REPORT TO SHAREHOLDERS
Second Quarter 2025
MANAGEMENT'S DISCUSSION AND ANALYSIS
Table of Contents
1. About Pembina		2
2. Financial & Operating Overview		3
3. Segment Results		7
4. Liquidity & Capital Resources		22
5. Share Capital		26
6. Capital Expenditures		28
7. Selected Quarterly Information		29
8. Selected Equity Accounted Investee Information		31
9. Related Party Transactions		32
10. Accounting Policies & Estimates		33
11. Non-GAAP & Other Financial Measures		34
12. Other		39
13. Abbreviations		41
14. Forward-Looking Statements & Information		42

Basis of Presentation

The following Management's Discussion and Analysis ("MD&A") of the financial and operating results of Pembina Pipeline Corporation ("Pembina" or the "Company") is dated August 7, 2025, and is supplementary to, and should be read in conjunction with, Pembina's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025 ("Interim Financial Statements") as well as Pembina's audited consolidated annual financial statements ("Consolidated Financial Statements") and MD&A for the year ended December 31, 2024. All financial information provided in this MD&A has been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting and is expressed in Canadian dollars, unless otherwise noted. A description of Pembina's operating segments and additional information about Pembina is filed with Canadian and U.S. securities commissions, including quarterly and annual reports, annual information forms (which are filed with the U.S. Securities and Exchange Commission under Form 40-F) and management information circulars, which can be found online at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. Information contained in or otherwise accessible through Pembina's website does not form part of this MD&A and is not incorporated into this document by reference.

Abbreviations

For a list of abbreviations that may be used in this MD&A, refer to the "Abbreviations" section of this MD&A.

Non-GAAP and Other Financial Measures

Pembina has disclosed certain financial measures and ratios within this MD&A that management believes provide meaningful information in assessing Pembina's underlying performance, but which are not specified, defined or determined in accordance with the Canadian generally accepted accounting principles ("GAAP") and which are not disclosed in Pembina's Interim Financial Statements or Consolidated Financial Statements. Such non-GAAP financial measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS and may not be comparable to similar financial measures or ratios disclosed by other issuers. Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A for additional information regarding these non-GAAP financial measures and non-GAAP ratios.

Risk Factors and Forward-Looking Information

Management has identified the primary risk factors that could have a material impact on the financial results and operations of Pembina. Such risk factors are presented in the "Risk Factors" sections of Pembina's MD&A and Annual Information Form ("AIF"), each for the year ended December 31, 2024. The Company's financial and operational performance is potentially affected by a number of factors, including, but not limited to, the factors described within the "Forward-Looking Statements & Information" section of this MD&A. This MD&A contains forward-looking statements based on Pembina's current expectations, estimates, projections and assumptions. This information is provided to assist readers in understanding the Company's future plans and expectations and may not be appropriate for other purposes.

Pembina Pipeline Corporation Second Quarter 2025 1

1. ABOUT PEMBINA

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically-located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Pembina's Purpose and Strategy

We deliver extraordinary energy solutions so the world can thrive.

Pembina will build on its strengths by continuing to invest in and grow the core businesses that provide critical transportation and midstream services to help ensure reliable and secure energy supply. Pembina will capitalize on exciting opportunities to leverage its assets and expertise into new service offerings that enable the transition to a lower-carbon economy. In continuing to meet global energy demand and its customers' needs, while ensuring Pembina's long-term success and resilience, the Company has established four strategic priorities:

1.To be resilient, we will sustain, decarbonize, and enhance our businesses. This priority is focused on strengthening and growing our existing franchise and demonstrating environmental leadership.

2.To thrive, we will invest in the energy transition to improve the basins in which we operate. We will prioritize lighter commodities as we continue to invest in new infrastructure and expand our portfolio to include new businesses associated with lower-carbon commodities.

3.To meet global demand, we will transform and export our products. We will continue our focus on supporting the transformation of Western Canadian Sedimentary Basin commodities into higher margin products and enabling more coastal egress.

4.To set ourselves apart, we will create a differentiated experience for our stakeholders. We remain committed to delivering excellence for our four key stakeholder groups meaning that:

a.Employees say we are the 'employer of choice' and value our safe, respectful, collaborative, and inclusive work culture.

b.Communities welcome us and recognize the net positive impact of our social and environmental commitment.

c.Customers choose us first for reliable and value-added services.

d.Investors receive sustainable industry-leading total returns.

2Pembina Pipeline Corporation Second Quarter 2025

2. FINANCIAL & OPERATING OVERVIEW

Consolidated Financial Overview for the Three Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Revenue	1,792	1,855	(63)
Net revenue(1)	1,184	1,222	(38)
Operating expenses	235	240	(5)
Gross profit	780	815	(35)
Adjusted EBITDA(1)	1,013	1,091	(78)
Earnings	417	479	(62)
Earnings per common share – basic and diluted (dollars)	0.65	0.75	(0.10)
Cash flow from operating activities	790	954	(164)
Cash flow from operating activities per common share – basic (dollars)	1.36	1.64	(0.28)
Adjusted cash flow from operating activities(1)	698	837	(139)
Adjusted cash flow from operating activities per common share – basic (dollars)(1)	1.20	1.44	(0.24)
Capital expenditures	197	265	(68)

Change in Earnings ($ millions)

Results Overview

Earnings in the second quarter of 2025 decreased by $62 million compared to the prior period. Significant factors impacting the quarter by segment include:

•Pipelines: Decrease largely due to lower tolls on new contracts on the Cochin Pipeline and lower revenue at the Edmonton Terminals, partially offset by higher demand on seasonal contracts on the Alliance Pipeline, as well as higher revenue on the Peace Pipeline system due to increased volumes and higher tolls mainly related to contractual inflation adjustments.

•Facilities: Decrease largely due to lower share of profit from PGI and a planned outage during the period for an asset upgrade, which resulted in higher costs driven by the associated retirement at the Redwater Complex.

•Marketing & New Ventures: Lower net revenue due to a decrease in NGL margins and volumes, combined with lower other income due to no similar gain to that recognized in the second quarter of 2024 related to Pembina's financial assurances assumed by Cedar LNG upon positive final investment decision. This was partially offset by higher revenue from risk management and physical derivatives, as well as an increase in share of profit from Cedar LNG.

•Corporate and Income Tax: Higher primarily due to lower acquisition and integration costs, combined with lower general and administrative expense. This was partially offset by no similar net gain on acquisition to that recognized in the second quarter of 2024.

Further details and additional factors impacting the segments are discussed in the table below and in the "Segment Results" section of this MD&A.

Pembina Pipeline Corporation Second Quarter 2025 3

Changes in Results for the Three Months Ended June 30
Net revenue(1)	$38 million decrease, lower net revenue in the Marketing & New Ventures Division due to lower gains on crude oil-based derivatives, as well as lower NGL margins as a result of lower butane and propane prices, combined with lower volumes because of a planned outage in the Facilities Division related to an asset upgrade, as well as higher input natural gas prices at Aux Sable. Additionally, lower net revenue on the Cochin Pipeline ($33 million) primarily due to lower tolls on new contracts, which replaced long-term contracts that expired in mid-July 2024, and lower revenue at the Edmonton Terminals largely related to the decommissioning of the Edmonton South Rail Terminal in the second quarter of 2024. These results were partially offset by lower losses on renewable power purchase agreements, gains on NGL-based derivatives in the second quarter of 2025 compared to losses in the second quarter of 2024, and higher demand on seasonal contracts on the Alliance Pipeline. Additionally, higher net revenue on the Peace Pipeline system from fewer outages in the second quarter of 2025 compared to the same period in 2024 which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, higher contracted volumes, and higher tolls primarily due to contractual inflation adjustments, contributed to the offsetting decrease in net revenue.
Operating expenses	Consistent with prior period. Minor decreases in operating expenses were offset by higher integrity spending.
Cash flow from operating activities	$164 million decrease, primarily driven by a decrease in earnings adjusted for items not involving cash, change in non-cash working capital, and higher net interest paid. This was partially offset by lower taxes paid and higher distributions from equity accounted investees primarily from PGI.
Adjusted cash flow from operating activities(1)	$139 million decrease, largely due to the same items impact cash flow from operating activities, discussed above, combined with higher current income tax expense, partially offset by lower accrued share-based payment expense.
Adjusted cash flow from operating activities per common share – basic (dollars)(1)	$0.24 decrease, primarily due to the factors impacting adjusted cash flow from operating activities, discussed above, while outstanding common shares remained consistent with prior period.
Adjusted EBITDA(1)	$78 million decrease, largely due to lower NGL margins as a result of lower butane and propane prices, combined with lower volumes because of a planned outage in the Facilities Division related to an asset upgrade, as well as higher input natural gas prices at Aux Sable. In addition, lower realized gains on crude oil-based derivatives, lower tolls on new contracts on the Cochin Pipeline, and lower revenue at the Edmonton Terminals contributed to the decrease in adjusted EBITDA. These results were partially offset by lower realized losses on NGL-based derivatives, combined with higher net revenue on the Alliance Pipeline and Peace Pipeline system.

(1)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

4Pembina Pipeline Corporation Second Quarter 2025

Consolidated Financial Overview for the Six Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Revenue	4,074	3,395	679
Net revenue(1)	2,527	2,134	393
Operating expenses	461	429	32
Gross profit	1,708	1,545	163
Adjusted EBITDA(1)	2,180	2,135	45
Earnings	919	917	2
Earnings per common share – basic (dollars)	1.45	1.49	(0.04)
Earnings per common share – diluted (dollars)	1.45	1.48	(0.03)
Cash flow from operating activities	1,630	1,390	240
Cash flow from operating activities per common share – basic (dollars)	2.81	2.46	0.35
Adjusted cash flow from operating activities(1)	1,475	1,619	(144)
Adjusted cash flow from operating activities per common share – basic (dollars)(1)	2.54	2.87	(0.33)
Capital expenditures	371	451	(80)

Change in Earnings ($ millions)

Results Overview

Earnings during the first six months of 2025 increased by $2 million compared to the prior period. Significant factors impacting the period by segment include:

•Pipelines: Positive impacts from Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, combined with higher seasonal revenue on the Alliance Pipeline. Additionally, higher revenue on the Peace Pipeline system due to increased volumes and higher tolls mainly related to contractual inflation adjustments, as well as higher contracted volumes on the Nipisi Pipeline. These impacts were partially offset by lower tolls on new contracts on the Cochin Pipeline and lower revenue at the Edmonton Terminals.

•Facilities: Decrease largely due to lower share of profit from PGI, partially offset by the positive impacts of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024.

•Marketing & New Ventures: Positive impacts from Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, combined with higher revenue from risk management and physical derivative contracts, as well as higher WCSB NGL margins resulting from higher marketed NGL volumes. This was partially offset by a share of loss from Cedar LNG, lower NGL margins from Aux Sable, and lower other income.

•Corporate and Income Tax: Lower largely due to higher net finance costs, higher income tax expense, and no similar net gain on acquisition to that recognized in the second quarter of 2024. This was partially offset by lower acquisition and integration costs.

Further details and additional factors impacting the segments are discussed in the table below and in the "Segment Results" section of this MD&A.

Pembina Pipeline Corporation Second Quarter 2025 5

Changes in Results for the Six Months Ended June 30
Net revenue(1)	$393 million increase, largely due to Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024. The Marketing & New Ventures Division had increased net revenue largely due to higher WCSB NGL margins resulting from higher marketed NGL volumes, lower unrealized losses on renewable power purchase agreements and crude oil-based derivatives, and unrealized gains on NGL-based derivatives in the 2025 period compared to losses in the 2024 period. Additionally, higher demand on seasonal contracts on the Alliance Pipeline, higher net revenue on the Peace Pipeline system due to fewer outages in the 2025 period compared to the same period in 2024 which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, and increased contracted volumes on the Peace Pipeline system and Nipisi Pipeline, along with higher tolls on the Peace Pipeline system primarily due to contractual inflation adjustments, contributed to the higher net revenue. These results were partially offset by lower net revenue on the Cochin Pipeline primarily due to lower tolls on new contracts, which replaced long-term contracts that expired in mid-July 2024. Also contributing to a decrease in net revenue were lower realized gains on crude oil-based derivatives, lower NGL margins from Aux Sable due to higher input natural gas prices, lower revenue at the Edmonton Terminals largely related to the decommissioning of the Edmonton South Rail Terminal in the second quarter of 2024, and lower recoverable power costs.
Operating expenses	$32 million increase, primarily due to operating expenses from Alliance and Aux Sable now being fully consolidated as of April 1, 2024, as well as higher environmental costs in the current period, as the 2024 period included a recovery related to the Northern Pipeline system outage. These increases were partially offset by lower recoverable power costs resulting from the lower power pool price during the 2025 period.
Cash flow from operating activities	$240 million increase, primarily driven by an increase in earnings adjusted for items not involving cash, lower taxes paid, and the change in non-cash working capital. This was partially offset by lower distributions from equity accounted investees and higher net interest paid, both largely the result of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, as well as a decrease in payments collected through contract liabilities.
Adjusted cash flow from operating activities(1)	$144 million decrease, primarily due to the same items impacting cash flow from operating activities, discussed above, excluding the change in non-cash working capital and taxes paid, which leads to a decrease when adjusted, combined with higher current income tax expense.
Adjusted cash flow from operating activities per common share – basic (dollars)(1)	$0.33 decrease, primarily due to the factors impacting adjusted cash flow from operating activities, discussed above, as well as an increase in outstanding common shares following the conversion of subscription receipts into common shares, concurrent with the closing of Pembina's acquisition of a controlling ownership interest in Alliance and Aux Sable on April 1, 2024.
Adjusted EBITDA(1)	$45 million increase, largely due to Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, and higher revenue on the Alliance Pipeline due to higher demand on seasonal contracts. Higher WSCB NGL margins resulting from higher marketed NGL volumes, combined with higher revenue on the Peace Pipeline system and Nipisi Pipeline, further contributed to the increase in adjusted EBITDA. These results were partially offset by lower tolls on new contracts on the Cochin Pipeline, lower realized gains on commodity-related derivatives, lower NGL margins from Aux Sable due to higher input natural gas prices, and lower revenue at the Edmonton Terminals.

(1)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

6Pembina Pipeline Corporation Second Quarter 2025

3. SEGMENT RESULTS

Business Overview

The Pipelines Division provides customers with pipeline transportation, terminalling, and storage in key market hubs in Canada and the United States for crude oil, condensate, natural gas liquids and natural gas. The Pipelines Division manages pipeline transportation capacity of 3.0 mmboe/d(1) and above ground storage capacity of approximately 10 mmbbls(1) within its conventional, oil sands and heavy oil, and transmission assets. The conventional assets include strategically located pipelines and terminalling hubs that gather and transport light and medium crude oil, condensate and natural gas liquids from western Alberta and northeast British Columbia to downstream pipelines and processing facilities in the Edmonton, Alberta area. The oil sands and heavy oil assets transport heavy and synthetic crude oil produced within Alberta to the Edmonton, Alberta area and offer associated storage and terminalling. The transmission assets transport natural gas, ethane and condensate throughout Canada and the United States on long haul pipelines linking various key market hubs. In addition, the Pipelines Division assets provide linkages to Pembina's Facilities Division assets across North America, enhancing flexibility and optionality in our customer service offerings. Together, these assets supply products from hydrocarbon producing regions to refineries, fractionators and market hubs in Alberta, British Columbia, and Illinois, as well as other regions throughout North America.

The Facilities Division includes infrastructure that provides Pembina's customers with natural gas, condensate and NGL services. Through its wholly-owned assets and its interest in PGI, Pembina's natural gas gathering and processing facilities are strategically positioned in active, liquids-rich areas of the WCSB and Williston Basin and may be serviced by the Company's other businesses. Pembina provides sweet and sour gas gathering, compression, condensate stabilization, and both shallow cut and deep cut gas processing services with a total capacity of approximately 6.7 bcf/d(1) for its customers. Condensate and NGL extracted at virtually all Canadian-based facilities have access to transportation on Pembina's pipelines. In addition, all NGL transported along the Alliance Pipeline are extracted through the Channahon Facility at the terminus. The Facilities Division includes approximately 430 mbpd(1) of NGL fractionation capacity, 21 mmbbls(1) of cavern storage capacity, various oil batteries, associated pipeline and rail terminalling facilities and a liquefied propane export facility on Canada's West Coast. These facilities are accessible to Pembina's other strategically-located assets and pipeline systems, providing customers with flexibility and optionality to access a comprehensive suite of services to enhance the value of their hydrocarbons. In addition, Pembina owns a bulk marine import/export terminal in Vancouver, British Columbia.

The Marketing & New Ventures Division leverages Pembina's integrated value chain and existing network of pipelines, facilities, and energy infrastructure assets to maximize the value of hydrocarbon liquids and natural gas originating in the basins where the Company operates. Pembina pursues the creation of new markets, and further enhances existing markets, to support both the Company's and its customers' business interests. In particular, Pembina seeks to identify opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure.

Within the Marketing & New Ventures Division, Pembina undertakes value-added commodity marketing activities, including buying and selling products (natural gas, ethane, propane, butane, condensate, crude oil, electricity, and carbon credits), commodity arbitrage, and optimizing storage opportunities. The marketing business enters into contracts for capacity on both Pembina's and third-party infrastructure, handles proprietary and customer volumes and aggregates production for onward sale. Through this infrastructure capacity, including Pembina's Prince Rupert Terminal, as well as utilizing the Company's expansive rail fleet and logistics capabilities, Pembina's marketing business adds incremental value to the commodities by accessing high value markets across North America and globally.

The Marketing & New Ventures Division is also responsible for the development of new large-scale, or value chain extending projects, including those that seek to provide enhanced access to global markets and to support a transition to a lower-carbon economy. The Marketing & New Ventures Division includes Pembina's interest in the Cedar LNG project, a liquified natural gas ("LNG") export facility currently under construction (the "Cedar LNG Project"). Additionally, Pembina is pursuing opportunities associated with low-carbon commodities and large-scale greenhouse gas ("GHG") emissions reductions.

(1)Net capacity.

Pembina Pipeline Corporation Second Quarter 2025 7

Financial and Operational Overview by Division

	3 Months Ended June 30
	2025			2024
($ millions, except where noted)	Volumes(1)	Earnings (Loss)	Adjusted EBITDA(2)	Volumes(1)	Earnings (Loss)	Adjusted EBITDA(2)
Pipelines	2,768	473	646	2,716	485	655
Facilities	826	142	331	855	181	340
Marketing & New Ventures	302	114	74	319	135	143
Corporate	—	(196)	(38)	—	(828)	(47)
Income tax (recovery) expense	—	(116)	—	—	506	—
Total		417	1,013		479	1,091

	6 Months Ended June 30
	2025			2024
($ millions, except where noted)	Volumes(1)	Earnings (Loss)	Adjusted EBITDA(2)	Volumes(1)	Earnings (Loss)	Adjusted EBITDA(2)
Pipelines	2,789	991	1,323	2,657	940	1,254
Facilities	861	326	676	830	358	650
Marketing & New Ventures	335	274	284	307	199	331
Corporate	—	(419)	(103)	—	(995)	(100)
Income tax (recovery) expense	—	(253)	—	—	415	—
Total		919	2,180		917	2,135

(1)    Volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition. Volumes for Pipelines and Facilities divisions are revenue volumes, which are physical volumes plus volumes recognized from take-or-pay commitments. Volumes for Marketing & New Ventures are marketed crude oil and NGL volumes.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

8Pembina Pipeline Corporation Second Quarter 2025

Equity Accounted Investees Overview by Division

	3 Months Ended June 30
	2025					2024
($ millions, except where noted)	Share of profit	Adjusted EBITDA(4)	Contributions	Distributions	Volumes(5)	Share of profit (loss)	Adjusted EBITDA(4)	Contributions	Distributions	Volumes(5)
Pipelines(1)	—	1	—	—	—	—	—	—	—	—
Facilities(2)	46	173	82	136	344	63	174	—	123	354
Marketing & New Ventures(3)	28	—	44	—	—	(2)	—	144	—	—
Total	74	174	126	136	344	61	174	144	123	354

	6 Months Ended June 30
	2025					2024
($ millions, except where noted)	Share of profit (loss)	Adjusted EBITDA(4)	Contributions	Distributions	Volumes(5)	Share of profit	Adjusted EBITDA(4)	Contributions	Distributions	Volumes(5)
Pipelines(1)	1	3	—	—	—	43	87	5	80	74
Facilities(2)	111	350	124	268	355	138	349	—	251	357
Marketing & New Ventures(3)	(8)	(2)	52	—	—	31	40	242	31	18
Total	104	351	176	268	355	212	476	247	362	449

(1)    Pipelines includes Grand Valley in both the three and six month periods ended June 30, 2025 and 2024. In addition, Alliance is included in the three month results for 2024, reflecting its contribution during the period. Pembina owned a 50 percent interest in Alliance up to the closing of the acquisition on April 1, 2024. The results of Alliance following closing of the acquisition are fully consolidated and incorporated into Pembina's financial results. See Note 3 to the Interim Financial Statements.

