Company Announcements

CALGARY, AB , Jan. 19, 2026 /CNW/ - Keyera Corp. (TSX: KEY) ("Keyera" or the "Company") announced today an extended unplanned outage at its Alberta Envirofuels facility ("AEF").

In early January 2026, Keyera initiated an unplanned outage at AEF to investigate an observed reduction in plant performance. Following the facility shutdown and subsequent inspection, the Company identified component failure involving long-life equipment that had been replaced approximately three years ago as part of AEF's ongoing maintenance and reliability programs. The Company is currently investigating the cause of this early equipment failure.

Due to the expected timing required for the fabrication, delivery and installation of replacement components, the Company currently anticipates that AEF will return to service in May 2026. Throughout this process, Keyera's priority remains the safety of its employees and contractors and the long-term integrity and reliability of the facility.

The Company now plans to complete the previously planned six-week major turnaround, scheduled for fall 2026, during the current outage period, eliminating the need for a separate shutdown later in the year.

2026 Financial Impacts (Stand-alone, Pre-Plains Acquisition)

• Including the previously planned six-week major turnaround that has been pulled forward into the current outage, the total impact on 2026 Marketing segment Realized Margin¹ is expected to be approximately $110 million.
• Realized Margin¹ in the Liquids Infrastructure segment is expected to be impacted by approximately $15 million.
• Cash taxes are now expected to decrease by approximately $30 million.
• Maintenance capital is expected to increase by approximately $10 million, resulting in a revised 2026 guidance range of $140 million to $160 million, up from the previously expected range of $130 million to $150 million.

In line with established practice, the Company will provide its 2026 Marketing guidance following the conclusion of the NGL contract season as part of its first quarter 2026 financial results in May.

About Keyera Corp.

Keyera Corp. (TSX:KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:
Dan Cuthbertson, Director, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations
Email: ir@keyera.com Telephone: 403.205.7670
Toll free: 888.699.4853

Forward-Looking Information

This press release contains certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information"). Forward-looking information is typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "can", "project", "should", "would", "plan", "intend", "believe", "plan", "target", "outlook", "scheduled", "positioned", and similar words or expressions, including the negatives or variations thereof. All statements other than statements of historical fact contained in this document are forward-looking information, including, without limitation, statements regarding the anticipated timing for fabrication, delivery and installation of the replacement components, the timing for return to service of AEF, plans related to the regularly scheduled AEF turnaround, the 2026 financial impact of the AEF outage including on realized margin, cash taxes and maintenance capital, and the timing for release of 2026 marketing guidance.

All forward-looking information reflects Keyera's beliefs and assumptions based on information available at the time the applicable forward-looking information is made and in light of Keyera's current expectations with respect to such things as the outlook for general economic trends, industry trends, commodity prices, the integrity, the reliability of Keyera's assets. As this forward-looking information depends on future events, actual outcomes may differ materially depending on factors such as satisfactory maintenance work at AEF; resumption of operations at AEF on schedule, availability and cost of crews and materials, the accuracy of the maintenance schedule and cost estimates, potential delays or changes in maintenance plans and associated expenditures and other known or unknown factors. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.

Readers are cautioned that the foregoing list of important factors is not exhaustive and they should not unduly rely on the forward-looking information included in this press release. Further, readers are cautioned that the forward-looking information contained herein is made as of the date of this press release. Unless required by law, Keyera does not intend and does not assume any obligation to update any forward-looking information. All forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Non-GAAP and Other Financial Measures

This press release refers to certain non-GAAP and other financial measures that include forward-looking information. Realized margin is not a standard measure under GAAP, and as a result, may not be comparable to similar measures reported by other entities. These non-GAAP and other financial measures are intended to provide investors with supplemental information to assess the financial performance and strategic impact of the transaction.

Realized margin is defined as operating margin excluding unrealized gains and losses on commodity-related risk management contracts. The most directly comparable GAAP measure to realized margin for the Marketing and Liquids Infrastructure segments is operating margin for these same segments, respectively. For further information on Liquids Infrastructure realized margin and for the assumptions associated with the base and 2025 realized margin guidance for the Marketing segment, refer to the sections titled "Segmented Results of Operations: Liquids Infrastructure", "Segmented Results of Operations: Marketing", "Non-GAAP and Other Financial Measures" and "Forward-Looking Statements" of Keyera's Management's Discussion and Analysis for the period ended September 30, 2025.

Management believes that these non-GAAP and other financial measures facilitate the understanding of Keyera's results of operations, leverage, liquidity and financial position. These measures do not have any standardized meaning under GAAP and therefore, should not be considered in isolation, or used in substitution for measures of performance prepared in accordance with GAAP.

SOURCE Keyera Corp.