<div id="readability-page-1">11:29 AM EST, 12/16/2025 (MT Newswires) -- Pembina Pipeline ( PBA ) delivered solid core midstream updates, even as some investors focused on the company's lower-than-expected marketing guidance, RBC Capital Markets said in a note Tuesday.Pembina's implied 2026 fee-based EBITDA outlook was &#34;in line to slightly ahead&#34; versus market expectations and RBC's own estimate, the investment firm said.RBC said that at the midpoint of the 2026 EBITDA outlook of $4.125 billion to $4.425 billion, which is $4.275 billion, and after deducting the underlying $345 million marketing guidance, the company's 2026 fee-based EBITDA is $3.93 billion, which is above RBC's $3.86 billion estimate and also higher than the FactSet consensus estimate of $3.912 billion ahead of the announcement.The midpoint also represents a 2023 to 2026 compound annual growth rate, or CAGR, of 5% compared with the 4% to 6% outlook released at a Pembina investor event in 2024, the note said.RBC said it is encouraging that Pembina is seeing &#34;record throughput on the Peace Pipeline system and high utilization across its asset base.&#34;The investment firm also highlighted Pembina's &#34;positive&#34; Cedar LNG updates with a &#34;10% upgrade in base contributions.&#34;RBC has an outperform rating on the company.Price: 37.59, Change: -0.95, Percent Change: -2.48 MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

RBC Capital Markets reports Pembina Pipeline's 2026 fee-based EBITDA outlook is above estimates, with a midpoint of $3.93 billion, surpassing RBC's $3.86 billion estimate and FactSet's $3.912 billion consensus. Pembina shows a 5% CAGR from 2023 to 2026, with record throughput on the Peace Pipeline and positive Cedar LNG updates. RBC maintains an outperform rating despite lower marketing guidance.

Pembina Pipeline Delivered Strong Core Midstream Updates, RBC Says