(2)    Facilities includes PGI and Fort Corp.

(3)    Marketing and New Ventures includes Greenlight in 2025, Cedar LNG and ACG in both the three and six month periods ended June 30, 2025 and 2024, and Aux Sable in the three month results for 2024, reflecting its contribution during the period. Pembina owned approximately a 42.7 percent interest in Aux Sable's U.S operations and a 50 percent interest in Aux Sable's Canadian operations up to the closing of the acquisition on April 1, 2024. The results of Aux Sable following closing of the acquisition are fully consolidated and incorporated into Pembina's financial results. See Note 3 to the Interim Financial Statements.

(4)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(5)    Volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

Refer to the "Segment Results – Changes in Results" sections of this MD&A under each of the divisions for additional information.

For the three and six months ended June 30, 2025, contributions in the Facilities Division were made to PGI to partially fund growth capital projects. Contributions in Marketing & New Ventures in both 2025 and 2024 were made to Cedar LNG to fund the Cedar LNG Project. Refer to the "Segment Results – Marketing & New Ventures Division – Projects & New Developments" sections of this MD&A for additional information.

Pembina Pipeline Corporation Second Quarter 2025 9

Pipelines

Financial Overview for the Three Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Pipelines revenue(1)	874	890	(16)
Cost of goods sold(1)	14	15	(1)
Net revenue(1)(2)	860	875	(15)
Operating expenses(1)	198	203	(5)
Depreciation and amortization included in gross profit	165	164	1
Gross profit	497	508	(11)
Earnings	473	485	(12)
Adjusted EBITDA(2)	646	655	(9)
Volumes(3)	2,768	2,716	52

Change in Results
Net revenue(1)(2)	Decrease largely due to lower tolls on new contracts on the Cochin Pipeline, which replaced long-term contracts that expired in mid-July 2024 ($33 million), lower revenue at the Edmonton Terminals largely related to the decommissioning of the Edmonton South Rail Terminal in the second quarter of 2024, as well as lower volumes and tolls on the Vantage Pipeline. These decreases were partially offset by higher demand on seasonal contracts on the Alliance Pipeline, combined with higher revenue on the Peace Pipeline system due to fewer outages in the second quarter of 2025 compared to the same period in 2024 which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, as well as higher contracted volumes. Additionally, higher contracted volumes on the Nipisi Pipeline, and increased tolls on the Peace Pipeline system primarily due to contractual inflation adjustments, contributed to higher net revenue.
Earnings	Decrease largely due to lower net revenue impacted by the same factors discussed above.
Adjusted EBITDA(2)	Decrease largely due to lower net revenue impacted by the same factors discussed above.
Volumes(3)	Higher largely due to increased contracted volumes on the Peace Pipeline system and Nipisi Pipeline, fewer outages on the Peace Pipeline system in the second quarter of 2025 compared to the same period in 2024 which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, combined with higher demand on seasonal contracts on the Alliance Pipeline, which was partially offset by third-party restrictions and planned outages at the Channahon Facility. Additionally, lower volumes on AEGS due to restrictions from third-party outages in the second quarter of 2025, and lower interruptible volumes on the Vantage Pipeline contributed to a decrease in total Pipeline volumes.

Change in Adjusted EBITDA ($ millions)(1)(2)

(1)    Includes inter-segment transactions. See Note 4 to the Interim Financial Statements.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)    Revenue volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

10Pembina Pipeline Corporation Second Quarter 2025

Financial Overview for the Six Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Pipelines revenue(1)	1,768	1,578	190
Cost of goods sold(1)	27	26	1
Net revenue(1)(2)	1,741	1,552	189
Operating expenses(1)	383	357	26
Depreciation and amortization included in gross profit	316	259	57
Share of profit from equity accounted investees	1	43	(42)
Gross profit	1,043	979	64
Earnings	991	940	51
Adjusted EBITDA(2)	1,323	1,254	69
Volumes(3)	2,789	2,657	132

Change in Results
Net revenue(1)(2)	Higher largely due to Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, and higher demand on seasonal contracts on the Alliance Pipeline. Also contributing to the increase were higher volumes on the Peace Pipeline system due to fewer outages in the 2025 period compared to the 2024 period which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, higher contracted volumes on the Peace Pipeline system and Nipisi Pipeline, higher tolls on the Peace Pipeline system mainly related to contractual inflation adjustments, and favourable U.S. dollar foreign exchange rate impacts on certain assets. These increases were partially offset by lower net revenue on the Cochin Pipeline ($70 million) due to lower tolls on new contracts, which replaced long-term contracts that expired in mid-July 2024. In addition, lower volumes and tolls on the Vantage Pipeline, lower revenue at the Edmonton Terminals largely related to the decommissioning of the Edmonton South Rail Terminal in the second quarter of 2024, and lower recoverable power costs, contributed to the offsetting decrease to net revenue.
Operating expenses(1)	Increase largely due to Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, as well as higher environmental costs in the current period, as the 2024 period included a recovery related to the Northern Pipeline system outage. These increases were partially offset by lower recoverable power costs resulting from a lower power pool price during the 2025 period.
Depreciation and amortization included in gross profit	Higher largely due to Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, combined with new assets placed into service in the second and fourth quarters of 2024.
Share of profit from equity accounted investees	Following Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, the results from Alliance are no longer accounted for in share of profit and are fully consolidated.
Earnings	Higher largely due to the net impacts of Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024 and higher seasonal revenue on the Alliance Pipeline, combined with higher revenue on the Peace Pipeline system and Nipisi Pipeline, and favourable foreign exchange rate impacts on certain assets. These factors were partially offset by lower tolls on new contracts on the Cochin Pipeline, and lower revenue on the Vantage Pipeline and at the Edmonton South Terminal.
Adjusted EBITDA(2)	Increase largely due to the same factors impacting earnings, discussed above.
Volumes(3)	Higher largely due to Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, and higher demand on seasonal contracts on the Alliance Pipeline, which was partially offset by third-party restrictions and planned outages at the Channahon Facility. Additionally, higher contracted volumes on the Peace Pipeline system and the Nipisi Pipeline, and fewer outages on the Peace Pipeline system in the second quarter of 2025 compared to the same period in 2024 which was impacted by planned outages for the Phase VIII Peace Pipeline Expansion, contributed to the increase in volumes.

Change in Adjusted EBITDA ($ millions)(1)(2)

(1)    Includes inter-segment transactions. See Note 4 to the Interim Financial Statements.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)    Revenue volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

Pembina Pipeline Corporation Second Quarter 2025 11

Financial and Operational Overview

	3 Months Ended June 30						6 Months Ended June 30
	2025			2024			2025			2024
($ millions, except where noted)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)
Pipelines(3)
Conventional	1,006	298	358	969	269	338	1,020	598	709	988	564	679
Transmission	722	143	223	726	177	244	731	326	484	657	296	433
Oil Sands & Heavy Oil	1,040	32	65	1,021	39	73	1,038	67	130	1,012	80	142
Total	2,768	473	646	2,716	485	655	2,789	991	1,323	2,657	940	1,254

(1)    Revenue volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

(2)     Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)     Includes values attributed to Pembina's conventional, transmission and oil sands and heavy oil assets within the Pipelines Division. Refer to Pembina's AIF for the year ended December 31, 2024.

Projects & New Developments(1)

The following outlines the projects and new developments that have recently come into service within Pipelines:

Significant Projects	In-service Date
Phase VIII Peace Pipeline Expansion	May 2024
NEBC MPS Expansion	November 2024

(1)    For further details on Pembina's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's AIF for the year ended December 31, 2024 filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com.

Pembina is advancing more than $1.0 billion of conventional NGL and condensate pipeline expansions to reliably and cost-effectively meet rising transportation demand from growing production in the WCSB. Pembina's outlook for volume growth is secured by long-term contracts underpinned by take-or-pay agreements, areas of dedication across the Montney and Duvernay formations, and other long-term agreements that ensure a strong base of committed volumes. The potential expansions under development include:

•Taylor-to-Gordondale Project - a new approximately 89 kilometer, 16-inch pipeline proposed by Pouce Coupé Pipe Line Ltd. (a subsidiary of Pembina) connecting mostly condensate volumes from Taylor, British Columbia to the Gordondale, Alberta area. Engineering activities are continuing and subject to regulatory and board approval, Pembina expects to move forward with this expansion. A final investment decision is anticipated in the first quarter of 2026.

•Fox Creek-to-Namao Expansion - an expansion of the Peace Pipeline system that, through the addition of new pump stations, would add approximately 70,000 bpd of propane-plus capacity to the market delivery pipelines from Fox Creek, Alberta to Namao, Alberta. Engineering and regulatory activities are progressing and subject to regulatory and board approval, Pembina expects to move forward with this expansion. A final investment decision is expected by the end of 2025.

•Pembina is also evaluating and engineering further expansions to support volume growth in northeast British Columbia, including new pipelines and terminal upgrades.

12Pembina Pipeline Corporation Second Quarter 2025

Facilities

Financial Overview for the Three Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Facilities revenue(1)	295	294	1
Operating expenses(1)	133	123	10
Depreciation and amortization included in gross profit	59	45	14
Share of profit from equity accounted investees	46	63	(17)
Gross profit	149	189	(40)
Earnings	142	181	(39)
Adjusted EBITDA(2)	331	340	(9)
Volumes(3)	826	855	(29)

Changes in Results
Revenue(1)	Consistent with prior period. The Redwater Complex had higher operating recoveries at the fractionation facilities in the second quarter of 2025, which were largely offset by the impact of a planned outage related to an asset upgrade.
Operating expenses(1)	Increase largely due to higher integrity spending at the Redwater Complex.
Depreciation and amortization included in gross profit	Increase primarily due to an asset upgrade and associated retirement at the Redwater Complex in the second quarter of 2025, resulting in a planned outage during the same period.
Share of profit from equity accounted investees	Decrease due to lower earnings from PGI as a result of higher depreciation expense resulting from a larger asset base following the recent transactions with Whitecap Resources Inc. ("Whitecap") combined with asset upgrades and associated retirements, unrealized losses on commodity-related derivatives compared to gains in the second quarter in 2024, and lower volumes due to planned outages at certain PGI assets in the second quarter of 2025 and on-going third-party restrictions impacting the Dawson Assets. These factors were partially offset by gains recognized by PGI on interest rate derivative financial instruments compared to losses in the second quarter of 2024, and higher revenue from PGI assets related to the transactions with Whitecap.
Earnings	Decrease largely due to lower share of profit from PGI and an asset upgrade and associated retirement at the Redwater Complex.
Adjusted EBITDA(2)	Consistent with prior period. Lower volumes due to planned outages at certain PGI assets in the second quarter of 2025 and on-going third-party restrictions impacting the Dawson Assets, were largely offset by higher revenue from PGI assets related to the transactions discussed above. Included in adjusted EBITDA is $171 million (2024: $172 million) related to PGI.
Volumes(3)	Decrease is primarily attributed to third-party restrictions and planned outages at the Channahon Facility, planned outages at certain PGI assets, combined with higher outage days at the Redwater Complex compared to the second quarter of 2024 due to an asset upgrade, and third-party restrictions impacting the Dawson Assets. Volumes include 344 mboe/d (2024: 354 mboe/d) related to PGI.

Change in Adjusted EBITDA ($ millions)(1)(2)

(1)    Includes inter-segment transactions. See Note 4 to the Interim Financial Statements.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)    Revenue volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

Pembina Pipeline Corporation Second Quarter 2025 13

Financial Overview for the Six Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Facilities revenue(1)	602	525	77
Operating expenses(1)	266	213	53
Depreciation and amortization included in gross profit	104	78	26
Share of profit from equity accounted investees	111	138	(27)
Gross profit	343	372	(29)
Earnings	326	358	(32)
Adjusted EBITDA(2)	676	650	26
Volumes(3)	861	830	31

Changes in Results
Revenue(1)	Increase largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, combined with higher operating recoveries at the fractionation facilities within the Redwater Complex in the 2025 period, partially offset by the impact of a planned outage at the Redwater Complex related to an asset upgrade.
Operating expenses(1)	Increase largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, combined with higher integrity spending at the Redwater Complex.
Depreciation and amortization included in gross profit	Higher largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, combined with an asset upgrade and associated retirement at the Redwater Complex in the second quarter of 2025, resulting in a planned outage during the same period.
Share of profit from equity accounted investees	Decrease due to lower earnings from PGI as a result of higher depreciation expense resulting from a larger asset asset base following the transactions with Whitecap combined with asset upgrades and associated retirements, unrealized losses on interest rate derivative financial instruments recognized in the 2025 period compared to gains in the 2024 period, as well as lower volumes as a result of planned outages at certain PGI assets in the second quarter of 2025 and on-going third-party restrictions impacting the Dawson Assets. These factors were partially offset by higher contributions from PGI assets related to the transactions with Whitecap.
Earnings	Decrease primarily due to lower share of profit from PGI, higher depreciation expense, and lower revenue at the Redwater Complex due to a planned outage, discussed above. This was partially offset by the net impacts of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024.
Adjusted EBITDA(2)	Increase primarily due to the net impacts of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, partially offset by lower revenue at the Redwater Complex due to a planned outage, discussed above. Included in adjusted EBITDA is $346 million (2024: $346 million) related to PGI with higher contributions as a result of the transactions with Whitecap, largely offset by planned outages at certain PGI assets in the second quarter of 2025 and on-going third-party restrictions impacting the Dawson Assets.
Volumes(3)	Higher largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024. This is partially offset by third-party restrictions and planned outages at the Channahon Facility, planned outages at certain PGI assets, higher outage days at the Redwater Complex compared to 2024 due to an asset upgrade, and on-going third-party restrictions impacting the Dawson Assets. Volumes include 355 mboe/d (2024: 357 mboe/d) related to PGI.

Change in Adjusted EBITDA ($ millions)(1)(2)

(1)    Includes inter-segment transactions. See Note 4 to the Interim Financial Statements.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)    Revenue volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

14Pembina Pipeline Corporation Second Quarter 2025

Financial and Operational Overview

	3 Months Ended June 30						6 Months Ended June 30
	2025			2024			2025			2024
($ millions, except where noted)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)
Facilities(3)
Gas Services	590	67	201	599	83	200	604	151	404	606	175	401
NGL Services	236	75	130	256	98	140	257	175	272	224	183	249
Total	826	142	331	855	181	340	861	326	676	830	358	650

(1)    Revenue volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)     Includes values attributed to Pembina's gas services and NGL services assets within the Facilities operating segment. For a description of Pembina's gas and NGL assets, refer to Pembina's AIF for the year ended December 31, 2024.

Projects & New Developments(1)

Facilities continues to grow its natural gas and NGL processing and fractionation assets to service customer demand. The following outlines the projects and new developments within Facilities:

RFS IV
Capital Budget: $525 million
Revised Capital Cost: $500 million	In-service Date(2): First half of 2026	Status: On time, trending under budget
RFS IV is a 55,000 bpd propane-plus fractionator at the existing Redwater fractionation and storage complex (the "Redwater Complex"). The project includes additional rail loading capacity and will leverage the design, engineering, and operating best practices of the existing facilities at the Redwater Complex. With the addition of RFS IV, the fractionation capacity at the Redwater Complex will total 256,000 bpd. Pembina has entered into a lump-sum engineering, procurement and construction agreement in respect of the project, for more than 70 percent of the project cost. Engineering, procurement, and fabrication is substantially complete, while field construction has progressed to approximately 50 percent complete.

Wapiti Expansion
Capital Budget: $140 million (net to Pembina)	In-service Date(2): First half of 2026	Status: On time, on budget
PGI is developing an expansion that will increase natural gas processing capacity at the Wapiti Plant by 115 mmcf/d (gross to PGI). The expansion opportunity is driven by strong customer demand supported by growing Montney production and is fully underpinned by long-term, take-or-pay contracts. The project includes a new sales gas pipeline and other related infrastructure.During the second quarter of 2025, construction activities, including tie-ins, progressed.

K3 Cogeneration Facility
Capital Budget: $70 million (net to Pembina)	In-service Date(2): First half of 2026	Status: On time, on budget
PGI is developing a 28 MW cogeneration facility at its K3 Plant, which is expected to reduce overall operating costs by providing power and heat to the gas processing facility, while reducing customers' exposure to power prices. The K3 Cogeneration Facility is expected to fully supply the K3 Plant's power requirements, with excess power sold to the grid at market rates. Further, through the utilization of the cogeneration waste heat and the low-emission power generated, the project is expected to contribute to a reduction in annual emissions compliance costs at the K3 Plant. During the second quarter of 2025, engineering work was completed and construction activities progressed.

(1)    For further details on Pembina's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's AIF for the year ended December 31, 2024 filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com.

(2)    Subject to environmental and regulatory approvals. See the "Forward-Looking Statements & Information" section of this MD&A.

Pembina Pipeline Corporation Second Quarter 2025 15

Pursuant to an agreement with Whitecap, PGI has committed to support infrastructure development in the Lator area, including a new battery and gathering laterals (the "Lator Infrastructure"), which PGI will own. PGI anticipates funding up to $400 million ($240 million net to Pembina) for the battery and gathering laterals within the first phase of the Lator Infrastructure development, with all gas volumes flowing to PGI's Musreau facility upon startup, which is expected in late 2026/early 2027, supporting long-term plant utilization. During the first half of 2025, detailed engineering advanced and long-lead equipment was ordered.

Pursuant to an agreement with Whitecap, PGI has committed to fund capital up to $300 million ($180 million net to Pembina) for battery and gathering infrastructure in the Gold Creek and Karr areas. During the first half of 2025, construction for the pipeline progressed, detailed engineering advanced and long-lead equipment was ordered related to the battery.

PGI has entered into an agreement with a Montney producer to fund and acquire an under-construction battery and additional infrastructure (the "North Gold Creek Battery") in the Wapiti/North Gold Creek Montney area for a capital commitment up to $150 million ($90 million net to Pembina). The North Gold Creek Battery will be operated by the producer and highly contracted under a long-term, take-or-pay agreement. The expected in-service date of the North Gold Creek Battery is the second quarter of 2026.

