CALGARY, AB, Dec. 3, 2024 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) announces its 2025 guidance and outlook; a six percent increase to its common share dividend; and continued progress on strategic priorities.

HIGHLIGHTS

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

2025 normalized EBITDA1 guidance of $1,775 million - $1,875 million, which represents approximately six percent year-over-year growth using midpoint-to-midpoint guidance figures. Growth is driven by asset modernization investments in the Utilities and improved utilization in Midstream. This growth is partially offset by commercial de-risking initiatives and large multi-year Midstream capital projects that will come online in 2026 and 2027.2025 normalized EPS1 guidance of $2.10 - $2.30, which represents approximately two percent year-over-year growth using midpoint-to-midpoint guidance figures.The Company's 2025 capital program is forecasted to be $1.4 billion2, which reflects strong growth opportunities balanced against AltaGas' leverage targets. The 2025 business plan includes slightly more than half of AltaGas' capital allocated to Utilities, with 45 percent funding long-term Midstream projects, and the balance on digital and systems initiatives focused on improving long-term operating efficiency.AltaGas is increasing its common share dividend by six percent to $1.26 per share per year. This is the fifth consecutive dividend increase as the Company remains committed to delivering regular, sustainable, and annual dividend increases. The Company is extending its five to seven percent compounded annual growth rate ("CAGR") guidance on dividends to 2029.AltaGas remains committed to completing the de-leveraging journey and moving towards its 4.0x Adjusted Net Debt1 to normalized EBITDA1 leverage target. This aligns with a BBB-mid investment grade credit rating and will provide AltaGas with strong long-term financial flexibility. Monetization of AltaGas' 10 percent equity interest the Mountain Valley Pipeline ("MVP") is the most immediate path to reducing leverage with the cash flows from the Pipestone II and Ridley Island Energy Export Facility ("REEF") projects set to provide incremental de-leveraging.The Utilities have a robust long-term growth outlook driven by investment opportunities focused on continued customer additions, asset modernization, and system expansion. These investments will continue to improve the long-term safety and reliability of the network, allowing AltaGas to continue to meet long-term customer demand for safe, reliable, and affordable natural gas while providing steady rate base growth. Increased Midstream investment in 2025 will position the Company to benefit from the robust growth outlook for Western Canadian natural gas and natural gas liquids ("NGL") production. AltaGas has a strong growth outlook for its Midstream platform based on industry development plans, the location of its infrastructure assets, continued optimization opportunities, and various brownfield and greenfield growth initiatives.