<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 资本市场报告称，Pembina Pipeline 2026 年的基于费用的 EBITDA 前景高于预期，中位数为 39.3 亿美元，超过了 RBC 的 38.6 亿美元估计和 FactSet 的 39.12 亿美元共识。Pembina 在 2023 年至 2026 年期间显示出 5% 的年复合增长率，和平管道的吞吐量创下纪录，并且 Cedar LNG 的最新进展积极。尽管市场指导下调，RBC 仍维持 “跑赢大盘” 的评级

RBC 表示，Pembina Pipeline 发布了强劲的核心中游业务更新