16Pembina Pipeline Corporation Second Quarter 2025

Marketing & New Ventures

Financial Overview for the Three Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Marketing revenue(1)	883	925	(42)
Cost of goods sold(1)	761	796	(35)
Net revenue(1)(2)	122	129	(7)
Operating expenses(1)	9	4	5
Depreciation and amortization included in gross profit	17	17	—
Share of profit (loss) from equity accounted investees	28	(2)	30
Gross profit	124	106	18
Earnings	114	135	(21)
Adjusted EBITDA(2)	74	143	(69)
Crude oil sales volumes(3)	95	100	(5)
NGL sales volumes(3)	207	219	(12)

Change in Results
Net revenue(1)(2)	Lower net revenue from contracts with customers was largely due to a decrease in NGL margins as a result of lower butane and propane prices, coupled with lower volumes resulting from third-party restrictions and planned outages, as discussed below, as well as higher input natural gas prices at Aux Sable. Higher revenue from risk management and physical derivative contracts, resulting from lower unrealized losses on renewable power purchase agreements, unrealized gains on NGL-based derivatives compared to losses in the second quarter of 2024, and lower realized losses on NGL-based derivatives. These results were partially offset by lower unrealized and realized gains on crude oil-based derivatives. The second quarter of 2025 includes unrealized gains on commodity-related derivatives of $31 million (2024: $45 million loss) and realized gains on commodity-related derivatives of $38 million (2024: $74 million gain).
Share of profit (loss) from equity accounted investees	The share of profit in the second quarter of 2025 primarily relates to unrealized foreign exchange gains recognized by Cedar LNG on U.S. dollar denominated debt.
Earnings	Decrease primarily due to lower NGL margins and volumes, as well as no similar gain to that recognized in the second quarter of 2024 associated with the derecognition of the provision related to financial assurances provided by Pembina which were assumed by Cedar LNG following the positive final investment decision in June 2024. These decreases were partially offset by higher revenue from risk management and physical derivative contracts as well as higher share of profit from Cedar LNG, discussed above.
Adjusted EBITDA(2)	Decrease largely due to lower NGL margins and volumes, lower realized gains on crude-oil based derivatives, partially offset by lower realized losses on NGL-based derivatives.
NGL sales volumes(3)	Decrease primarily driven by lower supply volumes from the Channahon Facility and Redwater Complex, resulting from third-party restrictions at the Channahon Facility and outages at both facilities detailed in the "Segment Results - Facilities - Changes in Results" section of this MD&A.

Change in Adjusted EBITDA ($ millions)(1)(2)

(1)    Includes inter-segment transactions. See Note 4 to the Interim Financial Statements.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)    Marketed crude oil and NGL volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

Pembina Pipeline Corporation Second Quarter 2025 17

Financial Overview for the Six Months Ended June 30

Results of Operations

($ millions, except where noted)	2025	2024	Change
Marketing revenue(1)	2,219	1,725	494
Cost of goods sold(1)	1,858	1,547	311
Net revenue(1)(2)	361	178	183
Operating expenses(1)	17	8	9
Depreciation and amortization included in gross profit	37	32	5
Share of (loss) profit from equity accounted investees	(8)	31	(39)
Gross profit	299	169	130
Earnings	274	199	75
Adjusted EBITDA(2)	284	331	(47)
Crude oil sales volumes(3)	91	90	1
NGL sales volumes(3)	244	217	27

Change in Results
Net revenue(1)(2)	Higher net revenue from contracts with customers was largely due to Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, combined with higher WCSB NGL margins resulting from higher marketed NGL volumes. This is partially offset by a decrease in NGL margins from Aux Sable primarily due to higher input natural gas prices and lower volumes resulting from third-party restrictions and planned outages, as discussed below. Higher revenue from risk management and physical derivative contracts was primarily due to lower unrealized losses on renewable power purchase agreements largely due to improved forward power prices, unrealized gains on NGL-based derivative compared to losses in 2024, and lower unrealized losses on crude oil-based derivatives. These increases were partially offset by lower realized gains on crude oil-based derivatives. The 2025 period includes unrealized gains on commodity-related derivatives of $40 million (2024: $147 million loss) and realized gains on commodity-related derivatives of $59 million (2024: $119 million gain).
Share of (loss) profit from equity accounted investees	The share of loss in the 2025 period primarily relates to unrealized losses on interest rate derivative financial instruments recognized by Cedar LNG in the current period, which were entered into in the third quarter of 2024, largely offset by unrealized foreign exchange gains on U.S. dollar denominated debt. The share of profit in the 2024 period relates to the results from Aux Sable. Following Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, the results from Aux Sable are no longer accounted for in share of profit and are now being fully consolidated.
Earnings	Increase largely due to the net impacts of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, higher revenue from risk management and physical derivative contracts, as well as higher WCSB NGL margins and NGL volumes. These increases were partially offset by a share of loss from Cedar LNG, lower NGL margins from Aux Sable, and no similar gain to that recognized in the 2024 period associated with the derecognition of the provision related to financial assurances provided by Pembina which were assumed by Cedar LNG following the positive final investment decision in June 2024.
Adjusted EBITDA(2)	Decrease primarily due to lower realized gains on commodity-related derivatives and lower NGL margins from Aux Sable, partially offset by the net impacts of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, as well as higher WCSB NGL margins and NGL volumes.
NGL sales volumes(3)	Increase primarily due to higher ethane, propane, and butane sales largely due to the increase in Pembina's ownership interest in Aux Sable, partially offset by third-party restrictions at the Channahon Facility and outages at both the Channahon Facility and Redwater Complex detailed in the the "Segment Results - Facilities - Changes in Results" section of this MD&A.

Change in Adjusted EBITDA($ millions)(1)(2)(3)

(1)    Includes inter-segment transactions. See Note 4 to the Interim Financial Statements.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)    Marketed crude oil and NGL volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

18Pembina Pipeline Corporation Second Quarter 2025

Financial and Operational Overview

	3 Months Ended June 30						6 Months Ended June 30
	2025			2024			2025			2024
($ millions, except where noted)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)	Volumes(1)	Earnings (loss)	Adjusted EBITDA(2)	Volumes(1)	Earnings	Adjusted EBITDA(2)
Marketing & New Ventures(3)
Marketing	302	89	77	319	101	150	335	293	293	307	158	331
New Ventures(4)	—	25	(3)	—	34	(7)	—	(19)	(9)	—	41	—
Total	302	114	74	319	135	143	335	274	284	307	199	331

(1)    Marketed crude oil and NGL volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition.

(2)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

(3)     Includes values attributed to Pembina's marketing activities and new ventures projects within the Marketing & New Ventures operating segment. For further details on Pembina's marketing activities and projects, refer to Pembina's AIF for the year ended December 31, 2024.

(4)    All New Ventures projects have not yet commenced operations and therefore have no volumes.

Projects & New Developments(1)

The New Ventures group is responsible for the development of new large-scale, or value chain extending projects, including those that provide enhanced access to global markets and support a transition to a lower-carbon economy.

Cedar LNG
Capital Budget: U.S. $2 billion (net)	In-service Date: Late-2028	Status: On time, on budget
The Haisla Nation and Pembina are partners in Cedar LNG Partners LP ("Cedar LNG"), which is constructing the Cedar LNG Project, a floating liquefied natural gas ("LNG") facility with a nameplate capacity of 3.3 million tonnes per annum ("mtpa"), located in the traditional territory of the Haisla Nation, on Canada’s West Coast. The project is strategically positioned to leverage Canada's abundant natural gas supply and deliver a lower-carbon energy option to global markets. The facility will be powered by renewable electricity from BC Hydro, making it one of the lowest emitting LNG facilities in the world. During the second quarter, the project reached a major milestone as construction of the floating LNG vessel began with steel cutting on both the top side facilities and the vessel hull. Onshore activities are continuing. Marine terminal clearing, drainage, and erosion and sediment control work have been completed. Additionally, pipeline right of way clearing and road upgrades have been completed, and pipeline access and grading construction is progressing as planned.
Cedar LNG has secured a 20-year take-or-pay, fixed toll contract with ARC Resources Ltd. ("ARC") for 1.5 mtpa of LNG. Pembina has also entered into an agreement with Cedar LNG for 1.5 mtpa of capacity on the same terms as ARC. Pembina continues to progress remarketing of its 1.5 mtpa of capacity to third parties and is advancing definitive agreement negotiations with an expectation to finalize these efforts by the end of 2025.

(1)    For further details on Pembina's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's AIF for the year ended December 31, 2024 filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com.

Pembina Pipeline Corporation Second Quarter 2025 19

Corporate and Income Tax

Financial Overview for the Three Months Ended June 30

Results of Operations

($ millions)	2025	2024	Change
Revenue(1)(2)	10	11	(1)
General and administrative	67	74	(7)
Other (income) expense	(1)	20	(21)
Loss on acquisition	—	616	(616)
Net finance costs	140	130	10
Earnings (loss)	(196)	(828)	632
Adjusted EBITDA(3)	(38)	(47)	9
Income tax expense (recovery)	116	(506)	622

Change in Results
General and administrative	Consistent with prior period. Lower long-term incentives costs, driven by the change in Pembina's share price in the second quarter of 2025 compared to the second quarter of 2024, with no significant offsetting factors.
Other (income) expense	Decrease primarily due to lower acquisition fees and integration costs compared to those incurred in the prior period following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024.
Loss on acquisition	In the second quarter of 2024, Pembina recognized a $616 million loss from the disposition of Pembina's previous investments in the Alliance, Aux Sable, and NRGreen joint ventures following the acquisition, offset by a $626 million deferred tax recovery recognized from the acquisition, resulting in a net gain of $10 million.
Net finance costs	Increase due to lower interest income, partially offset by reduced interest expense on long-term debt.
Earnings (loss)	Increase largely due to the loss on acquisition recognized in the second quarter of 2024 following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, combined with lower acquisition fees and integration costs compared to those incurred in the prior period, discussed above.
Adjusted EBITDA(3)	Consistent with prior period. Increase due to the lower long-term incentives costs, with no significant offsetting factors.
Income tax expense (recovery)	Income tax expense in the current quarter is due to no similar deferred tax recovery of $626 million to that recognized in the second quarter of 2024 following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024.

(1)    Excludes inter-segment eliminations.

(2)    Fixed fee income related to shared service agreements with PGI.

(3)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

20Pembina Pipeline Corporation Second Quarter 2025

Financial Overview for the Six Months Ended June 30

Results of Operations

($ millions)	2025	2024	Change
Revenue(1)(2)	22	23	(1)
General and administrative	163	154	9
Other expense	—	22	(22)
Loss on acquisition	—	616	(616)
Net finance costs	279	228	51
Earnings (loss)	(419)	(995)	576
Adjusted EBITDA(3)	(103)	(100)	(3)
Income tax expense (recovery)	253	(415)	668

Change in Results
General and administrative	Consistent with prior period. Minor increases in other general and administrative expenses, were largely offset by lower long-term incentives costs, driven by the change in Pembina's share price in the period compared to the same period in 2024.
Other expense	Decrease primarily due to lower acquisition fees and integration costs compared to those incurred in the prior period following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024.
Loss on acquisition	In the second quarter of 2024, Pembina recognized a $616 million loss from the disposition of Pembina's previous investments in the Alliance, Aux Sable, and NRGreen joint ventures following the acquisition, offset by a $626 million deferred tax recovery recognized from the acquisition, resulting in a net gain of $10 million.
Net finance costs	Increase largely due to higher interest expense on long-term debt, resulting from a combination of both additional borrowing following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024 and higher interest rates, as well as lower interest income.
Earnings (loss)	Increase largely due to the loss recognized in the second quarter of 2024 following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, combined with lower acquisition fees and integration costs, discussed above.
Adjusted EBITDA(3)	Consistent with prior period. Minor increases in other general and administrative expenses, were largely offset by lower long-term incentives costs.
Income tax expense (recovery)	Income tax expense in the current period is due to no similar items to that recognized in the 2024 period including the deferred tax recovery of $626 million and an adjustment in the tax basis of an investment in partnership, combined with higher taxable earnings, resulting in an effective tax rate of 22 percent compared to 83 percent effective tax recovery rate in the 2024 period.

(1)    Excludes inter-segment eliminations.

(2)    Fixed fee income related to shared service agreements with PGI.

(3)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

Pembina Pipeline Corporation Second Quarter 2025 21

4. LIQUIDITY & CAPITAL RESOURCES

Available Sources of Liquidity

($ millions)	June 30, 2025	December 31, 2024
Working capital(1)	(403)	(1,335)
Variable rate debt
Senior unsecured credit facilities(2)	1,579	1,148
Interest rate swapped debt	—	(360)
Total variable rate loans and borrowings outstanding (weighted average interest rate of 4.8% (2024: 5.2%))	1,579	788
Fixed rate debt
Senior unsecured medium-term notes	10,350	10,900
Interest rate swapped debt	—	360
Total fixed rate loans and borrowings outstanding (weighted average interest rate of 4.5% (2024: 4.4%))	10,350	11,260
Total loans and borrowings outstanding	11,929	12,048
Cash and unutilized debt facilities	2,118	2,518
Subordinated hybrid notes (weighted average interest rate of 5.1% (2024: 4.8%))	800	600

(1)    Current assets of $1.4 billion (December 31, 2024: $1.6 billion) less current liabilities of $1.8 billion (December 31, 2024: $2.9 billion). As at June 30, 2025, working capital included $597 million (December 31, 2024: $1.5 billion) associated with the current portion of long-term debt and $210 million (December 31, 2024: $141 million) in cash.

(2)    Includes U.S. $250 million variable rate debt outstanding at June 30, 2025 (December 31, 2024: U.S. $250 million).

Pembina currently anticipates that its cash flow from operating activities, the majority of which is derived from fee-based contracts, will be more than sufficient to meet its operating obligations, to fund its dividends and to fund its capital expenditures in the short term and long term. Pembina expects to source funds required for debt maturities from cash, its credit facilities and by accessing the capital markets, as required. Based on its successful access to financing in the capital markets over the past several years, Pembina expects to continue to have access to additional funds as required. Refer to "Risk Factors – General Risk Factors – Additional Financing and Capital Resources" in Pembina's MD&A for the year ended December 31, 2024 and Note 24 to the Consolidated Financial Statements for more information. Management continues to monitor Pembina's liquidity and remains satisfied that the leverage employed in Pembina's capital structure is sufficient and appropriate given the characteristics and operations of the underlying asset base.

Management may adjust Pembina's capital structure as a result of changes in economic conditions or the risk characteristics of the underlying assets. To maintain or modify Pembina's capital structure in the future, Pembina may renegotiate debt terms, repay existing debt, seek new borrowings, issue additional equity or hybrid securities and/or repurchase or redeem additional common or preferred shares.

As at June 30, 2025, Pembina's credit facilities (collectively, the "Credit Facilities") consisted of: an unsecured $1.5 billion (December 31, 2024: $1.5 billion) revolving credit facility, which includes a $750 million (December 31, 2024: $750 million) accordion feature, which provides Pembina with the ability to increase the credit facility subject to lender approval, and matures in June 2029 (the "Revolving Facility"); an unsecured $1.0 billion (December 31, 2024: $1.0 billion) sustainability linked revolving credit facility, which matures in June 2027 (the "SLL Credit Facility"); an unsecured U.S. $250 million (December 31, 2024: U.S. $250 million) non-revolving term loan, which matures in April 2030; and an operating facility of $50 million (December 31, 2024: $50 million), which matures in June 2025 and is typically renewed on an annual basis. Additionally, Pembina's Credit Facilities includes a $270 million (December 31, 2024: $270 million) term loan and a U.S. $240 million (December 31, 2024: $240 million) term loan assumed from Alliance, which both mature in December 2025.

There are no mandatory principal repayments due over the term of the Credit Facilities. Pembina is required to meet certain specific and customary affirmative and negative financial covenants under the indenture governing its medium-term notes and the agreements governing its Credit Facilities, including a requirement to maintain certain financial ratios. See "Liquidity & Capital Resources – Covenants" below for more information.

22Pembina Pipeline Corporation Second Quarter 2025

The SLL Credit Facility contains pricing adjustments that reduce or increase borrowing costs based on Pembina's performance relative to a GHG emissions intensity reduction performance target. Previously, Pembina announced its commitment to reduce its GHG emissions intensity by 30 percent by 2030, relative to baseline 2019 levels, which were revised following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024. The specific terms of the SLL Credit Facility include annual intermediate targets that align with Pembina's trajectory towards its 2030 target.

Pembina is also subject to customary restrictions on its operations and activities under the indenture governing its medium-term notes and the agreements governing its Credit Facilities, including restrictions on the granting of security, incurring indebtedness and the sale of its assets.

With the exception of the sustainability-linked adjustments to borrowing costs, the terms and conditions of the SLL Credit Facility and the Revolving Facility, including financial covenants, are substantially similar to each other.

Financing Activity

On April 2, 2025, Pembina completed an extension on its unsecured U.S. $250 million non-revolving term loan, which now matures in April 2030.

On June 6, 2025, Pembina closed $200 million offering of Fixed-To-Fixed Rate Subordinated Hybrid Notes, Series 2 (the "Series 2 Subordinated Notes") due June 6, 2055. The Series 2 Subordinated Notes have a fixed 5.95 percent interest rate, which will reset on June 6, 2035, and on every fifth anniversary thereafter, based on the five-year Government of Canada yield plus 2.71 percent for the period from, and including, June 6, 2035 to, but excluding June 6, 2055. The interest rate during any subsequent fixed rate period will not be less than 5.95 percent. Pembina's Series 2 Subordinated Notes are subject to optional redemption by Pembina from March 6, 2035 to June 6, 2035 and after the initial interest reset date, on any interest payment date or any interest reset date, as applicable. Pembina may also redeem the Series 2 Subordinated Notes in certain other limited circumstances. Pembina used the net proceeds of the offering of the Series 2 Subordinated Notes to fund the redemption of its outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") on June 30, 2025.

On July 23, 2025, Pembina announced the approval of amendments (the "Amendments") to the indenture governing the Series 1 Subordinated Notes. The Amendments provided for, among other things, the exchange (the "Note Exchange") of all of the outstanding Series 1 Subordinated Notes for an equal principal amount of 4.80 percent Fixed-to-Fixed Rate Subordinated Notes, Series 3 of Pembina (the "Series 3 Subordinated Notes") due January 25, 2081. The Series 3 Subordinated Notes have the same economic terms as the Series 1 Subordinated Notes, including interest rate, interest payment dates, interest reset dates, maturity date and redemption provisions, but do not provide for an entitlement to delivery of preferred shares upon the occurrence of certain bankruptcy and related events. The Note Exchange was completed on July 25, 2025, following the execution of the supplemental indenture implementing the Amendments. The Series 3 Subordinated Notes rank equally in right of payment with the Series 2 Subordinated Notes. Pursuant to the mandatory redemption provisions attaching to the Class A Preferred Shares, Series 2021-A (the "Series 2021-A Class A Preferred Shares"), in connection with the Note Exchange, on July 28, 2025, Pembina redeemed all of the issued and outstanding Series 2021-A Class A Preferred Shares (refer to the "Share Capital - Preferred Shares" section of this MD&A for further information).

Pembina Pipeline Corporation Second Quarter 2025 23

Covenants

Pembina is subject to certain financial covenants under the indentures governing its medium-term notes and the agreements governing the credit facilities. As at June 30, 2025, Pembina was in compliance with those covenants (December 31, 2024: in compliance).

Debt	Financial Covenant(1)	Ratio	Ratio as at June 30, 2025
Senior unsecured medium-term notes	Funded Debt to Capitalization	Maximum 0.70(2)	0.40
Credit facilities	Debt to Capital	Maximum 0.70(3)	0.40

(1)    Terms as defined in relevant agreements.

(2)    Covenant must be met at the reporting date and filed within 90 days after the end of each fiscal year and within 10 business days after filing of the Consolidated Financial Statements.

(3)    Covenant must be met at the reporting date and filed within 120 days after the end of each fiscal year and 60 days after each quarter.

Credit Risk

Pembina continues to actively monitor and reassess the creditworthiness of its counterparties. The majority of Pembina's credit exposure is to investment grade counterparties. Pembina assesses all high exposure counterparties during the on-boarding process and actively monitors credit limits and exposure across the business. Pembina may reduce or mitigate its exposure to certain counterparties where it is deemed warranted and permitted under contractual terms. Where warranted, financial assurances may be sought from counterparties to mitigate and reduce risk, and such assurances may include guarantees, letters of credit and cash collateral. Letters of credit totaling $256 million (December 31, 2024: $276 million) were held by Pembina as at June 30, 2025, primarily in respect of customer trade receivables.

