GSK plc

Gibson reported record infrastructure adjusted EBITDA of CAD 169 million in Q2 2026, up CAD 17 million from Q2 2025 and CAD 9 million above the prior record in Q4 2025. Consolidated adjusted EBITDA was CAD 169 million, up CAD 22 million year over year, and distributable cash flow was CAD 96 million, up CAD 15 million year over year. Marketing adjusted EBITDA was CAD 15 million versus CAD 8 million in Q2 2025, while G&A expense was CAD 16 million versus prior guidance of CAD 17 million-CAD 18 million. The company said year-to-date marketing contributed CAD 18 million of adjusted EBITDA and is trending toward the upper end of the CAD 40 million full-year range; Q3 crude volumes/contracted activity are expected to be similar to Q2, while leverage is expected to return to the 3 to 3.5 times target range in early 2027. Quarter-end reported net debt to adjusted EBITDA was 4.2 times, infrastructure leverage was 4.4 times, and the dividend payout ratio was 88% overall and 83% on an infrastructure-only basis.

Curtis Philippon said the macro backdrop for North American energy infrastructure has improved and that this is creating more commercial opportunities for Gibson, especially around tankage, pipelines, and related infrastructure. He emphasized that recent pipeline egress developments in Canada are accelerating customer discussions and reinforcing Gibson’s long-term growth strategy. His tone was constructive and confident, but he also stressed that many opportunities are still early and depend on further FIDs and market clarity.

Riley Hicks highlighted record infrastructure EBITDA of CAD 169 million, strong marketing EBITDA of CAD 15 million, and distributable cash flow of CAD 96 million. He noted G&A of CAD 16 million came in below guidance of CAD 17 million-CAD 18 million due to one-time cost savings initiatives, and he reiterated expected CAD 10 million of sustainable annualized savings in 2027. He also pointed to leverage of 4.2 times reported net debt to adjusted EBITDA, 4.4 times infrastructure leverage, a sustainable payout ratio of 88% overall, and liquidity actions including extending the CAD 1 billion revolver to June 2031 and issuing CAD 400 million of senior unsecured notes.

Analysts focused on whether new tankage, pipelines, and producer partnerships are now the most likely growth outlets, and management said tankage looks increasingly probable but other buckets also look active, while DRU discussions have quieted for now. Questions also centered on volatility in South Texas exports and contract duration; management said customers are staying short term because of volatile freight and vessel conditions, though Gateway is attracting new customers. On capital allocation and leverage, management said there is no material change in priorities and that the business can fund growth through distributable cash flow plus some debt while still moving leverage back to target in early 2027.