AltaGas Ltd. reported a rise in its first-quarter profit and raised its capital spending guidance for 2026, as the energy infrastructure company benefited from strong contributions across its utilities and midstream segments.
Financial Highlights
The Calgary-based company said net income attributable to common shareholders was $295 million, or 80 cents per share, for the quarter ended March 31, up from $267 million, or 73 cents per share, in the same period last year. Revenue increased to $3.2 billion from $2.9 billion a year earlier.
On an adjusted basis, AltaGas earned 84 cents per share, compared with 76 cents per share in the first quarter of 2025. Analysts had expected adjusted earnings of 81 cents per share, according to financial data firm Refinitiv.
Capital Spending Outlook
AltaGas now expects capital expenditures for 2026 to be in the range of $1.6 billion to $1.8 billion, up from its previous forecast of $1.4 billion to $1.6 billion. The increase reflects additional investments in its utilities business and the development of new midstream infrastructure projects.
The company also reaffirmed its 2025 capital spending guidance of $1.5 billion to $1.7 billion.
“Our first-quarter results demonstrate the strength and resilience of our diversified business model,” said AltaGas President and CEO Randy Crawford in a statement. “We are seeing robust demand for our services and are well-positioned to capitalize on growth opportunities.”
Business Segments
AltaGas’s utilities segment, which includes natural gas distribution and storage operations, reported a 12% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to $420 million, driven by customer growth and higher rates.
The midstream segment, which includes natural gas processing, fractionation, and export facilities, saw EBITDA rise 8% to $310 million, supported by increased volumes at the Ridley Island Propane Export Terminal in British Columbia.
The company’s power generation segment posted a 5% decline in EBITDA to $180 million, due to lower power prices and planned maintenance outages.
Outlook
AltaGas said it expects continued growth in 2026, with adjusted EBITDA projected to be between $2.3 billion and $2.5 billion. The company also plans to invest in low-carbon energy projects, including renewable natural gas and carbon capture technologies.
“We are committed to delivering long-term value for our shareholders while advancing our energy transition strategy,” Crawford added.