Credit Ratings

The following information with respect to Pembina's credit ratings is provided as such information relates to Pembina's financing costs and liquidity. Specifically, credit ratings affect Pembina's ability to obtain short-term and long-term financing and the cost of such financing. A reduction in the current ratings of Pembina's debt by its rating agencies, particularly a downgrade below investment-grade ratings, could adversely affect Pembina's cost of financing and its access to sources of liquidity and capital. In addition, changes in credit ratings and the associated costs may affect Pembina's ability to enter into normal course derivative or hedging transactions. Credit ratings are intended to provide investors with an independent measure of the credit quality of any issues of securities. The credit ratings assigned by the rating agencies are not recommendations to purchase, hold or sell the securities, nor do the credit rating agencies comment on the market price or suitability for a particular investor. Any credit rating may not remain in effect for a given period of time or may be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.

DBRS Limited ("DBRS") rates Pembina's senior unsecured medium-term notes 'BBB (high)'. DBRS has also assigned a debt rating of 'BBB (low)' to Pembina's Fixed-To-Fixed Rate Subordinated Notes and a rating of 'Pfd-3 (high)' for each issued series of Pembina's Class A Preferred Shares.

The long-term corporate credit rating assigned by S&P Global Ratings ("S&P") on Pembina is 'BBB'. S&P has also assigned a debt rating of 'BBB' to Pembina's senior unsecured medium-term notes, a debt rating of 'BB+' to Pembina's Fixed-To-Fixed Rate Subordinated Notes, and a rating of 'P-3 (High)' to each issued series of Pembina's Class A Preferred Shares.

Refer to "Description of the Capital Structure of Pembina – Credit Ratings" in the AIF for the year ended December 31, 2024 for further information.

24Pembina Pipeline Corporation Second Quarter 2025

Commitments and Off-Balance Sheet Arrangements

Commitments

Pembina had the following contractual obligations outstanding as atJune 30, 2025:

Contractual Obligations(1)	Payments Due By Period
($ millions)	Total	Less than 1 year	1 – 3 years	3 – 5 years	After 5 years
Long-term debt(2)	19,747	1,245	2,791	3,064	12,647
Transportation and processing(3)	10,787	39	32	807	9,909
Leases(4)	835	112	206	155	362
Construction commitments(5)	375	375	—	—	—
Other commitments related to lease contracts(6)	468	46	92	88	242
Funding commitments, software, and other	63	21	41	1	—
Total contractual obligations	32,275	1,838	3,162	4,115	23,160

(1)Pembina enters into product purchase agreements and power purchase agreements to secure supply for future operations. Purchase prices of both NGL and power are dependent on current market prices. Volumes and prices for NGL and power contracts cannot be reasonably determined, and therefore, an amount has not been included in the contractual obligations schedule. Product purchase agreements range from one to 16 years and involve the purchase of NGL products from producers. Assuming product is available, Pembina has secured between 26 and 202 mbpd of NGL each year up to and including 2040. Power purchase agreements range from one to 24 years and involve the purchase of power from electrical service providers. Pembina has secured up to 76 megawatts per day each year up to and including 2048.

(2)Includes loans and borrowings, subordinated hybrid notes and interest payments on Pembina's senior unsecured medium-term notes and subordinated hybrid notes. Excludes deferred financing costs.

(3)Pembina signed two transportation and processing related agreements relating to the Cedar LNG Project: (a) Liquefaction Tolling Services Agreement ("LTSA"); and, (b) Gas Supply Agreement ("GSA"). The LTSA is a 20-year take-or-pay fixed toll contract for 1.5 million tonnes per annum, while the GSA will allow for transport on the Coastal GasLink Pipeline of approximately 200 million cubic feet per day of Canadian natural gas to Cedar LNG. These commercial agreements account for approximately 50 percent of the operating capacity for the Cedar LNG Project and a total commitment of approximately $10.5 billion. These commitments are expected to commence upon the anticipated in-service date of the Cedar LNG Project in late 2028.

(4)Includes pipelines, facilities, terminals, rail, office space, land and vehicle leases.

(5)Excludes projects that are executed by equity accounted investees.

(6)Relates to expected variable lease payments excluded from the measurement of the lease liability, payments under lease contracts which have not yet commenced, and payments related to non-lease components in lessee lease contracts.

Contingencies

Pembina, including its subsidiaries and its investments in equity accounted investees, are subject to various legal and regulatory and tax proceedings, actions and audits arising in the normal course of business. Pembina represents its interests vigorously in all proceedings in which it is involved. Legal and administrative proceedings involving possible losses are inherently complex, and the Company applies significant judgment in estimating probable outcomes. As at June 30, 2025, there were no significant claims filed against Pembina for which management believes the resolution of any such actions or proceedings would have a material impact on Pembina's financial position or results of operations.

Alliance Settlement

On July 24, 2025, Pembina announced that Alliance Pipeline Limited Partnership ("Alliance") has reached a negotiated settlement (the "Settlement") with shippers and interested parties on the Canadian portion of the Alliance Pipeline. The Settlement includes a revised toll schedule, effective November 1, 2025, which reduces long-term firm tolls by an average of 14 percent on a volume weighted average basis and introduces a 10-year toll option. The agreement also includes a revenue-sharing mechanism for seasonal and interruptible transportation services and provides shippers with a one-time term extension option. Alliance has filed an application with the Canada Energy Regulator seeking approval of the Settlement, which is requested by September 15, 2025. Pembina anticipates the Settlement will result in an approximate $50 million annual reduction in long-term firm service revenue over the next 10 years, plus impacts from the new revenue-sharing provision, which will depend on future commodity prices.

Off-Balance Sheet Arrangements

As at June 30, 2025, Pembina did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on Pembina's financial condition, results of operations, liquidity or capital expenditures.

Pembina Pipeline Corporation Second Quarter 2025 25

Letters of Credit

Pembina has provided letters of credit to various third parties in the normal course of conducting business. The letters of credit include financial guarantees to counterparties for product purchases and sales, transportation services, utilities, engineering and construction services. The letters of credit have not had, and are not expected to have, a material impact on Pembina's financial position, earnings, liquidity or capital resources. As at June 30, 2025, Pembina had $210 million (December 31, 2024: $209 million) in letters of credit issued.

5. SHARE CAPITAL

Common Shares

On May 14, 2025, the Toronto Stock Exchange ("TSX") accepted the renewal of Pembina's normal course issuer bid (the "NCIB") that allows the Company to repurchase, at its discretion, up to five percent of the Company's outstanding common shares (representing approximately 29 million common shares) through the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems or as otherwise permitted by applicable securities law, subject to certain restrictions on the number of common shares that may be purchased on a single day. The NCIB commenced on May 16, 2025 and will expire on the earlier of May 15, 2026, the date on which Pembina has acquired the maximum number of common shares allowable under the NCIB or the date on which Pembina otherwise decides not to make any further repurchases under the NCIB. No common shares were purchased by Pembina during the three and six months ended June 30, 2025.

Common Share Dividends

Common share dividends are payable if, as and when declared by Pembina's Board of Directors. The amount and frequency of dividends declared and payable is at the discretion of Pembina's Board of Directors, which considers earnings, cash flow, capital requirements, the financial condition of Pembina and other relevant factors when making its dividend determination.

Preferred Shares

On January 8, 2025, Pembina redeemed all of the approximately one million issued and outstanding Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 ("Series 22 Class A Preferred Shares") at a redemption price of $25.50 per Series 22 Class A Preferred Share, plus all accrued and unpaid dividends thereon. Pembina had announced its intention to redeem the Series 22 Class A Preferred Shares during the fourth quarter of 2024 and, as a result, the equity was reclassified as a financial liability of approximately $26 million for the total redemption price in that same quarter.

On June 30, 2025, Pembina redeemed all of the eight million issued and outstanding Cumulative Redeemable Fixed Rate Class A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") at a redemption price of $25.00 per Series 19 Class A Preferred Share. The total redemption price for the Series 19 Class A Preferred Shares was $200 million.

On July 28, 2025, in connection with the Note Exchange, Pembina redeemed all of the 600,000 issued and outstanding Series 2021-A Class A Preferred Shares, which were deliverable to holders of the Series 1 Subordinated Notes following the occurrence of certain bankruptcy and related events. The Series 2021-A Class A Preferred Shares were issued by Pembina to Computershare Trust Company of Canada to be held in trust to satisfy its obligations under the indenture governing the Series 1 Subordinated Notes.

26Pembina Pipeline Corporation Second Quarter 2025

Preferred Share Dividends

The holders of Pembina's Class A Preferred Shares are entitled to receive fixed or floating cumulative dividends, as applicable. Dividends on the Series 1, 3, 5, 7, 9, and 21 Class A Preferred Shares are payable quarterly on the first day of March, June, September and December, if, as and when declared by the Board of Directors of Pembina. Dividends on the Series 15 and 17 Class A Preferred Shares are payable on the last day of March, June, September and December in each year, if, as and when declared by the Board of Directors of Pembina. Dividends on the Series 25 Class A Preferred Shares are payable on the 15th day of February, May, August and November in each year, if, as and when declared by the Board of Directors of Pembina.

Outstanding Share Data

Issued and outstanding (thousands)	August 5, 2025
Common shares	580,932
Stock options(1)	3,050
Series 1 Class A Preferred Shares	10,000
Series 3 Class A Preferred Shares	6,000
Series 5 Class A Preferred Shares	10,000
Series 7 Class A Preferred Shares	10,000
Series 9 Class A Preferred Shares	9,000
Series 15 Class A Preferred Shares	8,000
Series 17 Class A Preferred Shares	6,000
Series 21 Class A Preferred Shares	14,972
Series 25 Class A Preferred Shares	10,000

(1)    Balance includes 2.8 million exercisable stock options.

Pembina Pipeline Corporation Second Quarter 2025 27

6. CAPITAL EXPENDITURES

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
Pipelines	72	171	132	312
Facilities	107	76	210	108
Marketing & New Ventures	6	8	11	11
Corporate and other projects	12	10	18	20
Total capital expenditures(1)	197	265	371	451

(1)    Includes $46 million for the three months ended June 30, 2025 (2024: $32 million) and $71 million for the six months ended June 30, 2025 (2024: $47 million) related to non-recoverable sustainment activities.

In both the second quarter and first six months of 2025, Pipelines capital expenditures largely related to expansions to support volume growth in NEBC and investments in smaller growth projects, while during the same periods of 2024, these expenditures were associated with Pembina's Phase VIII Peace Pipeline expansion, which was placed into service in May 2024. Facilities capital expenditures during these periods in 2025 and 2024 primarily related to Redwater expansion projects. Marketing & New Ventures had no significant capital expenditures during these periods, while Corporate capital expenditures related mainly to information technology infrastructure and systems development.

In both the second quarter and first six months of 2025, the change in non-recoverable sustaining capital was primarily attributed to supporting safe and reliable operations.

Future capital expenditures for the remainder of 2025 are estimated to be approximately $500 million and are primarily related to the construction of RFS IV, expansions to support volume growth in NEBC, investments in smaller growth projects, including various laterals and terminals, and spending on projects previously placed into service. Of the total future capital expenditure, approximately $120 million is designated for non-recoverable sustaining capital, which will continue to support safe and reliable operations.

For contributions to equity accounted investees, refer to the "Segment Results – Equity Accounted Investees Overview by Division" section of this MD&A.

28Pembina Pipeline Corporation Second Quarter 2025

7. SELECTED QUARTERLY INFORMATION

Selected Quarterly Operating Information

(mboe/d)	2025		2024				2023
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Volumes(1)(2)
Pipelines – transportation volumes
Conventional Pipelines	1,006	1,033	1,034	992	969	1,007	1,054	1,034
Transmission Pipelines	722	740	720	713	726	588	590	582
Oil Sands and Heavy Oil Pipelines	1,040	1,035	1,036	1,033	1,021	1,003	1,008	979
Facilities – processing and fractionation volumes
Gas Services	590	619	597	584	599	612	602	605
NGL Services	236	277	280	226	256	193	199	198
Total revenue volumes	3,594	3,704	3,667	3,548	3,571	3,403	3,453	3,398
Marketing & New Ventures – sales volumes
Marketed crude oil	95	88	96	117	100	80	82	89
Marketed NGL	207	281	252	227	219	215	217	166

(1)    Volumes in mboe/d. See the "Abbreviations" section of this MD&A for definition. Volumes for Pipelines and Facilities divisions are revenue volumes, which are physical volumes plus volumes recognized from take-or-pay commitments. Volumes for Marketing & New Ventures are marketed crude oil and NGL volumes and are excluded from total volumes to avoid double counting.

(2)    Includes Pembina's proportionate share of volumes from equity accounted investees.

Take-or-pay Contract Liabilities

($ millions)	2025		2024				2023
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Opening balance	7	1	11	12	7	1	22	40
Revenue deferred	57	58	58	67	55	52	56	59
Revenue recognized	(55)	(52)	(68)	(68)	(50)	(46)	(77)	(77)
Ending take-or-pay contract liability balance	9	7	1	11	12	7	1	22

Selected Quarterly Market Pricing

	2025		2024				2023
($ average)	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
WTI (USD/bbl)	63.74	71.42	70.27	75.10	80.57	76.96	78.32	82.26
FX (USD/CAD)	1.38	1.43	1.40	1.36	1.37	1.35	1.36	1.34
AECO Natural Gas (CAD/GJ)	1.96	1.92	1.38	0.77	1.36	1.94	2.52	2.26
Station 2 Natural Gas (CAD/GJ)	0.43	1.22	0.85	0.47	0.72	2.45	1.95	2.08
Chicago Citygate Natural Gas (USD/mmbtu)	2.99	3.91	2.71	1.76	1.60	2.49	2.63	2.31
Mt Belvieu Propane (USD/gal)	0.79	0.90	0.77	0.73	0.75	0.84	0.67	0.69
Alberta Power Pool (CAD/MWh)	40.48	40.30	51.72	55.23	45.28	98.89	81.74	151.18
Pembina 20-day volume-weighted average share price at quarter end	51.30	55.90	54.05	55.19	50.22	47.54	45.13	41.43

Pembina Pipeline Corporation Second Quarter 2025 29

Quarterly Financial Information

($ millions, except where noted)	2025		2024				2023
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Revenue	1,792	2,282	2,145	1,844	1,855	1,540	1,836	1,455
Net revenue(1)	1,184	1,343	1,383	1,259	1,222	912	1,142	989
Operating expenses	235	226	270	277	240	189	217	219
Share of profit (loss) from equity accounted investees	74	30	133	(17)	61	151	94	43
Gross profit	780	928	1,024	747	815	730	850	659
Adjusted EBITDA(1)	1,013	1,167	1,254	1,019	1,091	1,044	1,033	1,021
Earnings	417	502	572	385	479	438	698	346
Earnings per common share – basic (dollars)	0.65	0.80	0.92	0.60	0.75	0.74	1.21	0.58
Earnings per common share – diluted (dollars)	0.65	0.80	0.92	0.60	0.75	0.73	1.21	0.57
Cash flow from operating activities	790	840	902	922	954	436	880	644
Cash flow from operating activities per common share – basic (dollars)	1.36	1.45	1.55	1.59	1.64	0.79	1.60	1.17
Adjusted cash flow from operating activities(1)	698	777	922	724	837	782	747	659
Adjusted cash flow from operating activities per common share – basic (dollars)(1)	1.20	1.34	1.59	1.25	1.44	1.42	1.36	1.20
Common shares outstanding (millions):
Weighted average – basic	581	581	581	580	580	549	549	549
Weighted average – diluted	582	582	582	581	581	550	550	550
End of period	581	581	581	580	580	549	549	549
Common share dividends declared	412	401	401	401	400	367	367	366
Dividends per common share	0.71	0.69	0.69	0.69	0.69	0.67	0.67	0.67
Preferred share dividends declared	35	35	34	34	33	31	30	31
Capital expenditures	197	174	242	262	265	186	177	169
Contributions to equity accounted investees	126	50	—	124	144	103	202	20
Distributions from equity accounted investees	136	132	131	133	123	239	227	202

(1)    Refer to the "Non-GAAP & Other Financial Measures" section of this MD&A.

During the periods highlighted in the table above, there were new large-scale growth projects across Pembina's business being placed into service. The Company's financial and operating results have also been impacted by the volatility of commodity market prices, fluctuations in foreign exchange rates, and inflation. In addition to these factors, several other notable elements have impacted Pembina's financial and operating results during the specified periods above, including:

•contributions made by Pembina to PGI of $124 million in the first six months of 2025, to partially fund growth capital projects;

•contributions made by Pembina to Cedar LNG of $241 million in 2024, to fund the Cedar LNG Project;

•the completion of the Alliance and Aux Sable acquisition in the second quarter of 2024;

•the closing of the offering of 29.9 million subscription receipts of the Company in December 2023 to fund a portion of the purchase price of the Alliance and Aux Sable acquisition and the conversion of 29.9 million subscription receipts into common shares of the Company, concurrent with the closing of the Alliance and Aux Sable Acquisition;

•the impairment reversal of $231 million recognized in the fourth quarter of 2023 in the Pipelines Division related to successful contract negotiations on the Nipisi Pipeline and the pipeline being put back into service in October 2023; and

•contributions made by Pembina of $145 million to Aux Sable in the fourth quarter of 2023, representing Pembina's proportionate share of a claim filed by a counterparty to an NGL supply agreement with Aux Sable which was settled and discontinued in the fourth quarter of 2023.

30Pembina Pipeline Corporation Second Quarter 2025

8. SELECTED EQUITY ACCOUNTED INVESTEE INFORMATION

Loans and Borrowings of Equity Accounted Investees

Under equity accounting, the assets and liabilities of an investee are reported as a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". To assist readers' understanding and to evaluate the capitalization of Pembina's investments, loans and borrowings associated with investments in equity accounted investees are presented below based on Pembina's proportionate ownership in such investees, as at June 30, 2025. The loans and borrowings are presented and classified by the division in which the results for the investee are reported. Please refer to the "Abbreviations" section for a summary of Pembina's investments in equity accounted investees and the division in which their results are reported.

($ millions)(1)	June 30, 2025	December 31, 2024
Pipelines	17	19
Facilities	3,042	2,941
Marketing & New Ventures(2)	499	373
Total	3,558	3,333

(1)    Balances reflect Pembina's ownership percentage of the outstanding balance face value.

(2)    Relates to the U.S. $2.7 billion senior unsecured construction/term loan facility entered into by Cedar LNG.

Cash and Cash Equivalents of Equity Accounted Investees

As at June 30, 2025, Pembina's ownership percentage of the cash balance associated with Pembina's investments in equity accounted investees totaled $86 million (December 31, 2024: $43 million) of which $7 million (December 31, 2024: nil) related to PGI and $74 million (December 31, 2024: $39 million) for Cedar LNG.

Financing Activities for Equity Accounted Investees

PGI

On March 21, 2025, pursuant to an amended and restated credit agreement, PGI exercised the accordion feature under its existing revolving credit facility and opened a new $500 million revolving credit facility, maturing on March 21, 2027. Concurrently, PGI reestablished a $500 million accordion under the credit facility.

Commitments to Equity Accounted Investees

Pembina has commitments to provide contributions to certain equity accounted investees based on its ownership interest. These contributions are determined and approved by the joint venture partners to fund operating budgets, growth capital, and significant projects development costs, including the Cedar LNG Project.

Credit Risk for Equity Accounted Investees

As at June 30, 2025, Pembina's various equity accounted investees held letters of credit totaling $155 million (December 31, 2024: $164 million) primarily in respect of obligations for engineering, procurement and construction.

Pembina Pipeline Corporation Second Quarter 2025 31

9. RELATED PARTY TRANSACTIONS

Pembina enters into transactions with related parties in the normal course of business and all transactions are measured at their exchange amount, unless otherwise noted. Pembina provides management and operational oversight services, on a fixed fee and cost recovery basis, to certain equity accounted investees. Pembina also contracts for services and capacity from certain of its equity accounted investees, advances funds to support operations and provides letters of credit, including financial guarantees.

