EarningsQ2 2026 Earnings Report
MX:ALA1N Q2 2026 EPS Results
Actual EPS$3.96
Consensus EPS$2.81
Beat/MissBeat by +$1.15
One Year Ago EPS$3.45
MX:ALA1N Q2 2026 Revenue Results
Actual Revenue$45.33B
Expected Revenue$35.04B
Beat/MissBeat by +$10.29B
YoY Revenue Growth+30.74%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:ALA1N Upcoming Earnings
AltaGas's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ALA1N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive momentum: record Q2 results, raised 2026 guidance, record LPG exports (144,000 bbl/d, +13% YoY), strong hedging coverage and a solid balance sheet (4.4x leverage) underpin a confident growth outlook. Key growth projects show advanced progress (REEF 85% complete, Opti I/II advancement, Dimsdale, MVP Southgate) and Utilities modernization is driving rate base growth and regulatory wins. Offsetting risks include in‑water REEF delays and a ~12% cost increase from unforeseen marine/weather impacts, a revised REEF in‑service timing (now before Q1 2027), a planned Harmattan turnaround, and some ongoing regulatory and partner‑specific uncertainties. Overall, the positives — record performance, raised guidance, strong hedging, project progress and balance sheet flexibility — materially outweigh the project execution and regulatory risks highlighted.Company Guidance
Record Quarterly Financial Performance
Q2 normalized EBITDA of $391 million and normalized EPS of $0.31, increases of 14% and 15% versus Q2 2025, driven by strong Midstream and Utilities execution.
Raised 2026 Guidance
Increased 2026 normalized EBITDA guidance by 4% to $2.0–$2.1 billion and normalized EPS guidance by 6% to $2.35–$2.60 per share; guidance implies ~10% year‑over‑year EBITDA growth and EPS ~11% above last year.
Record Global LPG Exports and Midstream Throughput Growth
Exported a record 144,000 barrels per day of LPG (up 13% YoY) across 23 VLGCs; Montney volumes up 8% YoY; North Pine throughput up 23% YoY; excluding a planned Harmattan turnaround, throughput volumes were 9% higher YoY.
Strong Project Execution and Progress
REEF construction 85% complete with onshore mechanical completion ~90% and upland commissioning to begin late August; Dimsdale storage >50% complete (Phase I adding 6 Bcf by year‑end 2026, Phase II 30 Bcf by mid‑2027); Mountain Valley Pipeline Southgate welding started July and on track for in‑service by year‑end 2026 (ahead of schedule).
Advanced Growth Pipeline (Opti I/II and Future Phases)
REEF Opti I on schedule for H2 2027 adding 30,000 bbl/d; Opti II regulatory permits secured and engineering progressing toward Class III cost estimates by year‑end; company expects ability to add a REEF phase every 2–3 years as demand grows.
Robust Hedging and Risk Management
Approximately 91% of remaining 2026 global export volumes are tolled or financially hedged (non‑toll average FEI spread ~$21.81/bbl); 84% of expected frac spread volumes hedged at ~$22/bbl; Baltic freight exposure hedged via time charters, financial instruments and tolling.
Utilities Execution and Regulatory Wins
Utilities delivered normalized EBITDA of $142 million (up 6% YoY); deployed ~$240 million in the quarter (including $130 million modernization); replaced ~21 miles of vintage pipe YTD; Maryland PSC approved ~$38 million in new revenue (allowed ROE 9.4%); multiple modernization programs totaling ~USD 1.5 billion approved across jurisdictions supporting ~10% rate base growth in 2026.
Balance Sheet Strength and Capital Capacity
Trailing 12‑month adjusted net debt to normalized EBITDA exited the quarter at 4.4x (below the 4.5–5.0x target range); 2026 capital budget increased to $1.8 billion (from $1.7 billion) while maintaining funding capacity and a modest dividend payout enabling 5–7% EBITDA and EPS CAGR targets.
MX:ALA1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed