows."We executed on our growth projects by bringing Pipestone II into service on-time and on-budget, and we significantly advanced REEF, while adding more than $400 million of new modernization capital in our Utilities business. We were pleased to reach key final investment decisions on our RIPET methanol removal project, REEF Optimization I, and Dimsdale Phase I and II. We also progressed critical infrastructure expansions, including accelerated pipeline replacement project approvals and extensions in Virginia, and the MVP expansion projects."Through 2025, we maintained disciplined capital allocation, as demonstrated by our fourth quarter equity issuance and MVP retention, a 6 percent dividend increase for 2026, and meaningful debt reduction, while positioning AltaGas to continue investing in a slate of strong, risk-adjusted returning organic growth opportunities in 2026. These actions underscore the strength of our strategy, the quality of our assets, and our continued focus on long‑term value creation for shareholders."Results by SegmentNormalized EBITDA(1) Three Months EndedDecember 31Year EndedDecember 31($ millions)2025202420252024Utilities$         383$          336$       1,086$         1,012Midstream202182818785Corporate/Other(21)2(41)(28)Normalized EBITDA (1)                            $         564$         520$       1,863$        1,769(1)Non-GAAP financial measure; see discussion in the Non-GAAP Financial Measures advisories of this news release.Income (Loss) Before Income TaxesThree Months EndedDecember 31Year EndedDecember 31($ millions)2025202420252024Utilities$          301$          186$         822$          627Midstream162181757646Corporate/Other(153)(136)(550)(527)Income Before Income Taxes$          310$          231$       1,029$          746Business Performance UtilitiesThe Utilities segment reported normalized EBITDA of $383 million in the fourth quarter of 2025 compared to $336 million in the fourth quarter of 2024, while income before income taxes was $301 million in the fourth quarter of 2025 compared to $186 million in the fourth quarter in 2024. Fourth quarter 2025 delivered 14 percent year‑over‑year normalized EBITDA growth, driven primarily by continued investment through its modernization programs, the positive impact of asset optimization activities, the partial settlement of Washington Gas' post‑retirement benefit pension plan and favorable weather within its weather exposed jurisdictions. These factors were partially offset by lower contributions from the Retail business and higher operating and maintenance ("O&M") costs, mainly driven by higher employee incentive expenses due to AltaGas' rising share price.Washington Gas has an active rate case before the PSC of MD, requesting rates designed to generate approximately US$67 million of incremental annual revenue, net of a US$15 million ARP surcharge. New rates are expected to take effect by the fourth quarter of 2026. In Virginia, Washington Gas currently has interim rates in place related to its August 2025 filing, which seeks approximately US$65 million of incremental annual revenue, net of the US$39 million SAVE surcharge, with a final decision anticipated in the second half of 2026.On February 26, 2026, SEMCO filed a new rate case with the Michigan Public Service Commission ("MPSC") requesting an additional US$61 million of revenue at a requested ROE of 10.75 percent. Requested rates include impacts of inflation and account for capital investments made since January 2020. Proposed rates also capture the pre-approved capital associated with construction of the Keweenaw Connector Pipeline, which is expected to be in service by early 2027. SEMCO proposed approval of a weather normalization adjustment mechanism and anticipates new rates to be in place by early 2027.     The Company continues to de‑risk long‑term revenue through the establishment of pre‑approved system modernization programs that enhance network safety and reliability. Washington Gas received approval for an amendment to the Virginia SAVE modernization program, enabling approximately US$700 million of investment between 2026 and 2028. The approved amendment includes replacement of additional vintage pipe and the deployment of advanced leak‑detection technologies to further improve long‑term safety and reliability. The Company also received approval to extend PROJECTpipes 2 from December 31, 2025 to June 30, 2026, with incremental modernization spending of US$25 million. On March 4, 2026 the Company received approval for the District SAFE modernization program with US$150 million of authorized spending from July 1, 2026 to June 30, 2029. The continuation of the program ensures further modernization spending to increase safety and reliability of the system.Beyond system betterment and modernization, AltaGas expects to further grow rate base through larger strategic investments, including the Keweenaw Connector Pipeline project in Michigan. Construction of the 30‑mile pipeline is scheduled to commence in the second quarter of 2026, with an estimated capital cost of approximately US$135 million and an anticipated in‑service date of early 2027.The Company continues to advance several data center development opportunities and has executed an agreement to provide infrastructure supporting the first phase of a 24‑MW data center in Maryland, with Phase I expected to be completed by year‑end 2026. In addition, AltaGas recently completed five data center engineering and design studies across Virginia, Michigan, and Maryland. Data center investment will continue to be pursued on a de‑risked basis, utilizing accelerated rate structures and rate‑regulated investments to support long‑term growth.During the fourth quarter of 2025, AltaGas invested $255 million across its Utilities business, allocating $115 million to asset modernization programs and $111 million to system betterment. These targeted investments are focused on improving system safety and reliability, while ensuring customers have access to the essential energy needed for daily life.MidstreamThe Midstream segment reported normalized EBITDA of $202 million in the fourth quarter of 2025, compared to $182 million in the fourth quarter of 2024, while income before taxes was $162 million in the fourth quarter of 2025 compared to $181 million in the fourth quarter of 2024. The 11 percent year‑over‑year increase in fourth‑quarter normalized EBITDA was driven primarily by higher export volumes and margins and strong performance at Pipestone I.