A summary of the significant related party transactions and balances are as follows: 

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
PGI	58	59	121	132
Aux Sable(1)	—	—	—	32
Alliance(1)	—	—	—	4
Cedar LNG	5	3	9	6
Other(2)	—	1	—	2
Total services provided(3)	63	63	130	176
PGI	2	2	4	4
Alliance(1)	—	—	—	3
Total services received	2	2	4	7
As at ($ millions)			June 30, 2025	December 31, 2024
Trade receivables and other(4)			34	37

(1)    As of April 1, 2024, following the completion of Pembina's acquisition of a controlling interest in Alliance and Aux Sable, these entities became consolidated subsidiaries of Pembina and, as such, are no longer related parties.

(2)    Other includes transactions with Grand Valley, ACG, and Greenlight.

(3)    Services provided by Pembina include payments made by Pembina on behalf of related parties.

(4)    As at June 30, 2025, trade receivables and other includes $27 million due from PGI (December 31, 2024: $34 million), and $6 million due from Cedar LNG (December 31, 2024: $2 million).

32Pembina Pipeline Corporation Second Quarter 2025

10. ACCOUNTING POLICIES & ESTIMATES

Changes in Accounting Policies

The accounting policies used in preparing the Interim Financial Statements are described in Note 3 of Pembina's Consolidated Financial Statements. There were no new accounting standards or amendments to existing standards adopted in the six months ended June 30, 2025 that have a material impact on Pembina's financial statements.

New Standards and Interpretations Not Yet Adopted

IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")

IFRS 18 was issued in April 2024 and effective January 1, 2027, with early application permitted. The standard introduces key changes to the structure of the statement of earnings and comprehensive income, required disclosures for certain management-defined performance measures, and aggregation and disaggregation of line items in the financial statements. Pembina is currently reviewing the impact of this standard on its Consolidated Financial Statements.

Amendments to IFRS 9 and IFRS 7 - Contracts referencing Nature-dependent Electricity ("Contracts referencing NDE")

Contracts referencing NDE was issued in December 2024 and effective January 1, 2026, with early adoption permitted. The amendments provide relief as it relates to accounting for contracts to purchase or sell electricity from nature-dependent sources such as wind and solar power, including clarifying the application of own-use requirements, permitting hedge accounting if these contracts are used as hedging instruments, and adding new disclosure to enable investors to understand the effect of these contracts to Pembina. Pembina is currently reviewing the impact of this amendment as it relates to Pembina's wind-based power purchase agreements.

Critical Accounting Judgments & Estimates

Critical accounting judgments and estimates used in preparing the Interim Financial Statements are described in Note 2 of Pembina's Consolidated Financial Statements. The preparation of financial statements in conformity with IFRS requires management to make both judgments and estimates that could materially affect the amounts recognized in the financial statements. By their nature, judgments and estimates may change in light of new facts and circumstances in the internal and external environment. There have been no material changes to Pembina's critical accounting estimates and judgments during the three and six months ended June 30, 2025.

Pembina Pipeline Corporation Second Quarter 2025 33

11. NON-GAAP & OTHER FINANCIAL MEASURES

Throughout this MD&A, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts.

In this MD&A, Pembina has disclosed the following non-GAAP financial measures and non-GAAP ratios: net revenue, earnings before interest, taxes, depreciation, and amortization ("adjusted EBITDA"), adjusted EBITDA per common share, adjusted EBITDA from equity accounted investees, adjusted cash flow from operating activities and adjusted cash flow from operating activities per common share.

Non-GAAP financial measures and non-GAAP ratios disclosed in this MD&A do not have any standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other issuers. The financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including revenue, earnings, share of profit from equity accounted investees and cash flow from operating activities.

Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods.

Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this MD&A, together with, as applicable, disclosure of: the most directly comparable financial measure that is specified, defined and determined in accordance with GAAP to which each non-GAAP financial measure relates; a quantitative reconciliation of each non-GAAP financial measure to such directly comparable GAAP financial measure; the composition of each non-GAAP financial measure and non-GAAP ratio; an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure and non-GAAP ratio; and an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed.

Net Revenue

Net revenue is a non-GAAP financial measure which is defined as total revenue less cost of goods sold. Management believes that net revenue provides investors with a single measure to indicate the margin on sales before non-product operating expenses that is comparable between periods. Management utilizes net revenue to compare consecutive results, to aggregate revenue generated by each of the Company's divisions and to set comparable objectives. The most directly comparable financial measure to net revenue that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is revenue.

3 Months Ended June 30	Pipelines		Facilities		Marketing & New Ventures		Corporate & Inter-segment Eliminations		Total
($ millions)
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue	874	890	295	294	883	925	(260)	(254)	1,792	1,855
Cost of goods sold	14	15	—	—	761	796	(167)	(178)	608	633
Net revenue	860	875	295	294	122	129	(93)	(76)	1,184	1,222

34Pembina Pipeline Corporation Second Quarter 2025

6 Months Ended June 30	Pipelines		Facilities		Marketing & New Ventures		Corporate & Inter-segment Eliminations		Total
($ millions)
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Revenue	1,768	1,578	602	525	2,219	1,725	(515)	(433)	4,074	3,395
Cost of goods sold	27	26	—	—	1,858	1,547	(338)	(312)	1,547	1,261
Net revenue	1,741	1,552	602	525	361	178	(177)	(121)	2,527	2,134

Adjusted EBITDA and Adjusted EBITDA per Common Share

Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in gross profit and general and administrative expense), and unrealized gains or losses from derivative instruments. The exclusion of unrealized gains or losses from derivative instruments eliminates the non-cash impact of such gains or losses.

Adjusted EBITDA also includes adjustments to earnings for non-controlling interest, losses (gains) on disposal of assets, transaction costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, Pembina revised the definition of adjusted EBITDA to deduct earnings for the 14.6 percent non-controlling interest in the Aux Sable U.S. operations. Pembina's subsequent acquisition of the remaining interest in Aux Sable's U.S. operations in the third quarter of 2024 resulted in all of Aux Sable's results being included in the adjusted EBITDA calculation beginning on August 1, 2024.

Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of Pembina's ability to generate liquidity through cash flow from operating activities and equity accounted investees. Management also believes that adjusted EBITDA provides an indicator of operating income generated from capital expenditures, which includes operational finance income and gains from lessor lease arrangements. Adjusted EBITDA is also used by investors and analysts for assessing financial performance and for the purpose of valuing Pembina, including calculating financial and leverage ratios. Management utilizes adjusted EBITDA to set objectives and as a key performance indicator of the Company's success. Pembina presents adjusted EBITDA as management believes it is a measure frequently used by analysts, investors and other stakeholders in evaluating the Company's financial performance. The most directly comparable financial measure to adjusted EBITDA that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings.

Adjusted EBITDA per common share is a non-GAAP ratio which is calculated by dividing adjusted EBITDA by the weighted average number of common shares outstanding.

Pembina Pipeline Corporation Second Quarter 2025 35

3 Months Ended June 30	Pipelines		Facilities		Marketing & New Ventures		Corporate & Inter-segment Eliminations		Total
($ millions, except per share amounts)
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Earnings (loss)	473	485	142	181	114	135	(196)	(828)	417	479
Income tax expense (recovery)	—	—	—	—	—	—	—	—	116	(506)
Adjustments to share of profit (loss) from equity accounted investees	1	—	127	111	(28)	2	—	—	100	113
Net finance costs	6	7	3	3	2	1	140	130	151	141
Depreciation and amortization	165	164	59	45	17	17	16	14	257	240
Unrealized (gain) loss from derivative instruments	—	—	—	—	(31)	45	—	—	(31)	45
Non-controlling interest(1)	—	—	—	—	—	(10)	—	—	—	(10)
Loss on acquisition	—	—	—	—	—	—	—	616	—	616
Derecognition of insurance contract provision	—	—	—	—	—	(34)	—	—	—	(34)
Transaction and integration costs in respect of acquisitions	—	—	—	—	—	—	2	14	2	14
Loss (gain) on disposal of assets, other non-cash provisions, and other	1	(1)	—	—	—	(13)	—	7	1	(7)
Adjusted EBITDA	646	655	331	340	74	143	(38)	(47)	1,013	1,091
Adjusted EBITDA per common share – basic (dollars)									1.74	1.88

6 Months Ended June 30	Pipelines		Facilities		Marketing & New Ventures		Corporate & Inter-segment Eliminations		Total
($ millions, except per share amounts)
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Earnings (loss)	991	940	326	358	274	199	(419)	(995)	919	917
Income tax (recovery) expense	—	—	—	—	—	—	—	—	253	(415)
Adjustments to share of profit from equity accounted investees	2	44	239	211	6	9	—	—	247	264
Net finance costs	12	13	6	5	4	3	279	228	301	249
Depreciation and amortization	317	259	104	78	37	32	32	27	490	396
Unrealized (gain) loss from derivative instruments	—	—	—	—	(40)	147	—	—	(40)	147
Non-controlling interest(1)	—	—	—	—	—	(10)	—	—	—	(10)
Loss on acquisition	—	—	—	—	—	—	—	616	—	616
Derecognition of insurance contract provision	—	—	—	—	—	(34)	—	—	—	(34)
Transaction and integration costs in respect of acquisition	—	—	—	—	—	—	4	14	4	14
Loss (gain) on disposal of assets, other non-cash provisions, and other	1	(2)	1	(2)	3	(15)	1	10	6	(9)
Adjusted EBITDA	1,323	1,254	676	650	284	331	(103)	(100)	2,180	2,135
Adjusted EBITDA per common share – basic (dollars)									3.75	3.78

(1)    Presented net of adjusting items.

36Pembina Pipeline Corporation Second Quarter 2025

Adjusted EBITDA from Equity Accounted Investees

In accordance with IFRS, Pembina's joint ventures are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings, in adjusted EBITDA above, are also made to share of profit from investments in equity accounted investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's share paid and received in the period to and from the investments in equity accounted investees.

To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA.

3 Months Ended June 30	Pipelines		Facilities		Marketing & New Ventures		Total
($ millions)
	2025	2024	2025	2024	2025	2024	2025	2024
Share of profit (loss) from equity accounted investees	—	—	46	63	28	(2)	74	61
Adjustments to share of profit (loss) from equity accounted investees:
Net finance costs (income)	1	—	30	42	(28)	2	3	44
Income tax expense	—	—	15	18	—	—	15	18
Depreciation and amortization	—	—	68	53	—	—	68	53
Unrealized loss (gain) on commodity-related derivative financial instruments	—	—	14	(3)	—	—	14	(3)
Non-cash provisions	—	—	—	1	—	—	—	1
Total adjustments to share of profit from equity accounted investees	1	—	127	111	(28)	2	100	113
Adjusted EBITDA from equity accounted investees	1	—	173	174	—	—	174	174

6 Months Ended June 30	Pipelines		Facilities		Marketing & New Ventures		Total
($ millions)
	2025	2024	2025	2024	2025	2024	2025	2024
Share of profit (loss) from equity accounted investees	1	43	111	138	(8)	31	104	212
Adjustments to share of profit (loss) from equity accounted investees:
Net finance costs	1	6	74	69	6	2	81	77
Income tax expense	—	—	36	41	—	—	36	41
Depreciation and amortization	1	38	129	102	—	7	130	147
Unrealized loss (gain) on commodity-related derivative financial instruments	—	—	1	(3)	—	—	1	(3)
Transaction costs incurred in respect of acquisitions and non-cash provisions	—	—	(1)	2	—	—	(1)	2
Total adjustments to share of profit from equity accounted investees	2	44	239	211	6	9	247	264
Adjusted EBITDA from equity accounted investees	3	87	350	349	(2)	40	351	476

Pembina Pipeline Corporation Second Quarter 2025 37

Adjusted Cash Flow from Operating Activities and Adjusted Cash Flow from Operating Activities per Common Share

Adjusted cash flow from operating activities is a non-GAAP measure which is defined as cash flow from operating activities adjusting for the change in non-cash operating working capital, adjusting for current tax and share-based compensation payments, and deducting distributions to non-controlling interests and preferred share dividends paid. Adjusted cash flow from operating activities deducts distributions to non-controlling interest and preferred share dividends paid because they are not attributable to common shareholders. The calculation has been modified to exclude current tax expense and accrued share-based payment expense, and to include the impact of cash paid for taxes and share-based compensation, as it allows management to better assess the obligations discussed below.

Management believes that adjusted cash flow from operating activities provides comparable information to investors for assessing financial performance during each reporting period. Management utilizes adjusted cash flow from operating activities to set objectives and as a key performance indicator of the Company's ability to meet interest obligations, dividend payments and other commitments. Adjusted cash flow from operating activities per common share is a non-GAAP financial ratio which is calculated by dividing adjusted cash flow from operating activities by the weighted average number of common shares outstanding.

Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, Pembina revised the definition of adjusted cash flow from operating activities to deduct distributions related to non-controlling interest in the Aux Sable U.S. operations. On August 1, 2024, Pembina acquired the remaining interest in Aux Sable's U.S. operations.

	3 Months Ended June 30		6 Months Ended June 30
($ millions, except per share amounts)	2025	2024	2025	2024
Cash flow from operating activities	790	954	1,630	1,390
Cash flow from operating activities per common share – basic (dollars)	1.36	1.64	2.81	2.46
Add (deduct):
Change in non-cash operating working capital	(18)	(82)	(34)	106
Current tax expense	(103)	(64)	(236)	(140)
Taxes paid, net of foreign exchange	65	91	127	290
Accrued share-based payment expense	(1)	(19)	(28)	(39)
Share-based compensation payment	—	—	86	86
Preferred share dividends paid	(35)	(33)	(70)	(64)
Distributions to non-controlling interest	—	(10)	—	(10)
Adjusted cash flow from operating activities	698	837	1,475	1,619
Adjusted cash flow from operating activities per common share – basic (dollars)	1.20	1.44	2.54	2.87

38Pembina Pipeline Corporation Second Quarter 2025

12. OTHER

Risk Management

Pembina's risk management strategies, policies and limits, ensure risks and exposures are aligned to its business strategy and risk tolerance. Pembina's Board of Directors is responsible for providing risk management oversight at Pembina and oversees how management monitors compliance with Pembina's risk management policies and procedures and reviews the adequacy of this risk framework in relation to the risks faced by Pembina.

Pembina has exposure to counterparty credit risk, liquidity risk and market risk. Pembina utilizes derivative instruments to stabilize the results of its business and, as at June 30, 2025, the Company has entered into certain financial derivative contracts in order to manage commodity price, cost of power, and foreign exchange risk. Pembina has also entered into power purchase agreements to secure cost-competitive renewable energy, fix the price for a portion of the power Pembina consumes, and reduce its emissions.

Financial Instruments

Fair Values

The fair value of financial instruments utilizes a variety of valuation inputs. When measuring fair value, Pembina uses observable market data to the greatest extent possible. Depending on the nature of these valuation inputs, financial instruments are categorized as follows:

a. Level 1

Level 1 fair values are based on inputs that are unadjusted observable quoted prices from active markets for identical assets or liabilities as at the measurement date.

b. Level 2

Level 2 fair values are based on inputs, other than quoted market prices included in Level 1, that are either directly or indirectly observable. Level 2 fair value inputs include quoted forward market prices, time value, and broker quotes that are observable for the duration of the financial instrument's contractual term. These inputs are often adjusted for factors specific to the asset or liability, such as, location differentials and credit risk.

Financial instruments that utilize Level 2 fair valuation inputs include derivatives arising from physical commodity forward contracts, commodity swaps and options, and forward interest rate and foreign-exchange swaps. In addition, Pembina's loans and borrowings utilize Level 2 fair valuation inputs, whereby the valuation technique is based on discounted future interest and principal payments using the current market interest rates of instruments with similar terms.

c. Level 3

Level 3 fair values utilize inputs that are not based on observable market data. Rather, various valuation techniques are used to develop inputs.

Financial instruments that utilize Level 3 fair valuation inputs include embedded derivative instruments arising from long-term power purchase agreements. The fair value of long-term power purchase agreements is measured using a pricing and cash flow model that accounts for forward power prices, renewable wind power pricing discounts and differentials, and inflationary metrics. The rate used to discount the respective estimated cash flows is a government risk-free interest rate that is adjusted for an appropriate credit spread. The fair valuation of the embedded derivative instruments is judged to be a significant management estimate. These assumptions and inputs are susceptible to change and may differ from actual future developments. This estimation uncertainty could materially impact the quantified fair value; and therefore, the gains and losses on commodity-related derivative financial instruments.

Pembina Pipeline Corporation Second Quarter 2025 39

Gains and Losses from Derivative Instruments

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
Derivative instruments held at fair value through earnings
Realized gain
Commodity-related gain recorded in revenue from risk management and physical derivative contracts	(38)	(74)	(59)	(119)
Unrealized (gain) loss
Commodity-related (gain) loss recorded in revenue from risk management and physical derivative contracts	(31)	45	(40)	147
Foreign exchange gain recorded in net finance costs	—	(3)	—	—
Derivative instruments in hedging relationships
Interest rate loss recorded in other comprehensive income(1)	—	4	4	2

(1) Unrealized losses or gains for designated cash flow hedges are recognized in impact of hedging activities in the Consolidated Statements of Earnings and Comprehensive Income, with realized losses or gains being reclassified to net finance costs. The movement in other comprehensive income relates to realized losses or gains on interest rate forward swaps, which expired on March 31, 2025. A gain of $4 million was recognized during the first quarter of 2025, prior to the expiration date that was reclassified to net finance costs (three and six month ended June 30, 2024: $5 million and $9 million realized gain, respectively). No losses or gains have been recognized in net income relating to discontinued cash flow hedges.

Tax Regulations

The One Big Beautiful Bill was enacted in the United States on July 4, 2025. Pembina has assessed the impact of this legislation and does not anticipate any material impact to Pembina.

Disclosure Controls and Procedures ("DC&P") and Internal Control over Financial Reporting ("ICFR")

Management's Report on Internal Control over Financial Reporting

Pembina's management is responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting, as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The objective of this instrument is to improve the quality, reliability and transparency of information that is filed or submitted under Canadian securities legislation.

The President and Chief Executive Officer and Senior Vice President and Chief Financial Officer have designed, with the assistance of management, DC&P and ICFR to provide reasonable assurance that material information relating to Pembina's business is made known to them, is reported on a timely basis, that financial reporting is reliable and that financial statements prepared for external purposes are in accordance with IFRS.

Changes in Internal Control Over Financial Reporting

Pembina previously excluded business processes associated with the acquisition of Enbridge Inc.'s interests in the Alliance, Aux Sable, and NRGreen joint ventures (the "Acquirees"), completed on April 1, 2024, from the Company's evaluation of DC&P and ICFR, as permitted under applicable securities laws in Canada and the United States. Effective April 1, 2025, the business processes of the Acquirees have been incorporated into Pembina's DC&P and ICFR evaluations. Other than the integration of the Acquirees, there were no changes in the second quarter of 2025 that had or are likely to have a material impact on Pembina’s ICFR.

40Pembina Pipeline Corporation Second Quarter 2025

13. ABBREVIATIONS

The following is a list of abbreviations that may be used in this MD&A:

Other
AECO	Alberta Energy Company benchmark price for natural gas
B.C.	British Columbia
GAAP	Canadian generally accepted accounting principles
IFRS	International Financial Reporting Standards
NGL	Natural gas liquids
LNG	Liquefied natural gas
U.S.	United States
WCSB	Western Canadian Sedimentary Basin
Deep cut	Ethane-plus capacity extraction gas processing capabilities
Shallow cut	Sweet gas processing with propane and/or condensate-plus extraction capabilities
Volumes	Volumes for Pipelines and Facilities are revenue volumes, defined as physical volumes plus volumes from take-or-pay commitments. Volumes for Marketing & New Ventures are marketed crude oil and NGL volumes. Volumes are stated in mboe/d, with natural gas volumes converted to mboe/d from MMcf/d at a 6:1 ratio, and also include revenue volumes from Pembina's equity accounted investees.

