CAPITAL POWER CORPORATION Q3 2025 Earnings Recap

Capital Power demonstrated strong operational execution in Q3 2025, bolstering long-term revenue visibility through strategic contract enhancements and successful project launches in battery storage and renewable energy.

Key Takeaways

• Secured a long-term contract extension for Midland Cogeneration Venture, increasing annual adjusted EBITDA by approximately USD 100 million, underscoring the strategic importance of natural gas assets in grid reliability.
• Commissioned two battery storage projects in Ontario, adding 170 MW of capacity and aiming for $35 million in annual adjusted EBITDA, marking a significant advancement in diversifying the portfolio.
• Successfully integrated newly acquired PJM assets, contributing meaningfully to adjusted EBITDA and expanding operational expertise.
• Achieved 13.4 terawatt hours of generation across the portfolio while maintaining a commendable safety record throughout construction activities.
• Solidified commercial optimization strategy by advancing a letter of intent for a 250 MW project with a leading data center developer, reinforcing growth potential without additional build risk.