AltaGas Ltd. Q3 2026 Earnings Recap

AltaGas’ third-quarter results and outlook were broadly positive, with normalized EBITDA up 45% year over year and the company expecting to finish toward the high end of its recently increased 2026 guidance. Shares fell 1.2% after earnings, a roughly flat reaction that suggests investors did not treat the strong reported growth as a decisive positive signal.

Key Takeaways

• Q3 normalized EBITDA was $389 million, up 45% from Q3 2025; normalized EPS was $0.29 versus $0.04 a year earlier.
• Midstream drove results: LPG exports to Asia reached a record 147,000 barrels per day, while Montney processing rose more than 20% year over year.
• Management expects results toward the high end of its recently increased 2026 EBITDA and EPS guidance range, based on year-to-date performance and its Q4 outlook.
• REEF is 90% complete and moving into commissioning, with an in-service date still expected in Q1 2027; the company also expects to make a final investment decision on REEF Optimization 2 before year-end.
• Middle East disruption is supporting LPG prices and export spreads, but spot shipping rates have tripled since early 2026; AltaGas says its tolling contracts and time charters limit exposure to unusually high rates.