Measurement
bpd	barrels per day	mmboe/d	millions of barrels of oil equivalent per day
mbbls	thousands of barrels	mtpa	million tonnes per annum
mbpd	thousands of barrels per day	MMcf/d	millions of cubic feet per day
mmbpd	millions of barrels per day	bcf/d	billions of cubic feet per day
mmbbls	millions of barrels	km	kilometer
mboe/d	thousands of barrels of oil equivalent per day

Investments in Equity Accounted Investees
Pipelines:
Grand Valley	75 percent interest in Grand Valley 1 Limited Partnership wind farm
Alliance	Prior to the completion of Pembina acquiring a controlling ownership interest in Alliance on April 1, 2024, Pembina owned a 50 percent interest in Alliance Pipeline Limited Partnership, Alliance Pipeline L.P., and NRGreen Power Limited Partnership
Facilities:
PGI	60 percent interest in Pembina Gas Infrastructure Inc., a premier gas processing entity in western Canada serving customers throughout the Montney and Duvernay trends from central Alberta to northeast British Columbia
Fort Corp	50 percent interest in Fort Saskatchewan Ethylene Storage Limited Partnership and Fort Saskatchewan Ethylene Storage Corporation
Marketing & New Ventures:
Cedar LNG	49.9 percent interest in Cedar LNG Partners LP and the proposed floating LNG facility in Kitimat, British Columbia, Canada
ACG	50 percent interest in Alberta Carbon Grid Heartland Limited Partnership and the proposed Heartland carbon dioxide transportation and sequestration system.
Greenlight	50 percent interest in the Greenlight Electricity Centre Limited Partnership, which is developing a gas-fired combined cycle power generation facility to be located in Alberta’s Industrial Heartland.
Aux Sable	Prior to the completion of Pembina acquiring a controlling ownership interest in Aux Sable on April 1, 2024, Pembina owned an ownership interest of approximately 42.7 percent in Aux Sable U.S. and 50 percent in Aux Sable Canada, which includes an NGL fractionation facility and gas processing capacity near Chicago, Illinois and other natural gas and NGL processing facilities, logistics and distribution assets in the U.S. and Canada, and transportation contracts on Alliance.

Readers are referred to the AIF for the year ended December 31, 2024 for additional descriptions, which is available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

Pembina Pipeline Corporation Second Quarter 2025 41

14. FORWARD-LOOKING STATEMENTS & INFORMATION

In the interest of providing Pembina's security holders and potential investors with information regarding Pembina, including management's assessment of the Company's future plans and operations, certain statements contained in this MD&A constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "could", "would", "believe", "plan", "intend", "design", "target", "undertake", "view", "indicate", "maintain", "explore", "entail", "schedule", "objective", "strategy", "likely", "potential", "outlook", "aim", "purpose", "goal" and similar expressions suggesting future events or future performance.

By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Pembina believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this MD&A should not be unduly relied upon. These forward-looking statements speak only as of the date of this MD&A.

In particular, this MD&A contains forward-looking statements pertaining to the following:

•future levels and sustainability of cash dividends that Pembina intends to pay to its shareholders and anticipated dividend payment dates;

•planning, construction, locations, capital expenditure and funding estimates, schedules, regulatory and environmental applications and anticipated approvals, expected capacity, incremental volumes, contractual arrangements, in-service dates, sources of product, activities, benefits and operations with respect to new construction of, or expansions on existing, pipelines, systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, as well as the impact of Pembina's new projects on its future financial performance;

•future pipeline, processing, fractionation, and storage facility and system operations;

•treatment under existing and proposed governmental laws, policies and regulations, including those relating to taxes, the environmental, tariffs and project assessments;

•Pembina's strategy and the development and expected timing of new business initiatives and growth opportunities and the impact thereof;

•increased processing capacity and fractionation capacity due to increased oil and gas industry activity and new connections and other initiatives on Pembina's pipelines and at Pembina's facilities;

•expected future cash flows and the sufficiency thereof, financial strength, sources of and access to funds, future contractual obligations, future financing options, availability of capital for capital expenditures, operating obligations, debt maturities, letters of credit and the use of proceeds from financings;

•Pembina's capital structure, including the sufficiency of the amount of leverage employed therein and future actions that may be taken with respect thereto, including expectations regarding the repurchase or redemption of common shares or other securities, repayments of existing debt, new borrowings, equity or hybrid securities issuances and the timing thereof;

•potential actions undertaken by Pembina to mitigate counterparty risk;

•tolls and tariffs, and processing, transportation, fractionation, storage and services commitments and contracts;

•the outcomes and effectiveness of Pembina's DC&P and ICFR;

•the expected demand for, and prices and inventory levels of, crude oil and other petroleum products, including NGL;

•the development and anticipated benefits of Pembina's new projects and developments, including RFS IV, the Wapiti Expansion, the K3 Cogeneration Facility, the Taylor-to-Gordondale Project, the Fox Creek-to-Namao Expansion and the Cedar LNG Project, including the timing thereof;

•expectations in respect of PGI's infrastructure development commitments, including the amounts and timing thereof;

•the expected term, conditions, costs, timing and impact of the Settlement; and

•the impact of current and future market conditions on Pembina.

Various factors or assumptions are typically applied by Pembina in drawing conclusions or making the forecasts, projections, predictions or estimations set out in forward-looking statements based on information currently available to Pembina. These factors and assumptions include, but are not limited to:

•oil and gas industry exploration and development activity levels and the geographic region of such activity;

•the success of Pembina's operations;

•prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates;

•the ability of Pembina to maintain current credit ratings;

•the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing existing debt as it becomes due;

•future operating costs, including geotechnical and integrity costs being consistent with historical costs;

•oil and gas industry compensation levels remaining consistent with historical levels;

•in respect of current developments, expansions, planned capital expenditures, completion dates and capacity expectations: that third parties will provide any necessary support; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on acceptable terms in a timely manner; that there are no supply chain disruptions impacting Pembina's ability to obtain required equipment, materials or labour; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant facilities, and that there are no unforeseen material costs relating to the facilities which are not recoverable from customers;

•in respect of the stability of Pembina's dividends: prevailing commodity prices, margins and exchange rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements relating to existing assets and projects, including but not limited to future capital expenditures relating to expansion, upgrades and maintenance shutdowns; the success of growth projects; future operating costs; that counterparties to agreements will continue to perform their obligations in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material construction or other costs related to current growth projects; current operations or the repayment or refinancing of existing debt as it becomes due;

•the inputs used by Pembina's management in the fair valuation of embedded derivative instruments remaining consistent;

•prevailing regulatory, tax and environmental laws and regulations and tax pool utilization; and

•the amount of future liabilities relating to lawsuits and environmental incidents and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).

The actual results of Pembina could differ materially from those anticipated in these forward-looking statements as a result of the material risk factors set forth below:

•the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements;

•the impact of competitive entities and pricing;

•reliance on third parties to successfully operate and maintain certain assets;

•labour and material shortages;

•reliance on key relationships and agreements and the outcome of stakeholder engagement;

•the strength and operations of the oil and natural gas production industry and related commodity prices;

•non-performance or default by counterparties to agreements which Pembina or one or more of its subsidiaries has entered into in respect of its business;

•actions by joint venture partners or other partners which hold interests in certain of Pembina's assets;

•actions by governmental or regulatory authorities including changes in tax laws and treatment, the imposition of new tariffs or other changes in international trade policies or relations, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation;

•fluctuations in operating results;

•adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide, resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels;

•constraints on, or the unavailability of adequate infrastructure;

•the political environment and public opinion in North America and elsewhere, including changes in trade relations between Canada and the U.S.;

•ability to access various sources of debt and equity capital on acceptable terms;

•adverse changes in credit ratings;

•counterparty credit risk;

•operating risks, including the amount of future liabilities related to pipelines spills and other environmental incidents;

•technology and security risks, including cyber-security risks;

•natural catastrophes; and

•the other factors discussed under "Risk Factors" in the MD&A for the year ended December 31, 2024 and in the AIF for the year ended December 31, 2024, which are available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

These factors should not be construed as exhaustive. Unless required by law, Pembina does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Management approved the 2025 capital expenditure guidance contained herein as of the date of this MD&A. The purpose of the 2025 capital expenditure guidance is to assist readers in understanding Pembina's expected future capital expenditures, and this information may not be appropriate for other purposes. Any forward-looking statements contained herein are expressly qualified by this cautionary statement.

42Pembina Pipeline Corporation Second Quarter 2025

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(unaudited)

($ millions)	June 30, 2025	December 31, 2024
Assets Current assets
Cash and cash equivalents	210	141
Trade receivables and other	869	1,005
Income tax receivable	—	113
Inventory	275	301
Derivative financial instruments (Note 14)	22	13
	1,376	1,573
Non-current assets
Property, plant and equipment (Note 5)	22,476	22,738
Intangible assets and goodwill (Note 6)	6,398	6,528
Investments in equity accounted investees (Note 7)	4,279	4,267
Right-of-use assets	536	530
Finance lease receivables	243	223
Other assets	116	108
	34,048	34,394
Total assets	35,424	35,967
Liabilities and equity Current liabilities
Trade payables and other	1,027	1,202
Loans and borrowings (Note 8)	597	1,525
Lease liabilities	82	89
Contract liabilities (Note 11)	48	43
Derivative financial instruments (Note 14)	25	49
	1,779	2,908
Non-current liabilities
Loans and borrowings (Note 8)	11,345	10,535
Subordinated hybrid notes (Note 8)	795	596
Lease liabilities	556	576
Decommissioning provision (Note 9)	514	426
Contract liabilities (Note 11)	251	255
Deferred tax liabilities	2,883	2,868
Derivative financial instruments (Note 14)	107	110
Other liabilities	155	183
	16,606	15,549
Total liabilities	18,385	18,457
Total equity	17,039	17,510
Total liabilities and equity	35,424	35,967

See accompanying notes to the condensed consolidated interim financial statements

Pembina Pipeline Corporation Second Quarter 2025 43

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(unaudited)

	3 Months Ended June 30		6 Months Ended June 30
($ millions, except per share amounts)	2025	2024	2025	2024
Revenue (Note 11)	1,792	1,855	4,074	3,395
Cost of sales (Note 4)	1,086	1,101	2,470	2,062
Share of profit from equity accounted investees (Note 7)	74	61	104	212
Gross profit	780	815	1,708	1,545
General and administrative	97	112	231	220
Other (income) expense	(1)	(27)	4	(42)
Loss on acquisition (Note 3)	—	616	—	616
Results from operating activities	684	114	1,473	751
Net finance costs (Note 12)	151	141	301	249
Earnings (loss) before income tax	533	(27)	1,172	502
Current tax expense	103	64	236	140
Deferred tax expense (recovery)	13	(570)	17	(555)
Income tax expense (recovery)	116	(506)	253	(415)
Earnings	417	479	919	917
Earnings attributable to:
Shareholders	417	471	919	909
Non-controlling interest	—	8	—	8
Other comprehensive (loss) income, net of tax (Note 13)
Exchange (loss) gain on translation of foreign operations	(316)	47	(314)	143
Impact of hedging activities	17	(7)	8	(15)
Other comprehensive (loss) income, net of tax	(299)	40	(306)	128
Total comprehensive income attributable to shareholders	118	519	613	1,045
Comprehensive income attributable to:
Shareholders	118	511	613	1,037
Non-controlling interest	—	8	—	8
Earnings attributable to common shareholders, net of preferred share dividends	380	436	844	840
Earnings per common share – basic (dollars)	0.65	0.75	1.45	1.49
Earnings per common share – diluted (dollars)	0.65	0.75	1.45	1.48
Weighted average number of common shares (millions)
Basic	581	580	581	565
Diluted	582	581	582	566

See accompanying notes to the condensed consolidated interim financial statements

44Pembina Pipeline Corporation Second Quarter 2025

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

(unaudited)

	Attributable to Shareholders of the Company						Total Equity
($ millions)	Common Share Capital	Preferred Share Capital	Deficit	AOCI(1)	Total	Non-Controlling Interest
December 31, 2024	17,008	2,164	(2,303)	641	17,510	—	17,510
Total comprehensive income (loss)
Earnings	—	—	919	—	919	—	919
Other comprehensive loss (Note 13)	—	—	—	(306)	(306)	—	(306)
Total comprehensive income (loss)	—	—	919	(306)	613	—	613
Transactions with shareholders of the Company (Note 10)
Part VI.1 tax on preferred shares	—	(5)	—	—	(5)	—	(5)
Preferred shares redemption	—	(200)	—	—	(200)	—	(200)
Share-based payment transactions	4	—	—	—	4	—	4
Dividends declared – common	—	—	(813)	—	(813)	—	(813)
Dividends declared – preferred	—	—	(70)	—	(70)	—	(70)
Total transactions with shareholders of the Company	4	(205)	(883)	—	(1,084)	—	(1,084)
June 30, 2025	17,012	1,959	(2,267)	335	17,039	—	17,039
December 31, 2023	15,765	2,199	(2,372)	221	15,813	—	15,813
Total comprehensive income
Earnings	—	—	909	—	909	8	917
Other comprehensive income	—	—	—	128	128	—	128
Total comprehensive income	—	—	909	128	1,037	8	1,045
Transactions with shareholders of the Company
Common shares issued, net of issue costs	1,230	—	—	—	1,230	—	1,230
Part VI.1 tax on preferred shares	—	(5)	—	—	(5)	—	(5)
Share-based payment transactions	10	—	—	—	10	—	10
Dividends declared – common	—	—	(767)	—	(767)	—	(767)
Dividends declared – preferred	—	—	(64)	—	(64)	—	(64)
Dividend equivalent payment – subscription receipts	—	—	(20)	—	(20)	—	(20)
Distributions to non-controlling interests	—	—	—	—	—	(10)	(10)
Non-controlling interest recognized on acquisition	—	—	—	—	—	148	148
Total transactions with shareholders of the Company	1,240	(5)	(851)	—	384	138	522
June 30, 2024	17,005	2,194	(2,314)	349	17,234	146	17,380

(1)    Accumulated Other Comprehensive Income ("AOCI").

See accompanying notes to the condensed consolidated interim financial statements

Pembina Pipeline Corporation Second Quarter 2025 45

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(unaudited)

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
Cash provided by (used in)
Operating activities
Earnings	417	479	919	917
Adjustments for items not involving cash:
Share of profit from equity accounted investees (Note 7)	(74)	(61)	(104)	(212)
Depreciation and amortization	257	240	490	396
Loss on acquisition (Note 3)	—	616	—	616
Unrealized (gain) loss from derivative instruments	(31)	45	(40)	147
Net finance costs	151	141	301	249
Share-based compensation expense	—	20	29	40
Income tax expense (recovery)	116	(506)	253	(415)
Gain on asset disposal	(2)	(13)	(4)	(20)
Derecognition of insurance contract provision	—	(34)	—	(34)
Cash items paid or received:
Distributions from equity accounted investees	136	123	268	362
Net interest paid	(115)	(99)	(292)	(211)
Share-based compensation payment	—	—	(86)	(86)
Taxes paid	(65)	(91)	(127)	(290)
Change in non-cash operating working capital	18	82	34	(106)
Net change in contract liabilities	(1)	5	7	32
Other	(17)	7	(18)	5
Cash flow from operating activities	790	954	1,630	1,390
Financing activities
Net increase (decrease) in bank borrowings	84	—	469	(447)
Proceeds from issuance of long-term debt, net of issue costs	197	946	197	2,735
Proceeds from subscription receipts	—	—	—	1,228
Repayment of long-term debt	—	—	(550)	(650)
Repayment of lease liability	(20)	(20)	(41)	(38)
Issuance of common shares on exercise of options	—	10	3	10
Redemption of preferred shares (Note 10)	(200)	—	(226)	—
Common share dividends paid	(412)	(400)	(813)	(767)
Preferred share dividends paid	(35)	(33)	(70)	(64)
Distributions to non-controlling interest	—	(10)	—	(10)
Cash flow (used in) from financing activities	(386)	493	(1,031)	1,997
Investing activities
Capital expenditures	(197)	(265)	(371)	(451)
Contributions to equity accounted investees	(126)	(144)	(175)	(247)
Acquisition net of cash acquired (Note 3)	—	(2,621)	—	(2,621)
Proceeds from sale of assets	2	20	4	23
Interest paid during construction	(6)	(10)	(12)	(16)
Return of capital from equity accounted investees	—	63	—	63
Loan receivable from equity investment partner (Note 7)	—	89	—	—
Changes in non-cash investing working capital and other	(14)	(45)	31	(40)
Cash flow used in investing activities	(341)	(2,913)	(523)	(3,289)
Change in cash and cash equivalents	63	(1,466)	76	98
Effect of movement in exchange rates on cash held	(8)	4	(7)	7
Cash and cash equivalents, beginning of period	155	1,718	141	151
Cash and cash equivalents, end of period	210	256	210	256

See accompanying notes to the condensed consolidated interim financial statements

46Pembina Pipeline Corporation Second Quarter 2025

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. REPORTING ENTITY

Pembina Pipeline Corporation ("Pembina" or the "Company") is a Calgary-based, leading transportation and midstream service provider serving North America's energy industry. These condensed consolidated unaudited interim financial statements ("Interim Financial Statements") include the accounts of the Company, its subsidiary companies, partnerships and any investments in associates and joint arrangements as at and for the three and six months ended June 30, 2025.

Pembina owns an extensive network of strategically located assets which include hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Pembina's network of strategically located assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector.

These Interim Financial Statements and the notes hereto have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board. The accounting policies applied are in accordance with International Financial Reporting Standards ("IFRS"), are consistent with the audited annual consolidated financial statements of the Company as at and for the year ended December 31, 2024 ("Consolidated Financial Statements"), and should be read in conjunction with those Consolidated Financial Statements. The Interim Financial Statements were authorized for issue by Pembina's Board of Directors on August 7, 2025.

Use of Estimates and Judgments

Management is required to make estimates and assumptions and use judgment in the application of accounting policies that could have a significant impact on the amounts recognized in the Interim Financial Statements. Actual results may differ from estimates and those differences may be material. By their nature, judgments and estimates may change in light of new facts and circumstances in the internal and external environment. There have been no material changes to Pembina's critical accounting estimates and judgments during the three and six months ended June 30, 2025.

2. CHANGES IN ACCOUNTING POLICIES

The accounting policies used in preparing the Interim Financial Statements are described in Note 3 of Pembina's Consolidated Financial Statements. There were no new accounting standards or amendments to existing standards adopted in the six months ended June 30, 2025 that have a material impact on Pembina's financial statements.

New Standards and Interpretations Not Yet Adopted

IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")

IFRS 18 was issued in April 2024 and effective January 1, 2027, with early application permitted. The standard introduces key changes to the structure of the statement of earnings and comprehensive income, required disclosures for certain management-defined performance measures, and aggregation and disaggregation of line items in the financial statements. Pembina is currently reviewing the impact of this standard on its Consolidated Financial Statements.

Amendments to IFRS 9 and IFRS 7 - Contracts referencing Nature-dependent Electricity ("Contracts referencing NDE")

Contracts referencing NDE was issued in December 2024 and effective January 1, 2026, with early adoption permitted. The amendments provide relief as it relates to accounting for contracts to purchase or sell electricity from nature-dependent sources such as wind and solar power, including clarifying the application of own-use requirements, permitting hedge accounting if these contracts are used as hedging instruments, and adding new disclosure to enable investors to understand the effect of these contracts to Pembina. Pembina is currently reviewing the impact of this amendment as it relates to Pembina's wind-based power purchase agreements.

Pembina Pipeline Corporation Second Quarter 2025 47

3. ACQUISITION

On April 1, 2024, Pembina completed the acquisition of Enbridge Inc.'s interests in the Alliance, Aux Sable, and NRGreen joint ventures (the "Acquirees") for an aggregate purchase price of $2.8 billion, net of $327 million of assumed debt, representing Enbridge's proportionate share of the indebtedness of Alliance (the "Alliance/Aux Sable Acquisition"). Pembina made no adjustments to the purchase price allocation during the first quarter of 2025 and finalized it as at March 31, 2025.

The final purchase price allocation is based on assessed fair values and is as follows:

As at April 1, 2024	Previously reported	Adjustments	Final
($ millions)	in Q2 2024
Purchase Price Consideration
Cash (net of cash acquired)	2,620	—	2,620
Equity investment in Acquirees	2,562	—	2,562
Other	12	—	12
	5,194	—	5,194
Fair Value of Net Assets Acquired
Current assets	240	—	240
Property, plant and equipment	6,339	6	6,345
Other long-term assets	38	19	57
Goodwill	805	(2)	803
Current liabilities	(219)	(17)	(236)
Long-term debt	(596)	—	(596)
Deferred tax liabilities	(937)	1	(936)
Provisions	(52)	—	(52)
Other long-term liabilities	(276)	(7)	(283)
Non-controlling interest in Aux Sable's U.S. operations	(148)	—	(148)
	5,194	—	5,194

48Pembina Pipeline Corporation Second Quarter 2025

4. OPERATING SEGMENTS

Pembina's operating segments are organized by three divisions: Pipelines, Facilities and Marketing & New Ventures.

3 Months Ended June 30, 2025	Pipelines(1)	Facilities	Marketing & New Ventures(2)	Corporate & Inter-segment Eliminations	Total
($ millions)
Revenue from external customers	823	82	877	10	1,792
Inter-segment revenue	51	213	6	(270)	—
Total revenue(3)	874	295	883	(260)	1,792
Operating expenses	198	133	9	(105)	235
Cost of goods sold	14	—	761	(167)	608
Depreciation and amortization included in gross profit	165	59	17	2	243
Cost of sales	377	192	787	(270)	1,086
Share of profit from equity accounted investees	—	46	28	—	74
Gross profit	497	149	124	10	780
Depreciation included in general and administrative	—	—	—	14	14
Other general and administrative	18	4	8	53	83
Other income	—	—	—	(1)	(1)
Results from operating activities	479	145	116	(56)	684
Net finance costs	6	3	2	140	151
Earnings (loss) before tax	473	142	114	(196)	533
Income tax expense	—	—	—	—	116
Earnings (loss)	473	142	114	(196)	417
Capital expenditures	72	107	6	12	197
Contributions to equity accounted investees	—	82	44	—	126

3 Months Ended June 30, 2024	Pipelines(1)	Facilities	Marketing & New Ventures(2)	Corporate & Inter-segment Eliminations	Total
($ millions)
Revenue from external customers	838	82	924	11	1,855
Inter-segment revenue	52	212	1	(265)	—
Total revenue(3)	890	294	925	(254)	1,855
Operating expenses	203	123	4	(90)	240
Cost of goods sold	15	—	796	(178)	633
Depreciation and amortization included in gross profit	164	45	17	2	228
Cost of sales	382	168	817	(266)	1,101
Share of profit (loss) from equity accounted investees	—	63	(2)	—	61
Gross profit	508	189	106	12	815
Depreciation included in general and administrative	—	—	—	12	12
Other general and administrative	17	5	16	62	100
Other (income) expense	(1)	—	(46)	20	(27)
Loss on acquisition	—	—	—	616	616
Results from operating activities	492	184	136	(698)	114
Net finance costs	7	3	1	130	141
Earnings (loss) before tax	485	181	135	(828)	(27)
Income tax recovery	—	—	—	—	(506)
Earnings (loss)	485	181	135	(828)	479
Capital expenditures	171	76	8	10	265
Contributions to equity accounted investees	—	—	144	—	144

(1)    Pipelines revenue includes $135 million (2024: $159 million) associated with U.S. pipeline revenue.

(2)    Marketing & New Ventures includes revenue of $231 million (2024: $230 million) associated with U.S. midstream sales.

(3)    During the three months ended June 30, 2025, one customer accounted for 10 percent or more of total revenues with $243 million reported throughout all segments. During the three months ended June 30, 2024, no customer accounted for 10 percent or more of total revenues reported throughout all segments.

Pembina Pipeline Corporation Second Quarter 2025 49

6 Months Ended June 30, 2025	Pipelines(1)	Facilities	Marketing & New Ventures(2)	Corporate & Inter-segment Eliminations	Total
($ millions)
Revenue from external customers	1,667	172	2,213	22	4,074
Inter-segment revenue	101	430	6	(537)	—
Total revenue(3)	1,768	602	2,219	(515)	4,074
Operating expenses	383	266	17	(205)	461
Cost of goods sold	27	—	1,858	(338)	1,547
Depreciation and amortization included in gross profit	316	104	37	5	462
Cost of sales	726	370	1,912	(538)	2,470
Share of profit (loss) from equity accounted investees	1	111	(8)	—	104
Gross profit	1,043	343	299	23	1,708
Depreciation included in general and administrative	1	—	—	27	28
Other general and administrative	38	10	19	136	203
Other expense	1	1	2	—	4
Results from operating activities	1,003	332	278	(140)	1,473
Net finance costs	12	6	4	279	301
Earnings (loss) before tax	991	326	274	(419)	1,172
Income tax expense	—	—	—	—	253
Earnings (loss)	991	326	274	(419)	919
Capital expenditures	132	210	11	18	371
Contributions to equity accounted investees	—	124	52	—	176

6 Months Ended June 30, 2024	Pipelines(1)	Facilities	Marketing & New Ventures(2)	Corporate & Inter-segment Eliminations	Total
($ millions)
Revenue from external customers	1,475	173	1,724	23	3,395
Inter-segment revenue	103	352	1	(456)	—
Total revenue(3)	1,578	525	1,725	(433)	3,395
Operating expenses	357	213	8	(149)	429
Cost of goods sold	26	—	1,547	(312)	1,261
Depreciation and amortization included in gross profit	259	78	32	3	372
Cost of sales	642	291	1,587	(458)	2,062
Share of profit from equity accounted investees	43	138	31	—	212
Gross profit	979	372	169	25	1,545
Depreciation included in general and administrative	—	—	—	24	24
Other general and administrative	28	11	27	130	196
Other (income) expense	(2)	(2)	(60)	22	(42)
Loss on acquisition	—	—	—	616	616
Results from operating activities	953	363	202	(767)	751
Net finance costs	13	5	3	228	249
Earnings (loss) before tax	940	358	199	(995)	502
Income tax recovery	—	—	—	—	(415)
Earnings (loss)	940	358	199	(995)	917
Capital expenditures	312	108	11	20	451
Contributions to equity accounted investees	5	—	242	—	247

(1)    Pipelines revenue includes $269 million (2024: $230 million) associated with U.S. pipeline revenue.

(2)    Marketing & New Ventures includes revenue of $619 million (2024: $301 million) associated with U.S. midstream sales.

(3)    During the six months ended June 30, 2025, one customer accounted for 10 percent or more of total revenues with $586 million reported throughout all segments. During the six months ended June 30, 2024, no customer accounted for 10 percent or more of total gross profit reported throughout all segments.

50Pembina Pipeline Corporation Second Quarter 2025

5. PROPERTY, PLANT AND EQUIPMENT

($ millions)	Land and Land Rights	Pipelines	Facilities and Equipment	Cavern Storage and Other	Assets Under Construction	Total
Cost
Balance at December 31, 2024	694	14,789	9,095	2,121	565	27,264
Additions and transfers	(1)	40	120	28	177	364
Change in decommissioning provision	—	41	9	1	—	51
Foreign exchange	(10)	(187)	(93)	(2)	(2)	(294)
Dispositions and other	—	(6)	(24)	(28)	(3)	(61)
Balance at June 30, 2025	683	14,677	9,107	2,120	737	27,324
Depreciation
Balance at December 31, 2024	47	2,335	1,594	550	—	4,526
Depreciation	4	155	151	41	—	351
Transfers	(1)	14	2	(15)	—	—
Dispositions and other	—	(13)	(16)	—	—	(29)
Balance at June 30, 2025	50	2,491	1,731	576	—	4,848
Carrying amounts
Balance at December 31, 2024	647	12,454	7,501	1,571	565	22,738
Balance at June 30, 2025	633	12,186	7,376	1,544	737	22,476

Impairment Assessment

As previously disclosed on December 12, 2024, Pembina announced that the Canada Energy Regulatory ("CER") had initiated a toll review of the Alliance Canada pipeline assets. Due to the toll review, in the first quarter of 2025, Pembina identified indicators of impairment for the Cash-Generating Unit ("CGU") that includes the Alliance Canada assets and performed an impairment test as of March 31, 2025. The test determined that the recoverable amount of the CGU exceeded the carrying value of $6.3 billion as of March 31, 2025 and as a result, no impairment was recognized.

The recoverable amount calculated in the first quarter of 2025, was determined using a fair value less costs of disposal approach by discounting the expected future cash flows, including probability-weighted settlement outcomes for the Alliance Canada assets. The recoverable amount is sensitive to changes in key assumptions, including the outcome of the CER toll review and related negotiations, and the after-tax discount rate. Pembina applied an after-tax discount rate of 7.9 percent to discount the future cash flows of the CGU. An increase of 1.1 percent in the discount rate would reduce the recoverable amount of the CGU to its carrying value. A change in key assumptions could result in an impairment of the CGU.

In the second quarter of 2025, Pembina did not perform an impairment test as there were no indicators or triggering events requiring an assessment during the quarter.

Alliance Settlement

On July 24, 2025, Pembina announced that Alliance Pipeline Limited Partnership ("Alliance") has reached a negotiated settlement (the "Settlement") with shippers and interested parties on the Canadian portion of the Alliance Pipeline. The Settlement includes a revised toll schedule, effective November 1, 2025, which reduces long-term firm tolls by an average of 14 percent on a volume weighted average basis and introduces a 10-year toll option. The agreement also includes a revenue-sharing mechanism for seasonal and interruptible transportation services and provides shippers with a one-time term extension option. Alliance has filed an application with the CER seeking approval of the Settlement, which is requested by September 15, 2025. Pembina anticipates the Settlement will result in an approximate $50 million annual reduction in long-term firm service revenue over the next 10 years, plus impacts from the new revenue-sharing provision, which will depend on future commodity prices.

Pembina Pipeline Corporation Second Quarter 2025 51

6. INTANGIBLE ASSETS AND GOODWILL

		Intangible Assets
($ millions)	Goodwill	Purchase and Sale Contracts and Other	Customer Relationships	Total	Total Goodwill & Intangible Assets
Cost
Balance at December 31, 2024	5,024	324	1,877	2,201	7,225
Additions	—	16	—	16	16
Foreign exchange adjustments	(43)	—	(41)	(41)	(84)
Balance at June 30, 2025	4,981	340	1,836	2,176	7,157
Amortization
Balance at December 31, 2024	—	65	632	697	697
Amortization	—	11	60	71	71
Dispositions and other	—	—	(9)	(9)	(9)
Balance at June 30, 2025	—	76	683	759	759
Carrying amounts
Balance at December 31, 2024	5,024	259	1,245	1,504	6,528
Balance at June 30, 2025	4,981	264	1,153	1,417	6,398

7. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES

	Ownership Interest (percent)		Share of Profit (Loss) from Equity Accounted Investees		Investments in Equity Accounted Investees
			6 Months Ended June 30
($ millions)	June 30, 2025	December 31, 2024	2025	2024	June 30, 2025	December 31, 2024
PGI	60	60	110	137	3,710	3,740
Cedar LNG	49.9	49.9	(7)	(2)	467	430
Alliance(1)	100	100	—	42	—	—
Aux Sable(1)	100	100	—	33	—	—
Other(2)	50 - 75	50 - 75	1	2	102	97
			104	212	4,279	4,267

(1)    On April 1, 2024, Pembina completed its acquisition of Enbridge's interests in the Alliance, Aux Sable, and NRGreen joint ventures. On August 1, 2024, Pembina acquired the remaining non-controlling interest in Aux Sable's U.S. operations. Refer to Note 3 for further information.

(2)    Other includes Pembina's interest in Grand Valley, Fort Corp, ACG, and Greenlight.

Financing Activities for Equity Accounted Investees

PGI

On March 21, 2025, pursuant to an amended and restated credit agreement, PGI exercised the accordion feature under its existing revolving credit facility and opened a new $500 million revolving credit facility, maturing on March 21, 2027. Concurrently, PGI reestablished a $500 million accordion under the credit facility.

52Pembina Pipeline Corporation Second Quarter 2025

8. LONG-TERM DEBT

This note provides information about the contractual terms of Pembina's interest-bearing long-term debt, which is measured at amortized cost.

Carrying Value, Terms and Conditions, and Debt Maturity Schedule

				Carrying Value
($ millions)	Authorized at June 30, 2025	Nominal Interest Rate	Year of Maturity	June 30, 2025	December 31, 2024
Variable rate debt
Senior unsecured credit facilities(1)(2)	3,487	4.79(3)	Various(1)	1,579	1,148
Fixed rate debt
Senior unsecured medium-term notes series 3	450	4.75	2043	450	450
Senior unsecured medium-term notes series 4	600	4.81	2044	600	600
Senior unsecured medium-term notes series 5	—	3.54	2025	—	550
Senior unsecured medium-term notes series 6	600	4.24	2027	600	600
Senior unsecured medium-term notes series 7	600	3.71	2026	600	600
Senior unsecured medium-term notes series 9	550	4.74	2047	550	550
Senior unsecured medium-term notes series 10	650	4.02	2028	650	650
Senior unsecured medium-term notes series 11	800	4.75	2048	800	800
Senior unsecured medium-term notes series 12	650	3.62	2029	650	650
Senior unsecured medium-term notes series 13	700	4.54	2049	700	700
Senior unsecured medium-term notes series 15	600	3.31	2030	600	600
Senior unsecured medium-term notes series 16	400	4.67	2050	400	400
Senior unsecured medium-term notes series 17	500	3.53	2031	500	500
Senior unsecured medium-term notes series 18	500	4.49	2051	500	500
Senior unsecured medium-term notes series 20	750	5.02	2032	750	750
Senior unsecured medium-term notes series 21	600	5.21	2034	600	600
Senior unsecured medium-term notes series 22	750	5.67	2054	750	750
Senior unsecured medium-term notes series 23	650	5.22	2033	650	650
Total fixed rate loans and borrowings outstanding				10,350	10,900
Deferred financing costs				13	12
Total loans and borrowings				11,942	12,060
Less current portion loans and borrowings				(597)	(1,525)
Total non-current loans and borrowings				11,345	10,535
Subordinated hybrid notes
Subordinated notes, series 1	600	4.80	2081	600	600
Subordinated notes, series 2	200	5.95	2055	200	—
				800	600
Deferred financing costs				(5)	(4)
Total subordinated hybrid notes				795	596

(1)    Pembina's unsecured credit facilities include a $1.5 billion revolving facility that matures in June 2029, a $1.0 billion sustainability linked revolving facility that matures in June 2027, a U.S. $250 million non-revolving term loan that matures in April 2030, a $270 million term loan and a U.S. $240 million term loan, both of which mature in December 2025, and a $50 million operating facility that matures in June 2026, which is typically renewed on an annual basis.

(2)    Includes U.S. $250 million variable rate debt outstanding at June 30, 2025 (2024: U.S. $250 million). The U.S. dollar denominated non-revolving term loan is designated as a hedge of the Company's net investment in selected foreign operations with a U.S. dollar functional currency.

(3)    The nominal interest rate is the weighted average of all drawn credit facilities based on Pembina's credit rating at June 30, 2025. Borrowings under the credit facilities bear interest at prime rates, the Canadian Overnight Repo Rate Average ("CORRA"), or the USD Secured Overnight Financing Rate ("SOFR"), plus applicable margins.

Pembina Pipeline Corporation Second Quarter 2025 53

On April 2, 2025, Pembina completed an extension on its unsecured U.S. $250 million non-revolving term loan, which now matures in April 2030.

On June 6, 2025, Pembina closed $200 million offering of Fixed-To-Fixed Rate Subordinated Hybrid Notes, Series 2 (the "Series 2 Subordinated Notes") due June 6, 2055. The Series 2 Subordinated Notes have a fixed 5.95 percent interest rate, which will reset on June 6, 2035, and on every fifth anniversary thereafter, based on the five-year Government of Canada yield plus 2.71 percent for the period from, and including, June 6, 2035 to, but excluding June 6, 2055. The interest rate during any subsequent fixed rate period will not be less than 5.95 percent. Pembina's Series 2 Subordinated Notes are subject to optional redemption by Pembina from March 6, 2035 to June 6, 2035 and after the initial interest reset date, on any interest payment date or any interest reset date, as applicable. Pembina may also redeem the Series 2 Subordinated Notes in certain other limited circumstances. Pembina used the net proceeds of the offering of the Series 2 Subordinated Notes to fund the redemption of its outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") on June 30, 2025.

On July 23, 2025, Pembina announced the approval of amendments (the "Amendments") to the indenture governing the Series 1 Subordinated Notes. The Amendments provided for, among other things, the exchange (the "Note Exchange") of all of the outstanding Series 1 Subordinated Notes for an equal principal amount of 4.80 percent Fixed-to-Fixed Rate Subordinated Notes, Series 3 of Pembina (the "Series 3 Subordinated Notes") due January 25, 2081. The Series 3 Subordinated Notes have the same economic terms as the Series 1 Subordinated Notes, including interest rate, interest payment dates, interest reset dates, maturity date and redemption provisions, but do not provide for an entitlement to delivery of preferred shares upon the occurrence of certain bankruptcy and related events. The Note Exchange was completed on July 25, 2025, following the execution of the supplemental indenture implementing the Amendments. The Series 3 Subordinated Notes rank equally in right of payment with the Series 2 Subordinated Notes. Pursuant to the mandatory redemption provisions attaching to the Class A Preferred Shares, Series 2021-A (the "Series 2021-A Class A Preferred Shares"), in connection with the Note Exchange, on July 28, 2025, Pembina redeemed all of the issued and outstanding Series 2021-A Class A Preferred Shares (refer to Note 10 for further information).

Covenants

Pembina is subject to certain financial covenants under its medium-term note indentures and credit facilities agreements and complies with all financial covenants as of June 30, 2025. Pembina's financial covenants under the indenture governing its medium-term notes and the agreements governing the credit facilities include the following:

Debt	Financial Covenant(1)	Ratio
Senior unsecured medium-term notes	Funded Debt to Capitalization	Maximum 0.70(2)
Credit facilities	Debt to Capital	Maximum 0.70(3)

(1)    Terms as defined in relevant agreements.

(2)    Covenant must be met at the reporting date and filed within 90 days after the end of each fiscal year and within 10 business days after filing of the Consolidated Financial Statements.

(3)    Covenant must be met at the reporting date and filed within 120 days after the end of each fiscal year and 60 days after each quarter.

54Pembina Pipeline Corporation Second Quarter 2025

9. DECOMMISSIONING PROVISION

($ millions)	2025
Balance at January 1	432
Unwinding of discount rate	12
Change in rates	(12)
Change in cost estimates and other	84
Total	516
Current portion of provision(1)	2
Balance at June 30	514

(1)    Included in trade payables and other on the condensed consolidated interim financial statements.

10. SHARE CAPITAL

Common Share Capital

($ millions, except as noted)	Number of Common Shares (millions)	Common Share Capital
Balance at December 31, 2024	581	17,008
Share-based payment transactions(1)	—	4
Balance at June 30, 2025	581	17,012

(1)    Exercised options are settled by issuing the net number of common shares equivalent to the gain upon exercise.

Share Repurchase Program

On May 14, 2025, the Toronto Stock Exchange ("TSX") accepted the renewal of Pembina's normal course issuer bid (the "NCIB") that allows the Company to repurchase, at its discretion, up to five percent of the Company's outstanding common shares (representing approximately 29 million common shares) through the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems or as otherwise permitted by applicable securities law, subject to certain restrictions on the number of common shares that may be purchased on a single day. The NCIB commenced on May 16, 2025 and will expire on the earlier of May 15, 2026, the date on which Pembina has acquired the maximum number of common shares allowable under the NCIB or the date on which Pembina otherwise decides not to make any further repurchases under the NCIB. No common shares were purchased by Pembina during the three and six months ended June 30, 2025.

Preferred Share Capital

($ millions, except as noted)	Number of Preferred Shares (millions)	Preferred Share Capital
Balance at December 31, 2024	93	2,164
Class A, Series 22 Preferred Shares redeemed	(1)	—
Class A, Series 19 Preferred Shares redeemed	(8)	(200)
Part VI.1 tax	—	(5)
Balance at June 30, 2025	84	1,959

On January 8, 2025, Pembina redeemed all of the approximately one million issued and outstanding Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 ("Series 22 Class A Preferred Shares") at a redemption price of $25.50 per Series 22 Class A Preferred Share, plus all accrued and unpaid dividends thereon. Pembina had announced its intention to redeem the Series 22 Class A Preferred Shares during the fourth quarter of 2024 and, as a result, the equity was reclassified as a financial liability of approximately $26 million for the total redemption price in that same quarter.

Pembina Pipeline Corporation Second Quarter 2025 55

On June 30, 2025, Pembina redeemed all of the eight million issued and outstanding Cumulative Redeemable Fixed Rate Class A Preferred Shares, Series 19 ("Series 19 Class A Preferred Shares") at a redemption price of $25.00 per Series 19 Class A Preferred Share. The total redemption price for the Series 19 Class A Preferred Shares was $200 million.

On July 28, 2025, in connection with the Note Exchange, Pembina redeemed all of the 600,000 issued and outstanding Series 2021-A Class A Preferred Shares, which were deliverable to holders of the Series 1 Subordinated Notes following the occurrence of certain bankruptcy and related events. The Series 2021-A Class A Preferred Shares were issued by Pembina to Computershare Trust Company of Canada to be held in trust to satisfy its obligations under the indenture governing the Series 1 Subordinated Notes.

Dividends

The following dividends were declared and paid by Pembina:

6 Months Ended June 30
($ millions)	2025	2024
Common shares
Common share	813	767
Class A preferred shares
Series 1 Class A Preferred Share	8	8
Series 3 Class A Preferred Share	5	4
Series 5 Class A Preferred Share	9	6
Series 7 Class A Preferred Share	7	6
Series 9 Class A Preferred Share	5	5
Series 15 Class A Preferred Share	6	6
Series 17 Class A Preferred Share	5	4
Series 19 Class A Preferred Share	5	5
Series 21 Class A Preferred Share	12	11
Series 22 Class A Preferred Share	—	1
Series 25 Class A Preferred Share	8	8
	70	64

On August 7, 2025, Pembina announced that its Board of Directors had declared a common share cash dividend for the third quarter of 2025 of $0.71 per share to be paid on September 29, 2025, to shareholders of record on September 15, 2025.

Pembina's Board of Directors also declared quarterly dividends for Pembina's Class A preferred shares on July 8, 2025 as outlined in the following table:

Series	Record Date	Payable Date	Dividend Amount ($ millions)
Series 1, 3, 5, 7, 9 and 21	August 1, 2025	September 2, 2025	23
Series 15 and 17	September 15, 2025	October 1, 2025	5
Series 25	July 31, 2025	August 15, 2025	4

56Pembina Pipeline Corporation Second Quarter 2025

11. REVENUE

Revenue has been disaggregated into categories to reflect how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors.

a.Revenue Disaggregation

	2025					2024
3 Months Ended June 30	Pipelines	Facilities	Marketing & New Ventures	Corporate	Total	Pipelines	Facilities	Marketing & New Ventures	Corporate	Total
($ millions)
Take-or-pay(1)	630	50	5	—	685	636	56	—	—	692
Fee-for-service(1)	136	16	30	—	182	138	11	30	—	179
Product sales(2)	4	—	769	—	773	—	—	863	—	863
Revenue from contracts with customers	770	66	804	—	1,640	774	67	893	—	1,734
Realized gain from derivative instruments	—	—	38	—	38	—	—	74	—	74
Unrealized gain (loss) from derivative instruments	—	—	31	—	31	—	—	(45)	—	(45)
Revenue from risk management and physical derivative contracts	—	—	69	—	69	—	—	29	—	29
Lease income	47	11	2	—	60	57	7	—	—	64
Shared service revenue(3) and other	6	5	2	10	23	7	8	2	11	28
Total external revenue	823	82	877	10	1,792	838	82	924	11	1,855

	2025					2024
6 Months Ended June 30	Pipelines	Facilities	Marketing & New Ventures	Corporate	Total	Pipelines	Facilities	Marketing & New Ventures	Corporate	Total
($ millions)
Take-or-pay(1)	1,273	99	10	—	1,382	1,089	111	—	—	1,200
Fee-for-service(1)	277	40	69	—	386	261	35	57	—	353
Product sales(2)	5	—	2,026	—	2,031	—	—	1,693	—	1,693
Revenue from contracts with customers	1,555	139	2,105	—	3,799	1,350	146	1,750	—	3,246
Realized gain from derivative instruments	—	—	59	—	59	—	—	119	—	119
Unrealized loss (gain) from derivative instruments	—	—	40	—	40	—	—	(147)	—	(147)
Revenue from risk management and physical derivative contracts	—	—	99	—	99	—	—	(28)	—	(28)
Lease income	95	20	3	—	118	116	15	—	—	131
Shared service revenue(3) and other	17	13	6	22	58	9	12	2	23	46
Total external revenue	1,667	172	2,213	22	4,074	1,475	173	1,724	23	3,395

(1)    Revenue recognized over time.

(2)    Revenue recognized at a point in time.

(3)    Includes $13 million for the three months ended June 30, 2025 (2024: $14 million) and $28 million for the six months ended June 30, 2025 (2024: $30 million) of fixed fee income related to shared service agreements with joint ventures.

Pembina Pipeline Corporation Second Quarter 2025 57

b.Contract Liabilities

Significant changes in the contract liabilities balances during the period are as follows:

	6 Months Ended June 30, 2025			12 Months Ended December 31, 2024
($ millions)	Take-or-Pay	Other Contract Liabilities	Total Contract Liabilities	Take-or-Pay	Other Contract Liabilities	Total Contract Liabilities
Opening balance	1	297	298	1	158	159
Additions (net in the period)	8	24	32	—	49	49
Alliance/Aux Sable Acquisition	—	—	—	—	144	144
Revenue recognized from contract liabilities(1)	—	(31)	(31)	—	(44)	(44)
Disposition	—	—	—	—	(10)	(10)
Closing balance	9	290	299	1	297	298
Less current portion(2)	(9)	(39)	(48)	(1)	(42)	(43)
Ending balance	—	251	251	—	255	255

(1)    Recognition of revenue related to performance obligations satisfied in the period that were included in the opening balance of contract liabilities.

(2)    Represents cash collected under take-or-pay contracts which will be recognized within one year as the customer chooses to ship, process, or otherwise forego the associated service.

Contract liabilities depict Pembina's obligation to perform services in the future for cash and non-cash consideration which have been received from customers. Contract liabilities include up-front payments or non-cash consideration received from customers for future transportation, gas processing, terminalling, storage services, and construction. Contract liabilities also include consideration received from customers for take-or-pay commitments where the customer has a make-up right to ship or process future volumes under a firm contract. These amounts are non-refundable should the customer not use its make-up rights. In all instances where goods or services have been transferred to a customer in advance of the receipt of customer consideration, Pembina's right to consideration is unconditional and has therefore been presented as a receivable.

12. NET FINANCE COSTS

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
Interest expense on financial liabilities measured at amortized cost:
Loans and borrowings	130	133	260	244
Subordinated hybrid notes	8	8	15	15
Leases	8	8	16	16
Interest income	(1)	(9)	(4)	(38)
Unwinding of discount rate	6	5	12	10
Foreign exchange (gains) losses and other	—	(4)	2	2
Net finance costs	151	141	301	249

58Pembina Pipeline Corporation Second Quarter 2025

13. ACCUMULATED OTHER COMPREHENSIVE INCOME

($ millions)	Currency Translation Reserve	Cash Flow Hedge Reserve	Pension and other Post-Retirement Benefit Plan Adjustments(2)	Total
Balance at December 31, 2024	620	8	13	641
Other comprehensive loss before hedging activities	(314)	—	—	(314)
Other comprehensive gain (loss) resulting from hedging activities, net of tax(1)	16	(8)	—	8
Balance at June 30, 2025	322	—	13	335

(1)     Amounts relate to hedges of the Company's net investment in foreign operations (reported in Currency Translation Reserve) and interest rate forward swaps (reported in Cash Flow Hedge Reserve) (Note 14), which expired on March 31, 2025. At June 30, 2025, the other comprehensive loss resulting from hedging activities for interest rate forward swaps includes a realized loss of $4 million that was reclassified to net finance costs (2024: $9 million realized gain).

(2)     Pension and other Post-Retirement Benefit Plan Adjustments will not be reclassified into earnings.

14. FINANCIAL INSTRUMENTS & RISK MANAGEMENT

Fair Values

The fair value of financial instruments utilizes a variety of valuation inputs. When measuring fair value, Pembina uses observable market data to the greatest extent possible. Depending on the nature of these valuation inputs, financial instruments are categorized as follows:

a. Level 1

Level 1 fair values are based on inputs that are unadjusted observable quoted prices from active markets for identical assets or liabilities as at the measurement date.

b. Level 2

Level 2 fair values are based on inputs, other than quoted market prices included in Level 1, that are either directly or indirectly observable. Level 2 fair value inputs include quoted forward market prices, time value, and broker quotes that are observable for the duration of the financial instrument's contractual term. These inputs are often adjusted for factors specific to the asset or liability, such as, location differentials and credit risk.

Financial instruments that utilize Level 2 fair valuation inputs include derivatives arising from physical commodity forward contracts, commodity swaps and options, and forward interest rate and foreign-exchange swaps. In addition, Pembina's loans and borrowings utilize Level 2 fair valuation inputs, whereby the valuation technique is based on discounted future interest and principal payments using the current market interest rates of instruments with similar terms.

c. Level 3

Level 3 fair values utilize inputs that are not based on observable market data. Rather, various valuation techniques are used to develop inputs.

Financial instruments that utilize Level 3 fair valuation inputs include embedded derivative instruments arising from long-term power purchase agreements. The fair value of long-term power purchase agreements is measured using a pricing and cash flow model that accounts for forward power prices, renewable wind power pricing discounts and differentials, and inflationary metrics. The rate used to discount the respective estimated cash flows is a government risk-free interest rate that is adjusted for an appropriate credit spread. The fair valuation of the embedded derivative instruments is judged to be a significant management estimate. These assumptions and inputs are susceptible to change and may differ from actual future developments. This estimation uncertainty could materially impact the quantified fair value; and therefore, the gains and losses on commodity-related derivative financial instruments.

Pembina Pipeline Corporation Second Quarter 2025 59

The carrying values of financial assets and liabilities in relation to their respective fair values, together with their appropriate fair value categorization are illustrated in the table below. Certain other non-derivative financial instruments measured at amortized cost, including cash and cash equivalents, trade receivables and other, trade payables and other, and other liabilities have been excluded since their carrying values are judged to approximate their fair values due to their nature and short maturity. These instruments would be categorized as Level 2 in the fair value hierarchy.

	June 30, 2025				December 31, 2024
	Carrying Value	Fair Value			Carrying Value	Fair Value
($ millions)		Level 1	Level 2	Level 3		Level 1	Level 2	Level 3
Financial assets carried at fair value
Derivative financial instruments(1)	22	—	22	—	13	—	13	—
Financial liabilities carried at fair value
Derivative financial instruments(1)	132	—	13	119	159	—	42	117
Financial liabilities carried at amortized cost
Long-term debt(2)	12,737	—	12,656	—	12,656	—	12,649	—

(1)    At June 30, 2025, all derivative financial instruments are carried at fair value through earnings. At December 31, 2024, all derivative financial instruments are carried at fair value through earnings, except for $5 million in interest rate derivative financial assets that were designated as cash flow hedges and expired on March 31, 2025.

(2)    Carrying value of current and non-current balances. Includes loans and borrowings and subordinated hybrid notes.

Changes in fair value of the derivative net liabilities classified as Level 3 in the fair value hierarchy were as follows:

($ millions)	2025
Level 3 derivative net liability at January 1	(117)
Loss included in revenue from risk management and physical derivative contracts	(2)
Level 3 derivative liability at June 30	(119)

There were no transfers into or out of Level 3 during the six months ended June 30, 2025.

Gains and Losses from Derivative Instruments

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
Derivative instruments held at fair value through earnings
Realized gain
Commodity-related gain recorded in revenue from risk management and physical derivative contracts	(38)	(74)	(59)	(119)
Unrealized (gain) loss
Commodity-related (gain) loss recorded in revenue from risk management and physical derivative contracts	(31)	45	(40)	147
Foreign exchange gain recorded in net finance costs	—	(3)	—	—
Derivative instruments in hedging relationships
Interest rate loss recorded in other comprehensive income(1)	—	4	4	2

(1)    Unrealized losses or gains for designated cash flow hedges are recognized in impact of hedging activities in the Consolidated Statements of Earnings and Comprehensive Income, with realized losses or gains being reclassified to net finance costs. The movement in other comprehensive income relates to realized losses or gains on interest rate forward swaps, which expired on March 31, 2025. A gain of $4 million was recognized during the first quarter of 2025, prior to the expiration date that was reclassified to net finance costs (three and six month ended June 30, 2024: $5 million and $9 million realized gain, respectively). No losses or gains have been recognized in net income relating to discontinued cash flow hedges.

60Pembina Pipeline Corporation Second Quarter 2025

15. RELATED PARTIES

Pembina enters into transactions with related parties in the normal course of business and all transactions are measured at their exchange amount, unless otherwise noted. Pembina provides management and operational oversight services, on a fixed fee and cost recovery basis, to certain equity accounted investees. Pembina also contracts for services and capacity from certain of its equity accounted investees, advances funds to support operations and provides letters of credit, including financial guarantees.

A summary of the significant related party transactions and balances are as follows: 

	3 Months Ended June 30		6 Months Ended June 30
($ millions)	2025	2024	2025	2024
PGI	58	59	121	132
Aux Sable(1)	—	—	—	32
Alliance(1)	—	—	—	4
Cedar LNG	5	3	9	6
Other(2)	—	1	—	2
Total services provided(3)	63	63	130	176
PGI	2	2	4	4
Alliance(1)	—	—	—	3
Total services received	2	2	4	7
As at ($ millions)			June 30, 2025	December 31, 2024
Trade receivables and other(4)			34	37

(1)    As of April 1, 2024, following the completion of Pembina's acquisition of a controlling interest in Alliance and Aux Sable, these entities became consolidated subsidiaries of Pembina and, as such, are no longer related parties.

(2)    Other includes transactions with Grand Valley, ACG, and Greenlight.

(3)    Services provided by Pembina include payments made by Pembina on behalf of related parties.

(4)    As at June 30, 2025, trade receivables and other includes $27 million due from PGI (December 31, 2024: $34 million), and $6 million due from Cedar LNG (December 31, 2024: $2 million).

Pembina Pipeline Corporation Second Quarter 2025 61

16. COMMITMENTS AND CONTINGENCIES

Commitments

Pembina was committed for the following amounts under its contracts and arrangements as at June 30, 2025:

Contractual Obligations(1)	Payments Due by Period
($ millions)	Total	Less than 1 year	1 – 3 years	3 – 5 years	After 5 years
Transportation and processing(2)	10,787	39	32	807	9,909
Construction commitments(3)	375	375	—	—	—
Other commitments related to lease contracts(4)	468	46	92	88	242
Funding commitments, software, and other	63	21	41	1	—
Total contractual obligations	11,693	481	165	896	10,151

(1)Pembina enters into product purchase agreements and power purchase agreements to secure supply for future operations. Purchase prices of both NGL and power are dependent on current market prices. Volumes and prices for NGL and power contracts cannot be reasonably determined, and therefore, an amount has not been included in the contractual obligations schedule. Product purchase agreements range from one to 16 years and involve the purchase of NGL products from producers. Assuming product is available, Pembina has secured between 26 and 202 mbpd of NGL each year up to and including 2040. Power purchase agreements range from one to 24 years and involve the purchase of power from electrical service providers. Pembina has secured up to 76 megawatts per day each year up to and including 2048.

(2)Pembina signed two transportation and processing related agreements relating to the Cedar LNG Project: (a) Liquefaction Tolling Services Agreement ("LTSA"); and, (b) Gas Supply Agreement ("GSA"). The LTSA is a 20-year take-or-pay fixed toll contract for 1.5 million tonnes per annum, while the GSA will allow for transport on the Coastal GasLink Pipeline of approximately 200 million cubic feet per day of Canadian natural gas to Cedar LNG. These commercial agreements account for approximately 50 percent of the operating capacity for the Cedar LNG Project and a total commitment of approximately $10.5 billion. These commitments are expected to commence upon the anticipated in-service date of the Cedar LNG Project in late 2028.

(3)Excludes projects that are executed by equity accounted investees.

(4)Relates to expected variable lease payments excluded from the measurement of the lease liability, payments under lease contracts which have not yet commenced, and payments related to non-lease components in lessee lease contracts.

Commitments to Equity Accounted Investees

Pembina has commitments to provide contributions to certain equity accounted investees based on its ownership interest. These contributions are determined and approved by the joint venture partners to fund operating budgets, growth capital, and significant projects development costs, including the Cedar LNG Project.

Contingencies

Pembina, including its subsidiaries and its investments in equity accounted investees, are subject to various legal and regulatory and tax proceedings, actions and audits arising in the normal course of business. Pembina represents its interests vigorously in all proceedings in which it is involved. Legal and administrative proceedings involving possible losses are inherently complex, and the Company applies significant judgment in estimating probable outcomes. As at June 30, 2025, there were no significant claims filed against Pembina for which management believes the resolution of any such actions or proceedings would have a material impact on Pembina's financial position or results of operations.

Letters of Credit

Pembina has provided letters of credit to various third parties in the normal course of conducting business. The letters of credit include financial guarantees to counterparties for product purchases and sales, transportation services, utilities, engineering and construction services. The letters of credit have not had and are not expected to have a material impact on Pembina's financial position, earnings, liquidity or capital resources. As at June 30, 2025, Pembina had $210 million (December 31, 2024: $209 million) in letters of credit issued.

62Pembina Pipeline Corporation Second Quarter 2025

HEAD OFFICE

Pembina Pipeline Corporation

Suite 4000, 585 - 8th Avenue SW

Calgary, Alberta T2P 1G1

AUDITORS

KPMG LLP

Chartered Professional Accountants

Calgary, Alberta

TRUSTEE, REGISTRAR & TRANSFER AGENT

Computershare Trust Company of Canada

Suite 600, 530 - 8th Avenue SW

Calgary, Alberta T2P 3S8

1.800.564.6253

STOCK EXCHANGE

Pembina Pipeline Corporation

Toronto Stock Exchange listing symbols for:

COMMON SHARES PPL

PREFERRED SHARES PPL.PR.A, PPL.PR.C, PPL.PR.E, PPL.PR.G, PPL.PR.I, PPL.PR.O, PPL.PR.Q, PPL.PF.A and PPL.PF.E

New York Stock Exchange listing symbol for:

COMMON SHARESPBA

INVESTOR INQUIRIES

PHONE403.231.3156

FAX403.237.0254

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EMAILinvestor-relations@pembina.com

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